Going by his promise in 2014 general elections to bring black market money into the regular financial system, Prime Minister Modi on Tuesday in a televised address to the nation said that high denomination notes of Rs 500 and Rs 1000 will no longer be legal. PM Modi announced a “decisive” war against black money and corruption while disclosing a raft of steps to assure the common man that their money is safe.
PM Modi said banks and ATMs will remain closed on November 9 and in some places ATMs may remain closed on November 10. Across the country, people rushed to ATMs where money could be withdrawn in Rs 100 notes, trying to avoid being caught without cash over the next few days. Welcoming the bold step taken by the government, President Pranab Mukherjee called upon the people not to panic as the move would help unearth unaccounted money as well as counterfeit currency.
The finance ministry said that new banknotes of Rs 500 and Rs 2,000 would be introduced from November 10. The old notes can be deposited in banks and post offices from Nov. 10 to Dec. 30. Governor of the Reserve Bank of India, Urjit Patel, said he saw no impact on liquidity in the wholesale market and that the bank had ramped up production of the new series of notes over the last few months. Experts said Tuesday’s move was the biggest in decades aimed at fighting graft.
Here are the live updates on PM Modi’s speech Today:
Read more - http://www.wealthresearch.in/
PM Modi said banks and ATMs will remain closed on November 9 and in some places ATMs may remain closed on November 10. Across the country, people rushed to ATMs where money could be withdrawn in Rs 100 notes, trying to avoid being caught without cash over the next few days. Welcoming the bold step taken by the government, President Pranab Mukherjee called upon the people not to panic as the move would help unearth unaccounted money as well as counterfeit currency.
The finance ministry said that new banknotes of Rs 500 and Rs 2,000 would be introduced from November 10. The old notes can be deposited in banks and post offices from Nov. 10 to Dec. 30. Governor of the Reserve Bank of India, Urjit Patel, said he saw no impact on liquidity in the wholesale market and that the bank had ramped up production of the new series of notes over the last few months. Experts said Tuesday’s move was the biggest in decades aimed at fighting graft.
Here are the live updates on PM Modi’s speech Today:
Read more - http://www.wealthresearch.in/
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