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
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. 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.
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“Your money is yours. You will note lose anything. The government will ensure that,” said PM Modi, in his address to the nation.
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.