Prime Minister Narendra Modi on Tuesday announced that currency notes of Rs 500 and Rs 1,000 denominations will cease to hold any legal tender at midnight, from November 9.
PM Modi said the drastic step is aimed at rendering large reserves of black money invalid. The move, PM Modi said, is meant to curb the negative effects of corruption, black money, fake currency and terrorism on the country’s economy.
He also announced that the Reserve Bank of India would soon release and circulate new notes of Rs 500 and Rs 2,000.
Here’s what the new Rs 500 note will look like:
And, here is what the new Rs 2,000 note will look like:
And, these are the notes you will be saying goodbye to: