Prime Minister Narendra Modi has announced today, 8th November 2016, in his ‘Man Ki Bath’ that the currency notes of Rs. 1,000 and Rs. 500 will be scrapped forthwith,from midnight of 8th -9th November in the fight against corruption, black-money and terrorism. These notes can be surrendered to the Banks. He says there is a black money running to Rs. 1,25,000 crores.
In the place of the old notes. new Rs.2,000 and Rs.500 notes will be issued. 9th November 2016 will be holiday for Banks and the ATMs will not function, probably to make the changes.
WHAT ARE THE IMPACTS? HOW IT WILL AFFECT THE FIGHT AGAINST BLACK MONEY AND CORRUPTION? THE COMING DAYS WILL SHOW.