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In a major onslaught on black money, fake currency and corruption, Prime Minister Narendra Modi today announced demonetisation of Rs 1000 and Rs 500 currency notes from midnight tonight. In a televised address to the nation on All India Radio and Doordarshan, Mr Modi sprang surprise and announced the historic move which is aimed at fighting corruption, black money, money laundering, terrorism and terror financing as well as counterfeit notes. In a lightning surgical strike like action, the government announced that the Government of India has decided that the 500 and 1000 rupee notes will no longer be legal tender from midnight (November 8, 2016).Fully sensitive to some of the difficulties the common citizens may face in the coming days, the Prime Minister has announced a series of steps that will help overcome the potential problems. 

Persons holding old notes of 500 or 1000 rupees can deposit these notes in bank or post offices from 10th November till 30th December, the Prime Minister announced. There are also some limits placed on the withdrawals from ATMs and bank for the very short run. Mr Modi stated that on humanitarian grounds notes of five hundred and one thousand rupees will be accepted at government hospitals, pharmacies in government hospitals (with prescription of a doctor), booking counters for railway tickets, government buses, airline ticket counters, petrol, diesel and gas stations of PSU oil companies, consumer cooperative stores authorized by the state or central government, milk booths authorized by state government and crematoria, burial grounds. Mr Modi emphasized that there is no restriction on any kind of non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer. Mr Modi called on President Pranab Mukherjee this evening (November 8, 2016) and briefed him of the historic decision. 

Mr Mukherjee welcomed the bold step taken by the Government which will help unearth unaccounted money as well as counterfeit currency. He called upon people not to panic and to follow the Government's guidelines for exchanging currency notes of Rs 1000/500 denomination available with them. He reminded that all currency notes below Rs 500 will continue as legal tender. The Government has accepted the recommendations of the RBI to issue two thousand rupee notes and new notes of five hundred rupees will also be placed in circulation. Notes of one hundred, fifty, twenty, ten, five, two and one rupee will remain legal tender and will remain unaffected by the decision today. Prime Minister said that these decisions will fully protect the interests of honest and hard-working citizens and that those five hundred and one thousand rupee notes hoarded by anti-national and anti-social elements will become worthless pieces of paper.

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