PM Modi’s sudden and drastic bold step is a serious impediment to black money menace in India. The Prime Minister declared that the currency notes of Rs 500 and Rs 1000 will not be legal tender.
In a 40-42 min broadcast yesterday, both in English and Hindi, PM Modi declared that the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and will be “just worthless piece of paper.”
All the notes in lower denomination of Rs 100, 50, 20, 10, 5 and Rs 2 and Re 1 coins will continue to hold the validity.
The citizens of India have a limit of 50 days i.e. from 10 Nov to 30 December to deposit their stock of currency notes of Rs 500 and Rs 1000 in banks and post offices said PM Modi in an address to nation on Television.
The amount of money one can draw from ATM’s is restricted to Rs 2000 per day. The Rs 500 and Rs 1000 notes can be exchanged with notes of lower denomination from banks and post offices.
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Those unable to deposit Rs 1000 and Rs 500 notes till December 30 this year can do so in designated RBI offices till March 31 next year after filling a declaration form along with proof and reasons, said PM Modi.
The Prime Minister targets to eradicate the ‘disease’ of corruption backed with black money, deep rooted in the system. He brought attention to the fact that how fake currency is intimately linked to terrorism and how the country suffers at the hands of its enemies.