Ever one should applaud Narendra modi for taking this big leap. It is a solid decision towards curbing the black money circulation in India. Increased currency in circulation is a burning issue we are facing now. Demonitizing 1000 and 500 rupee notes can be very effective in reducing general corruption in the country which will lead to prize drops of goods and services ultimately. Also this will also affect bribe problems. Just think about giving someone 1 crore in 100 rupee notes only. One will have to use a mini truck at least. Here's what PM Modi said on Tuesday 8th November:- Old notes will not be legal tender from midnight tonight, Modi said, adding those who earned money by legal means would remain protected.
- From November 10 to December 30 old notes can be deposited in banks.
- Old notes can be converted through banks at limit of Rs 10,000 per day. The limit will be Rs 20, 000 per week. Limit on ATM withdrawal will be Rs 2,000.
- Old notes can be converted through banks post office and sub-post office.
- On humanitarian grounds, old notes will be accepted in hospitals for 72 hours till November 11.
- Airlines, Railways and Roadways will accept for 72 hours old notes till November 11.
- Many essential facilities, including crematoriums, will accept old notes till November 11.
- We are committed to empowerment of the poor while following Sabka Saath Sabka Vikas
- Several schemes are tailored towards this objective
- Corruption and black money has taken deep roots in the country
- In global ranking we are rated high in corruption index.
- Some specific classes are behind it. Some used high position.
- At the same time many honest people are working diligently. We read reports of honest auto or taxi drivers returning valuables of customers.
- Corruption and terrorism are pushing the country behind.
- Counterfeit notes are being pushed from across our borders to finance terror activities.
- We have taken steps to check such activities and seized fake notes.
- Have entered into pacts to check black money through the exchange of information.
- Several measures led to unearthing of 1.25 lakh crores of black money
