Rs 500 and Rs 1000 Currency Notes To Be Abolished by Midnight

It came out in form of a shocking news when Prime Minister Narendra Modi announced to scrap out Rs 500 and Rs 1,000 notes with an immediate effect. The currency notes will not hold any value from the midnight.

To overcome the problems that people are going to face, there are various services which will accept the notes for a time period of 72 hours. However, you are not allowed to make an exchange after December 30.

Not only this, you are allowed to make use of the currency notes in certain places like petrol pumps and public hospitals. Moreover, there will be restrictions on withdrawals of any funds from ATMs.

In addition, the banks will remain closed tomorrow i.e. on November 9.

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Modi started off by addressing the nation by saying that is a step to fight against problems related to black money and corruption. Keeping this in mind, he addressed the nation from midnight today, i.e. November 8, all the Rs 500 and Rs 1000 is not going to hold any legal value.

“Your money is yours. You will note lose anything. The government will ensure that,” said PM Modi while addressing the nation.

This acute measure taken by PM Modi led to the commencement of a meeting hosted by the Union Cabinet. Apart from this, PM Modi also met Ajit Doval who is known to be the National Security Adviser and the superintendent of the armed forces.

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Here a few updates from the address given by Narendra Modi:

  • Government hospitals, pharmacies at such hospitals will accept Rs. 500 and Rs. 1000 notes for 72 hours from November 8 midnight.
  • A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation.
  • Banks will be remain closed on November 9.
  • Government hospitals will accept old notes of Rs 500, Rs 1,000 till November 11 midnight
  • From November 10 to November 24, you can change old notes of amount Rs 4000: PM Modi
  • The interest of poor people will be protected. No need to panic. Your money will be yours: PM Modi
  • High circulation of cash has strengthened hawala transactions: PM Modi

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Do you think this measure is going to scrap out the black money and corruption from the country? Drop your comments here!

 

 

 

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