In an address tonight, Prime Minister Narendra Modi has just announced that INR 500 and 1000 notes are to be discontinued from being used across the country. 

The sudden move comes as a measure to curb the use of black money and all illegal transactions and terrorist activities through the use of fake currencies. 

In his speech, Modi highlighted various pointers owing to this drastic move. 

“Corruption and black money are diseases rooted in this country, they are obstacles to our success,” he addressed. “Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror - this has been proven repeatedly.” 

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According to the PM, solid steps need to be taken to fight black money. “From now on, Rs. 500 and Rs. 1000 notes will not be used. Have 50 days to turn them into banks and post offices,” he announced. Following this announcement, all ATMas are to remain closed on November 9th and, in some places, 10th, as well. However, the old and ailing will have 72 hours’ time to use their 500 and 1000 notes at government hospitals, cemeteries and crematoriums. Petrol pumps are to keep a check and maintain accounts of every transaction using 500 and 1000 rupees’ notes.