Taking the nation by surprise, Prime Minister Narendra Modi on Tuesday night announced the demonetization of Rs. 1000 and Rs. 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency, and corruption. In his first televised address to the nation, PM 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 until December 30.
Live updates:
9:38 pm:
There is no restriction on depositing your legal Rs. 500, and Rs. 1000 notes for exchange. Any amount, as long as it is legal, can be exchanged.
9:37 pm:
No security breach has been reported. New notes will be Braille-compliant, says DEA secretary
9:36 pm:
Within this period, checks, debit cards, and e-transactions will continue. All electronic transactions on behalf of business firms, companies, and individuals will continue in the next two days. DEA secretary
9:36 pm:
The decision to withdraw existing 500/1000-dollar currency notes has surprised everyone, says the DEA secretary
9:35 pm:
Post offices and banks to open additional counters and extend working hours to accommodate the public.
9:34 pm:
Initially, there could be inconvenience. The supply of new notes will be increased. The first aspect to be considered is inflation. The RBI will monitor and regulate the printing and circulation of Rs. 2000 notes.
9:33 pm:
The notes that are being circulated on social media are true. I’m not sure how the notes got leaked, but I’m sure that people will cooperate with the government in this venture.
9:32 pm:
The FIU of India gets information about transactions from banks. During this period, banks will take extra precautions. Banks will share information with the Income Tax Department as deemed fit.
9:32 pm:
If it is declared as not legal tender, then any transactions are done at their own risk, says Shaktikanta Das
9:30 pm:
Measures necessary to maintain the economic integrity of the economy, says Shaktikanta Das. It will be positive for our economy and will contribute to its growth.
9:25 am:
RBI shows the specimen notes of new Rs. 500 and Rs. 2000 notes.
9:22 pm:
Banks will have video cameras for all transactions; people must be careful while exchanging legal cash, says Shaktikanta Das
9:21 am:
Control rooms formed in RBI in Mumbai (022 22602201, 22602944) will be operable from tomorrow morning at 8 am, says Shaktikanta Das
9:20 pm:
Fake currency circulation has grown over the years. We are launching new currency tokens with new designs from November 10. Introducing 2k Rs. note with Mangalyan logo
9:15 pm:
It is a bold move. Counterfeit currencies are being used to finance terrorism. Our security measures have not been breached. This is a powerful measure to combat terrorism. Govt. has taken many measures in the last two years. This will go a long way. Fake currencies corrode economy, says Economic Affairs Secretary Shaktikanta Das
9:10 pm:
RBI has been concerned about the black money issue: Urijit Patel
8.53 pm:
Government hospitals and pharmacies at such hospitals will accept Rs. 500 and Rs. 1000 notes for 72 hours from November 8 at midnight.
8:34 pm:
This is a chance for every citizen to take part in the fight against black money and corruption, says the prime minister.
8:32 pm:
A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation.
8:31 pm:
Banks will be closed on November 9.
8:30 pm:
There is no restrictions on internet banking, cash, or demand draft transactions.
8:27 pm:
Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit
8:25 pm:
There are, however, some exemptions. Government hospitals and international airports.
8:22 pm:
The ATMs will not function till November 9, and in some places till November 10.
8:21 pm:
People who possess Rs. 500 or Rs. 1000 currency notes after December 30 can exchange it at the Reserve Bank of India by providing a declaration. This is till March 31, 2017.
8:20 pm:
These notes should be exchanged in banks and head post offices and sub post office by December 30, 2016, by providing valid identity proof such as Aadhaar, PAN card or voter ID card.
8:15 pm:
From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. “These notes are just papers from tomorrow,” says the prime minister.
8:11 pm:
Prime Minister says Rs. 500 and Rs. 1000 are notes that are mostly used in black money.
8:10 pm:
Corruption, black money, and terrorism can come in the way of a country’s robust economic growth, says the Prime Minister.
8:07 pm:
He moves on from corruption to terrorism. He says “terrorists from across the border” are spreading counterfeit currency notes.
8:06 pm:
We hear stories of how an autorickshaw driver returns gold left by a passenger in his vehicle. These stories show how common people are honest. Only a few people engage in corruption for selfish reasons, he says.
8:05 pm:
Corruption and black money are the biggest hindrances in the fight against poverty, he says, adding that it is everyone’s responsibility to eradicate poverty.
8:04 pm:
Mr. Modi lists out the various schemes launched by the NDA government in his address to the nation. He mentions the Jan Dhan Yojana.
8:03 pm:
This government is dedicated to the poor and will continue to do so, says the Prime Minister, who completes two and a half years of rule today.
8:02 pm:
India has registered itself as a bright spot, and it’s not that this is a claim made by us, but by IMF and World Bank
8:01 pm:
When we were elected in 2014, there was a discussion that among BRICS nations, the ‘I’ was wobbling, says the PM.
8:00 pm:
The Prime Minister’s address to the nation has begun.
