I Foreign Media On India Discontinuing Rs. 500, 1000 Notes
PM Modi Rs 500 & Rs 1000 Notes are Banned Rs 2000 Note Introduced.India will abolish the country’s largest currency notes in a fight against unaccounted wealth and corruption, Prime Minister Narendra Modi said in an unscheduled address to the nation.
The government will scrap 500 rupee and 1,000 rupee notes from Wednesday. The notes in circulation will have to be deposited in banks by end of December, he said in a late evening message broadcast on major national television networks. Some concessions will be allowed for use of the currency notes in government-run hospitals until Nov. 11.
The step by Modi, who is approaching the half-way mark of his term, is an attempt to fulfill his election promise of curbing tax evasion and recovering income stashed overseas after illegally escaping the taxes net. He had struck a chord with 1.3 billion Indians in the 2014 national polls by promising to give the impoverished as much as 2 million rupees each from such funds stashed abroad.
“On one hand, we are number one in economic growth and on the other we are ranked 100 in global corruption rankings,” Modi said in his speech. “Despite various steps, we have improved only to 76.”
The Reserve Bank of India will issue new currency notes of 2,000 and 500 rupees. A one-time chance to come clean on unaccounted wealth led to declarations of only about 25 billion rupees in tax last year, while an income declaration scheme this year had met with a mixed response.
“It is a very powerful measure to curb black money,” said Nirmal Jain, chairman of IIFL Holdings Ltd. “It will have a deflationary impact in general and more specifically on real estate prices and make homes affordable.”
New 500 And 2,000 Rupee Notes That Will Be Issued
New Delhi Senior government officials and Reserve Bank of India chief Urijit Patel today revealed what the new Rs. 500 and 2000 notes will look like, announcing that these will be launched on Thursday, November 10.
They were addressing a press conference to details next steps after Prime Minister Narendra Modi announced in an address to the nation that Rs. 500 and Rs. 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become “mere paper”.
PM Modi said this was being done to tackle the menace of black money in the country, which has sapped the economy.
The new series of Rs. 500 notes, said economic affairs secretary Shaktikanta Das, will be called the Mahatama Gandhi series of bank notes and they also carry a picture of Delhi’s Red Fort.
Tomorrow, Wednesday, the officials said, will be a bank holiday and the treasury will also be closed.
Mr Patel said the production of the new high denomination notes had been ramped up “as of today and over the past months… hence it was decided to introduce the scheme that the PM has announced.
Mr Das called the government’s decision to cancel the Rs. 500 and 1000 notes “a very bold, powerful and decisive step” to fight black money.
Rs. 500 and Rs. 1000 Notes Scrapped: 10 Things to Know
NEW DELHI: In his government’s battle against black money and counterfeit currency, Prime Minister Narendra Modi has announced that Rs. 500 and Rs. 1000 notes will cease to be legal from midnight today.
- Banks will be closed tomorrow for public transactions and ATM will not function – in some places also on Thursday November 10, said PM Modi – to allow banks to make changes.
- Deposit old notes of Rs. 500 or Rs. 1000 in banks or post office accounts from November 10 till December 30, 2016 without any limit. There will be a limit on withdrawal of Rs. 10,000 per day and Rs. 20,000 per week. This limit will be increased in the coming days. You must carry your Aadhaar card and PAN Card when you go to exchange notes. The limit you can exchange is Rs. 4000 upto November 24.
- After December 30, these can be changed at the Reserve Bank of India.
- Tourists can change notes at airports.
- For 72 hours or till November 11, government hospitals will accept Rs. 500, 1000 notes. A doctors prescription must be carried with such notes.
- Counters for railway, bus and air tickets too will accept these notes for 72 hours for purchase of tickets.
- This will also be allowed till Nov 11 at petrol stations authorised by public sector oil companies, milk booths and crematoria and burial grounds.
- Notes of Rs. 100 and lower denominations will all continue to be legal tender.
- Coins too will continue to be legal tender. Online transactions and card payments will not be affected.
- The RBI has accepted a proposal for new 500 and 2000 rupee notes, the Prime Minister said.
What To Do With Notes Of Rs. 500 And Rs. 1000
Rs. 500 and Rs. 1000, Prime Minister Narendra Modi said today. Starting midnight, these notes will only be “worth the paper they are printed on,” he said.
A proposal for new Rs. 500 and Rs. 2,000 notes has been cleared by the Reserve Bank of India.
There will be no change in any other form of monetary exchange — cheque, DD, payment via credit or debit cards, he said.
Here’s what you need to do with your Rs. 500 and Rs. 1000 notes.
- Deposit them at the bank or post office from November 10 to December 30
- Exchange them from a bank or post office till 24 November. The limit for exchange is Rs. 4000
- Take Aadhaar card and Pan Card when you go to exchange notes
- After December 30, these can be deposited at the Reserve Bank with a declaration
- Tourists can change the notes at airports
Your Rs. 500 and Rs. 1000 notes be accepted till November 11 at:
- Petrol Pumps and government hospitals
- Railway, airline, government bus ticket booking counters
- Consumer co-operative stores run by state or central government
- Milk booths authorized by state governments
- Crematoriums and burial grounds
Modi’s Big Gamble With Banning Rs. 500 And Rs. 1,000 Notes
Modi’s Big Gamble With Banning Rs. 500 And Rs. 1,000 Notes
Prime Minister Narendra Modi was elected to take big, transformational decisions. He hasn’t exactly been full of such decisions in the past two and half years – but he showed today that he was certainly capable of them.
