Indian Rs 500/- and Rs 1000/- banned from circulation

Indian Rs 500/- and Rs 1000/- banned from circulation

From the mid night yesterday the Indian Rs 500. and Rs 1000 currency note has been banned from circulation..It has been instructed and conveyed  by the Indian central government.

Addressing the nation the Indian Prime Minister had said this as a special announcement.It is reported that these notes will have to be handed over to post offices and banks in order to obtain the

new notes This is possible until the end of December.

For a long period of time these notes had been regarded as black money.It is reported that even in the neighbouring countries like Pakistan, Nepal and Bangladesh these notes of Rs 5000 and Rs 1000  had been rejected.It is not certain whether these notes could be accepted or not.In a country so large as India cancellation of these notes is not an easy exercise. This is going to affect the economy of the country.