Rs 500, Rs 1000 currency notes stand abolished from midnight: PM Modi

PM Narendra Modi move will take on corruption, terrorism, black money weakening the nation.

By: Express Web Desk | New Delhi | Updated: November 10, 2016 12:12 pm
Rs 500, Rs 1000, Rs 500 note, Rs 1000 note, narendra modi, pm modi, 500 notes, 1000 notes, 500 notes demonetised, notes demonetised, modi address, modi nation, pm narendra modi, latest news, rbi, reserve bank of india, black money Prime Minister Narendra Modi (Source: Twitter/@ANI_news)

In a major step to check black money, Prime Minister Narendra Modi on Tuesday announced demonetization of Rs 500 and 1000 currency notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption. In his televised address to the nation, Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.

Read: Are banks equipped to replace 2,300 crore pieces of Rs 500 and Rs 1,000 notes?

WATCH: Serpentine Queues Outside Banks To Exchange Rs 500, Rs 1,000 Notes

Modi said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.” However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid. He also announced that new notes of Rs 2000 and Rs 500 will be introduced. Modi added that there will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.

Read: Demonetising Rs 500, 1000 notes a very bold step to fight black money: RBI

He said the government has been fighting the menace of black money and corruption ever since it assumed power two years ago. He also urged people to help government in its fight against fake currency and black money.

WATCH VIDEO: Rs 500 & Rs 1000 Illegal: Scuffle At An ATM With People Queuing Up To Withdraw Money

The prime minister expressed confidence that the staff of banks and post offices will rise to the occasion to introduce the new order within the available time. He said he is hopeful that political parties, workers, social organisations and the media will go further than the government in making it a success. “Banks will be closed tomorrow. It will cause some hardship to you….Let us ignore these hardships… In country’s history, there comes a moment when people will want to participate in the nation building and reconstruction. Very few such moments come in life,”  Modi said.

Read: Congress ‘Will support any step against black money’

The prime minister said the measures were aimed at curbing the “disease” of corruption and black money which have taken deep root. “There is a need for a decisive war against the menace of corruption, black money and terrorism… Corruption, black money and terrorism are festering wounds which make the country hollow from within,” he said. Following the announcement, there were huge crowds outside ATMs across the country as people lined up to withdraw currency of smaller denominations.

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  1. S
    Sri
    Nov 8, 2016 at 8:42 pm
    Fantastic move. India finally has a PM we can all be proud of. Hat's off Sir Modiji....
    Reply
    1. T
      Tauf
      Nov 8, 2016 at 9:09 pm
      I like this move but dislike totally the solution of slow replacement and atm blocking money, bank closing. If you want to take this move, atleast proper way to exchange should b given. Now we don't have any money for food other ₹20 in cash apart from ₹500 for 72hr.
      Reply
      1. X
        Xavier
        Nov 8, 2016 at 7:30 pm
        For every advantage there is a disadvantage and for every fact there is no defect prove my statement wrong
        Reply
        1. X
          Xavier
          Nov 8, 2016 at 7:28 pm
          For every advantage there is no disadvantage and for every fact there is no defect prove my statement wrong
          Reply
          1. X
            Xavier
            Nov 8, 2016 at 7:31 pm
            Police have one way but Robbers have 101 ways
            Reply
            1. A
              Arpit goel
              Nov 8, 2016 at 8:42 pm
              It's really a great move for our economy uplifting , I urge all Indians to please support this move and be a part of nation building...
              Reply
              1. N
                Nikhil
                Nov 8, 2016 at 11:33 pm
                1000500note.blogspot
                Reply
                1. N
                  Nikhil
                  Nov 8, 2016 at 11:32 pm
                  Check it outlt;br/gt;lt;br/gt;
                  Reply
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