In a historical move that will add record strength in the fight against corruption, black money, money laundering, terrorism and financing of terrorists as well as counterfeit notes, the Government of India has decided that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016.
The Government has accepted the recommendations of the RBI to issue Two thousand rupee notes and new notes of Five hundred rupees will also be placed in circulation.
Notes of one hundred, fifty, twenty, ten, five, two and one rupee will remain legal tender and will remain unaffected by the decision today.
Prime Minister Shri Narendra Modi made these important announcements during a televised address to the nation on the evening of Tuesday 8th November 2016. He said that these decisions will fully protect the interests of honest and hard-working citizens of India and that those five hundred and one thousand rupee notes hoarded by anti-national and anti-social elements will become worthless pieces of paper.
The Prime Minister said the steps taken by the Government would strengthen the hands of the common citizens in the fight against corruption, black money and counterfeit notes.
Fully sensitive to some of the difficulties the common citizens may face in the coming days, the Prime Minister has announced a series of steps that will help overcome the potential problems.
Persons holding old notes of five hundred or one thousand rupees can deposit these notes in bank or post offices from 10th November onwards till 30th December, the Prime Minister announced. There are also some limits placed on the withdrawals from ATMs and bank for the very short run.
Shri Modi stated that on humanitarian grounds notes of five hundred and one thousand rupees will be accepted at government hospitals, pharmacies in government hospitals (with prescription of a doctor), booking counters for railway tickets, government buses, airline ticket counters, petrol, diesel and gas stations of PSU oil companies, consumer cooperative stores authorized by the state or central government, milk booths authorized by state government and crematoria, burial grounds.
Shri Modi emphasized that there is no restriction on any kind of non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.
In his address the Prime Minister shared the insight into how the magnitude of cash in circulation is linked to inflation and how the inflation situation is worsened due to the cash deployed through corrupt means. The Prime Minister added that it adversely affects the poor and the neo-middle class people. He cited the example of the problems being faced by the honest citizens while buying houses.
A time-tested commitment to eradicate black money
The Prime Minister has time and again said that the Government is committed to ensure that the menace of black money is overcome. Over the past two and a half years of the NDA Government, he has walked the talk and led by example.
The very first decision of the Prime Minister led NDA government was the formation of a SIT on black money.
A law was passed in 2015 on disclosure of foreign bank accounts. In August 2016 strict rules were put in place to curtail benami transactions. During the same period a scheme to declare black money was introduced.
The efforts have borne fruit. Over the past two and a half years, more than Rs. 1.25 lakh crore of black money has been brought into the open.
Raising the issue of black money at the world stage
Prime Minister Narendra Modi has time and again raised the issue of black money at the global forum, including at important multilateral summits and in bilateral meetings with leaders.
Record growth in last two and a half years
The Prime Minister said that the efforts of the Government have led to India emerging as a bright spot in the global economy. India is a preferred destination for investment and India is also an easier place to do business in. Leading financial agencies have shared their optimism about India’s growth as well.
Combined with this, Indian enterprise and innovation has received a fillip due to the ‘Make in India’, ‘Start up India’ and ‘Stand up India’ initiatives that seek to celebrate enterprise, innovation and research in India.
The historic announcements made by the Prime Minister will add value to the already thriving efforts of the Central Government.
