New Delhi: In a sudden address to the nation, Prime Minister Narendra Modi has announced that starting midnight, existing Rs. 500 and Rs. 1,000 notes can no longer be used for any transactions.
They must be deposited, starting Thursday and through December 30, at post offices and banks, he said, describing the move as essential to fight "the disease of black money."
New Rs. 500 and Rs. 2,000 notes, cleared by the Reserve Bank of India, will be introduced on Thursday.
For now, notes currently in use can be traded for upto Rs. 4,000 till November 24 and for larger amounts thereafter. Against notes that are deposited, withdrawals of upto Rs. 10,000 a day or 20,000 a week will be permitted for now.
The PM said that though India is now "a global bright spot" with its fast-growing economy, corruption and black or undeclared money "are the biggest obstacles to our success."
PM Modi said that since his government was elected, 1.25 lakh crores of black money "belonging to the corrupt" has been uncovered, through a series of measures including a voluntary disclosure scheme which has seen a good response.
They must be deposited, starting Thursday and through December 30, at post offices and banks, he said, describing the move as essential to fight "the disease of black money."
New Rs. 500 and Rs. 2,000 notes, cleared by the Reserve Bank of India, will be introduced on Thursday.
The new Rs 500 and 2000 notes will be issued on November 10
For now, notes currently in use can be traded for upto Rs. 4,000 till November 24 and for larger amounts thereafter. Against notes that are deposited, withdrawals of upto Rs. 10,000 a day or 20,000 a week will be permitted for now.
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The PM said that though India is now "a global bright spot" with its fast-growing economy, corruption and black or undeclared money "are the biggest obstacles to our success."
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PM Modi said that since his government was elected, 1.25 lakh crores of black money "belonging to the corrupt" has been uncovered, through a series of measures including a voluntary disclosure scheme which has seen a good response.
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