10 things to know about Rs 1000, Rs 500 currency ban

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PM Narendra Modi Says Ruling Party Is Fighting Corruption, Not Opposition Parties

Prime Minister Narendra Modi announced that currencies with the denomination of Rs 1000 and Rs 500 will not be legal tender from midnight tonight.

READ: PM Narendra Modi announced to ban RS 500, 1000 currency notes invalid from November 8 midnight

  • Currency notes of Rs 1000 and Rs 500 will not be legal tender from midnight
  • Corruption, fake currency, and terrorism are festering wounds, holding back the economy, PM Narendra Modi said in his address to the nation
  • From across the border, our enemies running racket in India through fake currency: PM Modi
  • Prime Minister said these notes can be exchanged in banks and post offices from November 10 to December 30
  • Those unable to deposit Rs 1000, Rs 500 notes by Dec 30 for some reason, can change them till March 31, 2017, by furnishing ID proof
  • Arrangements will be made for people arriving at airports to exchange currency up to Rs 5,000: PM Modi
  • The Prime Minister also said that hospitals will be allowed to take currencies of these denominations until November 11
  • In his opening remarks, PM Modi said black money to the tune of Rs 1.25 lakh crore has been unearthed during last two-and-a-half years.
  • Prime Minister also said that banks will be closed on November 9
  • ATMs will also remain closed on November 9 and November 10 at some places.