“Corruption and black money had come to be considered a truth of life. They have been eating away like termites at our national interest. This can no longer be permitted,” said the PM .
Earlier in the day, Modi had also met National Security Adviser Ajit Doval and the chiefs of the armed forces and chaired a meeting of the Union Cabinet. Before making the announcement, Modi had explained the rationale for the move. He had stressed on the negative impact of corruption, black money, fake currency and terrorism on the economy.
Hospitals, petrol pumps, railway reservation counters, airports, crematoriums and other key services will continue to accept the notes for 72 hours, till the end of November 11.