President says 'don't panic' after Modi makes Rs 500, 1000 notes illegal
New Delhi: Welcoming the Narendra Modi-government’s move to withdraw Rs 500 and Rs 1,000 notes, President Pranab Mukherjee called upon the people of the nation, asking them not to panic and follow the guidelines.
He reminded people that all currency notes below Rs 500 will continue as legal tender.
Mukherjee said this step of the government will help unearth unaccounted money as well as counterfeit currency.
Read: To choke black money, Modi withdraws old notes, to introduce new Rs 500, Rs 2k notes
The Prime Minister had announced demonetisation of Rs 1000 and Rs 500 notes with effect from Tuesday midnight, making these notes invalid in a major assault on black money, fake currency and corruption.
Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.
"To break the grip of corruption and black money, we have decided that the 500 and 1,000 rupee currency notes presently in use will no longer be legal tender from midnight ie 8 November, 2016," Modi said in a shock announcement on television.
Modi said that although the existing notes would be "worthless", members of the public would be able to exchange them for new bills at banks until the end of the year.
