PM declares Rs 500, 1000 notes to be void from midnight in an attempt to curb black money,
In a move to curb the black money menace, PM Narendra Modi declared that from midnight, currency notes of Rs 1000 and Rs 500 denomination will not be legal tender.
PM Modi lashed out at Pakistan for the fake currency issue but stopped short of naming it.
“From across the border, our enemies running racket in India through fake currency,” Modi thundered.
“You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 and Rs 1000 in any Bank or Post office,” PM Modi told the nation in a televised address to the nation.
(In Pic: New Rs 500 note that will be issued)
People can deposit notes of Rs 1000 and Rs 500 in their banks from November 10 till December 30, 2016,” he added.
“Reserve Bank has decided that on November 9 all banks for public purposes will be closed. New notes will be designed for Rs 500 and Rs 2000 new notes and will be brought into circulation. After introduction of new currency notes, RBI will take steps to contain amount of currency in circulation.
(In Pic: New Rs 2000 Note that will be issued)
“Black money, corruption, terrorism are our main enemies. We can bear some difficulty in this fight. If people have to choose from discomfort, or curbing corruption, then i have faith that the people of this country will chose discomfort.”
“There comes time in history of country when need felt for strong decision. This country felt that black money, terrorism, corruption are holding us back,” Modi added.
Main points from PM Modi’s speech:
1. Rs 2000 denomination notes to be introduced
2. Those unable to deposit Rs 1000, Rs 500 notes by Dec 30 for some reason, can change them till March 31, 2017 by furnishing ID proof
3. People can deposit notes of Rs 1000 and Rs 500 in their banks from November 10 till December 30, 2016
4. Currency notes of Rs 1000 and Rs 500 will be just paper with no value.
5. On one hand we are number one in economic growth but on other hand we are ranked close to 100 in global corruption perception ranking.
6. In the last two and half years, we have recovered Rs one lakh 20,000 crore rupee of black money.
7. If people have to choose from discomfort, or curbing corruption, then i have faith that the people of this country will chose discomfort.
8. Arrangements will be made at international airports for passengers who have Rs 500 and Rs 1000 notes upto Rs 5000 to exchange with legal tenders.