Indian currency strike by Modi

Tweet

Indian Prime Minister Narendra Modi, while addressing the country tonight, has abolished Rs 500 and Rs 1000 currency notes from midnight. This is bringing mixed feelings, many people in business are using these currencies, but this is now a shock for them. Also this is hard shock for corrupt officials and fake currency, because this has made Rs 500 and 1000 currency notes as just piece of paper. ATM will not work tomorrow (9th November) and in some places they will not work even in 10th November. Withdrawals is restricted to Rs 2000/day from ATM and Rs 10,000/day to Rs 20,000/week from bank accounts. This is Modi's crackdown on black money, corruption and fake currency. But not problem free. Govt Hospitals, Railways, Govt Petrol Pumps and Gas Stations will continue to accept these currencies for next 72 hours (till 12 PM Midnight of 11 November.) Edit (Time for these was extended to 24 November Midnight) People are allowed to deposit their currency notes of 500 and 1000 to Banks and Post offices till 30 Dec 2016. And those who will not be able to do that, they will be allowed to do so in Reserve Bank of India Office till 31 March 2017.