Rs 500, 1000 scrapped in war on corruption: Highlights of PM’s speech

NEW DELHI: forex notes of Rs 500 and Rs 1000 denominations may not be authorized smooth beginning November 9. This used to be announced by way of prime Minister Narendra Modi in a distinct tackle to the nation on Tuesday evening. He stated the transfer was aimed at curbing the poor impact of false forex, black cash, corruption and terrorism on the nation’s financial system. New notes of Rs 500 and Rs 2,000 can be released and circulated quickly.

The top to the authorized tender of the Rs 500 and Rs one thousand notes comes into outcomes the midnight between Tuesday and Wednesday, as quickly because the date turns to November 9. ATMs will not work on November 9, and at some locations on November 10 as well.

He stated Rs 500 and Rs one thousand notes can be deposited a post offices and banks without any charge till December 30. Banks could be closed for public business on November 9, to enable them to deal with the frenzy of people who could wish to deposit their notes. Cashless fund transfers would remain unaffected.

“Your cash is yours. You’re going to be aware lose anything. The federal government will make certain that,” mentioned PM Modi, in his deal with to the nation.

“We will have to be competent to make the sacrifice of fixing to the this sort of transfer in country wide curiosity, because it pursuits to sort out the evils of corruption, black cash, false currency and terrorism,” said PM Modi.

“Corruption and black cash had end up regarded a actuality of existence. They have been eating away like termites at our countrywide curiosity. This will not be accepted,” he introduced.

PM Modi also announced a number of safeguards to ensure that medical repayments or different principal offerings are usually not plagued by the move. Hospitals, petrol pumps, railway reservation counters, airports, crematoriums and other key offerings will proceed to receive the notes for seventy two hours, until the top of November eleven, PM Modi said.

The severe measure got here virtually right away after PM Modi chaired a meeting of the Union cupboard. Prior within the day, Modi had also met national protection Adviser Ajit Doval and the chiefs of the armed forces.

Before making the announcement, Modi had explained the reason for the move. He had pressured on the bad have an impact on of corruption, black cash, false currency and terrorism on the economy.