In a special and sudden address to the nation, Prime Minister Narendra Modi has announced that starting midnight, existing Rs 500 and Rs 1,000 notes can no longer be used for any transactions.
They must be deposited by the end of December at post offices and banks, he said, describing the move as essential to fight “the disease of black money.” A proposal for new Rs 500 and Rs 2,000 notes has been cleared by the Reserve Bank of India.
