Old Rs 500 & 1000 Notes Banned, Images of New Rs 500, 2000 Indian Currency: Prime Minister of India addressed its citizens tonight in both Hindi and English languages. He took strict action against Pakistan and discontinued notes of higher currency in India.
Pictures of new 2000 note were making rounds on the internet, and now, it has been legalized. Narendra Modi had an emergency meeting with all the three military chiefs amidst the major ceasefire violations by neighbor country Pakistan in Jammu and Kashmir.
Old Rs 500 & 1000 Notes Banned: Images of New Rs 500, 2000 Indian Currency
Below are the highlights from his speech. It includes some significant and important decisions taken to curb the black money.
1. He said that government came in 2014 when the world was taking India as a shaky economy. But, now India is an economic star as stated by the IMF and World Bank.
2. Sab ki sarkar, sab ka Vikas – governance and progress for all are our motto. We are focusing on empowering the poor. We have made a special government for farmers.
3. Corruption and black money are the root cause of the diseased nation. They are the major obstacles to the growth of our country.
4. We are one of the fastest growing economies, but also among the highly corrupted countries globally.
5. Innocents become the target of terrorists. Our enemies across borders are funding them from fake currency and dodgy funds. This has been proved many times.
6. We have made certain measures to put a check on black money, and they are paying off now. A voluntary disclosure scheme for undeclared money saw a good response. Who send money abroad is being checked closely by a special investigating team.
7. Close to 1.25 lakh crores of black money has been found.
8. Some new substantial steps are needed to fight black money. Currently issued Rs 500 and Rs 1000 notes are being discontinued from the midnight of 8th and 9th November 2016. People have 50 days to deposit them into banks and post offices.
9. ATMs may not work on November 9 and 10 at some places.
10. For the first 72 hours, government hospitals will accept the old 500 rs and Rupees 1000 till 11th November midnight.
11. Petrol pumps and retail outlets will keep the entry of every single cash transaction involving 500 and 1000 rupees notes until Nov. 11.
12. Also, Crematoriums and cemeteries will accept 500 and 1000 rupees notes until November 11.
13. There will no change in any way for the currency transaction be if cheque, demand draft (DD), payment via credit or debit cards, etc.
14. If anybody wasn’t able to deposit Rs 1000 and Rs 500 old notes by December 30 due to any reason, then they will be provided with the last change. They will be able to change them till March 31, 2017, but they will have to give ID proof and declaration format selected offices of Reserve Bank of India (RBI).
15. New notes of Rupees 2000 and Rs. 500 will be made available soon. RBI has decided to limit the notes with higher value.
Stay tuned.