In a move to tackle black money in the country, Prime Minister Narendra Modi on Tuesday announced that the current Rs 500 and Rs 1,000 notes will not be valid after midnight.
Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.
PM Modi said newly designed notes of Rs 2,000 and Rs 500 denominations will be circulated soon. He also said that the Reserve Bank of India has decided to limit the notes with higher value.
The RBI in a press conference on Tuesday unveiled the design for the new Rs 2000 and Rs 500 notes. This series of bank notes will be called ‘Mahatma Gandhi bank notes’.
Economic affairs secretary Shaktikanta Das said more denominations will be unveiled soon when asked whether new designs of Rs 1000 notes will also be introduced.
Take a look at the new notes...
In Pics: New Rs 500 note that will be issued pic.twitter.com/N51HDChDs3— ANI (@ANI_news) November 8, 2016
In Pics: New Rs 2000 Note that will be issued pic.twitter.com/4NXhNOpxxA— ANI (@ANI_news) November 8, 2016