India

PM announces historic steps to fight black money

ProMASS, Nov 09, 2016: Five hundred and 1,000 rupee notes will cease to be legal tender from Tuesday midnight, Prime Minister Narendra Modi announced this in a surprise address to the nation last evening. He said the decision was taken to root out the menace of black money and corruption.

In a special nationwide televised address last evening in New Delhi, Prime Minister said, the decision has been taken to break the grip of corruption and black money. Prime Minister however, assured that notes of one hundred, fifty, twenty, ten, five, two and one rupee and all coins will remain legal tender and will not be affected. He also assured that the rights and the interests of honest, hard-working people will be fully protected.

Prime Minister said this step will strengthen the hands of the common man in the fight against corruption, black money and fake currency. He said to minimise the difficulties of citizens in the coming days, several steps have been taken. Prime Minister said Persons holding old notes of five hundred or one thousand rupees can deposit these notes in their bank or post office accounts from 10th November till 30th December 2016 without any limit.

Those who are not able to deposit 30th December 2016 can go to the specified offices of RBI up to 31st March 2017 and deposit the notes after submitting a declaration form. However, for immediate needs, old five hundred or thousand rupee notes can be exchanged in any bank, head post office or sub post office by showing identity proof like Aadhaar card, voter card, ration card, passport, PAN card or other approved proofs. The limit for such exchange will be four thousand rupees till 24th November, and will increase from 25th November till 30th December 2016.

Courtesy: AIR NEWS

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