The whole nation shook in surprise when Prime Minister Narendra Modi took a grave step announcing on Tuesday that currency notes Rs 500 and Rs 1,000 will be demolished completely which was put into effect from 8th November midnight. These notes will be declared worthless in a key attack on black money, forged corruption and currency. He addressed the country people on television conveying that those who are holding Rs 500 and Rs 1,000 will have to deposit them in their banks and post office accounts beginning from 10th November till 30th December.
PM Modi gave a 40-minute address firstly in Hindi and then in English saying, “The currency notes of Rs 500 and Rs 1,000 will be useless pieces of papers as they won’t be legal anymore from midnight. Those notes which are in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2, and Re 1, and also the coins will continue to be legitimate and available too. Fresh currency notes of Rs 500 and Rs 2,000 will be introduced from 11th November.”
PM Narendra Modiji further said in the television interview:
- “Everyone can deposit their old notes of Rs 500 or Rs 1,000 in post office or bank accounts from 10th November till 30th December sans any limit. People can withdraw only Rs 10,000 per day and Rs 20,000 per week. This limitation will be enhanced in the upcoming days.”
- “Old notes can also be exchanged with lower denomination currency notes at any banks, head post offices or sub-post offices showing their valid government ID proof (Aadhar Card, Pan Card or Election Card) from 10th November till 24th November along with a daily limit of Rs 4000.”
- “There is no limitation of any kind non-cash payments by cheques, debit or credit cards, DDs, and electronic fund transfer.
- “Banks across India will remain closed on Wednesday, 9th November and few ATMs won’t function on this day and also on Thursday. The staffs of banks and post offices will introduce this new order from 10th.”
- “It is going to cause few hardships to you all in the beginning. We need to ignore those hardships! In the history of our country, there will arrive a moment when people would like to participate in the building of nation and its reconstruction. Few such moments approach in life.”
- “Political parties, social organizations, media and political workers will move further than government in making this step a real success.”
- “Those people who by chance cannot deposit Rs 500 and Rs 1,000 currency notes till 30th December 2016 can do it till 31st March 2017 in authorized RBI offices after they file a declaration form with ID proof and their reasons.”
People-friendly Measure to Lessen Inconvenience
- “For 72-hours Currency notes of Rs 500 and Rs 1,000 will be applicable for the transactions that relates to booking of railways tickets, air tickets, hospitals and government bus ticket counters till midnight of 11 and 12th The old notes will be accepted for buying tickets.”
- “Government hospitals for 72-hours will be accepting your old currency notes of Rs 500 and Rs 1,000 for payment sake.”
- “These old notes will be accepted for 72-hours at petrol, and diesel pumps, and gas stations that are authorized by public sector oil companies; milk booths that are sanctioned by State Governments; consumer co-operative stores that are sanctioned by Central or State Government; and burial and cremation grounds.”
Historic Step taken by India
- This step that is taken by PM Modi will approach with new prospects for middle class, neo-middle class, and poor.
- Higher education, healthcare, and real estate prices appears within the reach of general citizens.
- The circulation of huge volume of counterfeit currency will end.
- The funding for surveillance, arms smuggling, and terrorists will be strangled.
- Black money, corruption and terrorism will be eliminated.
Hence, show your full support to the Prime Minister of India, Narendra Modi! This new step will bring a new change for the people of India! Salute to Modiji for his tremendous effort in building new India!
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