This is going to be the most shocking news for the people who are hoarding the huge stock of black money in a form of currency of 500 and 1000 denominations. This is not the fake news or any sort of social media prank. It is the announcement made by the Prime Minister of India. According to the sources, Mr. Modi has made an announcement that from today midnight the 500 and 1000 rupees notes will be discontinued. Read the complete report here.
This news may come as a shocker to many, especially to the people who maintain the huge amount of black money in their custody. This new development will surely not affect the people who keep the books of records of the cash they maintain in their custody but those who have the access unaccounted cash in their custody will surely get to the biggest setback of their life.
According to the sources, this decision has been taken by the Prime Minister after recovering the 1.25 Lakh crore black money. Mr. Modi was addressing the country tonight and he said that Corruption and black money are diseases rooted in this country, they are obstacles to our success.
We are among fastest-growing economies, but we also rank so high in global corruption rankings.
Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror – this has been proven repeatedly.
When you elected this government in 2014, the world was talking about India being shaky economically. But India is now an economic star – this is what IMF and World Bank are saying.
Sab ka sarkaar, sab ka vikas – governance and progress for all are our motto. We are focused on the empowerment of the poor. A series of schemes we have introduced all aim at this. This is a government for our farmers. We need to take a new solid step to fight black money. From now on, Rs. 500 and Rs. 1000 notes will not be used.
While stating the above the Prime Minister did not rule out the possibility of discloser of black money by the people voluntarily and keep the opening for those who would like to come out the deposit the accountable money into the bank. “Our measures to check black money are paying off. A voluntary disclosure scheme for undeclared money saw a good response. A Special Investigating Team is making progress to identify who has sent money abroad.”
The Prime Minister said that there is a window of 50 days. turn them into banks and post offices. On November 9 and in some places on November 10, ATMs will not work. Respite for people for the initial 72 hours, government hospitals will accept old Rs. 500 and 1000 notes till 11 November midnight.
Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11. Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11. There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc. Those unable to deposit Rs. 1000, Rs. 500 notes by December 30 for some reason, can change them till March 31, 2017, by furnishing ID proof Notes of Rs. 2000 and Rs. 500 will be circulated soon, RBI has decided to limit the notes with higher value.
In case you have any of the unaccountable cash in the denominations of 500 and 1000 then you should go ahead and deposit them into your back account in the stipulated time duration provided that you satisfy the norms of the banks. Please do share your comments and views.