Modi scraps Rs 500, Rs 1000 currencies--talks about introduction of new Rs 500, Rs 2000 denomination notes

Even before Donald Trump could play his 'trump card,' in an interesting and sudden development late on Tuesday, Prime Minister of India, Narendra Modi addressing the nation declared all the currency notes of Rs 500 and Rs 1000 will be treated illegal come mid-night of November 8, 2016. An announcement which must have sent across a chilling shiver across the blackmoney holders and money-laundering entities, may be aimed at certain good purposes, but the nation heard the PM briefing the nation on this, shocked, stunned. The Prime Minister in his address in both Hindi and English also said a new set of currencies of Rs 500 and Rs 2000 denominations, will, however, be circulated by the Reserve Bank of India. The PM, though, did not mention by when these new currencies will be out on circulation. The Prime Minister also said the banks will be accepting the Rs 500 and Rs 1000 currency notes till 50 days from November 8 but the same can not be used for any legal transactions with almost immediate effect. He has called for a 'cleansing operation,' tonight, cleaning the country and he indicated it means cleaning those who hold blackmoney.

By the time PM was addressing the nation facing cameracrews of Doordarshan in the national capital, social media started talking clear and loud publicising and then discussing the developments. Modi was not flanked by RBI, any other banker and not even the Finance Minister of the country while addressing the nation with this sudden announcement. Stocks markets in India will be opening on November 9 amid much focus on the outcome of the US Presidential elections as the results are due tomorrow morning but now with the PM's latest, stock markets will further dip into a wait and watch mode. A crucial morning will be awaiting the retail investors on November 9 armed with the developments within our nation and also in the USA. Interestingly, Modi also announced the banks will remain shut on November 9 and November 10 while ATMs will also remain shut during the period as he mentioned. However, he claimed hospitals, airports and railways will be accepting the Rs 500 and Rs 1000 notes till November 11. However to exchange your such denominations currencies, you need to approach your home branch of the bank where you have an account and on production of your KYC docs/ Aadhar card, you will be able to get your Rs 500, Rs 1000 notes exchanged.