As Prime Minister Narendra Modi on Tuesday announced the abolition of Rs 500 and Rs 1,000 from midnight anxious people were seen running to jewellery shops across the country to use those notes in buying golds and other ornaments.
Late evening, Prime Minister Narendra Modi in a televised announcement said that the use of Rs 500 and Rs 1,000 has been abolished in order to take strict measure to curb flow of black money in the country. He added these notes could be used for 72 hours in places like hospitals, petrol pumps, airports, railway stations and several government stores. Modi also asked citizens to deposit Rs 500 and Rs 1,000 notes from November 10 to December 30 as these notes won’t be in use anymore. After his announcements people were seen thronging in ATMs, petrol pumps.
Anxious people were also seen lining up in ATMs and petrol pumps. In petrol pumps, long ques were seen as people were in a hurry to spend their Rs 500 and Rs 1,000 because of the new rule. In his announcement the Prime Minister said that while new Rs 500 will be unveiled and brought in the market soon, Rs 2,000 will be used instead of Rs 1,000 from next year.
Narendra Modi also said that the step taken was necessary as a lot of black money were flowing into the country from abroad especially Rs 500 and Rs 1,000 notes. Asking the country men for support, the Prime Minister advised the people to deposit the said rupee notes to banks from November 10 to December 30.