The decision to ban existing 500- and 1000-rupee notes has a certain economic logic to it. Certainly, the absence of large-denomination notes will make it harder for people to keep black money in hand. That said, there are no clear estimates as to how much black money is in actual currency notes, and how much in land or gold or other forms of wealth.
But the point behind Modi’s announcement wasn’t to actually change the way that the black money economy works. It was to show that he is capable of doing something – of strong leadership. And, from that point of view, it was a sign both of desperation and brilliance.
Modi is now reaching that point in his term in office when the promises he made in 2014 are coming back to haunt him. He spent the last week under a spotlight because of the One Rank, One Pension (OROP) agitation – something that he politicised to start off with, and on which he has failed to deliver to the satisfaction of many ex-servicemen. Two and a half years into his term, their patience was at an end. I wrote last week that it was only the beginning of a long-overdue accounting for Modi’s extravagant promises on the campaign trail in 2013 and 2014.
What are the restrictions on ATM withdrawals?
ATMs will be closed on Wednesday and Thursday. But from Friday you can withdraw money and ATMs will stop dispensing the existing ₹500 and ₹1000 notes.
ATM withdrawals will be restricted to Rs 2,000 per day till November 11, after which this limit may be increased slowly.
Where can I still use my Rs 500, Rs 1000 notes?
Till November 11, the following places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment:
- –Government hospitals
- –Railway, airline, government bus ticket booking counters
- –Petrol, diesel and gas stations authorised by public sector oil companies
- –Consumer co-operative stores authorised by state or central government.
- –Milk booths authorised by state governments
- –Crematoriums and burial grounds
Where can I get the new currency notes?
RBI will issue new currency notes of ₹500 and ₹2000 from November 10. These notes will have new design.
Rs 500 and Rs 1,000 currency notes banned, new Rs 2,000 note to be out on 10 November
Prime Minister Narendra Modi on Tuesday added a lethal edge to India’s fight against black money by announcing that the currencies in the denominations of Rs 500 and Rs 1,000 will be invalid when the clock strikes 12 midnight of 8 November.
The exchange of old notes, however, will be limited to Rs 2,000 between 10 and 24 November, and it will be increased up to Rs 4,000 between 25 November to 30 December.
However, government hospitals, pharmacies in government hospitals, airline ticket counters, bus ticket counters, railway ticket counters and petrol pumps will accept old notes for the next 72 hours, ie, till midnight 11 November.
Besides depositing money in bank accounts, the Rs 500 and Rs 1,000 notes can also be exchanged with lower denomination currency notes at designated banks and post offices on production of va id government identity cards like PAN, Aadhaar and Election Card from 10 to 24 November with a daily limit of Rs 4000.
Those unable to deposit Rs 1,000 and Rs 500 notes till December 30 this year can do so in designated RBI offices till 31 March next year after filling a declaration form along with proof and reasons, the Prime Minister said.
Rs 500 and Rs 1,000 notes will be valid for transactions related to booking of air tickets, railway bookings,
government bus ticket counters and hospitals till the midnight of 11 and 12 November.
PM Modi in course of his address said that over the past two and a half years, more than Rs 1.25 lakh crore of black money has been brought into the open.
Prime Minister Narendra Modi has time and again raised the issue of black money at the global forum, including at important multilateral summits and in bilateral meetings with leaders.
While focussing on the greener spots on the Indian economy, the Prime Minister said that the efforts of the government have put India as an emerging country to grab a bright spot in the global economy.
Soon after the address by PM Modi, in another press conference the Department of Economic Affairs, secretadry Hasmukh Adhia said, “New notes of Rs 500 and Rs 2,000 with greater security features and design will be circulated from 10 November.”
“Rs 500 notes circulation up 76% from 2011 to 2016 and Rs 1,000 notes by 109 percent as against 40 percent rise in all currency notes,” he said.
War on Black Money Live | Move to Scrap Rs 1,000 and Rs 500 Notes Will Help in Long Run, Says RBI
Currency notes of Rs 500 and Rs 1,000 won’t be valid from midnight, PM Narendra Modi says in an address to the nation.
“Currency notes of Rs 1000 and Rs 500 will be just paper with no value,” the PM says.
Modi says the citizens’ money will be safe as they can deposit the notes in the bank before December 30, 2016.
“People can deposit notes of Rs 1,000 and Rs 500 in their banks from November 10 till December 30, 2016,” says PM.
Tags:Rs 500 and Rs 1,000 currency notes banned, new Rs 2,000 note to be out on 10 November,War on Black Money Live | Move to Scrap Rs 1,000 and Rs 500 Notes Will Help in Long Run, Says RBI,Modi’s Big Gamble With Banning Rs. 500 And Rs. 1,000 Notes,Rs. 500 and Rs. 1000 Notes Scrapped: 10 Things to Know
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