Rs 500, Rs 1,000 notes banned, new Rs 2,000 note: Twitterati expect major real estate crash

Prime Minister Narendra Modi in his address to the nation took the country by storm with his announcement to make Rs 500 and Rs 1,000 notes untenable as legal tender post midnight on 8 November, 2016.

FP Staff November 08, 2016 22:45:56 IST
Rs 500, Rs 1,000 notes banned, new Rs 2,000 note: Twitterati expect major real estate crash

Prime Minister Narendra Modi in his address to the nation took the country by storm with his announcement to make Rs 500 and Rs 1,000 notes untenable as legal tender post midnight on 8 November, 2016.

Rs 500 Rs 1000 notes banned new Rs 2000 note Twitterati expect major real estate crash

Rs 1000 note: Soon to become part of memory

The prime minister said that this was done 'in a grand sacrifice to cleanse the country like you cleanse your surroundings', the government has decided to make Rs 500 and Rs 1000 notes no more legal tender post midnight tonight. So these notes in your possession are mere useless pieces of paper.

Modi said the measures were aimed at curbing the “disease” of corruption and black money which have taken deep root. “There is a need for a decisive war against the menace of corruption, black money and terrorism… Corruption, black money and terrorism are festering wounds which make the country hollow from within,” he said.

Twitteratti termed it a 'surgical strike on black money'. Here are some of the 'note'-worthy tweets:

Some chose to see the word 'ban' in this manner:

Which party would benefit, asked some:

West Bengal Chief Minister Mamata Bannerjee also weighed on in the sudden decision and tweeted:

Some saw it as another means of promoting black money by the government:

Sagarika Ghose, television presenter saw this move as impacting property prices and also termed it an action a la Indira Gandhi and the Emergency:

The government will scrap Rs 1000 notes and introduce Rs 2000 currency notes. And how easy would it be to get change for a Rs 2000 rupee note?

Amitabh Bachchan is happy that to be introduced new currency Rs 2000 notes are in the shade of pink. Big B drew a parallel with his recently released film, Pink:

This is what you could use the Rs 500 and Rs 1000 notes, if you cannot exchange them at the bank for obvious reasons:

While America is waiting with bated breath like the rest of the world to see who will head the country, most of India will be sleepless wondering what to do with their Rs 500 and Rs 1000 currency with banks and ATMs shut tomorrow:

Some did not forget controversial businessman Vijay Mallya

The many uses of Rs 500 and Rs 1000 currency notes evoked the funny bone in some:

That the Father of the Nation would be on the new notes was highlighted by Abhinandan Sekhri of Newslaundry with this tweet:

Ranjona Banerjee, journalist, felt this move would affect small traders:

Vijay Shekhar Sharma of Paytm was a happy man with the government's move, but obviously:

Also read:

Rs 500, Rs 1,000 note ban: Industry terms it 'watershed' moment in fight against black money
Rs 500, Rs 1,000 to go off immediately, Hasmukh Adhia calls is 'surgical strike on black money'
Rs 500, Rs 1,000 banned: Resale property market, small builders to be hit by PM Modi's revelation
New Rs 2,000 note, Rs 500 and Rs 1,000 banned, withdrawal limit set: Key points from PM Modi's address
Rs 500, Rs 1,000 banned: Govt's currency strike to push many towards gold

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