In a major step to check black money, the prime minister announced demonetization of Rs 500 and 100 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.
- The end to the legal tender of the Rs 500 and Rs 1000 notes comes into effect the midnight between Tuesday and Wednesday, as soon as the date turns to November 9.
- The ATMs will not function till November 9, and in some places till November 10.
- A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation.
- You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office.
- Banks would be closed for public business on November 9, to allow them to tackle the rush of people who might want to deposit their notes. Cashless fund transfers would remain unaffected.
- “Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes till 11 November midnight” said PM Modi.
- Hospitals, petrol pumps, railway reservation counters, airports, crematoriums and other key services will continue to accept the notes for 72 hours, till the end of November 11.
- PM Modi urges people to help the government in fight against black money and fake currency notes.
- After 12 AM tonight, Rs 500 and 1000 currency notes will not remain legal.
“Corruption and black money had come to be considered a truth of life. They have been eating away like termites at our national interest. This can no longer be permitted,” he added.
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.