In a surprise move, Prime Minister Narendra Modi today announced demonitisation of Rs 500 and Rs 1000 notes from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.
In his address, PM Modi said that people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from 10 November till 30 December.
He also said that the notes of Rs 500 and Rs 1000 "will not be legal tender from midnight tonight" and these will be "just worthless piece of paper."
However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid.
Following the PM's address, RBI Governor Urjit Patel and Secretary, Department of Economic Affairs Shaktikanta Das also addressed the media, here's what they said:
RBI will release new currency notes with new features,designs and dimensions from 10 November onwards: Shaktikanta Das pic.twitter.com/WMGEoJ22WV— ANI (@ANI_news) November 8, 2016
RBI has been concerned about growing menace of fake Indian currency notes which has been increasing in numbers: RBI Governor Urjit Patel pic.twitter.com/oqgf3tsveQ— ANI (@ANI_news) November 8, 2016
We have increased our production and trying to provide new currency notes as soon as possible: RBI Governor Urjit Patel— ANI (@ANI_news) November 8, 2016
There has been no breach of any of the security features but for public the looks of fake Indian currency note is similar to genuine: RBIGuv pic.twitter.com/JEfVLtssWO— ANI (@ANI_news) November 8, 2016
Other denomination currency notes will be printed in due course: Shaktikanta Das, Secretary Economic Affairs pic.twitter.com/Tco1sSww2d— ANI (@ANI_news) November 8, 2016
If someone is receiving Rs 1000 & Rs 500 notes after tonight, he is doing it at his own risk: Shaktikanta Das pic.twitter.com/GOmqEFQabO— ANI (@ANI_news) November 8, 2016
There will be no impact on the liquidity on the wholesale markets. If at all there is any, we'll make sure that its addressed: RBI Governor pic.twitter.com/LEH72ti1qb— ANI (@ANI_news) November 8, 2016