500, 1000 Rupee Notes No Longer a Legal Tender from Midnight Tonight: PM

Prime Minister Narendra Modi is addressing the nation from New Delhi.

The Press Information Bureau tweeted stating that the Prime Minister will talk in Hindi first, followed by English.

Amid continuing Pakistani shelling along the border in Jammu and Kashmir, Mr. Modi also reviewed the security situation with Chiefs of Army, Navy and Vice Chief of Air Force.

During the meeting, the Prime Minister is understood to have taken stock of the situation along the Line of Control (LoC) and International Border where Pakistan has been regularly shelling military posts as well as civilian areas.

Army Chief Gen Dalbir Singh Suhag is believed to have briefed Modi on the situation and how the forces are handling the Pakistani provocation.

Significantly, the meeting came on a day when one more jawan was killed in Pakistani shelling in Jammu and Kashmir.

In the address to the nation, Prime Minister Narendra Modi announced a surprise movie to eradicate the menace of black money and eliminate poverty in the country. Nobody would expect the announcement as it comes from straight from the Prime Minister of the country  that the current denomination of 500 and 1000 currencies will no longer valid from midnight. They are mere papers from November 9, 2016 unless you exchange them at the banks or post offices.

The highlight of Prime Minister Narendra Modi address to the nation:

When we were elected in 2014, there was a discussion that among BRICS nations, the ‘I’ was wobbling, says the PM.

India has registered itself as a bright spot, and it’s not that this is a claim made by us, but by IMF and World Bank.

This government is dedicated to the poor, and will continue to do so, says the Prime Minister who completes two-and-a-half years of rule today.

Mr. Modi lists out the various schemes launched by NDA government in his address to the nation. He mentions the Jan Dhan Yojana.

Corruption and black money are the biggest hindrances in the fight against poverty, he says adding that it is everyone’s responsibility to eradicate poverty.

We hear stories of how autorickshaw driver returns gold left by a passenger in his vehicle. These stories tell how common people are honest. It is only a few people engage in corruption for selfish reasons, he says.

He moves on from corruption to terrorism. He tells “terrorsists from across the border” are spreading counterfeit currency notes.

Corruption, black money and terrorism can come in the way of a country’s robust economic growth, says the Prime Minister.

Prime Minister says Rs. 500 and Rs.1000 are notes are mostly used in black money.

From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. “These notes are just papers from tomorrow,” says the prime minister.

These notes should be exchanged in banks and head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.

People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017.

The ATMs will not function till November 9, and in some places till November 10. There are, however, some exemptions – Government hospitals and International Airports.

Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit. There are no restrictions on internet banking, cash, and demand draft transactions.

Banks will be closed on November 9.

A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation.

This is a chance for every citizen to take part in the fight against black money and corruption, says the prime minister.

Government hospitals, pharmacies at such hospitals will accept Rs. 500 and Rs. 1000 notes for 72 hours from November 8 midnight.

RBI has been concerned about black money issue: Urijit Patel

It is a bold move. Counterfeit currencies are being used for financing terrorism. Our security measures have not been breached. This is a powerful measure to combat terrorism. Govt. has taken many measures in last two years. This will go a long way. Fake currencies corrode economy, says Economic Affairs Secretary Shaktikanta Das

Fake currencies circulations have grown over the years. We are launching new currency notes with new designs from November 10. Introducing 2000 rupee note with Mangalyan logo, says Shaktikanta Das

Control rooms formed in RBI in Mumbai – 022 22602201, 22602944 will be operable from tomorrow morning 8 am, says Shaktikanta Das

Banks will have video cameras for all transactions, people must be careful while exchanging legal cash, says Shaktikanta Das

RBI shows the specimen notes of new Rs. 500 and Rs. 2000 notes.

Measure necessary to maintain economic integrity of economy, says Shaktikanta Das. It will be positive for our economy and will add to the growth of our economy.

If it is declared as not legal tender, then any transactions are done with their own risk, says Shaktikanta Das

FIU of India gets info about transactions from banks. During this period, banks will take extra precaution. Banks will share info with Income Tax dept. as deemed fit.

The notes that are being circulated in social media are true. Not sure how the notes look got leaked, but sure that people will cooperate with the govt. in this venture.

Initially, there could be inconvenience. The supply of new notes will be increased. First aspect to be considered is inflation. RBI will monitor and regulate the printing and circulation of Rs. 2000 notes.

Post offices and banks will open additional counters and extend working hours to accommodate the public.

The decision to withdraw existing 500/1000 denomination currency notes has surprised everyone says DEA secretary.

Within this period, cheques, debit cards, e-transactions will continue. All electronic transactions on account of business firms, companies and individuals will continue in the next two days: DEA secretary

No security breach has been reported. New notes will be Braille compliant, says DEA secretary

There is no restriction of depositing your legal Rs. 500, Rs. 1000 notes for exchange. Any amount, as long as it is legal, can be exchanged.

 

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