Official: Rs. 500, Rs. 1000 notes banned
With the intention of curbing the black money, Prime Minister Narendra Modi said that, Rs. 500 and Rs. 1000 notes will no longer be legal from midnight today.
Addressing the nation through the TV for the first time, Modi said, Rs 500 and Rs 1000 currency notes can be exchanged with Rs. 100 notes in bank and post office accounts from November 10th to December 30th.
He further assured the nation that, the notes of Rs. 100, Rs. 50, Rs. 10 and coins of all denominations will remain legal tender, adding that “this step will strengthen the hands of the common man in the fight against black money.”
It is to be remembered that Andhra Pradesh Chief Minister Chandrababu Naidu, along few other biggies earlier suggested Modi to ban Rs. 500 and Rs. 1000 notes. So their credit behind this step, is inevitable.
The Prime Minister said that black money to the tune of Rs 1.25 lakh crore had been unearthed during last two-and-a-half years. He also added that ATMs in the country may not function on November 9th and 10th.
