New Delhi, November 8: In a surprise televised address to the nation, Prime Minister Narendra Modi today announced that from today midnight, existing Rs 500 and Rs 1000 notes can no longer be used for any transactions. Soon after Narendra Modi ended his public address there is a huge confusion among people across India as what they must do right now. As most of the people across India who had to listen to Narendra Modi’s public address queue up outside of ATMs to withdraw Rs 400 (as Rs 100 note has not been scrapped by the government). Also, Narendra Modi in his public address has appealed to people not to panic saying further that, “your money will remain yours”.

As the banks will remain closed on Wednesday, November 9 and will open on Thursday, November 10, Narendra Modi made an appeal to people that they must deposit their money (old notes of Rs 500 and Rs 1000) to post offices and banks starting from Thursday. Narendra Modi in his address also said that the move has been taken to fight “the disease of black money”. Whereas the process of depositing money can be continued until December 30, after which people can deposit their old notes to Reserve Bank of India.

In Mumbai and many other cities, most of the office goers started withdrawing Rs 400 one-by-one to fulfill their needs. Also in South Mumbai, where ATM machines have a facility to deposit the amount is full of the public where people in a hurry are looking to deposit old notes. People across Mumbai, Delhi, Gurgaon, Navi Mumbai, Kolkata, Ahmedabad are in a panic as most of them are waiting for the next move taken by the bank. Most of the people carrying Rs 500 and Rs 1000 denomination notes are stranded at petrol pumps as most of the pumps owners are not accepting it.

Although Reserve Bank of India’s had clearly mentioned that new notes of Rs 500 and Rs 2000 will be introduced on Thursday.

“Your money will remain yours…you need have no worry on this account,” Narendra Modi said. He also stressed that the new notes will be in limited supply at first and will then be increased.

Also, the banks will accept Rs 4000 as exchange till November 24 and for larger amounts thereafter. Against notes that are deposited in respective banks, withdrawals of up to Rs 10,000 a day or Rs 20,000 a week will be permitted.

Narendra Modi also urged the country to bear with “temporary hardship” in the implementation of the new rule.