BANNING OF 500 AND 1000 CURRENCY NOTES
On 8th November at 8 pm in the evening, our prime minister Mr. Narendra Modi announced, ” to break the grip of corruption and black money, we have decided that 500 and 1000 rupee currency notes presently in use will no longer be tender money.”
Prime minister took this step because of the incidents of fake money, terrorism and corruption.
These fake notes are used for illegal and anti-national activities. Terrorist forces use this fake currency for creating terrorism. Some people earn money in an illegal way and are increasing corruption in our holy land.
Black money consists in the form of 500 and 1,000 rupee currency notes. This step will strengthen the hand of common man in the fight against corruption.
Prime minister assures that our money will be ours, no money will be lost because of this initiative.
People can deposit their money in their bank accounts and in post office account till 30th December without any limit, we can draw the amount from the bank whenever we need it.
The supply of new notes for the first few days will be 10,000 rupees per day and 20,000 rupees per week, it will increase in the coming days. Incase of immediate exchange of 500 and 1,000 rupee notes, people can go to their banks and show identity proofs like aadhar card, pan card, voter card, ration card and any other identify proofs and then exchange them.
There will be a limit of 2,000 rupee per card and will be increased to 4,000 from 19th November in the ATM for few days.
Due to the hardships that will be faced by the citizens of India for a period of time, some arrangements are also made for them for first 72 hours (till mid-night of 11th November)
Government hospitals, pharmacies in these hospitals, railway tickets, airline tickets, tickets for government buses, gas stations, milk booths, consumer co-operative stores will accept the old 500 and 1,000 rupee notes.
Arrangements will be made at international airports for arriving and departing passengers who have these banned currency notes.
There will be no restrictions on cheques, demand draft, credit, debit and electronic fund transactions.
The hardships felt by the people will be temporary in nature. The outcome of this step will be huge, it will curb corruption and terrorism in India.
We can exchange and deposit these currencies till 30th December 2016, if we are not able to exchange during this time period some other arrangements will also be done by the government.
Everyone is facing hardships but the whole India is supporting this initiative by our beloved Prime minister.
Again these problems, hardships will be temporary, we all are strong enough to face it.
This is the time to be unified and act against the corrupt people. Let these corrupt faces be out and even their money.
The new notes will be available for circulation from 10th November. The new currency notes will have extra security features besides having peculiar colour and theme.
Those who are against this initiative are mostly the opposition party of the government and their supporters and even holders of black money, by opposing this initiative they are going against the welfare of humanity, they consider their political goals more important than the national importance, is this a rational behaviour? We are Indians first before any member or supporter of any party.
In the end, we must fully support this initiative and make it a huge success, no one in the past had courage to take any action against corruption and black money but our Prime minister Mr. Narendra Modi has taken the step forward to eradicate corruption and terrorism and I salute him for this initiative.