Prime Minister Sri Narendra Modi announced in an address to the nation that Rs. 500 and Rs. 1,000 denomination notes are being withdrawn from today midnight. He said that such notes will become "mere paper" within a few days. PM Modi said this is being done to tackle the menace of black money in the country, which has sapped the economy. As this announcement came just after PM's meeting with Army officials, it is believed that reliable information may have received that, to destabilise Indian economy, high denomination Indian currencies are being printed extensively in Pakistan and distributed through terrorist outfits. Banks, ATMs have been ordered to remain shut on Wednesday to facilitate the introduction of new 500 and 2000 rupee notes in ATMs and banks. Senior government officials and Reserve Bank of India chief Urijit Patel today revealed what the new Rs. 500 and 2000 notes will look like(shown above), announcing that these will be launched on Thursday, November 10.
In 1978 when Shri Morarjee Desai was PM, Rs.1000, Rs.5000 and Rs.10000 banknotes were demonetised to curb unaccounted money. To avoid hardships to common man, arrangements were also made to exchange such notes in banks by giving full address of the tenderer and serial number of the notes. This time it is possible that it may also be linked to Adhar in addition to address proof and mobile phone number of the customer. Though the general public may face some minor difficulties for a day or two it is to be welcomed by all common people as it is beneficial for Indian economy.