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Rs 500, Rs 1000 money notes stand nullified from midnight: PM Modi

In a noteworthy stride to check dark cash, Prime Minister Narendra Modi on Tuesday declared demonetization of Rs 500 and 1000 coin notes with impact from midnight, making these notes invalid in a noteworthy ambush on dark cash, fake money and defilement. In his broadcast deliver to the country, Modi said individuals holding notes of Rs 500 and Rs 1000 can store the same in their bank and mail station accounts from November 10 till December 30.

In an attempt to curb black money, PM Narendra Modi declares Rs 500, 1000 notes to be invalid

Are banks prepared to supplant 2,300 crore bits of Rs 500 and Rs 1,000 notes?

Modi said the notes of Rs 500 and Rs 1000 “won’t be lawful delicate from midnight today” and these will be “simply useless bit of paper.” However, he said that all notes in lower category of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will keep on being substantial. He additionally declared that new notes of Rs 2000 and Rs 500 will be presented. Modi included that there will be no adjustment in some other type of cash trade be it check, DD, installment through credit or platinum cards and so on.

Demonetising Rs 500, 1000 notes an exceptionally intense stride to battle dark cash: RBI

He said the administration has been battling the danger of dark cash and defilement as far back as it accepted power two years prior. He likewise asked individuals to help government in its battle against fake coin and dark cash.

The executive communicated certainty that the staff of banks and post workplaces will meet the challenge at hand to present the new request inside the accessible time. He said he is cheerful that political gatherings, laborers, social associations and the media will go more remote than the administration in making it a win. “Banks will be shut tomorrow. It will bring about some hardship to you… .Let us disregard these hardships… In nation’s history, there comes a minute when individuals will need to take part in the country building and reproduction. Not very many such minutes come in life,” Modi said.

Congress ‘Will bolster any progression against dark cash’

The PM said the measures were gone for checking the “illness” of defilement and dark cash which have taken profound root. “There is a requirement for a conclusive war against the threat of defilement, dark cash and fear mongering… Corruption, dark cash and psychological warfare are rotting wounds which make the nation empty from inside,” he said. Taking after the declaration, there were colossal group outside ATMs the nation over as individuals arranged to pull back coin of littler categories.

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