Highlights from his speech:
Prime Minister Narendra Modi has announced that starting midnight, existing Rs. 500 and Rs. 1,000 notes can no longer be used for any transactions. Black money and corruption are the biggest obstacles in eradicating poverty,” he said. The move is designed to lock out money that is unaccounted for and may have been acquired corruptly, or be being withheld from the tax authorities. It is seen as the boldest move by any Indian government to clampdown on tax evaders…
Surgical strike within…!!
Summary of the important announcement :
1. Black money issue, 500 rupees and 1000 rupees banned from Midnight.
2. ATM’s wouldn’t wouldn’t work on 9th and 10th November. Rather the withdrawal limit is Rs. 2000 only.
3. All Residents have option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.
4. ATM withdrawal is limited post 11th Nov to 10000 per day, but initial few days it would be 2000 Rs. Only.
5. Emergency periods like hospitals and chemist, train ticket booking and airline ticket booking, petrol pumps may accept the old notes to 11th November.
6. No changes in online, card, cheque or any other plastic money transactions.
7. 9th November, banks wouldn’t be available for public banking services.
8. New notes of 500 rupees and 2000 rupees would bring in circulation, mostly from 31st March 2017.
9. After 30th Dec, old notes can be exchanged with RBI till 31st March 2017 with declaration of source of money!