Prime Minister Narendra Modi is addressing the nation after he reviewed the security situation with Chiefs of Army, Navy and Vice Chief of Air Force amid continuing Pakistani shelling along the border in Jammu and Kashmir
Rs. 2000 denomination notes to be introduced, says PM. On November 9, all banks will remain closed for public work. There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc: PM Narendra Modi. On November 9 and in some places November 10, ATMs will not work. Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes till 11 November midnight. 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. From Midnight Nov 8, 2016 today, Rs500 and Rs1000 notes are no longer legal tender. Corruption, fake currency and terrorism are festering wounds, holding back the economy, says PM.
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
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.
“Banks will be closed tomorrow. It will cause some hardship to you….Let us ignore these hardships… In country’s history, there comes a moment when people will want to participate in the nation building and reconstruction. Very few such moments come in life,” Modi said.
The prime minister said the measures were aimed at curbing the “disease” of corruption and black money which have taken deep root. “There is a need for a decisive war against the menace of corruption, black money and terrorism… Corruption, black money and terrorism are festering wounds which make the country hollow from within,” he said.
Following the announcement, there were huge crowds outside ATMs across the country as people lined up to withdraw currency of smaller denominations.
Source – Indianexpress.com