Whenever Modi prepares to address the nation there is generally a lot of publicity before it, there are online poster wars and the mainstream media tickers keep flashing the date and time incessantly.
But this was clandestine. Almost like the surgical strike that India conducted on 29-09. Only a handful of ministers knew about it and media couldn’t sniff it. Modi came and announced what probably is the biggest global crackdown on Black Money
Modi began the address on a calm note, clearly preparing the listener for the onslaught which turned out to be a pleasant shock for the honest majority of India. This is certainly a dark day for the ones with unaccounted money stashed all around.
Modi said that India has registered itself as a bright spot and this is not a claim made by the government but by agencies like the IMF and the World Bank. He reasserted his Govt’s dedication to the poor, and for the upliftment of entire society.
PM Modi informed the people about the fact that in the global ranking of corruption, India was at the 100th position but after numerous steps to curb corruption, India has reached 76th rank.
PM Modi then raised the issue of Fake currency and called it a menace. He said fake currency fuels terrorism and Corruption, fake currency and terrorism are festering wounds, holding back the Indian economy. He mentioned that on one hand terrorism and fake currency is destroying us and on the other, corruption and black money are creating hurdles for the nation’s progress.
He went on to talk at length about Corruption and black money. He said that corruption is deep-rooted in the country. But he also reassured that corruption and black money is something that the government has fought against ever since they assumed office and that the government has begun its final crackdown against corruption and graft. PM Modi said that over the last 2 and a half years, ₹1.25 lakh crore worth of black money has been recovered.
PM Modi said that the Process of cash circulation is directly related to corruption and black money in our country and then began the big announcements. Here’s what you need to know:
- Currency notes of ₹500 and ₹1000 will not be valid from midnight anymore
- The citizens have a window of 50 days to submit the currency notes of 500 and 1000 in nearest banks and post offices
- The 500 and 1000 notes can be exchanged in banks and post offices before December 30, 2016
- On November 9 and in some places November 10, ATMs will not work
- There will be Rs 20,000 weekly cap on exchange of Rs 500 and Rs 1,000 notes
- Those unable to submit notes till Dec 30 will be given a chance to submit notes by giving declaration to RBI
- People in transit or at airports, bus stops and railway stations have a window of 72 hours
- For 72 hours (till 11 Nov midnight), 500 and 1000 currency notes would be acceptable in the hospitals
- There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
- All banks will remain closed on November 9 for public work
- New ₹500 note will be brought into circulation and a new ₹2000 note will be issued
All Facts sourced from ANI Twitter feed