Rs 500 and Rs 1000 notes will cease to be legal tender from November 8 midnight, Prime Minister Narendra Modi announced in a televised address to the nation.
Here are highlights from his speech:
– From midnight, the Rs 500 and Rs 1000 will cease to be legal tender.
– The 500 and 1000 Rs notes can be submitted to the post offices and banks from 10th November to 30th December.
– Those who can’t sumbit the notes within the deadline, can exchange it at Reserve Bank of India by providing a declaration.
– On November 9 and in some places November 10, ATMs will not work.
– For 72 hrs, until Nov 11 midnight special arrangements made. All government hospitals will accept old 500 & 1000 notes.
– This government is committed to the poor: PM Narendra Modi in address to the nation.
– In spite of 2 years of continuous drought, in the last two-and-half years, india has made its presence felt in global economy.
– We are among fastest-growing economies, but we also rank high in global corruption rankings
– Black money and corruption has taken roots in the country, these are the biggest obstacles in eradicating poverty.
– India’s common citizens live their lives honestly. But black money, corruption make the nation hollow from inside.
– In the last two-and-half years, at least Rs 1.25 lakh crore worth black money has been recovered.