Prime Minister Narendra Modi addressed the nation on Tuesday and announced that Rs 500 and Rs 1,000 denomination currency notes will be withdrawn from November 8 midnight. He said this was being done to tackle the menace of black money in the country, which has sapped the economy.
He also said that ATM withdrawals will be restricted to Rs 2,000 per day till November 11, when this limit may be increased slowly.
ALSO READ: 500 and 1000 currency notes abolished; Kudos to PM Modi for this ‘surgical strike’ on black money
The Prime Minister said that the Rs 500 and Rs 1,000 denomination notes can be deposited in banks and post offices, and also exchanged across the bank counter by showing government-issued ID proof. Withdrawals from bank accounts will be limited to Rs 10,000 for the first few days. Banks have also been ordered to remain shut on Wednesday, he said. Modi said that for medical patients, the old notes will be accepted.
ALSO READ: Here are the new Rs 2000 and Rs 500 currency notes [In pics]
Soon after the announcement, Twitterati reacted on the announcement:
This decision of PM @narendramodi is a surgical strike on menace of corruption and black money.
— Amit Shah (@AmitShah) November 8, 2016
Surgical strike on black money: hoarders, builders, terrorists, politicians, babus & cash-rich businessmen will remember 8/11
— Minhaz Merchant (@MinhazMerchant) November 8, 2016
One immediate good impact: black money in assembly elections could be weeded out!
— Rajdeep Sardesai (@sardesairajdeep) November 8, 2016
What a fantastic move against black money to ban Rs 500 and Rs 1000 notes! This will be a game changer. I welcome it wholeheartedly
— Baijayant Jay Panda (@PandaJay) November 8, 2016
Ppl Having No Clue How Banning Rs 500 and Rs 1000 Notes Is #SurgicalStrike On Black Money, Is The Reason Why RaGa & Kejriwal Still Get Votes
— Sir Ravindra Jadeja (@SirJadeja) November 8, 2016
Now a ‘Surgical Strike’ on the economy. Well done PM Modi. Rs 500 and Rs 1000 invalid from tonight. #IndiaFightsCorruption
— Angita Vikram (@AngitaVikram) November 8, 2016
In one stroke, billions worth black money wiped out. Declare all those Rs 500 and Rs 1000 notes tucked under your bed and sofa or burn them
— Abhijit Majumder (@abhijitmajumder) November 8, 2016
Railway stations and airports will allow Rs 500 and Rs 1000 notes till November 11, so that all people with black money can push off.
— Ramesh Srivats (@rameshsrivats) November 8, 2016
At midnight tonight Rs 500 and Rs 1000 will be tendered illegal. Old notes can be returned from 10 Nov to 30 Dec 2016 to bank/post office.
— Anshul Saxena (@AskAnshul) November 8, 2016
Massive sixer by @narendramodi ji to discontinue the use of 500 and 1000 rupee notes to curb #BlackMoney. Brave move! We're proud of you!
— Harbhajan Turbanator (@harbhajan_singh) November 8, 2016
The last time when i saw India panicking this much was on 26/11 when terrorists attacked Mumbai. #BlackMoney
— Gautam (@gautamverma23) November 8, 2016
Give cash gifts of Rs #500 & #1000 notes wholeheartedly in the coming #wedding #season . 🙂 #indiafightscorruption #BlackMoney
— Amit Goel (@amitgoel1287) November 8, 2016
Those holding #BlackMoney are ruined. Thank you, PM @narendramodi.
— The Indian Interest (@IndianInterest) November 8, 2016
The masterstroke of removing Rs. 500 and Rs. 1000 notes. Modi is so serious about #BlackMoney. Huge huge respect for him.
— P I Y U S H (@writetopiyush) November 8, 2016
