In a bold move to tackle the issue of black money, corruption and fake currency, Narendra Modi in an television address to the nation, declared that Rs. 500 and Rs. 1000 notes will be discontinued from tonight. This means that they will stop being accepted as legal tender in any business transaction.
People will have 50 days (from November 10 to December 30) to deposit the notes in any bank or post office.The banks will be closed on 9th November.
However, in a respite to those who are hospitalized, government hospitals and will accept the notes till November 11 midnight.
Black money, corruption, terrorism are our main enemies. We can bear some difficulty in this fight. If people have to choose from discomfort, or curbing corruption, then i have faith that the people of this country will chose discomfort. - Narendra Modi
RBI will soon be issuing new notes of 500 and 2000 (yes, you read it right) denominations. In a veiled attack, Modi also lashed out at Pakistan for the fake currency menace.