Prime Minister Narendra Modi announced banning of Rs 500 and Rs 1000 denomination notes from circulation beginning from midnight. The PM step is being seen as government’s bid to tackle corruption, terrorism and black money that has been weakening the nation.
Modi assured that the citizens, who are in possession of these denomination notes, that they can deposit them with a bank or post offices and get their money in other notes from November 10 till December 30, 2016.
The PM also said that the Reserve Bank of India will issue new note worth Rs 2,000 and Rs 500.
However, Modi also assured people that for another 72 hours the petrol, diesel and CNG stations will accept the two notes and even hospitals will accept the notes.
The announcement led to chaos on the streets with people rushing to ATMS to withdraw money either below
Rs 500 or below Rs 1000. Many people also rushed to petrol pumps to get their vehicles fuelled and money with Rs 500 and Rs 1000 denomination consumed.
In a first reaction to PM’s announcement, Chief Minister Akhilesh Yadav urged for banking counters in rural areas to avoid any chaos in rural areas of the state. DGP Javed Ahmed also directed all the police stations in the state to beef up security and increase vigil near post offices and banks as the decision could lead to panic resulting in law and order issues.