Modi bans Rs 500, 1000 notes to curb black money, new notes to be out soon

Delhi: In an extraordinary step to tackle the scourge of black money in the country, Prime Minister Narendra Modi on Tuesday said Rs 500 and Rs 1000 notes will no longer be legal from midnight today. He explained that the currency notes will be just paper with no value.

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.

“Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value,” he added, saying some ATMs in the country may not function on November 9 and 10.