In order to stop corruption and black money, Indian government demonetized Rs.500 and Rs.1000 currency notes from midnight today. It is a major step to wipe out black money and fake currency from the market. Indian Prime Minister Narendra Modi said:
“People holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.”
After midnight today no one can use Rs.500 and Rs.1000 to purchase anything except medicine and petrol in India. People holding these currencies can deposit the same into their bank till 30th December. From tomorrow it will have no value as money – it means a worthless paper. However, Rs.100, Rs.50, Rs.20, Rs.10, Rs.5, Rs.2 and Re1 will be continued as currency. Government also said that soon new currency of Rs.2000 and Rs.500 will come in market.
No other payment method will be changed such as Demand draft, cheque, debit or credit card etc. after being in power, Modi government has continuously been facing the threat of black money and fake currecy. He also requested people to support government to make the fight successful against black money, fake currency.
Modi believed, with the help of bank staffs and post offices, the new order will be implemented within the prescribed time. He also hopes that he will get huge support from all political parties, social organizations, workers and the media to make their plan successful.
News extracted from here