Rs. 500, Rs. 1000 notes are no longer legal tender: PM Modi

Prime Minister Narendra Modi on Tuesday announced that the currency notes of Rs. 500 and Rs. 1000 denominations will not be legal tender beginning November 9.

Prime Minister also added that all banks will remain closed for public work tomorrow.

"Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror - this has been proven repeatedly. The process of cash circulation is directly related to corruption in our country impacting the lower classes of our society. From midnight November 8 today, Rs. 500 and Rs. 1000 notes are no longer legal tender," Prime Minister Modi said while addressing the nation.

"You have 50 days (From November 10 to December 30) to deposit notes of Rs. 500 and Rs. 1000 in any bank or post office. Respite for people for the initial 72 hours. The government hospitals will accept old Rs. 500 and Rs. 1000 notes till November 11 midnight," he added.

Prime Minister Modi said notes of Rs. 2000 and Rs. 500 will be circulated soon.

"The RBI has decided to limit the notes with higher value. There will be more purification the more we get support from you. Let's continue the process of cleanliness and work together for successful completion of this initiative. We want to take this fight against corruption even ahead," he added.

The Prime Minister further said that on November 9 and in some places on November 10, ATMs will not work.

"There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc," he added.

Prime Minister Modi also listed out the various schemes launched by the NDA government in his address to the nation. He mentioned the Jan Dhan Yojana.

"When we were elected in 2014, there was a discussion that among BRICS nations, the 'I' was wobbling. India has registered itself as a bright spot and it's not that this is a claim made by us, but by IMF and World Bank. This government is dedicated to the poor and will continue to do so. Few people have spread the disease of corruption for its own interest."

The Prime Minister asserted that in all of the government's policies, they are dedicated for the upliftment of the entire society.

"There is a time when you realise that you have bring some changes in society and this is our time to feel the same. Corruption and black money is something we have fought for immediately after assuming office," he added.

Asserting that the NDA Government focuses on empowerment of the poor, Prime Minister Modi said a series of schemes have been introduced for this.

"Sab ka sarkaar, sab ka vikas - governance and progress for all is our motto. This is a government for our farmers. Corruption and black money are diseases rooted in this country, they are obstacles to our success. We are among fastest-growing economies, but we also rank so high in global corruption rankings," he added.