Indian Prime Minister Narendra Modi has announced on 8th November 2016 at 7.45 PM through media 500 & 1000 rupees notes will be withdrawn from the financial system overnight.
One of the way to crackdown on corruption and illegal cash holdings, Also Banks will be closed on Wendesday (9th Nov 2016) and ATM machines will be out of service entire country he said.
India is overwhelmingly a cash economy. New 500 and 2,000 rupee denomination notes will be issued to replace those removed from circulation.
Due to immediate action any of middle calss peoples are affected in these two days even those who all hiding black money they should come out in this situtation for this only suddenly announced this action.
“Black money and corruption are the biggest obstacles in eradicating poverty,” Mr Modi said.
People will be able to exchange their old notes for new ones at banks over the next 50 days but they will no longer be legal tender.
The announcement prompted people across the country to rush to ATMs that offer 100 rupee notes in an attempt not to be left without cash over the next few days.