In what is being seen as a major step to curb black money PM Modi has today announced that Rs 500 and Rs 1000 buck notes will be discontinued from today. This has been the first such currency reform taken in recent times.
Those who have Rs 500 and Rs 1000 notes will have 50 days to deposit them into a bank. The announcement comes following a crack down on black money by the Modi Govt in which it has reportedly recovered Rs 1.25 lakh crore black money. Black money was a major election plank for PM Modi when he was fighting the 2014 elections.
The announcement came as a part of his address to the nation which followed a meeting with the three Service chiefs. The service chiefs made PM Modi aware of cross-border hostilities from Pak.