After Narendra Modi’s announcement on abolishing of Rs 500 and Rs 1000 note, there will be held a media briefing by RBI Governor Urijit Patel and Secy. Dept of Economic Affairs, Shri Shaktikanta Das. In an unexpected speech on Tuesday evening, PM Narendra Modi announced that the Rs 500 and Rs 1000 notes will no longer stand as legal tender. The order will come into effect after 12 midnight and the people have been asked to exchange the notes by 30th December. The move, PM Modi said has been taken keeping in mind the widespread corruption India is has become a victim of. Addressing the nation he said that it was time for India to realise that some changes ought to be made in the society. He also said that his government has always been dedicated to the poor and the party shall continue to do so. He also said that they been fighting against black money since the day they assumed office. In addition to this, PM Modi also announced that the mazimum withdrawal limit of the ATM will now stand at Rs 2000 only.
The sudden announcement has taken the people by storm and the media briefing by Urijit Patel and Shri Shaktikanta Das is expected to elaborate on the decision. Check out the LIVE updates here.
9: 39PM : There will be no impact on the liquidity on the wholesale markets. If at all there is any, we’ll make sure that its addressed: RBI Governor
9: 39PM: We will review the situation after 24 Nov, new notes will be in circulation from 10 Nov: Shaktikanta Das on withdrawing Rs 4000 till 24 Nov
9: 35PM: If someone is receiving Rs 1000 & Rs 500 notes after tonight, he is doing it at his own risk: Shaktikanta Das
9: 30PM This is necessary in medium & long term interest of our economy, it will help in maintaining financial & economic integrity: Shaktikanta Das
9: 28PM : RBI will release new currency notes with new features,designs and dimensions from 10 November onwards: Shaktikanta Das
9: 24PM: Economic Affairs secy Shaktikanta Das shows new Rs 500 note and Rs 2000 note, to be known as Mahatma Gandhi new series of bank notes
9: 22PM: There has been no breach of any of the security features but for public the looks of fake Indian currency note is similar to genuine: RBIGuv
9: 19PM: We have increased our production and trying to provide new currency notes as soon as possible: RBI Governor Urjit Patel
9: 18PM: It’s a very good step to combat black money:SIT Chairman Justice (retd) M B Shah to ANI on decision to scrap Rs 500 and Rs 1,000 notes
9: 15PM: RBI has been concerned about growing menace of fake Indian currency notes which has been increasing in numbers: RBI Governor Urjit Patel