Indina abolished circulation 500 and Rs 1,000 notes
New Delhi- India has declared the demonetization of Rs 500 and 100 currency notes.Prime Minister Narendra Modi announced demonetization of Rs 500 and 100 currency notes during his address to the nation on Tuesday.
Currency notes of Rs 500 and Rs 1000 denominations will not be legal tender beginning November 9. This was announced by Prime Minister Narendra Modi in a special address to the nation on Tuesday evening. He said the move was aimed at curbing the negative impact of fake currency, black money and corruption on the nation’s economy.
The legal tender of the Rs 500 and Rs 1000 notes comes into effect the midnight between Tuesday and Wednesday, as soon as the date turns to November 9.
He said Rs 500 and Rs 1000 notes can be deposited a post offices and banks without any charge till December 31. “Your money is yours. You will note lose anything. The government will ensure that,” said PM Modi, in his address to the nation.
He also announced a number of safeguards to ensure that medical payments or other critical services are not affected by the move. – Agency