PM Narendra Modi has announced a major move to end corruption and black money in the country. While addressing the nation at 8 pm on Tuesday, 8 November, Modi announced that the existing Rs 500 and 1000 notes will be no longer be legal. He also said the initiative has been taken to make sure that Pakistan and other terrorist nations are no longer able to take advantage of Indian currency.
He also said that the process of cash circulation is directly related to corruption in our country impacting the lower classes of our society.
Here’re the key decisions that PM announced in his speech to the nation.
- Rs 500 and 1000 notes are no more legal in India
- The existing Rs 500 and 1000 notes can be exchanged at the banks and post offices
- 50 days from November 10 till December 30 to return notes
- ATMs will limit Rs 2000 a day initially
- No other restrictions to electronic transfer or transfer through cheques or demand drafts
- Respite for people for the initial 72 hours, government hospitals will accept the old Rs 500 and 1000 notes till 11 November midnight
- New notes of Rs 500 and 2000 in the market to be issued
- All banks will remain closed for public work on November 9
- Media Briefing by RBI Governor Urjit Patel and Secy. Department of Economic Affairs Shaktikanta Das, at 9:00 pm tonight.
- Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value
- Retail petrol pumps will accept such notes till November 11, after which the stations will have to keep a register of such notes for some time.