In what can be seen as an unprecedented move by Prime Minister Narendra Modi,
during a special address to the nation, he announced that currency
notes of Rs 500 and Rs 1,000 denominations will be illegal starting 12
midnight on November 8. That is not even four hours after the surprising
announcement was made.
“Currency notes of Rs 1,000 and Rs 500 will be just paper with no value,” Modi said.
The move comes as a strike against the hoarding of black money. “A few people are spreading corruption for their own benefit,” he said, adding that “corruption and black money is (sic) something we have fought for immediately after assuming office…There is a time when you realise that you have bring some changes in society, and this is our time to feel the same.” It was then that he announced that the Rs 500 and Rs 1,000 notes will be deemed illegal starting midnight.
“Currency notes of Rs 1,000 and Rs 500 will be just paper with no value,” Modi said.
The move comes as a strike against the hoarding of black money. “A few people are spreading corruption for their own benefit,” he said, adding that “corruption and black money is (sic) something we have fought for immediately after assuming office…There is a time when you realise that you have bring some changes in society, and this is our time to feel the same.” It was then that he announced that the Rs 500 and Rs 1,000 notes will be deemed illegal starting midnight.
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