Taking the nation by surprise, Prime Minister Narendra Modi on Tuesday night announced demonetisation of Rs 1000 and Rs 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.
In his first televised address to the nation, Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.
In his 40-minute address, first in Hindi and later in English, the Prime Minister said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.”
However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid.
You can read the full report here to understand how the PM’s announcement affects you.
But the move has prompted the social media users to draw their own inferences. Some quirky, some serious but largely cautions early comments.
Here are some reactions;
Kya se kya ho gaya
— Manak Gupta (@manakgupta) November 8, 2016
Honest question by elderly person watching speech with me "Naye note mein bhi Bapu Gandhi ki photo hogi kya?" with a straight face ha ha 🙂
— Abhinandan Sekhri (@AbhinandanSekhr) November 8, 2016
Stunned. First thought is for house-help, hawkers, labourers. All paid in cash. How will they tide over this change!
— Preeti Sharma Menon (@PreetiSMenon) November 8, 2016
Big blow to ISI: Now they will have to Print 1 Fake 2000 Note instead of 2 Fake 1000 Note or 4 Fake 500 note
— Joy (@Joydas) November 8, 2016
— Manogya Loiwal (@manogyaloiwal) November 8, 2016
This is grt shotgun treatment for black money. But if reasons why it thrives aren't removed, cash will be back, as hundis, hawala & dollars
— Shekhar Gupta (@ShekharGupta) November 8, 2016
Demonetising 500&1000 notes is good, but won't net much black money. Most is in real estate, PNotes, Banks in Tax Havens&with Modi's cronies https://t.co/Cqrqvi9UYG
— Prashant Bhushan (@pbhushan1) November 8, 2016
LOL-MOHMAD Bin Tughlak scraps 500/1000 Rupees notesNext capital of India will be shifted from Delhi to Daultabad.Tughlak's spirit resurrects
— Manish Tewari (@ManishTewari) November 8, 2016
मोदीजी को कल कुछ तो बैन करना था। NDTV न सही, नोट ही सही।
— Mahesh Langa (@LangaMahesh) November 8, 2016
How do I buy milk tomorrow morning? Mother Dairy doesn't accept credit cards
— SANJAY HEGDE (@sanjayuvacha) November 8, 2016