In a major announcement that rattled the nation, Prime Minister Narendra Modi on Tuesday abolished Rs 500 and Rs 1,000 notes effective midnight. “Currency notes of Rs 1,000 and Rs 500 will be just paper with no value,” Modi said. He said the move was aimed at curbing the negative impact of fake currency, black money, corruption and terrorism on the nation’s economy. New notes of Rs 500 and Rs 2,000 would be released and circulated soon. ATMs will not work on November 9, and at some places on November 10 as well. The news comes days after Twitter was buzzing with photos of bundles of currency notes of Rs 2,000 that were being shared with the idea that the Reserve Bank of India might be issuing them into the market soon. The announcement was met with immediate shock and confusion across social media. This is how experts, industrialists, economists reacted on Twitter:
Urgent message to anyone who robbed a bank tonight: You just got robbed…
Success required the element of surprise.Incredible that this master stroke was kept confidential. No leaks in this ship of Government! https://t.co/uN6brB6fe9
— anand mahindra (@anandmahindra) November 8, 2016
— Harbhajan Turbanator (@harbhajan_singh) November 8, 2016
Vijay Mallya must be the happiest person this time. Got officially Bankrupt before this Rs 500/1000 ban. Nothing to exchange.#BlackMoney
— Sir Rohit Sharma (@imWrong45) November 8, 2016
— Sri Sri Ravi Shankar (@SriSri) November 8, 2016
— Ravi Shankar Prasad (@rsprasad) November 8, 2016
Demonitization of 500 and 1000 rupee notes is master stroke by Central Government to curb black economy and fake currency. Kudos!
— Ashok Khemka, IAS (@AshokKhemka_IAS) November 8, 2016
T 2435 – the new 2000 rs note is PINK in colour … the PINK effect ..!!
This decision of PM @narendramodi is a surgical strike on menace of corruption and black money.
What a fantastic move against black money to ban Rs 500 and Rs 1000 notes! This will be a game changer. I welcome it wholeheartedly ??????
— Baijayant Jay Panda (@PandaJay) November 8, 2016
There is also no need to panic for the common man, as the government has given people time from November 10 to December 30, 2016 to deposit their old notes at the bank without any limit. There will be a limit on the withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days. The government has accepted the recommendations of the RBI to issue Two thousand rupee notes and new notes of Five hundred rupees will also be placed in circulation. Notes of one hundred, fifty, twenty, ten, five, two and one rupee will remain legal tender and will remain unaffected by the decision today. There is no restriction on any kind of non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.