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India pulls 500, 1,000 rupee banknotes from circulation

  • Author:Tyminphone
  • Source:www.tyminphone.com
  • Release on :2016-11-17

India pulls 500, 1,000 rupee banknotes from circulation


Indian Prime Minister Narendra Modi ordered the withdrawal of 500 and 1,000 rupee notes from circulation on Tuesday in a shock announcement designed to tackle widespread corruption.

Modi said that while people could exchange their old notes for new bills at banks or post offices, or deposit them in their accounts, they would no longer be legal tender from midnight.

"To break the grip of corruption and black money, we have decided that the 500 and 1,000 rupee currency notes presently in use will no longer be legal tender from midnight ie 8 November, 2016," Modi said in a televised address to the nation.

This means that these notes will not be acceptable for transaction from midnight onwards."



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