The move, Modi said, is aimed at curbing the menace of corruption, black money, counterfeiting and terrrorismIn a surprise announcement on Tuesday, Prime Minister Narendra Modi said Rs 500 and Rs 1000 currency notes would be scrapped starting midnight. Instead, the government will issue new Rs 500 and Rs 2000 notes. In his 40-minute address, the prime minister said that the Rs 500 and Rs 1000 notes will be 'just worthless piece of paper'. Withdrawals will be limited to Rs 10,000 daily and Rs 20,000 weekly until November 25. The PM also said there would be restrictions on daily and weekly restrictions from bank ATMs.

Source: dna November 08, 2016 15:11 UTC