#BlackMoney: India's Crazy Take On Rs 500 & Rs 1000 Notes Ban
Taking a massive step against #BlackMoney hoarders, Prime Minister Narendra Modi announced the government's decision to demonetize Rs. 500 and Rs. 1000 notes effective midnight November 9. The move, aimed at curbing the flow of black money and recovering the illegal Indian money stashed across the globe, has hit the headlines with a storm, surprising the citizens.
Modi also announced that the banks should remain closed on November 9 while the ATMs shall remain closed on November 9 and 10, post which, people will be able to withdraw INR 2,000 per day for initial few days and 4,000 after that.
The banks shall accept old 500 and 1,000 rupee notes until December 30. The news has been the talking point ever since it came out and had been the top trending topic on social media space.