Prime Minister Narendra Modi, addressing the country tonight, announced that Rs. 500 and Rs. 1000 notes will not be used from midnight onwards. The Rs.500 and Rs. 1000 notes must be deposited at post offices and banks by the end of December, the PM said, adding the move was essential to fight “the disease of black money.” For Fighting corruption and having proper records of the cash inflow PM Narendra Modi has announced Rs 500 and Rs 1000 Notes being discontinued In India
Here are the highlights from his address and Why such decision was taken.
- Some important decisions and some serious issues to share.
- When you elected this government in 2014, the world was talking about India being shaky economically. But India is now an economic star – this is what IMF and World Bank are saying.
- Sab ka sarkar, sab ka Vikas – governance and progress for all is our motto. We are focused on the empowerment of the poor. A series of schemes we have introduced all aim at this. This is a government for our farmers.
- Corruption and black money are diseases rooted in this country, they are obstacles to our success.
- We are among fastest-growing economies, but we also rank so high in global corruption rankings.
- Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror – this has been proven repeatedly.
- Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror – this has been proven repeatedly.
- Our measures to check black money are paying off. A voluntary disclosure scheme for undeclared money saw a good response. A Special Investigating Team is making progress to identify who has sent money abroad.
- 1.25 lakh crores of black money have been recovered.
- We need to take a new solid step to fight black money. From now on, Rs. 500 and Rs. 1000 notes will not be used. Have 50 days to turn them into banks and post offices.
- On November 9 and in some places on November 10, ATMs will not work.
- Respite for people for the initial 72 hours, government hospitals will accept old Rs. 500 and 1000 notes till 11 November midnight.
- Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.
- Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11.
- There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
- Those unable to deposit Rs. 1000, Rs. 500 notes by December 30 for some reason, can change them till March 31, 2017, by furnishing ID proof
- Notes of Rs. 2000 and Rs. 500 will be circulated soon, RBI has decided to limit the notes with higher value.
Where And How You Can Use The Old Notes
- Until Nov 11 midnight, hospitals will accept Rs 500 & Rs 1000 notes and on basis of prescription can buy medicines from drugstores on hospital shops;
- Govt buses ticket booking counter, airlines will accept them for booking tickets till Nov 11 midnight;
- Petrol & CNG outlets, crematoriums, international airports will also have leeway to accept Rs 500 & Rs 1000 notes till Nov 11;
- Non-cash transactions (cheques, demand draft, card payments) not to be affected;
- ATMs to be closed on Nov 9 & 10;
- All banks closed on Nov 9 for public transactions.
- Consumer co-operative stores authorized by state or Central government
- Milk booths authorized by state governments
- Crematoria and burial grounds
