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Master Stroke by PM Narendra Modi to curb Black Money: 500, 1000 Rupee Notes Not Legal Tender Anymore

Prime Minister Narendra Modi announced that notes of Rs. 500 and Rs. 1000 will not be used from midnight onwards

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NEW DELHI/INDIA, 16NOV08 -Narendra Modi, Chief Minister of Gujarat, India, speaks during the welcome lunch at the World Economic Forum's India Economic Summit 2008 in New Delhi, 16-18 November 2008. Copyright World Economic Forum (www.weforum.org)/Photo by Norbert Schiller. Wikimedia
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New Delhi, November 8, 2016: While addressing the country on Tuesday night, Prime Minister Narendra Modi announced that notes of Rs. 500 and Rs. 1000 will not be used from midnight onwards. The notes of Rs. 500 and Rs. 1000 must be deposited at post offices and banks by the end of December.
PM Modi further added that the move was necessary to fight “the disease of black money.”

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Here are the highlights from his address:

  • Rs 500 and Rs 1000 notes will not be “legal tender from midnight tonight” and these will become just worthless pieces of paper.
  • However, notes in the lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid.
  • The new notes of Rs 2000 and Rs 500 will be introduced.
  • Sab ka sarkaar, sab ka vikas – governance and progress for all is our motto. We are focusing on the empowerment of the poor. A series of schemes we have introduced all aim at this.
  • Corruption and black money are diseases which are deep rooted in the country, and they are becoming obstacles to our success.
  • This solid step to fight black money is essential and people have 50 days to turn them into banks and post offices.

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  • On November 9 and in some places on November 10, ATMs will be working.
  • Though, for the sake of people, in the initial 72 hours, government hospitals will be accepting old Rs. 500 and 1000 notes till 11 November midnight.
  • Petrol pumps and retail outlets will have to keep a record of every single entry of cash transaction with 500 and 1000 notes till November 11.
  • Apart from these, crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes for the initial 72 hours.

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  • There will be no change in any other form of currency exchange be it DD, cheque, payment via debit or credit cards etc.
  • If for some reason, citizens unable to deposit Rs. 1000, Rs. 500 notes by December30, they can change them till March 31, 2017, by providing ID proof.

– by Pinaz Kazi of NewsGram. Twitter: @PinazKazi

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Demonetisation Anniversary: BJP acts cheeky, releases new video showing Frustration of ‘Corrupt’ Politicians following Demonetisation

The one-minute video, which is now going viral on social media, has already been re-tweeted more than 2 thousand times since it was released on November 7, on the eve of demonetization move.

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Demonetisation Anniversary
Screen grab of the sarcastic video released by BJP to mark Demonetisation Anniversary. Twitter

New Delhi, November 8, 2017 : On November 8 2016, every Indian citizen sat glued to their TV screens as Narendra Modi was set to make a big announcement. Outcome? The Indian Prime Minster shocked the entire nation with the introduction of Demonetisation, a move that was to change the very foundation of the cash-dependent Indian economy.

The much-debated move by Modi garnered the attention of several well-versed economists from the country and abroad, alike. While some people willingly welcomed the move, there were others who stood in staunch criticism.

As the move completes its first year, the Bharatiya Janata Party (BJP) is set to observe November 8 as ‘anti-black money day’ to celebrate Demonetisation anniversary in the country.

On the eve of the Demonetisation anniversary, the BJP released a cheeky video claiming to depict how ‘corrupt’ politicians have been criticizing the move, as the nation won following demonetisation.

WATCH BJP’S TONGUE-IN-CHEEK VIDEO

In the video, the BJP attempted to take a dig at corrupt politicians, who have been criticizing PM Modi’s Demonetisation move.

In the video, a woman, playing the character of a frustrated, corrupt politician can be seen going on a rant over PM Modi’s note ban initiative, which was aimed to combat black money, corruption, fake currency and terrorism.

The video ends with a voice-over saying demonetisation has not only brought out this frustration of corrupt citizens, but also black-money, claiming that almost 99 per cent cash which was previously lying hidden with people has now entered the banking system.

The one-minute video, which is now going viral on social media, has already been re-tweeted more than 2 thousand times since it was released on November 7, on the eve of demonetization move.

Ahead of the Demonetisation anniversary, the last few days have witnessed several leaders present their opinions on PM Modi’s demonetization move.

Finance Minister Arun Jaitley called PM Modi’s note ban initiative a ‘watershed moment’ while Piyush Goyal, Minister of Railways believes the move has pushed India towards a more transparent economy.

However, the move is being criticized by ex-Prime Minister Manmohan Singh calling it ‘irresponsible’. The opposition maintains that PM Modi’s note ban initiative has caused reckless damage to the country and the Indian economy.

On Demonetisation anniversary, the BJP is set to observe November 8 as ‘anti-black money day’, while opposition leaders are set to observe the day as ‘black day’ in protest against the note ban initiative.