tackling black money

India bans Rs 500, Rs 1,000 notes

In an extraordinary step to tackle the scourge of black money in the country, Indian Prime Minister Narendra Modi yesterday said Rs 500 and Rs 1000 notes will no longer be legal from midnight Tuesday. He explained that the currency notes will be just paper with no value, reports Deccan Chronicle.  In his first televised address to the nation, Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30. “Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value,” he added, saying some ATMs in the country may not function on November 9 and 10. “Corruption, fake currency and terrorism are festering wounds, holding back the economy,” Modi said. Modi’s announcement comes just days after some leaders suggested that currency notes of Rs 1000 and Rs 500 denominations should be abolished to curb black money in the country. The Prime Minister said that black money to the tune of Rs 1.25 lakh crore had been unearthed during last two-and-a-half years.

tackling black money

India bans Rs 500, Rs 1,000 notes

In an extraordinary step to tackle the scourge of black money in the country, Indian Prime Minister Narendra Modi yesterday said Rs 500 and Rs 1000 notes will no longer be legal from midnight Tuesday. He explained that the currency notes will be just paper with no value, reports Deccan Chronicle. In his first televised address to the nation, Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30. Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value, he added, saying some ATMs in the country may not function on November 9 and 10. Corruption, fake currency and terrorism are festering wounds, holding back the economy, Modi said. Modis announcement comes just days after some leaders suggested that currency notes of Rs 1000 and Rs 500 denominations should be abolished to curb black money in the country. The Prime Minister said that black money to the tune of Rs 1.25 lakh crore had been unearthed during last two-and-a-half years.