Prime Minister Narendra Modi Announced today (8th November 2016) a complete ban of 500 and 1000 INR rupee notes. From midnight of 8th November Government of India banned rupee notes of 500 and 1,000 only. You can still use debit and credit cards, cheques, digital payments, NEFT. Moreover, no problem to use coins, 1 rupee, 2 rupee, 5 rupee, 10 rupee, 50 rupee and 100 rupee notes. So, no need to panic from the banned rupee notes news .
Please watch the following video right from Prime Minister Narendra Modi.
Reasons for banning 500 and 1,000 rupee note:
- To check black money. Once can consider this as a Surgical strike against black money.
- Element of surprise – Government didn’t inform bank or any other financial institutions prior-er to the announcement directly from the Prime Minister, Narendra Modi. This surprise movement will have a big impact on the fight against black money.
Quotes from Prime Minister:
Notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.” – PM Narendra Modi
“Banks will be closed tomorrow. It will cause some hardship to you….Let us ignore these hardships… In country’s history, there comes a moment when people will want to participate in the nation building and reconstruction. Very few such moments come in life,” – Modi said.
New rupee notes to introduce:
Government will publish new notes soon to fight against corruption, terrorism, fraud.
The New 2000 Rupee Note
The New 500 Rupee Note