November 8, 2016
NEW DELHI: PM Narendra Modi today made one of the most critical announcements which will have a permanent impact on the economy for all times to come. In a televised address to the nation the PM said that his government is dedicated to the poor and it will always be.
November 8, 2016
NEW DELHI: PM Narendra Modi today made one of the most critical announcements which will have a permanent impact on the economy for all times to come. In a televised address to the nation the PM said that his government is dedicated to the poor and it will always be.
"Empowering the poor is our motto. For this we have started several schemes for rural electrification, irrigation, banking and finance and many more."
Modi said about his observation that corruption and black money have taken a centre stage. He said that on one hand we are the fastest growing country in the world. On the other hand we have ranked 76 among countries in terms of corruption and black money. "Some people have undermined the interests of the poor and cornered their benefits."
"Ever asked from where do they get money? From across the border they send fake notes. We have taken a slew of measures to curb the black money concentration. We have entered into several agreements with foreign countries for exchange of information and made several changes to existing laws. Through our raids we have discovered money in the beds and pillows of various people. By far we have brought back Rs 1.25 lakh crore. Life becomes difficult for the common man. To save the country from rampant corruption we have taken a strong step. From midnight today that is November 8, 2016, Rs 500 and Rs 1000 note will no longer be a legal tender. We are going to discontinue the Rs 500 and Rs 1000 note. You have time till December 30 wherein all of you can deposit your stocks of 500 and 1000 rupees note to the nearest bank or post office."
The PM said that, those who cannot deposit their notes till December 30 will get additional time till March 31 wherein they can deposit the notes along with a declaration form. There will be no change in any other form of currency exchange be it cheque, Demand Draft (DD), payment via credit or debit cards.
The maximum amount of withdrawal from an ATM machine will be Rs 2000 per person in a single day.
The Reserve Bank of India (RBI) have taken several steps since 2014 which have reached the implementation stage. In a country's lifetime there comes a time when their government have to take certain decisions to make life easier for the coming generations, the PM added.
Courtesy: Financial Express
