Thu, Dec 8, 2016 | updated 07:54 PM IST

Govt. scraps Rs. 500, 1,000 notes: Ramdev lauds 'honest' PM

Updated: Nov 09, 2016 08:20 IST

Haridwar [India], Nov. 9 (ANI): After Prime Minister Narendra Modi stunned everyone with his decision to scrap Rs. 500 and Rs. 1,000 notes in a bid to control black money and corruption, yoga guru Baba Ramdev applauded the former's decision and said it is a proud moment for all.

"I would like to congratulate Prime Minister Modi for making such a good decision on black money. It is appreciable that India has such an honest and patriotic Prime Minister," Ramdev told ANI.

He further insisted that with this act, corruption would be controlled.

Prime Minister Narendra Modi, in his address to the nation, explained the move as the government's attack on black money.

These notes can be exchanged for lower denomination notes at post offices and banks from November 10 till the end of March 2017.

The Prime Minister also added that all banks will remain closed for public work tomorrow.

"Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror - this has been proven repeatedly. The process of cash circulation is directly related to corruption in our country impacting the lower classes of our society. From midnight November 8 today, Rs. 500 and Rs. 1000 notes are no longer legal tender," Prime Minister Modi said.

"You have 50 days (From November 10 to December 30) to deposit notes of Rs. 500 and Rs. 1000 in any bank or post office. Respite for people for the initial 72 hours. The government hospitals will accept old Rs. 500 and Rs. 1000 notes till November 11 midnight," he added.

Prime Minister Modi said notes of Rs. 2000 and Rs. 500 will be circulated soon.

The Prime Minister further said ATMs will not work on November 9 and in some places on November 10. (ANI)