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PM Modi demonetises Rs 500, Rs 1000 notes: Here are the highlights from his address

From midnight, currency notes of Rs 1000 and Rs 500 will be just paper with no value: PM Modi

By: Express Web Desk | New Delhi | Updated: November 9, 2016 12:48:36 pm
Narendra Modi, Modi, 500 notes, 1000 notes, Rs 500 notes, Rs 1000 notes, India news, 500 note ban, 1000 note ban, Modi address highlights, The rupee appreciated 7 paise to 66.82 against the US dollar in early trade. (Source: File Photo)

In a nationnwide address Prime Minister Narendra Modi Tuesday announced that in a step to curb blackmoney, government will demonitise currency notes of Rs 500 and Rs 1000 from midnight November 8. The Prime Minister said that blackmoney to the tune of Rs 1.25 lakh crore has been unearthed during last two-and-a-half years, since he has started heading the government. He said that India’s enemies are enemies running racket in India through fake currency, from across the border. “Corruption is deep-rooted in the country, said PM Modi, adding that, “Corruption, fake currency and terrorism are festering wounds, holding back the economy.”

Here are the highlights of the prime minister’s address:

* From tonight 12 pm, Rs 1000 and Rs 500 will not be legal tender

* Currency notes of Rs 1000 and Rs 500 will be just paper with no value

* People can deposit notes of Rs 1000 and Rs 500 in their banks from November 10 till December 30, 2016

* On November 9, all banks will remain closed for public work

* Those unable to deposit their notes of Rs 1000 and Rs 500 by Dec 30 for some reason, they can change the notes till March 31, 2017 by furnishing ID proof

* PM expresses confidence that political, other sections and media will help make the new measures successful

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

* Rs 2000 denomination notes to be introduced

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