PM Narendra Modi addresses nation, Live Updates of the Speech: Rs 500, 1000 notes banned from midnight, banks closed tomorrow
Shocking announcement by PM Narendra Modi has sent shockwaves across the nation. Rs 500 and Rs 1000 notes would be scrapped from midnight. It cannot be used for transaction.
8:43 PM IST
“With the aide of 125 crore countrymen, I believe that this fight against corruption and black money would be won by the nation,” PM Narendra Modi said in his speech.
8:37 PM IST
All Banks will remain closed tomorrow for administrative work, Modi announced. “I urge my countrymen to co-operate with them. There is a cumbersome task for the bank employees and post office workers.”
“On November 9, all banks would remain closed for administrative purpose. I believe that all the bank employees would undertake this task and complete it successfully,” Modi added.
8:32 PM IST
“When I urged my countrymen to give up LPG subsidy, they came forward and turned the campaign into a success,” PM Modi said in his speech.
8:31 PM IST
ATMs would not function over the next two days. Modi described that the decision is being taken to combat corruption and black money crisis.
Modi further added that Rs 1000 and Rs 500 notes could be used at Railway stations till November 11.
8:26 PM IST
Rs 500 and Rs 1000 notes would be legally banned for transactional purpose from today 12 AM, Modi said. However, hospitals are allowed to take notes tonight from patients. Medical stores in hospitals are also allowed to take Rs 500 and Rs 1000 notes for transaction purpose for next 72 hours.