I hope you ended the festive season of Diwali with joy and new hope.
Today I want to make a special request to all of you.
We are with all citizens and for development of all citizens.
In the past decades, the spectre of corruption and black money has grown.
The evil of corruption has been spread by certain sections of society for their selfish interest.
There comes a time in the history of a country’s development when a need is felt for a strong and decisive step.
Terrorism is a frightening threat.
On the one hand is the problem of terrorism; on the other is the challenge posed by corruption and black money.
Honest citizens want this fight against corruption, black money, benami property, terrorism and counterfeiting to continue.
High circulation of cash also strengthens the hawala trade which is directly connected to black money and illegal trade in weapons.
To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016.
This step will strengthen the hands of the common man in the fight against corruption, black money and fake currency.
Your money will remain yours. You need have no worry on this point.
In spite of all these efforts there may be temporary hardships to be faced by honest citizens.
So, in this fight against corruption, black money, fake notes and terrorism, in this movement for purifying our country, will our people not put up with difficulties for some days?
I am sure that all political parties, all governments, social services organizations, the media and indeed all sections of the society will take part in this with enthusiasm and make it a success.
Secrecy was essential for this action.
From time to time, based on currency needs, the Reserve Bank with the approval of the Central Government brings out new notes of higher value.
Time and again, I have seen that when the average citizen has to choose between accepting dishonesty and bearing inconvenience, they always choose to put up with inconvenience.
Let us enable law-abiding citizens to get their due share.
I am confident in the 125 crore people of India and I am sure country will get success.
Thank you very much. Thanks a lot.