Tuesday, November 8th, 2016

PM Narendra Modi says Rs 500, Rs 1000 notes to be illegal, new Rs 500, Rs 2000 notes coming

Narada Desk | November 8, 2016 8:35 pm Print
New currency notes of Rs 500 & Rs 2000 to be introduced soon. PM Narendra Modi said there will be an end to the use of the denominations of Rs 5oo and Rs 1000 bank notes, in a bid to end the circulation of fake currencies.
RS 500 note

The government of India has decided to end the use of the denominations of Rs 5oo and Rs 1000 bank notes, in a bid to the circulation of fake currencies.

Talking to media after the Union Cabinet meeting, Prime Minister Narendra Modi announced this decision saying the corruption, black money and terrorism are holding back the economy.

“The process of cash circulation is directly related to corruption in our country impacting the lower classes of our society,” he said.

According to PM, the people of the country will have 50 days from November 10 to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office across the country.

Reports earlier said the Reserve Bank of India is set to introduce ₹2,000 denomination of banknotes.

Modi made this major announcement stating that fake currency was funding terror. He said that these currency notes will be mere pieces of paper as the move was planned to end the circulation of fake currency and bring back black money.

Petrol and CNG pumps will be accepting these currency notes soon to go out of circulation for the next 72 hours. He acknowledged the difficulties to be faced by the common man saying that he was confident that the ordinary citizen had the determination to overcome these hurdles in the national interest of the country. “I hope every citizen will stand up and participate in this “imaandarri ka utsav” after Diwali, with enthusiasm,” Modi said.

Secrecy was necessary for this plan to be implemented, therefore this was not communicated to the banks as well, he explained.

“I appeal to all of you to meet this challenge with determination,” he said adding : ” New Rs 500 and Rs 2000 notes will be  introduced .”

The RBI will hereafter limit the circulation of notes of higher denomination.

Rs 2,000 Currency Notes To Come Into Circulation Soon

Recently, few pictures of the new high-value currency have emerged on social media.

Images of new ₹2,000 currency notes emerge on social media, check it out

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