In order to stop corruption and black money, Indian government demonetized Rs.500 and Rs.1000 currency notes from midnight today. It is a major step to wipe out black money and fake currency from the market. Indian Prime Minister Narendra Modi said:
“People holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.”
After midnight today no one can use Rs.500 and Rs.1000 to purchase anything except medicine and petrol in India. People holding these currencies can deposit the same into their bank till 30th December. From tomorrow it will have no value as money – it means a worthless paper. However, Rs.100, Rs.50, Rs.20, Rs.10, Rs.5, Rs.2 and Re1 will be continued as currency. Government also said that soon new currency of Rs.2000 and Rs.500 will come in market.
No other payment method will be changed such as Demand draft, cheque, debit or credit card etc. after being in power, Modi government has continuously been facing the threat of black money and fake currecy. He also requested people to support government to make the fight successful against black money, fake currency.
Modi believed, with the help of bank staffs and post offices, the new order will be implemented within the prescribed time. He also hopes that he will get huge support from all political parties, social organizations, workers and the media to make their plan successful.
News extracted from here
Meh. Stopping cash isn't about stopping corruption. It's about enforcing their electronic banking where fees are easy to extract. This is bad for India.
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The war on cash is worldwide. They want everyone using electronic transfers so they can track everything. I am surprised they are bringing in a 2000 rupee note. I wonder how long it will last until that is removed too.
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wow !!! 2000 Rupees Note seems to be great design. However, I'll be very busy on Thursday , bcoz I have to change some 500 rupee notes in my bank.
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Yes on tuesday, because bank will remain closed for next two days.
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Thanks for covering this. Let me tell you as an Indian, there is a lot of panic. Mainly because people can't exchange their old obsolete notes for the new ones in a short period of time. People who don't have access to debit or credit cards will face some problems. Nevertheless this is an fantastic initiative taken by the government to stop the flow of counterfeit bills and black money.
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