RBI Guv explains after union government bans Rs 500 and 1000 notes

Speed News Desk | Updated on: 8 November 2016, 22:20 IST
Photo: PTI

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.

Also read:Live updates: Rs 500 and 1000 currency notes no longer be valid from 8 Nov midnight, says PM Modi

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.

Also read:PM Modi bans Rs 500 and Rs 1000 notes and obviously Twitter goes nuts

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: