PM Narendra Modi: Rs 500 and Rs 1,000 notes pulled out of circulation immediately.

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, corruption and terrorism on the nation's economy. New notes of Rs 500 and Rs 2,000 would be released and circulated soon.

The end to 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. ATMs will not work on November 9, and at some places on November 10 as well.



He said Rs 500 and Rs 1000 notes can be deposited a post offices and banks without any charge till December 30. Banks would be closed for public business on November 9, to allow them to tackle the rush of people who might want to deposit their notes. Cashless fund transfers would remain unaffected.

"Your money is yours. You will note lose anything. The government will ensure that," said 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.


"Corruption and black money had come to be considered a truth of life. They have been eating away like termites at our national interest. This can no longer be permitted," he added.

PM Modi also announced a number of safeguards to ensure that medical payments or other critical services are not affected by the move. Hospitals, petrol pumps, railway reservation counters, airports, crematoriums and other key services will continue to accept the notes for 72 hours, till the end of November 11, PM Modi said.

The extreme measure came almost immediately after PM Modi chaired a meeting of the Union Cabinet. Earlier in the day, Modi had also met National Security Adviser Ajit Doval and the chiefs of the armed forces.

Before making the announcement, Modi had explained the rationale for the move. He had stressed on the negative impact of corruption, black money, fake currency and terrorism on the economy.

Courtesy:- Times of India.