New Rs 2000 & Rs 500 notes to be introduced
ECONOMIC EMERGENCY DECLARED!
By andalib akhter
PRIME MINISTER NARENDRA MODI TODAY DECLARED A SORT OF ECONOMIC EMERGENCY IN THE COUNTRY. HE DECLARED THAT CURRENCY NOTES OF RS 1000, 500 WILL NO MORE BE A LEGAL TENDER IN THE COUNTRY.
ALL BANKS WILL REMAIN CLOSED ON NOVEMBER 09.
Prime Minister Narendra Modi said that it was part of a crackdown on rampant corruption in the country. The surprise step appears to be designed to bring billions of dollars worth of cash in unaccounted wealth into the mainstream economy.
“Black money and corruption are the biggest obstacles in eradicating poverty,” he said in an address to the nation.
New 500 and 2,000 rupee denomination notes will be issued later, he added.
In his first televised address to the nation, 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.
In his 40-minute address, first in Hindi and later in English, the Prime Minister 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.”
However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid.
He also announced that new notes of Rs 2000 and Rs 500 will be introduced.
ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.
In a special nationwide televised address this evening in New Delhi, Prime Minister Narendra Modi said, those who are unable to deposit the notes within the deadline for some reasons, can change them till 31st of March next year by furnishing ID proof. He said, new currency notes of 500 and 2000 rupees denomination notes to be introduced. He said, RBI has decided to limit the notes with higher value.
Mr. Modi said, ATMs will not work for next 48 hours and thereafter amounts upto 2 thousand rupees can be withdrawn from ATMs. He said, during this period, old notes of 500 and 1000 denominations will be accepted in Government hospitals for the time being. He said, banks will be closed tomorrow.
Petrol Pumps, CNG Stations, Milk Booth, Consumer Cooperative stores and crematoriums will accept old notes in the next 72 hours. Railway booking counters, ticket counters of Government Buses and airline ticket counters will also accept the old notes for the next 72 hours.
Mr Modi said, his government has waged a war against corruption. He said, corruption, fake currency and terrorism are festering wounds, holding back the economy. He said, the Government has unearthed 1.25 lakh crore rupees black money.
The Prime Minister said, his Government is dedicated to the poor and will continue to do so and in all the policies, Government are dedicated for the upliftment of entire society. He said, despite adverse situation the country has has emerged as a bright spot and India has registered itself as a bright spot and it has declared by the IMF and World Bank. He said, corruption and black money is something the Centre has fought for immediately after assuming office.