On Tuesday the Prime Minister Narendra Modi announced the ban of Rs 1,000 and Rs 500 denomination notes. In an emergency address, he said these Rs. 500 and the Rs. 1000 notes are not valid from midnight. The Prime Minister also notified that this decision behind the step is to eradicate corruption, poverty, and terrorism from the country. These two denominations, the Rs 500 and Rs 1,000 currency notes can be exchanged at the banks and post offices up to a period of 50 days i.e., November 10 to December 30. For those in an emergency, the notes will be accepted at government hospitals until November 11th midnight. “Corruption, black money, and terrorism are holding back the economy,” the PM Modi said after a Cabinet meeting Tuesday in his addressing. Modi stated that this step is in order for the black money that has been hidden in the echelons of society to come out.
New Currency of Rs 500 and Rs 2000 notes will be issued:
The RBI will issue new notes that look and feel different soon. These new Rs 500 and Rs 2000 currency notes will come into circulation from Thursday i.e. November 10. This is the first time ever that the Government of India is introducing the Rs 2000 currency denomination note. The new note will have the Mangalyan launch representing India’s scientific and research development on the back side of the note. On the front side of the Gandhi, photo will be printed off the new Rs. 2000 denomination. The new currency Rs 500 note will have the Red fort in the background and this called as Mahatma Gandhi new series of bank notes. The new currency notes will also have an upraised value somewhat like the Braille language for the blind.