Indian Currency notes of Rs 500 and Rs 1000 denominations will not be legal tender beginning November 9. This was announced by Prime Minister Narendra Modi in a special address to the nation on Tuesday evening. He said the move was aimed at curbing the negative impact of fake currency, black money, corruption and terrorism on the nation's economy. New notes of Rs 500 and Rs 2,000 would be released and circulated soon.
The end to the legal tender of the Rs 500 and Rs 1000 notes comes into effect the midnight between Tuesday and Wednesday, as soon as the date turns to November 9. ATMs will not work on November 9, and at some places on November 10 as well.
He said Rs 500 and Rs 1000 notes can be deposited a post offices and banks without any charge till December 30. Banks would be closed for public business on November 9, to allow them to tackle the rush of people who might want to deposit their notes. Cashless fund transfers would remain unaffected.
"Your money is yours. You will note lose anything. The government will ensure that," said PM Modi, in his address to the nation.
"We should be able to make the sacrifice of adjusting to the such a move in national interest, as it aims to tackle the evils of corruption, black money, fake currency and terrorism," said PM Modi.