Source: News Bharati English08 Nov 2016 19:27:59

New Delhi, Nov 8: Announcing the most revolutionary decision to scrap the use of RS 500 and Rs 1000 currency notes from the daily life, Prime Minister Narendra Modi appealed to all the citizens to bear the difficulties caused due to this decision and contribute in cleansing the economy of fake currency, terrorism, and corruption.

“From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender.These notes are just papers from tomorrow,” said the Prime Minister. This is a chance for every citizen to take part in the fight against black money and corruption, Modi said.

He said that for years the enemy nation has been sending fake currency notes to our country to run its terrorist network and now is the time to drive the last nail in its coffin to end this menace of terrorism linked to the fake currency notes of Rs 500 and Rs 1000.

In his yet another ‘surgical strike’ in the economic field, the Prime Minister in his address to the nation on Tuesday night declared that currency notes worth Rs 500 and 1000 will cease to be legal tender from the midnight tonight i.e. 8th November 2016. These notes will not be acceptable for transaction hereafter. They will be reduced to a status of paper only.

This step will strengthen the hands of the common man in his fight against corruption and black money, the PM said.

“Black money, corruption, terrorism are our main enemies. We can bear some difficulty in this fight. If people have to choose from discomfort, or curbing corruption, then I have faith that the people of this country will choose discomfort,” the Prime Minister said.

“There comes a time in the history of a country when need felt for strong decision. This country felt that black money, terrorism, corruption are holding us back,” Modi added.

Announcing some concessions, the PM said that the citizens can deposit the notes of Rs 500 and 1000 in the banks from Nov 10 to Dec 30 a period of 50 days. Your money will be your money, it will not get lost, the PM said.

He said that the banks will not hold transactions on November 9 to make some arrangements for facilitating the exchange of the currency notes for the citizens.

Declaring various concessions to common citizens to exchange their Rs 500 and Rs 1000 notes the Prime Minister said that the ATMs will not function on November 9 and 10. He said that initially, a citizen can withdraw RS 2000 from the ATM which will be raised to RS 4000 after some time.

Urging people not to get panicky, the Prime Minister said that this was necessary to effectively face the challenge of corruption and black money and terrorism. Nobody had any inkling about what the address could be. Several speculations were made about the PM’s address.

India is the fast growing economy in the global competition; the Prime Minister said and appealed to the common citizens to contribute in this festival of economic cleaning and honesty to make India a great country.

 Salient points of Prime Minister Modi’s address

  1. New currency notes of Rs 2000 denomination will be introduced soon
  2. Those who could not deposit the Rs 1000, Rs 500 currency notes in the stipulated 50 days time, can do so up to March 31, 2017, by furnishing an ID proof like Aadhar Card, Pan Card, Passport etc.
  3. People can deposit notes of Rs 1000 and Rs 500 in their banks from November 10 till December 30, 2016
  4. Currency notes of Rs 1000 and Rs 500 will be just paper with no value.
  5. On the one hand, we are number one in economic growth but on the other hand, we are ranked 76th in global corruption perception ranking.
  6. In the last two and half years, we have recovered Rs one lakh 20,000 crore rupee of black money.
  7. If people have to choose from discomfort, or curbing corruption, then I have faith that the people of this country will choose discomfort.
  8. Arrangements will be made at international airports for passengers who have Rs 500 and Rs 1000 notes up to Rs 5000 to exchange with legal tenders.