November,8,2016:In an ace step Prime Minister Narendra Modi has today announced that all Rs 500 and Rs 1000 banknotes stands withdrawn from the financial system.
It is remarkable crackdown on rampant corruption of cashpiles.
Prime Minister Narendra Modi has today addressed the nation on DD. He also met President Pranab Mukherjee after his telecast.
It is for the first time PM Modi has addressed the nation on National TV in this manner ever since he was elected two years ago.
Before this Modi’s address to the nation PM met the three chiefs of the armed forces – Army Chief Dalbir Singh, Navy Chief Sunil Lanba and Indian Air Force Vice Chief BS Dhanoa. The meeting was to review India’s security on account of tension with Pakistan.
He said that Corruption and black market is a big problem in removing poverty.
It was stressed that India a bright spot in global economy.
Fake currencies are being used for Terrorism from across the border and this step to contain the menace of black money.
A SIT on black money with a retiredd judge of Supreme Court gas also been formed.
An amnesty scheme to announce black money\Corruption, black money etc are was also taken.
As announced Rs 500 and Rs 1000 notes will be invalid from November 8 midnight.
People are given 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 and Rs 1000 in any Bank or Post office.
It is said that on November 9 and in some places, on November 10, the ATMs will not work and ATMs will limit money to Rs 2,000 a day initially
But there will be no change at all in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc
Source - PTI