Centre scraps Rs.500 and Rs. 1000 notes, Prez lauds, Oppositions slam move

"From now on, Rs. 500 and Rs. 1000  notes will not be used. They will be regarded as mere papers," Modi said in a media statement.

Modi also announced that people will have 50 days to exchange these notes.

"You have 50 days to turn them into banks and post offices. You can deposit your old Rs.500 and Rs.1000 notes in banks and post offices from Nov 10 to Dec 30," he announced.

Modi also informed that banks will be closed on Nov 9 for public transactions and ATM will not function in some places also on Thursday, that is November 10.

The PM also announced that new Rs.500 and Rs.1000 notes will be circulated from Nov 10.

Old notes of Rs. 500 or Rs. 1000 can be deposited in banks or post office accounts from Nov 10 till Dec 30, 2016 without any limit.

Modi announced that there will be a limit on withdrawal of Rs. 10,000 per day and Rs. 20,000 per week.

"This limit will be increased in the coming days. You must carry your Aadhaar card and PAN Card when you go to exchange notes. The limit you can exchange is Rs. 4000 upto Nov 24," said Modi.

The Prime Minister, however, assured that there will be a 72 hour relaxation in case of emergencies.

"For 72 hours or till November 11, government hospitals will accept Rs. 500, 1000 notes. A doctors prescription must be carried with such notes to medical stores," said the PM.

He also informed that counters for railway, bus and air tickets too will accept these notes for 72 hours.

Modi emphasised that this step has been take to curb black money, corruption and terrorism, which have been biggest threats to the nation.

He said, "Enemies from across the border are pushing fake currencies into India. We are working hard to recover black money and to restrict tax thefts."

Meanwhile, the Reserve Bank Of India Governor Urjit Patel informed that that banks are ready with the new currency notes.

Supporting the government's move, Patel told media: "The govt has observed genuine misuse of currency notes."

The move has also been lauded by the President of India.

President Mukherjee welcomed the "bold step of Government of India which will help unearth unaccounted money and counterfeit currency."

Mukherjee also called upon people not to panic and follow Government guidelines for exchange of Rs 1000/500 notes.

He also reminded people that all currency notes below RS 500 will continue as legal tender.

"The step of the Government will help unearth unaccounted money as well as counterfeit currency," said he.

The Congress has, however, slammed the measure with Manish Tewari tweeting: "LOL-MOHMAD Bin Tughlak scraps 500/1000 Rupees notesNext capital of India will be shifted from Delhi to Daultabad.Tughlak's spirit resurrects,"

Even West Bengal Chief Minister said the move will bring difficulty for common people.

"While I'm strongly against black money, corruption, deeply concerned about common people, small traders. How they will buy essentials tomo?," Banerjee tweeted.

She said this is "a financial chaos and disaster let loose on the common people of India..."

"The PM could not get back  the  promised  black money from abroad  from the rich so a drama to divert his failure...," she posted.

"I want to know from PM how my poorest brothers sisters,who've recd their week's hard earned wage in one 500 re note will buy ata,chal, tomo?" Banerjee asked.