Prime Minister Narendra Modi Declares Rs. 500, 1000 Notes to be Void from Midnight

Prime Minister Narendra Modi Declares Rs. 500, 1000 Notes to be Void from Midnight
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In order to curb the black money menace, Prime Minister Narendra Modi has declared that Rs. 500, 1000 notes denomination notes are being withdrawn from midnight. He said that such notes will become “mere paper”. The decisions come after a cabinet meeting.

 Indian-Currency-Narendra_modi

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.

PM 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.

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