Currency notes of Rs 1000 and Rs 500 will be just paper with no value. These notes should be exchanged in banks and post offices within December 30, 2016


Delhi: In a big announcement on Tuesday evening, Prime Minister Narendra Modi said that from midnight tonight, Rs 1000 and Rs 500 would no longer be legal tender.

"You have 50 days (From 10 November to 30 December) to deposit notes of Rs 500 and Rs 1000 in any bank or post office," he said.

"Currency notes of Rs 1000 and Rs 500 will be just paper with no value. These notes should be exchanged in banks and post offices within December 30, 2016," PM reiterated.

"There will be respite for people for the initial 72 hours, government hospitals will accept old Rs 500 and 1000 notes till 11 November midnight. On November 9 and in some places November 10, ATMs will not work. There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc," he pointed out.

"On November 9, all banks will remain closed for public work," he further said, adding, "Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value."

"Those unable to deposit their notes of Rs 1000 and Rs 500 by December 30 for some reason, they can change the notes till March 31, 2017 by furnishing ID proof," he revealed.

PM expressed confidence that political, other sections and media will help make the new measures successful.

Tweeting about the announcement, Coal Minister Piyush Goyal wrote:

At the same time, he also talked about the work done by his government.

"This government is dedicated to the poor, and will continue to do so. With the help of the citizens of India, India has emerged as a bright spot in world economy," he said.

He added, "India has registered itself as a bright spot, and its not that this is a claim made by us, but by IMF and World Bank."

Outlining the work done by his government he said, "In all our policies, we are dedicated for the upliftment of entire society. Government has been working on the principles of Sabka Saath, Sabka Vikas."

Speaking on terrorism he said, "Our enemies from across the border run their business with counterfeit notes and it has been going on for years."

"Black money and corruption has taken roots in the country, these are the biggest obstacles in eradicating poverty, We have taken many steps to curb black money," he said.

"Over the last 2 and a half years, 1.25 lakh crore worth of black money has been recovered," he pointed out.

"There is a time when you realise that you have bring some changes in society, and this is our time to feel the same," the PM said.





Source:ZeeNews
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