A great step to bring out black money and fake currency by Prime Minister of India. “Rs 500, Rs 1000 bank notes not valid from midnight; ATMs wont work tomorrow”. A massive step to cut the root of the black money!
At the end of the November 8, 2016 Prime Minister of India Narendra Modi addresses the nation live on all the news channels. This was a surprise announcement after meeting three chiefs of the armed forces – Army Chief Dalbir Singh, Navy Chief Sunil Lanba and Indian Air Force Vice Chief BS Dhanoa – to review India’s security.
Prime Minister of India began his speech as “this is a special request that I am going make to the nation. We are working for the empowerment of poor people and for their rights. The various schemes launched by the government are aimed at empowering the poor. It shows the government is dedicated to the poor.Corruption and black money is a big hindrance in removing poverty.Terrorism is being funded from across the border using fake currencies. We took many steps to contain the menace of black money. We entered into agreements with various countries to contain black money transactions and we introduced the amnesty scheme to announce black money. These corruption, black money etc are such things which are pushing the country’s economy. Rs 125 lakh crores came out during amnesty scheme on black money. Some people have miss-utilized their positions whereas some honest people have fought corruption as well. On one side terrorism, fake note currency is destroying the country and on the other corruption hand black money is pushing India’s economy downwards. ”
He continued saying “from 8 November midnight, Rs 500 and Rs 1000 currency notes will no longer be legal tender or will not be accepted. The people of India have been given 50 days to make the transition. The deadline to deposit all the illegal Rs 500 and Rs 1,000 notes is 30 December by showing government-issued ID proof. ATMs will not work on 9, while some may not work on 10 November. The initial limit on ATM withdrawals till 11 November will be Rs 2,000. This limit will be increased slowly to Rs 4,000 then gradually increases. All banks in India to be closed on Wednesday i.e., 9th November 2016. For convenience of people who are travelling now fuel stations will accept the notes till 11 November, while government hospitals will also keep on accepting the currency notes for now.”
There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc
India’s fight against black money