इस वार्ता में कुछ गंभीर विषय, कुछ महत्वपूर्ण निर्णय आप से साझा करूंगा : PM @narendramodi in his address to the nation
— PMO India (@PMOIndia) November 8, 2016
पिछले ढाई वर्षों में सवा सौ करोड़ देशवासियों के सहयोग से आज भारत ने ग्लोबल इकॉनमी में एक “ब्राइट स्पॉट” के रूप में उपस्तिथि दर्ज कराई है: PM
— PMO India (@PMOIndia) November 8, 2016
यह सरकार गरीबों को समर्पित है और समर्पित रहेगी : PM @narendramodi
— PMO India (@PMOIndia) November 8, 2016
देश में भ्रष्टाचार और कला धन जैसी बीमारियों ने अपना जड़ जमा लिया है और देश से गरीबी हटाने में ये सबसे बड़ी बाधा है: PM @narendramodi
— PMO India (@PMOIndia) November 8, 2016
हर देश के विकास के इतिहास में ऐसे क्षण आये हैं जब एक शक्तिशाली और निर्णायक कदम की आवश्यकता महसूस की गई : PM @narendramodi
— PMO India (@PMOIndia) November 8, 2016
सीमा पार के हमारे शत्रु जाली नोटों के जरिये अपना धंधा भारत में चलाते हैं और यह सालों से चल रहा है : PM #IndiaFightsCorruption
— PMO India (@PMOIndia) November 8, 2016
आज मध्य रात्रि से वर्तमान में जारी 500 रुपये और 1,000 रुपये के करेंसी नोट लीगल टेंडर नहीं रहेंगे यानि ये मुद्राएँ कानूनन अमान्य होंगी : PM
— PMO India (@PMOIndia) November 8, 2016
500 और 1,000 रुपये के पुराने नोटों के जरिये लेन देन की व्यवस्था आज मध्य रात्रि से उपलब्ध नहीं होगी : PM @narendramodi
— PMO India (@PMOIndia) November 8, 2016
100 रुपये, 50 रुपये, 20 रुपये, 10 रुपये, 5 रुपये, 2 रुपये और 1 रूपया का नोट और सभी सिक्के नियमित हैं और लेन देन के लिए उपयोग हो सकते हैं: PM
— PMO India (@PMOIndia) November 8, 2016
देशवाशियों को कम से कम तकलीफ का सामना करना पड़े, इसके लिए हमने कुछ इंतज़ाम किये हैं: PM @narendramodi
— PMO India (@PMOIndia) November 8, 2016
500 और 1,000 रुपये के पुराने नोट, 10 नवम्बर से लेकर 30 दिसम्बर तक अपने बैंक या डाक घर के खाते में बिना किसी सीमा के जमा करवा सकते हैं: PM
— PMO India (@PMOIndia) November 8, 2016
आपकी धनराशि आपकी ही रहेगी, आपको कोई चिंता करने की जरूरत नहीं है : PM @narendramodi
— PMO India (@PMOIndia) November 8, 2016
9 नवम्बर और कुछ स्थानों में 10 नवम्बर को भी ATM काम नहीं करेंगे : PM @narendramodi
— PMO India (@PMOIndia) November 8, 2016
समय समय पर मुद्रव्यवस्था को ध्यान में रख कर रिज़र्व बैंक, केंद्र सरकार की सहमति से नए अधिक मूल्य के नोट को सर्कुलेशन में लाता रहा है: PM
— PMO India (@PMOIndia) November 8, 2016
अब इस पूरी प्रक्रिया में रिज़र्व बैंक द्वारा 2,000 रुपये के नए नोट के प्रस्ताव को स्वीकार किया गया है: PM @narendramodi
— PMO India (@PMOIndia) November 8, 2016
Efforts by the NDA Government under PM @narendramodi to curb corruption and fight black money. #IndiaFightsCorruption pic.twitter.com/0Tt8FlvbQ2
— PMO India (@PMOIndia) November 8, 2016
Rs. 500 and Rs. 1000 notes cease to be legal tender. #IndiaFightsCorruption pic.twitter.com/mk5HV0N0Ro
— PMO India (@PMOIndia) November 8, 2016
Here is what you can do. #IndiaFightsCorruption pic.twitter.com/jtoCuXFohF
— PMO India (@PMOIndia) November 8, 2016
People friendly measures to minimise inconvenience. #IndiaFightsCorruption pic.twitter.com/bVlsN2sQhG
— PMO India (@PMOIndia) November 8, 2016
