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India Demonetized Rs 500 and 1000 currency notes.

Sweden, Nov. 10 -- : In a total stunning move, the Indian Prime Minister Narendra Modi scrapped Rs 500 and Rs 1000 notes making them invalid in one of the boldest crackdowns on black money and corruption in India.

"From Midnight Nov 8, 2016 today, Rs500 and Rs1000 notes are no longer legal tender," said Modi.

Calling the move one that would fight the disease of black money, Modi said all Rs 500 and Rs 1000 notes must be deposited at post offices and banks by the end of December.

The PM said post November 8 midnight, the currency notes of Rs 500 and Rs 1000 would be only paper, with no value and would no more be legal tender.

The prime minister said that corruption and black money is something the government has fought for immediately after assuming office.

In January 1978, the Indian government had demonetized that Rs. 1,000, Rs 5,000 and Rs 10,000 notes in a bid to counter black money in the economy. The move had hit a lot of people who had hoarded money.

Then the move was part of the High Denomination Bank Note (Demonetization) Act, 1978. It was termed as "an Act to provide in the public interest for the demonetization of certain high denomination bank notes and for matters connected therewith or incidental thereto."

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.

Published by HT Syndication with permission from Asian Tribune.

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Publication:Asian Tribune (India)
Geographic Code:9INDI
Date:Nov 10, 2016
Words:362
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