PM Modi’s 1000 volt ‘shock’

PM Modi’s 1000 volt ‘shock’

Mumbai – Prime Minister Narendra Modi, while addressing the nation on television on Tuesday night, has annouonced a historic decision of scrapping the currency notes of Rs 500 and Rs 1000. The black money is responsible for corruption and Pakistan-sponsored terrorism in the country, said Modi. The BJP had assured the country during the Lok Sabha elections that its government will dig out the black money. This decision will help to curb the menace of corruption and black money.
Reacting to the Union government’s surprising decision, economy expert Chandrakant Nene said, “The percentage of black money in India has gone up in last few years. This historic decision has made black money worthless. It will also keep check on the money coming from Pakistan. It will also keep a tab on corruption though it will not be 100 per cent controlled. The effects of this decision can be seen temporarily in the Stock Market but for long term this decision will be very effective.”

Main points from PM’s speech:

  • Prime Minister Narendra Modi announces surprise decision to scrap currency notes of Rs 500 and Rs 1000 from Tuesday midnight.
  • These currency notes will be accepted at hospitals, medical shops and international airports till 11th November.
  • The government will issue new Rs 500 and Rs 2000 notes.
  • All banks to remain shut on 9th November.
  • Deposit such notes in banks or post offices before December 30.
  • Restrictions are put on daily and weekly transactions from bank ATMs.
  • The abolished notes can be deposited in banks by filing an affidavit in the RBI till 31st March
  • Though not the banks, the online banking transactions will be on.
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