Narendra Modi Historical Move For Eradicating Black Money
Last evening, Narendra Modi had made a sudden announcement about the steps of suppressing the black money, corruption, money laundering and terrorist financing in our country. The government had decided to stop Rs.500 and Rs.1000 and instead new Rs.2000 notes will be introduced.
The 500 and 1000 rupees notes will no longer be valid from the midnight. The people can exchange these notes through banks before December 30th.
Rules to Exchange the Money
- Exchange 500 and 1000 rupees notes from Nov 10 to Dec 30 2016 in banks or post offices. Limit: Rs. 10000 per day.
- While exchanging, carry the identification cards like Aadhar or PAN
- After Dec 30, the notes can be exchanged with RBI with proper details.
- All banks will be closed on Nov 9. ATM’s will remain closed for 2 days until Nov 10.
- Notes of one hundred, fifty, twenty, ten, five, two and one rupee will be valid as same and remains legal tender.
- There is relaxation to Government hospitals, railway ticket counters, buses, airline tickets, petrol stations, gas stations and milk booths.
- For next 24 hours people can make transaction with their old currency notes.
- There is no restriction on any kind of non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.
- The new 2000 rupees note will have the new design in latest technology that features Mangalyaan. It will have more security features than before.
Prime Minister requested people to co-operate to make pure India like their support for Mann Ki Baat. He said this action with fully protect the honest and hard-working citizens. It will be fight against anti-social and anti-national elements. He also assured people will have no troubles in exchanging their moneys.
It is said several lakh crores black money from neighboring country Pakistan has come to India via the terrorist group to destruct our economy. To avoid this government has taken immediate action. Modi said the efforts of the Government have led to India emerging as a bright spot in the global economy.
Here is the part of text announcement of Prime Minister Narendra Modi.
'Brothers and sisters,
To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016. This means that these notes will not be acceptable for transactions from midnight onwards. The five hundred and thousand rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper. The rights and the interests of honest, hard-working people will be fully protected. Let me assure you that notes of one hundred, fifty, twenty, ten, five, two and one rupee and all coins will remain legal tender and will not be affected.
This step will strengthen the hands of the common man in the fight against corruption, black money and fake currency. To minimise the difficulties of citizens in the coming days, several steps are being taken.
- Persons holding old notes of five hundred or one thousand rupees can deposit these notes in their bank or post office accounts from 10th November till close of banking hours on 30th December 2016 without any limit.
- Thus you will have 50 days to deposit your notes and there is no need for panic.
- Your money will remain yours. You need have no worry on this point.
- After depositing your money in your account, you can draw it when you need it.
- Keeping in mind the supply of new notes, in the first few days, there will be a limit of ten thousand rupees per day and twenty thousand rupees per week. This limit will be increased in the coming days.
- Apart from depositing your notes in your bank account, another facility will also be there.
- For your immediate needs, you can go to any bank, head post office or sub post office, show your identity proof like Aadhaar card, voter card, ration card, passport, PAN card or other approved proofs, and exchange your old five hundred or thousand rupee notes for new notes.
- From 10th November till 24th November the limit for such exchange will be four thousand rupees. From 25th November till 30th December, the limit will be increased.
- There may be some who, for some reason, are not able to deposit their old five hundred or thousand rupee notes by 30th December 2016.
- They can go to specified offices of the Reserve Bank of India up to 31st March 2017 and deposit the notes after submitting a declaration form.
- On 9th November and in some places on 10th November also, ATMs will not work. In the first few days, there will be a limit of two thousand rupees per day per card.
- This will be raised to four thousand rupees later.
- Five hundred and thousand rupee notes will not be legal tender from midnight. However for humanitarian reasons, to reduce hardship to citizens, some special arrangements have been made for the first 72 hours, that is till midnight on 11th November.
- During this period, government hospitals will continue to accept five hundred and thousand rupee notes for payment.
- This is for the benefit of those families whose members may be unwell.
- Pharmacies in government hospitals will also accept these notes for buying medicines with doctors’ prescription.
- For 72 hours, till midnight on 11th November, railway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept the old notes for purchase of tickets. This is for the benefit of those who may be travelling at this time.
- For 72 hours, five hundred and thousand rupee notes will be accepted also at
- Petrol, diesel and CNG gas stations authorised by public sector oil companies
- Consumer co-operative stores authorised by State or Central Government
- Milk booths authorised by State governments
- Crematoria and burial grounds.
These outlets will have to keep proper records of stock and collections.
- Arrangements will be made at international airports for arriving and departing passengers who have five hundred or thousand rupee notes of not more than five thousand rupees, to exchange them for new notes or other legal tender.
- Foreign tourists will be able to exchange foreign currency or old notes of not more than Rs 5000 into legal tender.
- One more thing I would like to mention, I want to stress that in this entire exercise, there is no restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.
Brothers and sisters,
In spite of all these efforts there may be temporary hardships to be faced by honest citizens. Experience tells us that ordinary citizens are always ready to make sacrifices and face difficulties for the benefit of the nation. I see that spirit when a poor widow gives up her LPG subsidy, when a retired school teacher contributes his pension to the Swacch Bharat mission, when a poor Adivasi mother sells her goats to build a toilet, when a soldier contributes 57 thousand rupees to make his village clean. I have seen that the ordinary citizen has the determination to do anything, if it will lead to the country’s progress.
So, in this fight against corruption, black money, fake notes and terrorism, in this movement for purifying our country, will our people not put up with difficulties for some days I have full confidence that every citizen will stand up and participate in this 'mahayagna'. My dear countrymen, after the festivity of Diwali, now join the nation and extend your hand in this Imandaari ka Utsav, this Pramanikta ka Parv, this celebration of integrity, this festival of credibility.
I am sure that all political parties, all governments, social services organizations, the media and indeed all sections of the society will take part in this with enthusiasm and make it a success.'