New Delhi: Taking the nation by surprise, Prime Minister Narendra Modi on Tuesday announced demonetisation of Rs 1000 and Rs 500 notes with effect from midnight 9th november, making these notes invalid in a major assault on black money, fake currency and corruption.
In his first televised address to the nation, Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.
He also said new Rs 2000 notes will be introduced.
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PM Modi also said that new notes of Rs 2000 and Rs 500, with completely new design, will be introduced. Officials said such notes have already been reached to banks to prepare for their circulation from November 10.
“Based on past experience, the RBI will hereafter make arrangements to limit the share of high denomination notes in the total currency in circulation,” Modi said.
After the announcement, Images of the supposed Rs 2,000 denomination bank notes have been circulating on social media.
NewsMobile could not independently verify if the images circulating on the micro-blogging site were authentic or a hoax.
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