9/11: PM Narendra Modi announces black days for black money
New Delhi : Starting from 9/11, Prime Minister Narendra Modi on Tuesday announced start of black days for black money by barring use of old Rs 500 and Rs 1000 currency. People can replace their current money via banks and post office before December 30 by showing their ID proof.
Banks will remain close on November 9 to ensure easy transition of currency in India.
Highlights from PM Modi's speech:
- Corruption and black money are diseases rooted in this country, they are obstacles to our success.
- We are among fastest-growing economies, but we also rank so high in global corruption rankings.
- Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror - this has been proven repeatedly.
- Our measures to check black money are paying off. A voluntary disclosure scheme for undeclared money saw a good response. A Special Investigating Team is making progress to identify who has sent money abroad.
- 1.25 lakh crores of black money has been recovered.
- We need to take a new solid step to fight black money. From now on, Rs. 500 and Rs. 1000 notes will not be used. Have 50 days to turn them into banks and post offices.
- On November 9 and in some places on November 10, ATMs will not work.
- Respite for people for the initial 72 hours, government hospitals will accept old Rs. 500 and 1000 notes till 11 November midnight.
- Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.
- Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11.
- There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
- Those unable to deposit Rs. 1000, Rs. 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof
- Notes of Rs. 2000 and Rs. 500 will be circulated soon; RBI has decided to limit the notes with higher value.
