In a major step to check black money, Prime Minister Narendra Modi on Tuesday announced demonetization of Rs 500 and 1000 currency notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption. In his televised address to the nation, 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.
Following the announcement, there were huge crowds outside ATMs across the country as people lined up to withdraw currency of smaller denominations.
There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc: PM Modi
I was in my office when I started receiving whatsapp messages, thought it was a joke or something. But then I checked videos and found out it is actually true. It is a huge step to prevent black money. Of course some people will face issues. Specially who have major events planned today and tomorrow.
I went to petrol pump this morning, FYI they won't accept 500 or 1000 rs note unless you are buying fuel worth 500 or 1000. They are saying they do not have change. There is a huge line in Road Tolls also.
Sensex crashed 1,340 points, Nifty plunges 476 points in pre-open session on black money crackdown and Trump’s strong show in US poll. The sharp dip was expected following the central government’s surprise move to withdraw Rs 500 and Rs 1,000 currency notes from circulation effective Tuesday midnight. Paytm advertisements are flooded everywhere.
Lets just hope, all this inconvenience to common man won't go in vain. And people who actually have black money will be the only one affected by this.
Vivek Choudhary
With few inputs from Indian Express
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| Prime Minister Narendra Modi (Source: Twitter/@ANI_news) |
