In an attempt to curb black money, PM Narendra Modi declares Rs 500, 1000 notes to be void from midnight
In a move to curb the black money menace, PM Narendra Modi declared that from midnight, currency notes of Rs 1000 and Rs 500 denomination will not be legal tender.
“You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office,” PM Modi told the nation in a televised address to the nation.
People can deposit notes of #Rs1000 and #Rs500 in their banks from November 10 till December 30, 2016,” he added.
“Reserve Bank has decided that on November 9 all banks for public purposes will be closed. New notes will be designed for Rs 500 and Rs 2000 new notes and will be brought into circulation. After introduction of new currency notes, RBI will take steps to contain amount of currency in circulation.