Big breaking news: Rs. 500 and Rs.1000 currency notes banned in India, a game changing move by PM Modi

Highlights of the ban 
 

• Currency notes of Rs 500 and Rs 1,000 won’t be valid from midnight, PM Narendra Modi says in an address to the nation.
• Money can be deposited in the bank before December 30, 2016.
• All other coins and notes can continued to be used.
• Rail stations, bus stands, airports, fuel stations, chemists, crematoriums to accept Rs 500 and Rs 1000 notes till November 11 midnight
• On November 9 and in some places November 10, ATMs will not work
• For 72 hours, until Nov 11 midnight, special arrangements have been made. All government hospitals will accept old Rs 500 and Rs 1000 notes

The reasons for ban according to PM Modi

• We talk about use of blackmoney in elections. We have to set the country free from corruption and blackmoney.
• Terrorism is a scourge that kills innocents. Where do these terrorists get money from? Our enemies across the border send in these counterfeit notes
• This country has felt that corruption, blackmoney, counterfeit notes, terrorism have held this country back from the path to progress
• Our enemies from across the border run their business with counterfeit notes and it has been going on for years
• Issues like corruption, black money and terrorism have hurt India
• We are among the fastest-growing economies, and we also rank high in global corruption rankings
• Corruption, black money are the biggest obstacles in India's growth