Rs 500, Rs 1000 Will No Longer Be Legal, Says PM Narendra Modi

In a major step to check black money, the prime minister announced demonetization of Rs 500 and 1,00o currency notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.

Addressing the nation on television at 8 pm, the Prime Minister said, “The 500 and 1,000 rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper.” This, he said, followed his government’s efforts over the last two-and-half years that brought into the open nearly Rs 1.25 lakh crore black money of the corrupt.