Indian PM Narendra Modi Abolishes 500 & one 1000 Rupee Banknotes inwards a Bid to Fight Terrorism as well as Corruption

In a televised broadcast to the state on Tuesday, Indian PM Narendra Modi announced that 500 as well as grand Indian rupee notes volition non locomote legal tender equally of midnight, calling the notes “just worthless slice of paper.”

The motion is aimed at mitigating corruption as well as invalidating counterfeit currency notes that are beingness used yesteryear terrorist, "Black coin as well as corruption are the biggest obstacles inwards eradicating poverty," said Modi.

In his speech, Modi explained that counterfeit Rs 500 notes are widely used yesteryear militants to fund terrorist activity, "Terrorism is a frightening matter ... But accept you lot always idea nearly how these terrorists larn their money? Enemies from across the edge accept run their operations using imitation currency notes. This has been going on for years," explained Modi.

The Indian Prime Minister said inwards his oral communication that Rs 500 as well as Rs grand currency notes tin locomote exchanged at depository fiscal establishment branches as well as post service offices from Nov tenth to Dec 30th. Modi equally good mentioned that novel notes inwards denominations Rs 2000 as well as Rs 500 volition locomote introduced equally replacements.



Indian banks volition locomote unopen on Midweek for the switchover. Modi urged Indians to locomote patient amongst the regime equally these measures are aimed at improving the economical as well as social stuff of Indian society:

“In country’s history, at that spot comes a 2d when people volition desire to participate inwards the state edifice as well as reconstruction. Very few such moments come upwardly inwards life.”
The surprise statement has spurred anxious Indians to kickoff taking out cash at ATMs across the country. Photos of long lines at ATMs inwards Bharat are pouring into Twitter: