In what can be seen as an unprecedented move by Prime Minister Narendra Modi, during a special address to the nation, he announced that currency notes of Rs 500 and Rs 1,000 denominations will be illegal starting 12 midnight on November 8. That is not even four hours after the surprising announcement was made.
“Currency notes of Rs 1,000 and Rs 500 will be just paper with no value,” Modi said.
The move comes as a strike against the hoarding of black money. “A few people are spreading corruption for their own benefit,” he said, adding that “corruption and black money is (sic) something we have fought for immediately after assuming office…There is a time when you realise that you have bring some changes in society, and this is our time to feel the same.” It was then that he announced that the Rs 500 and Rs 1,000 notes will be deemed illegal starting midnight.
The news comes days after Twitter was buzzing with photos of bundles of currency notes of Rs 2,000 that were being shared with the idea that the Reserve Bank of India might be issuing them into the market soon. Well, now the wait for those notes – and new Rs 500 ones – is almost painful.
The announcement was met with immediate shock and confusion across social media, with people tweeting out their confusion at the sudden step. Most people wanted to know why this step was take, while others lauded the PM’s effort to counter black money hoarding and corruption. Some even proposed ‘auctioning’ their ‘rare collectors Rs 500 note from 2016 AD Modi era for Rs 10,000’.
True to Twitterati’s nature, memes and quips and jokes started flying. Sample some of them here.
— Mohammad Kaif (@MohammadKaif) November 8, 2016