The Prime Minister said that the Rs 500 and Rs 1,000 denomination notes can be deposited in banks and post offices, and also exchanged across the bank counter by showing government-issued ID proof. (File Photo)To tackle the menace of black money, Prime Minister Narendra Modi on Tuesday announced that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight. The Prime Minister said that the Rs 500 and Rs 1,000 denomination notes can be deposited in banks and post offices, and also exchanged across the bank counter by showing government-issued ID proof. His decision to discontinue Rs 500 and Rs 1000 rupee note will immensely help in eliminating corruption. But after 2.5 years of silence on the issue, the Centre all of a sudden decided to scarp the Rs 500 and Rs 1,000 notes.

Source: Indian Express November 08, 2016 17:21 UTC