NEW DELHI: The present denominations of our country’s currency: Rs 500 and Rs.
1000 would cease to be legal tender at midnight of November 2009. Prime minister Narendra Modi declared this decision in a special address of his to the nation. In his announcement, he said that this decision of the government was the first step to curb the major issues of fake currency, black money, corruption, and terrorism. The current large rupee notes: Rs 500 and Rs. 1000; would cease to be illegal tender at midnight of November 9, 2016. New 500 and 2,000 rupee notes will replace the demonetized notes, Mr.
Modi said.”This government is dedicated to the poor, It will remain dedicated to them. In our fight against poverty, our main thrust has been to empower the poor, and make them active participants in the benefits of economic progress, ” said PM Modi, in his address to the nation.”There comes a time in the history of a country’s development when a need is felt for a strong and decisive step.
For years, this country has felt that corruption, black money, and terrorism are destiny sores, holding us back in the race towards development, “he added.Right after the official announcement by Prime minister Modi, the governor of the reserve bank of India, Surjit Patel, and Economic Affairs secretary, SHaktikanta Das explained in a press conference that while the supply of notes of all denomination had increased by 40% between 2011 and 2016, the Rs 5000 and Rs 1,000 banknotes increased by 76% and 109% respectively in this period owing to forgery. This forged cash was then used to fund terrorist activities against India. As a result, the decision to eliminate the notes had been taken”In our fight against poverty, our main thrust has been to empower the poor, and make them active participants in the benefits of economic progress.
“PM Modi also announced a number of safeguards to ensure that the citizens do not face any difficulties. Persons holding old notes of 500 or 1,000 rupee notes can deposit them in their bank or post office accounts form 10th November till the close of banking hours on the 30th December 2016 without any limit.Keeping in mind the supply of new notes, in the first few days, there will be a limit of 10,000 rupees per day and 20,000 rupees per week. It has also been announced that the limit will be increased in the upcoming days.For your immediate needs, you can go to any bank, head post office or sub-post office, show your identity proof like an Aadhar card, voter card, ration card, passport, PAN card or other approved proofs, and exchange your old 500 or 1,000 rupee notes for new notes. During this period, the government hospitals will continue to accept 500 and 1,000 rupee notes for payments. Foreign tourists will be able to exchange foreign currency or old notes of not more than Rs 5,000 into legal tender.
Modi’s announcement has created huge controversies in India. Many corrupt politicians which also includes Modi’s own BJP (Bharatiya Janta Party) members are roaming the streets outraged. The government has taken a huge but risky step towards stopping corruption in India. However as stated by PM Modi, this is the only path towards making India a cashless and digital economy.
He ensured the safety of his nation as soon as he returned from his visit from Japan.Towards the end of his address to the nation, he also apologized for the hardships that the citizens might have to face for the next few months but promised a cleaner India as a result for their efforts and trust on the Indian Government. He later added, “Experience tells us that ordinary citizens are always ready to make sacrifices and face difficulties for the benefit of the nation”. The Swacch Bharat Abhiyan, a “clean India campaign” was established within PM Modi’s 5 months of his term. He looks upon this anti-corruption campaign as a part of the clean India campaign and aims to clean away all the black money that lingers around our country in the form of corruption. “I can see that spirit when a poor widow gives up her LPG subsidy when a retired schoolteacher contributes his pension to the swacch Bharat mission when a poor Adivasi mother sells her goats to build a toilet when a soldier contributes 57,000 to make his village clean. I have seen that the ordinary citizen has the determination to do anything if it will lead to the country’s progress”.
Ever since he has immense his seat as the Prime Minister, Narendra Modi has always paid minute attention to the details of the country’s development. During his inauguration speech, he promised to keep his word and to make India a better place on the planet.