New Delhi: In a significant action to curb black money, PM Narendra Modi announced demonetization of Rs 500 and 100 currency notes. He said the government has been battling the threat of black money and corruption ever since it assumed control two years ago.
He also said new Rs 2000 notes will be introduced.
Here are some major points:
–Those unable to deposit Rs. 1000, Rs. 500 notes by December 30 for some genuine reason, can change them till March 31, 2017 by furnishing ID proof.
— 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.
–Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value.
–On November 9, all banks will remain closed for public work.
–PM Modi urges people to help the government in fight against black money and fake currency notes
–India was earlier 100 on the global ranking of corruption. Today it stands at 76th position.
–Honest people have fought against corruption: PM Modi
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–After 12 AM tonight, Rs 500 and 1000 currency notes will not remain legal.
–The process of cash circulation is directly related to corruption in our country impacting the lower classes of our society.
–Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes until 11 November midnight.
—There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.