Rs 500 and 1000 currency banned from today midnight
New Delhi, Nov 08: In a major step to check black money, the government on Tuesday discontinued Rs 500 and 1000 currency notes. The announcement in this regard was made by Prime Minister Narendra Modi during his address to the nation. “From Midnight Nov 8, 2016 today, Rs500 and Rs1000 notes are no longer legal tender,” said Modi.
The prime minister said that corruption and black money is something the government has fought for immediately after assuming office. Earlier in January 1978, currency notes in denominations of Rs 1,000, Rs 5,000 and RS 10,000 were demonetised.