In his emergency address to the nation on Tuesday, Prime Minister Narendra Modi announced that currency notes of ₹500 and ₹1,000 will be withdrawn from midnight. He said the citizens will have 50 days – from 10 Nov to 30 Dec to deposit notes of ₹500 and ₹1000 in any Bank or Post office.
The decision is a part of Modi government’s crackdown on black money. “Currency notes of ₹1000 and ₹500 will be just paper with no value,” the PM said. All other coins and notes will be continued. He added that those unable to deposit ₹500 and ₹1000 notes by Dec 30 for some reason, can change them till March 31, 2017 by furnishing ID proof.
Modi appealed the nation to continue the process of cleanliness and work together for successful completion of this initiative, “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.”
The PM also announced that on November 9, all banks will remain closed for public work. On November 9 and in some places on November 10, ATMs will also not work. He said there will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
The PM said that 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.
Modi claimed that the government has negotiated with several nations across the world to bring perpetrators of black money hoarders. “This government has been able to shut many windows for the perpetrators. We have recovered at least ₹1.25 lakh crore,” said PM.