Black Money – Domestic and International Efforts

Rs. 500, Rs. 1000 currency notes no longer legal tender

  1. What: 500 and 1,000 rupee notes ceased to be legal tender from midnight on Tuesday
  2. Who: PM Narendra Modi announced this in a surprise address to the nation on Tuesday night
  3. Why: He said the decision was taken to root out the menace of black money and corruption
  4. Existing Rs. 500 or Rs. 1,000 notes can be deposited in an individual’s bank or post office accounts between November 10 and December 30
  5. The PM made a pointed reference to cross-border terror which was being funded by forged currency notes
  6. A government official said that the move was necessary to stop terrorists and drug cartels

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