Information about 500 or 1000 new note
In a major step to check black money, Prime Minister Narendra Modi
on Tuesday announced demonetization of Rs 500 and 1000 currency notes
with effect from midnight, making these notes invalid in a major assault
on black money, fake currency and corruption. In his televised address
to the nation, Modi said people holding notes of Rs 500 and Rs 1000 can
deposit the same in their bank and post office accounts from November 10
till December 30.
Read: Are banks equipped to replace 2,300 crore pieces of Rs 500 and Rs 1,000 notes?
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.
Read: Demonetising Rs 500, 1000 notes a very bold step to fight black money: RBI
He said the government has been fighting the menace of black money
and corruption ever since it assumed power two years ago. He also urged
people to help government in its fight against fake currency and black
money.
Read: Rs 500 and Rs 1000 notes demonetised: Here’s what to do with old notes
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.
Read: Amit Shah says ‘fight against blackmoney will continue’
“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.
Read: Congress ‘Will support any step against black money’
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.
Read: Govt demonetises Rs 500, 1000 notes: Here is how India Inc reacted
