In a “live” speech President Modi had asked the citizens to cooperate with his fight against black money and then put forward the measure to abolish Rs 500 and Rs 1000 notes from midnight i.e from the morning of 9th November 2016 pre-2005 notes of the aforementioned denominations will not be accepted in any monetary transaction.
Modi said in his speech ” We hear about poor auto rickshaw drivers returning jewelry left behind by their owners.. there comes a time a time in the country’s development to take a drastic step… terrorists run their operations with fake currency notes…we have caught and seized them..the challenge is posed by corruption and black money.
On November 9 and in some places on November 10, ATMs will not work. Those unable to deposit Rs. 1000, Rs. 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof. Notes of Rs. 2000 and Rs. 500 will be circulated soon, RBI has decided to limit the notes with higher value
