<img title="Narenda Modi on black money" src="http://images.mid-day.com/images/2016/nov/Modi-black-money.jpg" alt="Narenda Modi on black money" /> Prime Minister Narendra Modi 
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Modi, in a sudden address to the nation on Tuesday, announced that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight.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.
<blockquote class="twitter-tweet" data-lang="en">
Efforts by the NDA Government under PM <a href="https://twitter.com/narendramodi">@narendramodi</a> to curb corruption and fight black money. <a href="https://twitter.com/hashtag/IndiaFightsCorruption?src=hash">#IndiaFightsCorruption</a> <a href="https://t.co/0Tt8FlvbQ2">pic.twitter.com/0Tt8FlvbQ2</a>
&mdash; PMO India (@PMOIndia) <a href="https://twitter.com/PMOIndia/status/796010587939442688">November 8, 2016</a></blockquote>
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<blockquote class="twitter-tweet" data-lang="en">
Rs. 500 and Rs. 1000 notes cease to be legal tender. <a href="https://twitter.com/hashtag/IndiaFightsCorruption?src=hash">#IndiaFightsCorruption</a> <a href="https://t.co/mk5HV0N0Ro">pic.twitter.com/mk5HV0N0Ro</a>
&mdash; PMO India (@PMOIndia) <a href="https://twitter.com/PMOIndia/status/796010802708783104">November 8, 2016</a></blockquote>
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<blockquote class="twitter-tweet" data-lang="en">
Here is what you can do. <a href="https://twitter.com/hashtag/IndiaFightsCorruption?src=hash">#IndiaFightsCorruption</a> <a href="https://t.co/jtoCuXFohF">pic.twitter.com/jtoCuXFohF</a>
&mdash; PMO India (@PMOIndia) <a href="https://twitter.com/PMOIndia/status/796011501228199936">November 8, 2016</a></blockquote>
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Prime Minister Narendra Modi, in a sudden address to the nation, has announced that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight. Such notes will now become 'mere paper'

Rs 500, Rs 1,000 notes declared illegal from midnight: Narendra Modi

Denotified Rs 500/Rs 1,000 currency: What you can do

Prime Minister Narendra Modi, in a sudden address to the nation, announces that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight. Such notes will now become 'mere paper'

Rs 500, Rs 1,000 notes declared illegal from midnight: Narendra Modi

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Home / News / India News / Article / Rs 500, Rs 1,000 notes declared illegal from midnight: Narendra Modi

Rs 500, Rs 1,000 notes declared illegal from midnight: Narendra Modi

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