Indian PM Narendra Modi takes sudden action to eradicate corruption, black money transactions and poverty

Panic as Rs 500 and Rs 1000 notes become invalid, and Banks, ATMs closed on Nov 9th

Archana Venkatraman

Indian Prime Minister Narendra Modi has taken sudden tough action to cut black money by making Rs 500 and Rs 1000 notes invalid for transactions from midnight on November 8th 2016. Panic spreads across Indians as Rs 500 and Rs 1000 denominations will not be accepted, ATMs and banks closed on day after announcement.

 Rs 500 and Rs 1000 become invalid
Rs 500 and Rs 1000 become invalid

“Rs. 500 and Rs.1000 notes are just papers from tomorrow," said PM Modi in an unprecedented address to the nation from National television Doordarshan the prime minister. The sudden decision caused panic leading to over 20k tweets on the topic on Twitter in minutes after the announcement.

Prime Minister Narendra Modi addressed the nation from New Delhi adding that  these two denominations are mostly used in black money transactions. India is ranked number 70 in the global corruption index.

 

Other key steps include:

  • A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation.
  • Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit
  • ATMS will not function on November 9th and in some places until November 10th
  • There is no restrictions on internet banking, cash, demand draft transactions.
  • People have 50 days (up to 30 Dec) to deposit notes of Rs 500 and Rs 1000 in any bank or Post office.
  • As much as Rs 1.25-lakh crores came out during the amnesty scheme on black money declared by Modi government.

 

In his passionate speech, Modi added that corruption and black money are the main obstacles in the fight against poverty.

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