The President of India Pranab Mukherjee has welcomed the “bold step” taken by the Indian government to declare that all Rs. 500 and Rs. 1000 currency notes will cease to be legal tender from the midnight of Tuesday.
In a sudden address to the nation at 8 p.m. on Tuesday, the Prime Minister of India Narendra Modi had declared that the currency notes of Rs. 500 and Rs. 1000 value stand abolished in the country.
Mukherjee advised the people not to panic and follow government guidelines for exchange of notes, reminding them that all notes below Rs. 500 can be used for financial transactions.
[ Read Full Report: Rs. 500 and Rs. 1000 Currency Notes Demonetized in India ]
Earlier, Narendra Modi called on President Mukherjee Tuesday and briefed him of the decision of the government to declare that all Rs. 500 and Rs. 1000 currency notes will cease to be legal tender from midnight of Tueday (November 8, 2016). He also informed that these notes can be used for certain purpose for a limited period.
President Mukherjee believes that the step taken by the government will help unearth unaccounted money as well as counterfeit currency.
Photo courtesy: Press Information Bureau
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