1000 notes are no longer in use in India true or false
Answers
Answer:
True
Explanation:
India’s prime minister maked a surprise announcement that the notes would be pulled out of circulation immediately.
By Roshni Kapur
November 10, 2016
Modi: India’s Rs 500 and Rs 1,000 Notes No Longer Valid
Credit: Wikimedia Commons/ Harsh Agrawal
In an unexpected move, India’s Prime Minister Narendra Modi announced in a special address on Tuesday evening that Rs 500 and Rs 1,000 notes will be demonetized. His public address has galvanized panic across the country.
The move is meant to weed out rampant corruption, black money, false currency, and in turn help tackle broader issues fueled by these activities, such as poverty and terrorism. Modi pointed out in his address that fake notes from outside of India were being used to fuel terrorism activity within the country.
The Rs 500 and Rs 1,000 notes will not be legal tender as of midnight on November 9. New Rs 500 and Rs 2,000 denomination notes will be released and circulated soon. Other currency notes such as Rs 100, Rs 50, Rs 20, and Rs 10 and coins will continue to be a part of the country’s financial system. Moreover, all cashless transactions will continue as usual.
ATMs across India are expected not to work on November 9 and in some areas on November 10. All banks will be closed for public work on November 9, in order to tackle the influx of people wanting to deposit their notes.
Indians can deposit their currency notes of Rs 500 and Rs 1,000 in post offices and banks for the next 50 days, until December 30, 2016. After December 30, 2016, these notes will be demonetized with no monetary values