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No more Rs 500 and Rs 1000 notes in India

Currency notes of Rs 500 and Rs 1,000 won’t be valid from midnight, PM Narendra Modi says in an address to the nation.

“Currency notes of Rs 1000 and Rs 500 will be just paper with no value,” the PM says.
Modi says the citizens’ money will be safe as they can deposit the notes in the bank before December 30, 2016.

“People can deposit notes of Rs 1,000 and Rs 500 in their banks from November 10 till December 30, 2016,” says PM.

All other coins and notes to be continued.

Here are the highlights from his address:

  • Corruption and black money are diseases rooted in this country, they are obstacles to our success.
  • Our measures to check black money are paying off. A voluntary disclosure scheme for undeclared money saw a good response. A Special Investigating Team is making progress to identify who has sent money abroad.
  • 1.25 lakh crores of black money has been recovered.
  • We need to take a new solid step to fight black money. From now on, Rs. 500 and Rs. 1000 notes will not be used. Have 50 days to turn them into banks and post offices.
    On November 9 and in some places on November 10, ATMs will not work.
  • Respite for people for the initial 72 hours, government hospitals will accept old Rs. 500 and 1000 notes till 11 November midnight.
  • Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.
    Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11.

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