New Delhi, November 8, 2016: While addressing the country on Tuesday night, Prime Minister Narendra Modi announced that notes of Rs. 500 and Rs. 1000 will not be used from midnight onwards. The notes of Rs. 500 and Rs. 1000 must be deposited at post offices and banks by the end of December.
PM Modi further added that the move was necessary to fight “the disease of black money.”
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— President of India (@RashtrapatiBhvn) November 8, 2016
Here are the highlights from his address:
- Rs 500 and Rs 1000 notes will not be “legal tender from midnight tonight” and these will become just worthless pieces of paper.
- However, notes in the 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.
- The new notes of Rs 2000 and Rs 500 will be introduced.
- Sab ka sarkaar, sab ka vikas – governance and progress for all is our motto. We are focusing on the empowerment of the poor. A series of schemes we have introduced all aim at this.
- Corruption and black money are diseases which are deep rooted in the country, and they are becoming obstacles to our success.
- This solid step to fight black money is essential and people have 50 days to turn them into banks and post offices.
— Prasar Bharati (@prasarbharati) November 8, 2016
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- On November 9 and in some places on November 10, ATMs will be working.
- Though, for the sake of people, in the initial 72 hours, government hospitals will be accepting old Rs. 500 and 1000 notes till 11 November midnight.
- Petrol pumps and retail outlets will have to keep a record of every single entry of cash transaction with 500 and 1000 notes till November 11.
- Apart from these, crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes for the initial 72 hours.
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- There will be no change in any other form of currency exchange be it DD, cheque, payment via debit or credit cards etc.
- If for some reason, citizens unable to deposit Rs. 1000, Rs. 500 notes by December30, they can change them till March 31, 2017, by providing ID proof.
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