Surgical strike against black money, banks would be shut tomorrow and good bye to fake notes from Pakistan and ISIS
New Delhi, November 8: As the Indian Prime Minister declared the ban on Rs 500 and Rs.1000 notes, it would be resulting in a big bang to those who keep black money.
While stores and cores of comments Indian public had to struggle for their day to day needs, many are mocking at them by cheating the government by not submitting proper income tax returns and by being custodians of black money.
Moreover, most of the Pak terrorists use fake Indian currency printed in their country.
Even the Islamic State terrorist group has gained a profit of Rs 500 correct by inducing fake notes to the Indian economy. It was estimated that, 50% of notes floating in India are fake. For the traitors it is just a matter of Rupees 39 to make a note of 500 or 1000 Indian Rupee.
Prime Minister Narendra Modi said that this is being done to tackle the menace of black money in the country, which has destroyed the Indian economy.
Here, in a strong move to facilitate strength to the Indian economy, Narendea Modi had made a huge step forward leading to a sudden change in the economic activities in the country.
The big leap is the biggest move from any government, since India has attained freedom. Narendra Modi in his address to the nation announced that Rs 500 and Rs 1,000 notes would be withdrawn from this midnight. He said that such notes will only have the value of “paper”.
The Reserve Bank of India will issue new notes for Rs 500 and Rs 2000 from 10th November. RBI has also decided to limit the notes with higher value.
People can exchange or deposit their 500 and 1000 rupees note till December 31st 2016.
He also said that ATM withdrawals will be restricted to Rs 2,000 per day and this limit will be increased slowly as the stability is attained.
Narendra Modi in his address had also mentioned that Rs 500 and Rs 1,000 denomination notes can be deposited in banks and post offices, and also exchanged across the bank counters by showing valid ID proof.
For the first few days, withdrawals from bank accounts will be limited to Rs 10,000 per day.
Timeline and the main parts of Prime Minister’s declaration on 500 and 1000 rupees note
8:30 pm: There is no restrictions on internet banking, cash, demand draft transactions.
8:27 pm: Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit
8:25 pm: There are, however, some exemptions. Government hospitals,
8:22 pm: The ATMs will not function till November 9, and in some places till November 10.
8:21 pm: People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017.
8:20 pm: These notes should be exchanged in banks and head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.
8:15 pm: From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. “These notes are just papers from tomorrow,” says the prime minister.
8:11 pm: Prime Minister says Rs. 500 and Rs.1000 are notes are mostly used in black money.
8:10 pm: Corruption, black money and terrorism can come in the way of a country’s robust economic growth, says the Prime Minister.
8:07 pm: He moves on from corruption to terrorism. He tells “terrorsists from across the border” are spreading counterfeit currency notes.
8:06 pm: We hear stories of how autorickshaw driver returns gold left by a passenger in his vehicle. These stories tell how common people are honest. It is only a few people engage in corruption for selfish reasons, he says.
8:05 pm: Corruption and black money are the biggest hindrances in the fight against poverty, he says adding that it is everyone’s responsibility to eradicate poverty.
8:04 pm: Mr. Modi lists out the various schemes launched by NDA government in his address to the nation. He mentions the Jan Dhan Yojana.
8:03 pm: This govt is dedicated to the poor, and will continue to do so, says the Prime Minister who completes two-and-a-half years of rule today.
8:02 pm: India has registered itself as a bright spot, and its not that this is a claim made by us, but by IMF and World Bank
8:01 pm: When we were elected in 2014, there was a discussion that among BRICS nations, the ‘I’ was wobbling, says the PM.
8:00 pm: The Prime Minister’s address to the nation has begun.