Indian Prime Minister Narendra Modi has taken a historic step towards dealing with the corruption in the country. The PM announced on November 8, 2016 a ban on the currency notes with the denomination of Rs. 1,000 and Rs. 500 with effect from midnight. The usage of the notes have become invalid that can result in a major jolt for the black money owners, fake currency and corruption.
Modi made the announcement in a televised address to the nation and said that people who are holding Rs. 500 and Rs. 1,000 notes can deposit them in the bank and post office accounts from November 10, till December 30, 2016. The Prime Minister added that the notes of Rs. 500 and Rs. 1,000 will no more be a legal tender from midnight and will become a worthless pieces of paper. Modi has also assured that the other denominations including Re.1, Rs. 2, Rs. 5, Rs. 10, Rs. 20, Rs. 50 and Rs. 100 will continue to remain valid.
Another announcement was made that new notes of Rs. 2,000 and Rs. 500 will be launched and that no changes will be made in other modes of payment including credits cads, debits cards, cheque or DD. Mr. Modi explained that the government is dealing with the major problem of black money and corruption ever since it came to power two years back. The PM has also urged the citizens to fight against the fake currency and black money.
Modi is also hopefull that the political parties, workers, social organizations and the media will go further than the government to make it a success. The PM also added that this might even cause some hardship for the common people but has urged to ignore such issues for the time being. Measures have been taken by the Prime Minister to eradicate the disease of black money and corruption.
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