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.

  1. S
    Sankaran Krishnan
    Nov 9, 2016 at 4:18 am
    Welcome measure to stop Black Money circulation and it is a slap on the face of the corrupt ones be it from Politicians or Businesses that indulges in such acts though initially the common man suffers due to this sudden announcement and let us cooperate with the Govt. My simple suggestion is why not consider introducing new currency denominations like Rs.300/- and Rs.750/- extra apart from the Rs.2000/- introduced and why to stop permanently Rs.500 /- denomination for the time being !!!
    Reply