Prime Minister Narendra Modi on Tuesday announced to nation that Rs 1,000 and Rs 500 currency notes will not be valid from midnight. “Corruption, black money and terrorism are holding back the economy,” Modi said in his address after a Cabinet meeting held on Tuesday. For 72 hours, until the midnight of November 11, government hospitals, government-authorised consumer stores like milk booths and ticketing counters, will continue to accept the old Rs 1000 and 500 notes.
The PM had said that the main step to stop Black Money, corruption and illegal money in the country. This step help india govt to eradicate corruption, poverty and terrorism from the country.
The PM Modi had said the existing Rs. 500 and Rs.1000 notes can be deposited in the Banks and Post offices till December 2016. For the emergency services like hospitals the notes are valid till November 11th.
After the PM Modi Press meet the Reserve Bank of India had announced the release of the New Rs 500 and Rs 2000 notes with a complete new look. The new currency will come into circulation from Thursday ie November 10.
To circulate the new notes to all the banks in india, All banks will remain closed on November 9 and ATMs will not function on November 9, and on November 10.
The new notes are having new look On Rs 500 note, Red fort has been in the background along with the Mahatma Gandhi Photo. This Rs.500 notes are called as Mahatma Gandhi new series of bank notes.
Where as the India government introduced New Rs.2000 Note new look like back side of the note, Mangalyan launch representing India’s scientific and research development was printed and on the front, Gandhi photo will be printed.