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Black money, corruption destabilising India: PM Narendra Modi

In a major and surprise reform, Prime Minister Narendra Modi on Tuesday took the fight against black money to a new level and scrapped the used for Rs 500, 1000 notes effective from midnight tonight.


Black money, corruption destabilising India: PM Narendra Modi

Zee Media Bureau

New Delhi: Prime Minister Narendra Modi on Tuesday said the Indian economy was a bright spot but corruption and black money were destabilising the country.

In a surprise address to the nation, the prime minister took the fight against black money to a new level and scrapped the use of Rs 500 and Rs 1000 notes with effective from midnight tonight.

Declaring war on black money, Modi, scrapping the notes, said they could be returned to bank for exchange till December 30. However, from 12 midnight tonight, they will not be legal tender.

 

Currency notes of Rs 1000 and Rs 500 will be just paper with no value, PM said.

He also informed thta people can deposit notes of Rs 1000 and Rs 500 in their banks from November 10 till December 30, 2016.

 

However, for those who cannot change their Rs 500 and Rs 1000 notes by December 30, they can do so till March 31, 2017 providing they provide ID proofs.

 

Meanwhile, Modi informed that credit cards and debit cards will work as normal and be accepted so.

Meanwhile, the prime minister informed that new notes of Rs 500 and Rs 2000 would be issued soon.

Modi also said black money to the tune of Rs 1.25 lakh crore have been unearthed during last two-and-a-half years.

 

From Zee News

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