NEW DELHI: Indian Prime Minister Narendra Modi announced Tuesday that 500 and 1,000 rupee notes would be withdrawn from circulation from midnight in a bid to tackle corruption.
“To break the grip of corruption and black money, we have decided that the 500 and 1,000 rupee currency notes presently in use will no longer be legal tender from midnight ie 8 November, 2016,” Modi said in a shock announcement on television.
“This means that these notes will not be acceptable for transaction from midnight onwards.”
Modi said that although the existing notes would be “worthless”, members of the public would be able to exchange them for new bills at banks until the end of the year.
He said new 500 and 2,000 rupee denomination notes will be issued later by the Reserve Bank of India.
Hospitals and transport operators would continue to accept old 500 and 1,000 rupee notes for payment for the next 72 hours.
They would also be accepted at gas stations run by public sector oil companies, and at milk booths, crematoriums and burial grounds.
ATMs and banks would be closed on Wednesday and Thursday, the prime minister added.- AP/Samaa
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription
