RBI unveils new Rs 500, Rs 2000 notes as PM Modi scraps old Rs 500, Rs 1000 notes

The Reserve Bank of India on Tuesday unveiled the new Rs 500 and Rs 2000 notes and said these new notes will be launched in the market from November 10.

Zee Media Bureau

New Delhi: The Reserve Bank of India on Tuesday unveiled the new Rs 500 and Rs 2000 notes even as Prime Minister Narendra Modi scrapped the old Rs 500 and Rs 1000 notes in a move to fight against black money and corruption.

The new notes will be launched in the market from November 10, the Reserve Bank said.

Earlier, an a major crackdown on black money, Prime Minister Narendra Modi scrapped the Rs 500, Rs 1000 notes and said these notes would not be of legal tender after 12 midnight of Tuesday.

Declaring war on black money, Modi, scrapping the notes, said they could be returned to bank for exchange till December 30.

However, for those who cannot change their Rs 500 and Rs 1000 notes by December 30, they can do so till March 31, 2017 providing they provide ID proofs.

Meanwhile, addressing the press RBI Governor Urjit Patel and Economic Affairs Secretary Shaktikanta Das unveiled the new notes and said that the Reserve Bank would officially launched them from November 10.

Economic Affairs secy Shaktikanta Das shows new Rs 500 note and Rs 2000 note, to be known as Mahatma Gandhi new series of bank notes pic.twitter.com/usQiFimRO2

— ANI (@ANI_news) November 8, 2016

"RBI will launch new currency notes from November 10," Economic Affairs Secretary Shaktikanta Das said while unveiling the new notes.

RBI will release new currency notes with new features,designs and dimensions from 10 November onwards: Shaktikanta Das pic.twitter.com/WMGEoJ22WV

— ANI (@ANI_news) November 8, 2016

Both Patel and Das were briefing media after Prime Minister Narendra Modi in a sudden address to the nation on Tuesday, announced that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become "mere paper".

"Banks will keep record of people who will come to exchange cash," Das added.

Das also informed that the Reserve Bank the government will new Rs 1000 notes in new series.

Banks will also remain close on Wednesday and ATMs are likely to be out of cash as reports are pouring in that customers have throng them since the outbreak of the demonitisation of the notes.

With Agency Input