NEW DELHI: Indian PM Narendra Modi has shocked Indians by calling the Bank Notes illegal in India immediately.
Indian Prime Minister Narendra Modi announced Tuesday that 500 and 1,000 rupee notes would be withdrawn from circulation from midnight in a bid to tackle corruption.
“To break the grip of corruption and black money, we have decided that the 500 and 1,000 rupee currency notes presently in use will no longer be legal tender from midnight ie 8 November, 2016,” Modi said in a shock announcement on television.
“This means that these notes will not be acceptable for transaction from midnight onwards.”
He said new 500 and 2,000 rupee denomination notes will be issued later by the Reserve Bank of India.
Fears have gripped the Indian corrupt elite after the shocking announcement.