New Delhi: On Tuesday, Prime Minister Narendra Modi, will be going to take a major step to identify the black money, as Rs 500 and Rs 1000 notes will be invalid from Midnight.
As the PM said, “the notes of Rs 500 and Rs 1000 will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.” As well as the notes having lower denomination will work and continue to be valid.
Here are the highlights from Modi’s speech :
- When you chosen this govt. in 2014, world was discussing regarding India being unstable economically, but his major step turns Indian economy as the economic star- this is what IMF and World Bank are saying.
- Sab ka sarkaar, sab ka vikas - governance and progress for all is our motto.
- Black money & corruption are illness rooted in this nation; they are barrier to our victory.
- India is the nation of fastest growing economy as well as high in global corruption rankings.
- Across the edge, our opponent uses bogus currency and dishonest funds to support terror - this has been confirmed frequently.
- Big step to check black money are paying off..
- 1.25 lakh crores of black money has been well again.
- We need to take a new rock-hard step to fight with corrupted money/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.
