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Modi bans Rs 500, 1000 notes to curb black money; new notes to be out soon

 The Hawk |  2016-11-08 15:22:23.0  0  Comments

New Delhi: In an extraordinary step to tackle the scourge of black money in the country, Prime Minister Narendra Modi on Tuesday said Rs 500 and Rs 1000 notes will no longer be legal from midnight today. He explained that the currency notes will be just paper with no value. "You have 50 days to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office," Modi said while making a special address to the nation. �Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value,� he added, saying some ATMs in the country may not function on November 9 and 10. "Corruption, fake currency and terrorism are festering wounds, holding back the economy," Modi said. Modi's announcement comes just days after some leaders suggested that currency notes of Rs 1000 and Rs 500 denominations should be abolished to curb black money in the country. The Prime Minister said that black money to the tune of Rs 1.25 lakh crore had been unearthed during last two-and-a-half years.

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