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Modi demonetizes Rs 500 & 1000 notes

in International Business

Modi demonetizes Rs 500 & 1000 notes

Indian Prime Minister Narendra Modi announced demonetization of Rs 500 & 1000 currency notes effective midnight in an effort to tackle fake currency, black money.

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.

Lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid, he added.

He urged his people to help the government in fight against black money and fake currency.

“There is a need for a decisive war against the menace of corruption, black money and terrorism… Corruption, black money and terrorism are festering wounds which make the country hollow from within,” he said.


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