To stop black money, Indian government withdraws Rs 500 and Rs 1,000 currency notes from circulation.

Economistindia's Blog

currency_notes_515204fZulfiqar Sheth

Taking the nation by surprise, Prime Minister Narendra Modi on Tuesday night announced demonetisation of Rs. 1000 and Rs. 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.

In his first televised address to the nation, Mr. Modi said people holding notes of Rs. 500 and Rs. 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.

Here are the highlights from his address:

  • Corruption and black money are diseases rooted in this country, they are obstacles to our success.
  • We are among fastest-growing economies, but we also rank so high in global corruption rankings.
  • We need to take a new solid step to fight black money. From now on, Rs. 500 and Rs. 1000  notes will not be used. Have 50 days to turn them into banks…

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