India scraps Rs 500 & Rs 1000 currency notes; New Rs 2000 & Rs 500 notes to be introduced

08 November, New Delhi

1,000 and 500 rupee notes will cease to be legal tender from midnight tonight and those who are in possession of these notes can deposit the notes in their accounts in banks and post offices from 10th of this month to 30th of December this year.

In a special nationwide televised address this evening in New Delhi, Prime Minister Narendra Modi said, those who are unable to deposit the notes within the deadline for some reasons, can change them till 31st of March next year by furnishing ID proof.

He said, new currency notes of 500 and 2000 rupees denomination notes to be introduced. He said, RBI has decided to limit the notes with higher value.

Modi said, ATMs will not work for next 48 hours and thereafter amounts upto 2 thousand rupees can be withdrawn from ATMs. He said, during this period, old notes of 500 and 1000 denominations will be accepted in Government hospitals for the time being. He said, banks will be closed tomorrow.

Petrol Pumps, CNG Stations, Milk Booth, Consumer Cooperative stores and crematoriums will accept old notes in the next 72 hours. Railway booking counters, ticket counters of Government Buses and airline ticket counters will also accept the old notes for the next 72 hours.

Modi said, his government has waged a war against corruption. He said, corruption, fake currency and terrorism are festering wounds, holding back the economy. He said, the Government has unearthed 1.25 lakh crore rupees black money.

The Prime Minister said, his Government is dedicated to the poor and will continue to do so and in all the policies, Government are dedicated for the upliftment of entire society.

He said, despite adverse situation the country has has emerged as a bright spot and India has registered itself as a bright spot and it has declared by the IMF and World Bank. He said, corruption and black money is something the Centre has fought for immediately after assuming office.