New Delhi, Nov 8 Currency notes of Rs 500 and Rs 1,000 have been pulled off circulation and this will be in effect from midnight today. This announcement was made by the Prime Minister of India, Narendra Modi today.
He said that this was a move being made to curb the negative impact of fake currency, black money and corruption on the nation's economy.
The legal tender of the Rs 500 and Rs 1,000 notes comes into effect from mignight between Tuesday and Wednesday. The PM said that the Rs 500 and Rs 1,000 notes can be deposited in banks and post offices without any charge till December 31. Banks would however be shut on November 9 to allow them to deal with the rush, the PM also announced.
The PM however announced that payments for critical services such as hospitals, petrol bunks, railway reservation counter, crematoriums, airports can be made for the next 72 hours. This means the Rs 1,000 and Rs 500 denomination notes can be used at these services for the next 72 hours.