By TIOL News Service

NEW DELHI, NOV 08, 2016: CATCHING the Nation rather syndicates specialising in printing of Fake Indian Currency Notes (FICN) and black money hoarders by surpise the Indian Prime Minister tonight decided to kill multiple birds with one stone. And the 'stone' is nothing but the decision to demonetise two higher denominations of Rs 500/- and Rs 1000/- with effect from midnight.

In his address to the Nation, Mr Narendra Modi said that all the banks will be closed tomorrow along with the 1.5 lakh plus network of ATMs across the country. To replace the kitty of Rs 500 and Rs 1000 notes, the Govt is going to make available Rs 2000/- and Rs 500/- currency notes from November 10. ATMs are going to be non-functional for two days.

To address the concern of the common man about their little savings kept in higher denominations at their homes the Prime Minister said that the demonetised notes can be exchanged from November 10 to December 30 from banks and post offices and for that, special arrangements are being made by the RBI. The PM also clarified that Govt hospitals and their pharmacies will accept such notes for the next three days. Old notes can be exchanged even after December 30 from the RBI but only after making a proper declaration.

While talking about the demonetisation and making appeal to the people, the PM made references about how terror groups have been pumping in mountains of FICN in the economy. He also said that such FICNs have been hurting the vibrant economy of India.

Identifying black money and corruption are two key enemies of the nation which water down the efforts of the Govt to fight against poverty, the PM said that such a measure is going to be a major blow to the parallel economy. He urged the common man to cooperate with the Govt as the Govt is aware that such a harsh measure is going to inconvenience the general public.