Taking the nation by surprise, Prime Minister Narendra Modi on Tuesday night announced demonetisation of Rs 1000 and Rs 500 notes with effect from midnight, 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.
Home Minister Rajnath Singh yesterday night welcomed Prime Minister Narendra Modi’s announcement of demonetisation of Rs 1,000 and Rs 500 notes, saying the decision has given a big blow to the blackmoney and counterfeit currency.
In a statement, Singh described the Prime Minister’s decision as “courageous and bold” and said India’s fight against corruption and terrorism will now be strengthened with demonetisation of Rs 1,000 and Rs 500 notes.
“By doing away with Rs 1,000 and Rs 500 notes, the Prime Minister has dealt a big blow to the flow of counterfeit currency and blackmoney in Indian economy,” he said.