"The Indian Currency notes of 500 and 1000 are immediately pulled from circulation." as announced by the Prime Minister of India, Mr. Narendra Modi.
He said Rs 500 and Rs 1000 notes can be deposited post offices and banks without any charge till December 30. Banks would be closed for public business on November 9, to allow them to tackle the rush of people who might want to deposit their notes. Cashless fund transfers would remain unaffected.
"Your money is yours. You will note lose anything. The government will ensure that," said PM Modi, in his address to the nation.
"We should be able to make the sacrifice of adjusting to the such a move in the national interest, as it aims to tackle the evils of corruption, black money, fake currency, and terrorism," said PM Modi.
"Your money is yours. You will note lose anything. The government will ensure that," said PM Modi, in his address to the nation.
"We should be able to make the sacrifice of adjusting to the such a move in the national interest, as it aims to tackle the evils of corruption, black money, fake currency, and terrorism," said PM Modi.
These currency notes will not be categorized legally after midnight i.e 12 AM. The bank will remain closed on 9th of November. ATM will also remain close on 9th November and 10th November. However, the general and ordinary public are required to submit the currency notes of 500 and 1000 to the bank as soon as the possible.
This step is taken in order to eliminate the circulation of black money that was being used in the trade of terror equipment. There have also been reports that law agency companies got that this money was used to finance terrorists. It will also stop the printing of fake money notes.
This step is taken in order to eliminate the circulation of black money that was being used in the trade of terror equipment. There have also been reports that law agency companies got that this money was used to finance terrorists. It will also stop the printing of fake money notes.
Comments
Post a Comment