Rs 500, Rs 1,000 notes declared illegal from midnight: PM

Rs 500, Rs 1,000 notes declared illegal from midnight: PM

New Delhi:

Prime Minister Narendra Modi, in a sudden address to the nation on Tuesday, announced that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become “mere paper”.
Modi said this was being done to tackle the menace of black money in the country, which has sapped the economy.

He also said that ATM withdrawals will be restricted to Rs 2,000 per day till November 11, when this limit may be increased slowly.

The Prime Minister said that the Rs 500 and Rs 1,000 denomination notes can be deposited in banks and post offices, and also exchanged across the bank counter by showing government-issued ID proof.

Withdrawals from bank accounts will be limited to Rs 10,000 for the first few days.

Banks have also been ordered to remain shut on Wednesday, he said.

Modi said that for medical patients, the old notes will be accepted.

He also said that 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.

The decisions come after a cabinet meeting.

–IANS

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I am a veteran journalist based in Chandigarh India.I joined the profession in June 1982 and worked as a Staff Reporter with the National Herald at Delhi till June 1986. I joined The Hindu at Delhi in 1986 as a Staff Reporter and was promoted as Special Correspondent in 1993 and transferred to Chandigarh. I left The Hindu in September 2012 and launched my own newspaper ventures including this news portal and a weekly newspaper NORTH INDIA KALEIDOSCOPE (currently temporarily suspended).

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