New Delhi: Minutes after Prime Minister Narendra Modi announced that 500 and 1,000 rupee notes would be withdrawn from circulation from midnight in a bid to tackle corruption; the Finance Ministry said that the move was necessary to maintain India’s economic integrity.
“This is necessary in medium & long term interest of our economy, it will help in maintaining financial & economic integrity,” said Shaktikanta Das, Secretary Economic Affairs.
He warned that if someone is receiving Rs 1000 & Rs 500 notes after tonight, he is doing it at his own risk. He also said that new currencies of various denominations will soon be circulated in the country, including Rs 20, 100, 1000 and others. He added that the new notes of Rs 500 and Rs 2000 with come with greater security features and design and will be circulated from November 10.
The Finance Ministry said Rs 500 notes circulation went up by 76% from 2011 to 2016 and Rs 1000 notes by 109% as against 40% rise in all currency notes.