PM Narendra Modi announced that new 2,000 and 500 rupee notes will be issued by RBI shortly.
Highlights
- Government withdraws Rs. 500 and Rs. 1,000 denomination banknotes
- New Rs. 500 and Rs. 2,000 denomination notes to be introduced
- Biggest and boldest step to contain black money: Revenue Secretary
Government's move to withdraw currency notes of Rs 500 and Rs 1,000 denomination is its boldest step and a "surgical strike on black money", Revenue Secretary Hasmukh Adhia said today.
Prime Minister Narendra Modi tonight announced demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.
"This is the biggest and the boldest step by the government for containing black money. It is like a surgical strike on black money," Adhia tweeted.
Finance Secretary Ashok Lavasa said the step is another move to attack the biggest menace facing the country. "Citizens must understand, cooperate & join the fight against corruption," Lavasa tweeted.
PM Modi said people holding notes of Rs 500 and Rs 1,000 can deposit the same in their bank and post office accounts from November 10 till December 30.