In a major step to check black money, the government on Tuesday discontinued Rs 500 and 1000 currency notes. From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. These notes are just papers from tomorrow.
Prime Minister Narendra Modi addressing the nation said, Corruption and black money is something we have fought for immediately after assuming office. The process of cash circulation is directly related to corruption in our country impacting the lower classes of our society.
Addressing people Modi said, ” From Midnight Nov 8, 2016, today, Rs500 and Rs1000 notes are no longer legal tenders. You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office. Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes until 11 November midnight. On November 9 and in some places November 10, ATMs will not work. New Rs 2000 Note that will be issued. New Rs 500 note that will be issued.”.
There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.On November 9, all banks will remain closed for public work.Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value, said Modi.