By Lobsang Tenchoe
DHARAMSALA, Nov 9: In a bold move to fight black money, the Indian government has demonetized bank notes of Rs 500 and 1000 with effect from midnight of Nov 8.
“Rs 500 and 1000 currency notes stand abolished from midnight,” Indian Prime Minister Narendra Modi announced in a televised address to the nation yesterday.
Modi took the bold move in an effort to tackle black money, corruption and fake currency which has reportedly weakened the economy of the country and urged people to help the government in its fight.
“Banks will be closed tomorrow. It will cause some hardship to you. Let us ignore these hardships. In country’s history, there comes a moment when people will want to participate in the nation building and reconstruction. Very few such moments come in life,” Modi said.
“The new Rs 500 and 2000 notes will be launched on Thursday, November 10,” media reports quoted senior government officials and Reserve Bank of India chief Urijit Patel as saying yesterday.
The government has provided a window of 50 days to deposit all old high denomination (OHD) notes of Rs 500 and 1000 in bank and post office accounts.
“Persons holding old notes of five hundred or one thousand rupees can deposit these notes in their bank or post office accounts from 10th November till close of banking hours on Dec 30, 2016 without any limit,” Modi said.
However, within 72 hours after the notification, old currency notes can be used to make payments at government hospitals, for purchasing bus tickets at government bus stands for travel by state government or state PSU buses, train tickets, air tickets, and at Petrol, diesel and CNG gas stations authorized by public sector oil companies.