PM Narendra Modi puts ban on Rs 500, Rs 1,000 notes with immediate affect

New Delhi: India’s Prime Minister Narendra Modi today announced Indian currency notes of Rs 500 and Rs 1,000 will no longer be legal tender from midnight tonight.

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Modi, declared this in an address to the nation on Tuesday evening at 8:00pm and said India has “registered itself as a bright spot” in the global economy.

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The Prime Minister said in a nationally televised address to the nation that all the 500 and 1,000 denomination notes can be deposited in banks and post offices from November 10 till December 30.

He further said that all ATM machines will not be function on November 9th.

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Modi said this was being done to tackle the menace of black money in the country, which has sapped the economy.

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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.

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.

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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.

He also said that retail petrol pumps will accept such notes till November 11, after which the stations will have to keep a register of such notes for some time.

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The decisions come after a cabinet meeting.