FROM
MIDNIGHT OF NOVEMBER 8, 2016, RS. 500 AND RS.1000 WILL CEASE TO BE LEGAL
TENDER. "THESE NOTES ARE JUST PAPERS FROM TOMORROW," SAYS THE PRIME
MINISTER.
Taking
the nation by surprise, Prime Minister Narendra Modi on Tuesday night announced
demonetisation of Rs. 1000 and Rs. 500 notes with effect from midnight, making
these notes invalid in a major assault on black money, fake currency and
corruption.
In
his first televised address to the nation, Mr. 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.
Live
updates:
9:38
pm: There is no restriction of depositing your legal Rs. 500, Rs. 1000
notes for exchange. Any amount, as long as it is legal, can be exchanged.
9:37
pm: No security breach has been reported. New notes will be Braille
compliant, says DEA secretary
9:36
pm: Within this period, cheques, debit cards, e-transactions will
continue. All electronic transations on account of business firms, companies
and individuals will continue in the new two days: DEA secretary
9:36
pm: The decision to withdraw existing 500/1000 denomination currency notes
has surprised everyone says DEA secretary
9:35
pm: Post offices, banks to open additional counters and extend working
hours to accommodate the public.
9:34
pm: Initially, there could be inconvenience. The supply of new notes will
be increased. First aspect to be considered is inflation. RBI will monitor and
regulate the printing and circulation of Rs. 2000 notes.
9:33
pm: The notes that are being circulated in social media are true. Not sure
how the notes look got leaked, but sure that people will cooperate with the
govt. in this venture.
9:32
pm: FIU of India get info about transactions from banks. During this
period, banks will take extra precaution. Banks will share info with Income Tax
dept. as deemed fit.
9:32
pm: If it is declared as not legal tender, then any transactions are done
with their own risk, says Shaktikanta Das
9:30
pm: Measure necessary to maintain economic integrity of economy, says
Shaktikanta Das. It will be positive for our economy and will add to the growth
of our economy.
9:25
pm: RBI shows the specimen notes of new Rs. 500 and Rs. 2000 notes.
9:22
pm: Banks will have video cameras for all trransactions, people must be
careful while exchanging legal cash, says Shaktikanta Das
9:21
pm: Control rooms formed in RBI in Mumbai - 022 22602201, 22602944 will be
operable from tomorrow morning 8 am, says Shaktikanta Das
9:20
pm: Fake currencies circulation have grown over the years. We are
launching new currency notes with new designs from November 10. Introducing 200
rupee note with Mangalyan logo, says Shaktikanta Das
9:15
pm: It is a bold move. Counterfeit currencies are being used for financing
terrorism. Our security measures have not been breached,. This is a powerful
measure to combat terrorism. Govt. has taken many measures in last two years.
This will go a long way. Fake currencies corrode economy, says Economic Affairs
Secretary Shaktikanta Das
9:10
pm: RBI has been concerned about black money issue: Urijit Patel
8.53
pm: Government hospitals, pharmacies at such hospitals will accept Rs. 500 and
Rs. 1000 notes for 72 hours from November 8 midnight.
8:34
pm: This is a chance for every citizen to take part in the fight against
black money and corruption, says the prime minister.
8:32
pm: A new series of Rs. 500 currency notes and Rs. 2000 currency notes
will be brought into circulation.
8:31
pm: Banks will be closed on November 9.
8:30
pm: There is no restrictions on internet banking, cash, demand draft
transactions.
8:27
pm: Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal
limit
8:25
pm: There are, however, some exemptions. Government hospitals and
international airports.
8:22
pm: The ATMs will not function till November 9, and in some places till
November 10.
8:21
pm: People who possess Rs.500 or Rs. 1000 currency notes after December 30
can exchange it at Reserve Bank of India by providing a declaration. This is
till March 31, 2017.
8:20
pm: These notes should be exchanged in banks and head post offices and sub
post office within December 30, 2016, by providing a valid identity proof such
as Aadhaar, PAN card or voter ID card.
8:15
pm: From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be
legal tender. "These notes are just papers from tomorrow," says the
prime minister.
8:11
pm: Prime Minister says Rs. 500 and Rs.1000 are notes are mostly used in
black money.
8:10
pm: Corruption, black money and terrorism can come in the way of a
country's robust economic growth, says the Prime Minister.
8:07
pm: He moves on from corruption to terrorism. He tells "terrorsists
from across the border" are spreading counterfeit currency notes.
8:06
pm: We hear stories of how autorickshaw driver returns gold left by a
passenger in his vehicle. These stories tell how common people are honest. It
is only a few people engage in corruption for selfish reasons, he says.
8:05
pm: Corruption and black money are the biggest hindrances in the fight
against poverty, he says adding that it is everyone's responsibility to
eradicate poverty.
8:04
pm: Mr. Modi lists out the various schemes launched by NDA government in
his address to the nation. He mentions the Jan Dhan Yojana.
8:03
pm: This govt is dedicated to the poor, and will continue to do so, says
the Prime Minister who completes two-and-a-half years of rule today.
8:02
pm: India has registered itself as a bright spot, and its not that this is
a claim made by us, but by IMF and World Bank
8:01
pm: When we were elected in 2014, there was a discussion that among BRICS
nations, the 'I' was wobbling, says the PM.
8:00
pm: The Prime Minister's address to the nation has begun.
Source
: http://www.thehindu.com/news/national/live-narendra-modis-address-to-nation/article9320548.ece
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