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PM Modi scraps old Rs 500, Rs 1000 notes fight against black money

PM Modi scraps old Rs 500, Rs 1000 notes fight against black money

New Delhi: The RBI on Tuesday unveiled the new Rs 500 & Rs 2000 notes even as Prime Minister Narendra Modi refused the old Rs 500 & Rs 1000 notes in a move to fight against black money and corruption.

The Reserve Bank said, the new notes will be launched in the market from November 10.

Earlier, an a major crackdown on black money, Prime Minister Narendra Modi discarded the Rs 500, Rs 1000 notes and said these notes would not be of legal tender after 12 midnight of Tuesday.

Announcing war on black money, Modi, scrapping the notes, said they could be returned to bank for exchange till Dec. 30.

Though, for those who cannot convert their Rs 500 & Rs 1000 notes by December 30, they can do so till March 31, 2017 providing they give ID proofs.

Meanwhile, addressing the press RBI Governor Urjit Patel and Economic Affairs Secretary Shaktikanta Das unveiled the new notes and said that the Reserve Bank would officially launched them from November 10.

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