PM Modi just banned Rs500 and Rs1000 notes to fight corruption and terrorism
India has decided to end the use of Rs500 and Rs1,000 currency notes from Nov. 09.
During a televised address late today (Nov. 08), prime minister Narendra Modi said that the drastic measure was taken to curb the flow of black money and prevent the counterfeiting of notes in Asia’s third-largest economy.
The government will issue new Rs500 and Rs2,000 denomination notes.
Account holders can deposit Rs500 and Rs1000 notes in banks and post offices over the next 50 days with proof of identification such as a PAN card or an Aadhaar card. ATMs in India won’t operate on Nov. 09 and Nov. 10 to facilitate the replacement process. Banks will also remain closed to the public on Nov. 09.
This is, so far, the biggest move made by the Modi government to stop the circulation of illegal ...