Prime Minister Narendra Modi (Source: Twitter/@ANI_news)
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.
Modi said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.” However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid. He also announced that new notes of Rs 2000 and Rs 500 will be introduced.
Modi added that there will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
He said the government has been fighting the menace of black money and corruption ever since it assumed power two years ago. He also urged people to help government in its fight against fake currency and black money.
The prime minister expressed confidence that the staff of banks and post offices will rise to the occasion to introduce the new order within the available time. He said he is hopeful that political parties, workers, social organisations and the media will go further than the government in making it a success.
On November 9, all banks will remain closed for public work: PM Narendra Modi
PM Modi urges people to help the government in fight against black money and fake currency notes
In Pics: New Rs 500 note that will be issued
In Pics: New Rs 2000 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: PM Modi
You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office: PM Modi
On November 9 and in some places November 10, ATMs will not work: PM Modi
Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes till 11 November midnight: PM Modi
The process of cash circulation is directly related to corruption in our
country impacting the lower classes of our society: PM Modi
After 12 AM tonight, Rs 500 and 1000 currency notes will not remain legal: PM Modi
There is a time when you realise that you have bring some changes in society, and this is our time to feel the same: PM Modi
Corruption and black money is something we have fought for immediately after assuming office: PM Modi
Black money worth Rs 1.25 lakh crore brought back to India: PM Modi
A few people are spreading corruption for their own benefit: PM Modi
In all our policies, we are dedicated for the upliftment of entire society: PM Modi
Honest people have fought against corruption: PM Modi
India was earlier 100 on global ranking of corruption. Today it stands at 76th position: PM Modi
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.
Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value: PM Modi