India Demonetizes 500 And 1000 Rupee Notes

India Demonetizes 500 And 1000 Rupee Notes

The Prime Minister of India, Narendra Modi, has taken a landmark decision in the history of the country on November 8. Modi said that the centre has decided to demonetize the current 500 and 1000 rupee notes permanently. This will be affected from November 09, 12:00 AM. Modi said that the government has taken this decision in order to curb the corruption and the black money that is prevailing in the country.

The Reserve Bank of India will issue a new series of 500 and 200 rupees notes which will be available in all the banks from November 10. People can deposit their 500 and 1000 rupees currency in the bank or post offices till December 30. People can exchange the old notes for the new ones by submitting a valid id proof. The daily withdrawal per card will be limited up to Rs. 10000 and the weekly withdrawal limit will be restricted to Rs. 20000.

Modi has asked all the citizens to support this landmark decision and help the government to curb corruption and bring out all the black money. He said that there will be hardships for few days but people should bear those hardships to ensure a better future. Meanwhile, these 500 and 1000 rupee currency will be accepted in hospitals, pharmacies, bus stands, railway stations, airports, crematoriums and fuel stations until November 11.

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