Modi Govt’s major assault on black money, corruption
and fake notes
and fake notes
New Delhi: Reserve Bank of India (RBI) will release new currency notes with new features designs and dimensions from 10th November 2016 onwards, as Indian Government demonetising the currency notes of Rs 500 and Rs. 1000 from midnight on Tuesday, 8th November 2016.
The surprise step is a major assault on Corruption, black money and Fake notes by Central Government led by Prime Minister Narendra Modi.
Economic Affairs secy Shaktikanta Das showed the new Rs 500 note and Rs 2000 note, to be known as Mahatma Gandhi new series of bank notes.
Other denomination currency notes will be printed in due course said Shaktikanta Das, Secretary Economic Affairs
If someone is receiving Rs 1000 & Rs 500 notes after tonight, he is doing it at his own risk Shaktikanta Das added,
We will review the situation after 24 Nov, new notes will be in circulation from 10 Nov, He said. This is necessary in medium & long term interest of our economy, it will help in maintaining financial & economic integrity He said.
Earlier, taking the nation by surprise, Prime Minister Narendra Modi on Tuesday night, 8th November 2016 announced demonetisation of Rs. 1000 and Rs. 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.
In his first televised address to the nation, Mr. Modi said people holding notes of Rs. 500 and Rs. 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.Chronology of development:
* 9:10 pm: RBI has been concerned about black money issue: Urijit Patel
* 8.53 pm: Government hospitals, pharmacies at such hospitals will accept Rs. 500 and Rs. 1000 notes for 72 hours from November 8 midnight.
* 8:34 pm: This is a chance for every citizen to take part in the fight against black money and corruption, says the prime minister.
* 8:32 pm: A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation.
* 8:31 pm: Banks will be closed on November 9.
* 8:30 pm: There is no restrictions on internet banking, cash, demand draft transactions.
* 8:27 pm: Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit
* 8:25 pm: There are, however, some exemptions. Government hospitals and international airports.
* 8:22 pm: The ATMs will not function till November 9, and in some places till November 10.
* 8:21 pm: People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017.
* 8:20 pm: These notes should be exchanged in banks and head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.
* 8:15 pm: From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. "These notes are just papers from tomorrow," says the prime minister.
* 8:11 pm: Prime Minister says Rs. 500 and Rs.1000 are notes are mostly used in black money.
* 8:10 pm: Corruption, black money and terrorism can come in the way of a country's robust economic growth, says the Prime Minister.
* 8:07 pm: He moves on from corruption to terrorism. He tells "terrorsists from across the border" are spreading counterfeit currency notes.
* 8:06 pm: We hear stories of how autorickshaw driver returns gold left by a passenger in his vehicle. These stories tell how common people are honest. It is only a few people engage in corruption for selfish reasons, he says.
* 8:05 pm: Corruption and black money are the biggest hindrances in the fight against poverty, he says adding that it is everyone's responsibility to eradicate poverty.
* 8:04 pm: Mr. Modi lists out the various schemes launched by NDA government in his address to the nation. He mentions the Jan Dhan Yojana.
* 8:03 pm: This govt is dedicated to the poor, and will continue to do so, says the Prime Minister who completes two-and-a-half years of rule today.
* 8:02 pm: India has registered itself as a bright spot, and its not that this is a claim made by us, but by IMF and World Bank
* 8:01 pm: When we were elected in 2014, there was a discussion that among BRICS nations, the 'I' was wobbling, says the PM.
* 8:00 pm: The Prime Minister's address to the nation has begun.