Rs 500 and Rs 1000 notes pulled out of circulation immediately by PM Modi
Currency notes of Rs 500 and Rs 1000 denominations will not be legal at the beginning from November 9th. This was been announced by Prime Minister Narendra Modi in a special address to nation on Tuesday evening. He stated that move was aimed at the negative impact of black money, fake currency, corruption and terrorism on nation’s economy. New notes of Rs 2000 and Rs 500 to be released and circulated soon.
End of legal tender of Rs 500 and Rs 1000 notes comes into effect tonight between Tuesday and Wednesday as soon the date turns to November 9th. Its said that ATMs will not work on November 9th at some places on November 10th.
He stated Rs 500 and Rs 1000 notes can be deposited a post offices and banks without any charge till December 30. Banks is said to be closed for public business on November 9th to allow them to tackle the rush of people who might want to deposit their notes. Cashless fund transfers are said to remain unaffected
“Your money is yours. You will note lose anything. The government will ensure that,” stated by PM Modi, in his address to the nation.
“We should be able to make the sacrifice of adjusting to the such a move in national interest, as it aims to tackle the evils of corruption, black money, fake currency and terrorism,” said PM Modi.