PM Narendra Modi Ceased 500 & 1000 INR Currency Notes

 No more Valid from 8th November Midnight

Prime minister Narendra Modi today in his sudden addressing to the nation announced that the 500 and 1000 rupees notes will not be valid from midnight and in addition to it, the ATMs will not be operational tomorrow.

Watch full speech of PM Modi here>>




This addressing was done via the India's state television i.e. Doordarshan. This was the first time ever Modi addressed to the nation in such a manner since his tenure as Prime Minister since he was elected more than 2 years ago.

This happened after a meeting that was chaired by the Honorable Prime Minister Narendra Modi. National Security Advisor Ajit Doval was also present at the meeting.

Why such a bold move by PM?

This bold move was done on as a step against corruption and black money. These elements of the society only tamper the Indian economy and are pushing the economy backward a lot. This step also came into force because some people have utilized their position for corrupt practices. The another reason was the tension along the Indo-Pak border continues, with over 100 violations from the Pakistani side since the surgical strike from India that was carried out on terror launch pads.

Highlights of the addressing

• 1.25 lakh crores of black money have been recovered.
• Citizens will get 50 days period to turn in the currency with the banks and post offices.
• Crematoriums and cemeteries are allowed to transact 500 and 1000 rupees notes till November 11.
• ATMs will not be operational on November 9 and in some places on 10th too.
• Retail outlets and petrol pumps are allowed to transact with 500 and 1000 rupees notes but they will have to keep every single entry of cash transactions till November 11.
• Notes of rupees 2000 and rupees 500 will be circulated soon, but Reserve Bank of India has decided to limit the notes with a higher value in the economy.
• For some time, ATMs withdrawal limit will be of rs. 2000 only.
• The rs. 500 and rs. 1000 currency will become invalid from midnight November 8th.

How are you affected?

• Every citizen has to submit the rs.500 and rs.1000 notes in the bank within 50 days.
• No ATMs access for anyone on 9th November.
• For some duration, ATMs will limit money to rs.2000 only.
• There will be no change in any other form of currency exchange be it cheque, DD, credit cards and debit cards payment modes also.
• RBI will be circulating 2000 rupees notes in the economy soon.
• Banks, as well as ATMs, will be in operational tomorrow i.e. 9th of November.

What will be the result?

All the corrupt people have to disclose their undisclosed assets that they were hoarding in the form of currency as PM Modi said that after Midnight, the 1000 and 500 rupees currency will be nothing more than just a piece of paper.

There will be a huge slowdown on the transactions that were not were being recorded with the government.

The illegal money laundering in the country would be slowed down a lot.
The funding being done to the terrorist activities through fake currency to the enemies across the border will be hit hard and with that India will get a great heat boost to put an end to such activities.

Do stay tuned for any news updates regarding the same news and do tell us how you feel and think about the action taken by PM Modi in banning higher value currency notes.

Do not forget to share this info with everyone you know so that they are aware of this news too…