PM demonetises Rs 500, Rs 1,000 notes in a bold move to wipe out menace of blackmoney
New Delhi: Taking the nation by surprise, Prime Minister Narendra Modi on Tuesday night led a charge against blackmoney, announcing demonetization of currency notes of Rs 500 and Rs 1,000 and telling people to return them to banks and post offices within 50 days from November 10 up to December end for exchanging them with the new notes.
In a televised address to the nation, first in Hindi and then in English, he announced that these two notes will no longer will be legal tender after midnight as they are being discontinued. They can be, however, exchanged with the help of proof of identity like Aadhaar Card or voter card. “We need to take a new solid step to fight blackmoney. From now on, Rs 500 and Rs 1,000 notes will not be used. Have 50 days to turn them into banks and post offices,” he said and announced that the ATMs will not work on November 9 and 10 and one can withdraw not more than Rs 2,000 from any ATM. In a respite to people for the first 72 hours to prevent any hardship, he said the government hospitals will accept old Rs 500 and 1000 notes till November 11 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. The restriction is only on transactions with the high denomination notes as there is no change in any other form of payments by cheque, draft, credit cards or debit cards. 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. Modi said new notes of Rs 2000 and Rs. 500 will be circulated soon, adding that RBI has decided to limit the notes with higher value.
The telecast came a few hours after the PM had met all three military chiefs to discuss the major ceasefire violations by Pakistan in Jammu and Kashmir. He, however, did not mention anything on this meeting except to point out how “our enemy uses fake currency and dodgy funds to sponsor terror, proven repeatedly.”
He exuded confidence that the fake currency notes floating in a very large number will be eliminated in this major decision of making all Rs 500 and Rs 1000 illegal, appealing to the people to join in this Maha-Yagya of wiping out the black money and fake currency from the system.
DENOTIFIED CURRENCY
