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
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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.

sabarahman100 November 9, 20161:49 pm

SBI working to make Rs 100 notes available at branches, ATMs. “We have adequate number of Rs 100 notes with us. We are working on the logistics to make then available across all our ATMs and branches and we will make them available in the next two days,” SBI managing director Rajneesh Kumar told PTI today.

Nandagopal Rajan November 9, 20161:46 pm

Meanwhile, Rahul Gandhi said Modi’s move show how little he cares about ordinary people of this country

Nandagopal Rajan November 9, 20161:44 pm

Bank ATMs across the country will start disbursing new high security Rs 500 and Rs 2,000 currency notes from Friday November 11, Finance Secretary Ashok Lavasa said. He said the ATMs will open on Friday and at many places they will open on Thursday, adding that the new notes will be available at ATMs.

Nandagopal Rajan November 9, 201612:02 pm

sabarahman100 November 9, 201611:43 am

Old high-denomination bank notes of Rs 500 and Rs 1,000 will be accepted at Metro for 72 hrs: DEA Secretary.

manasa93d November 9, 201610:59 am

Quick guide on what to do with old Rs 500 and Rs 1000 notes

manasa93d November 9, 201610:56 am

What experts say on the implications of banning the use of existing Rs 500 and Rs 1,000 notes

sabarahman100 November 9, 201610:27 am

New high-security Rs 500 and Rs 2,000 currency notes to be available in ATMs from November 11, says Finance Secretary Ashok Lavasa.

sabarahman100 November 9, 201610:01 am

We appreciate the initiative taken by Modi government for scrapping the currency notes of Rs 1,000 & Rs 500, says Bihar CM Nitish Kumar.

sabarahman100 November 9, 20169:31 am

Sensex opens 1,689 points lower on black money crackdown and US election trend; Nifty crashes 520 points.

sabarahman100 November 9, 20169:24 am

Rupee nosedives 23 paise against US dollar to 66.85 in early trade on black money crackdown.

sabarahman100 November 9, 20169:23 am

Sensex crashes 1,340 points, Nifty plunges 476 points in pre-open session on black money crackdown and Trump’s strong show in US poll. The sharp dip was expected following the central government’s surprise move to withdraw Rs 500 and Rs 1,000 currency notes from circulation effective Tuesday midnight.

Nandagopal Rajan November 9, 20168:19 am
So what did the PM announce?

Nandagopal Rajan November 9, 20168:17 am

So what do you do with your money now?

Nandagopal Rajan November 9, 20168:15 am

The Rs 500, almost a staple denomination in India today, and the Rs 1,000 notes — that will not be legal tender from Tuesday midnight — account for over 86 per cent of the total Rs 16.42 lakh crore value of bank notes in circulation as on March 31, 2016, according to Reserve Bank of India’s latest annual report. Read more about the The Great Cash Clean-up here: https://goo.gl/mjnYCn

nishantshekhar1 November 8, 20168:38 pm

Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value: PM Modi

nishantshekhar1 November 8, 20168:37 pm

On November 9, all banks will remain closed for public work: PM Narendra Modi

nishantshekhar1 November 8, 20168:37 pm

PM Modi urges people to help the government in fight against black money and fake currency notes

nishantshekhar1 November 8, 20168:36 pm

nishantshekhar1 November 8, 20168:35 pm

nishantshekhar1 November 8, 20168:34 pm

There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc: PM Modi

nishantshekhar1 November 8, 20168:34 pm

You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office: PM Modi

nishantshekhar1 November 8, 20168:29 pm

On November 9 and in some places November 10, ATMs will not work: PM Modi

nishantshekhar1 November 8, 20168:27 pm

Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes till 11 November midnight: PM Modi

nishantshekhar1 November 8, 20168:22 pm

The process of cash circulation is directly related to corruption in our
country impacting the lower classes of our society: PM Modi

nishantshekhar1 November 8, 20168:17 pm

After 12 AM tonight, Rs 500 and 1000 currency notes will not remain legal: PM Modi

nishantshekhar1 November 8, 20168:14 pm

There is a time when you realise that you have bring some changes in society, and this is our time to feel the same: PM Modi

nishantshekhar1 November 8, 20168:13 pm

Corruption and black money is something we have fought for immediately after assuming office: PM Modi

nishantshekhar1 November 8, 20168:13 pm

Black money worth Rs 1.25 lakh crore brought back to India: PM Modi

nishantshekhar1 November 8, 20168:10 pm

A few people are spreading corruption for their own benefit: PM Modi

nishantshekhar1 November 8, 20168:09 pm

In all our policies, we are dedicated for the upliftment of entire society: PM Modi

nishantshekhar1 November 8, 20168:08 pm

Honest people have fought against corruption: PM Modi

nishantshekhar1 November 8, 20168:07 pm

India was earlier 100 on global ranking of corruption. Today it stands at 76th position: PM Modi

nishantshekhar1 November 8, 20168:06 pm

Prime Minister Narendra Modi is addressing the nation after a meeting of the Union Cabinet. He said that the government is dedicated to the poor, and will continue to do so. He added that India has registered itself as a bright spot, and its a claim made by IMF and World Bank.