Modi wages war against corruption: ₹ 500 and ₹ 1000 notes will cease to be legal tender from midnight tonight
New Delhi: Prime Minister Narendra Modi today waged a war against the yield of corruption and black money by announcing his government’s decision to declare that notes of ₹ 500 and ₹ 1000 denomination will not be a legal tender from midnight tonight.
Addressing the nation, Modi announced the game changing move to wipe away the spectre of corruption and black money. He asked the honest people to be rady for sacrifice and said after Diwali, it is time for “all to celebrate the festival of honesty”.
“It was very important to keep this news under wrap. Due to this, RBI and post office have a major task ahead and RBI has also decided that all banks will be shut for the public on November 9, the Prime Minister said adding on November 9 and at some places on November 10, ATMs will not work.
Modi said: “You have 50 days to deposit notes of ₹ 500 and ₹ 1000 in any Bank or Post office. People holding old notes can deposit these notes in banks and post offices between 10 November and 30 December. There will be no limit on the amount that a person can deposit. ID cards required to return money to banks
A limit has been imposed on all card withdrawals. It will be ₹ 2,000 daily. This amount will be increased to ₹ 4,000 daily after a couple of days.
Notes of ₹ 2000 and ₹ 500 will be introduced soon, the Prime Minister said and went on to inform the people that the RBI has decided to limit the notes with higher value.
Modi further said that the ticket windows at Railway stations and Airports will accept ₹ 500 and ₹ 1,000 till November 11.
For the initial 72-hours, Government hospitals will be accepting old ₹ 500 and 1000 notes till 11 November midnight.
Modi said: “The Government is imposing a limit on high denomination notes. In the history of nations, such a moment comes when you realise that you must be part of this historical moment. This, is one such day. Every common man who is tired of corruption and black money is welcome to contribute to this catharsis. It is very important to cleanse the nation of the corruption.”