In an attempt to curb black money, PM Modi declares Rs 500, 1000 notes to be void from midnight #Hindustan360

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. In his 40-minute address, first in Hindi and later in English, the Prime Minister said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight”. 

Highlights

  • He also announced that new notes of Rs 2000 and Rs 500 will be introduced
  • ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000/day and Rs 20,000/week.
  • On November 9 and in some places November 10, ATMs will not work.
  • Other form of currency will not have any impact like cheque, DD, payment via credit or debit cards etc
  • Espite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1,000 notes till 11 November midnight.

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