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Showing posts with the label Demonetisation

₹500 NOTE – Pivot note of the currency in circulation

On 8/11/2016 around 8.30 PM, our Prime Minister made a theatrical announcement through the television channels that:


“To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016. This means that these notes will not be acceptable for transactions from midnight onwards. The five hundred and thousand rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper. The rights and the interests of honest, hard-working people will be fully protected. Let me assure you that notes of one hundred, fifty, twenty, ten, five, two and one rupee and all coins will remain legal tender and will not be affected.”
[Click http://pib.nic.in/newsite/erelease.aspx  Then go to 8th November 2016 and look for "Text of Prime Minister’s address to the Nation"]
After two days of this announcement, I exc…