Between US elections and Delhi pollution, Prime Minister Narendra Modi last night somehow managed to pull all of us back to our economy and his fight against corruption in India. In his special address to the nation, the Prime Minister announced that Rs 500 and Rs 1000 notes will be illegal for any kind of transaction starting from starting 12 midnight on November 9. 

He said “Currency notes of Rs 1,000 and Rs 500 will be just paper with no value.”

In his speech he added that corruption in India is something that he started fighting against immediately after taking over his office and this step is a part of curbing the issue of black money in India. 

Reserve Bank of India (RBI) in a press conference released the new Rs 500 and Rs 2000 denomination notes titled as the ‘Mahatma Gandhi (New) Series ’. The new Rs 2000 notes will have a base colour of magenta and India’s first venture in interplanetary space venture, the Mangalayan on its reverse. The size of the new note will be 66mmx166mm. 

Rs 500 note will be in stone grey base colour, dimensions will be 63mmx150mm and will have Red Fort printed on its reverse.

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