Written By: Bijoyeti Ghosh
The PM met a few hours ago with all three military chiefs amid major ceasefire violations by Pakistan in Jammu and Kashmir and made a surprise move on Tuesday when he announced that all currency notes of Rs 500 and Rs 1,000 are being chucked off with effect from Monday midnight. None of the notes will have any legal value from midnight.
1. When you elected this government in 2014, world was talking about India being shaky economically. But India is now an economic star – this is what IMF and World Bank are saying.
2. Sab ka sarkaar, sab ka vikas – governance and progress for all is our motto. We are focused on empowerment of the poor. A series of schemes we have introduced all aim at this. This is a government for our farmers.
3. Corruption and black money are diseases rooted in this country, they are obstacles to our success.
4. Our measures to check black money are paying off. A voluntary disclosure scheme for undeclared money saw a good response. A Special Investigating Team is making progress to identify who has sent money abroad.
5. 1.25 lakh crores of black money has been recovered.
6. We need to take a new solid step to fight black money. From now on, Rs. 500 and Rs. 1000 notes will not be used.
7. Have 50 days to turn them into banks and post offices.
8. On November 9 and in some places on November 10, ATMs will not work.
Respite for people for the initial 72 hours, government hospitals will accept old Rs. 500 and 1000 notes till 11 November midnight.
9. Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.
10. Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11.
There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.