RBI to circulate Rs 2000 notes soon : Rs 500, Rs 1000 notes to be illegal says Modi

You have 50 days to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office: Modi

Prime Minister Narendra Modi on Tuesday aforesaid Rs five hundred and Rs a thousand notes can now not be legal from midnight today. He explained that the currency notes are simply paper with no worth.

LIVE: Rs 500 and 1000 currency notes stand abolished from midnight: PM Modi

Modi’s announcement comes simply days when some leaders urged that currency notes of Rs 1000 and Rs 500 denominations ought to be abolished to curb black cash within the country.

The Prime Minister aforementioned that black cash to the tune of Rs 1.25 lakh large integer had been unearthed throughout last two-and-a-half years. He explained that the government’s call was taken to tackle the difficulty of black cash and corruption.



He said the government has been fighting the menace of black money and corruption ever since it assumed power two years ago.

“Corruption, fake currency and terrorism are festering wounds, holding back the economy,” he added.