In what can be seen as an unprecedented move by Prime Minister Narendra Modi, during a special address to the nation, he announced that currency notes of Rs 500 and Rs 1,000 denominations will be illegal starting 12 midnight on November 8. The move was aimed at curbing the negative impact of fake currency, black money, corruption and terrorism on the nation's economy. New notes of Rs 500 and Rs 2,000 would be released and circulated soon. 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. .Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11. There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
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