In his first 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. .November 8, 2016 : Those holding untaxed assets, income despite opportunity to declare will suffer: Justice (Retd) M.B. Shah, Chairman of SIT on blackmoney.
New Delhi, Nov 8 (PTI) Taking the nation by surprise, Prime Minister
Narendra Modi tonight 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.
Added from ‘The Hindu’ :
Demonetisation
of Rs.500 and Rs. 1000: Who says what
The government's decision to declare Rs. 500 and Rs. 1000 rupee
notes has evoked positive response from economists and industrialists.
The decision to scrap Rs. 500 and Rs. 1,000 notes is very good
to combat black money, said Justice (Retd) M.B. Shah, Chairman of SIT on
blackmoney. Those holding untaxed assets, income despite opportunity to declare
will suffer, he added.
SBI chairman Arundhati
Bhattacharya said that
tomorrow banks will be closed for withdrawing these notes from counters &
ATMs. We will work round the clock to ensure that customers have a smooth
experience. We will strive to restock ATMs at the earliest and make them
operational.
President Pranab Mukherjee called upon people not to
panic and follow Govt guidelines for exchange of Rs 1000/500 notes. He welcomed
bold step of Government of India which will help unearth unaccounted money
& counterfeit currency
West Bengal Chief Minister Mamata
Banerjee called it
"a drama". "The PM could not get back the promised black money
from abroad from the rich so a drama to divert his failure..." she
tweeted. "I want to know from PM how my poorest brothers sisters, who've
received their week's hard earned wage in one 500 rupee note will buy atta,
chai tomorrow? Heartless and ill- conceived blow on the common people and the
middle class in the fake name of anti-corruption," Ms. Banerjee tweeted.
BJP president Amit Shah took to twitter to
congratulate Prime Minister Narendra Modi on the announcement: “PM
@narendramodi ji's decision to discontinue Rs. 500 & Rs.1000 rupee note
will immensely help eliminating the corruption. On behalf of all BJP
Karyakartas, I compliment the Central Govt & PM @narendramodi for taking
tough but timely & path-breaking measures,” he tweeted. “Announcements made
by PM @narendramodi are exactly what is needed to uproot corruption, black
money, hawala & fake currency rackets. These announcements will go long way
in bringing economic prosperity in the lives of the poor, middle class and
neo-middle class. We can no longer let corruption & black money slow down
our development journey. We must create a prosperous India for future
generations. The elimination of black money will help boosting the development
with justice.”
CPI (M) leader Prakash Karat said that the party was
studying the implications and would soon issue a detailed response.
Swaraj Abhiyan leader Yogendra
Yadav tweeted:
Positive move against counterfeit currency. Govt overplaying impact on black
money. Opposition overplaying transitional problems.
Nirmal Jain, Chairman, IIFL, said:
"It is a very powerful measure to curb black money. Mr Modi has kept his
promise of taking stern measures against black money. It was done some 30 years
ago and since then a huge build up of unofficial money had happened. It will
have deflationary impact in general and more specifically on real estate prices
and make homes affordable and is indirectly a boon to honest tax payers."
Chanda Kochhar, MD, ICICI Bank: It is perhaps the most significant move ever
taken to curtail the parallel economy. This move will give a sharp boost to all
formal channels of payment which will help formal economy to grow.
Manoj Gaur, executive chairman of
Jaypee Group told The
Hindu, "This is a positive step. Sometime in life of a nation, all persons
need to rise to the call of their leader. It is one such moment. Menace of
blackmoney has to be given a jolt. This is step taken in best possible manner,
with no inkling. The Prime Minister and government has worked very well."
Gagan Banga, VC& MD, India
Bulls Housing Finance told The
Hindu, "It's a very innovative move. No gain without pain!! Extremely good
for Housing Finance Companies as element of cash will reduce and formal credit
demand will increase."
Saurabh Agrawal, CEO and
Co-Founder, ZebPay says, 'It
is a great move by Mr. Modi to curb money laundering and counterfeiting. This
will mark the beginning of digital currency era and bitcoins have a huge
potential to grow and eradicate black money totally out of the system. We
foresee immense movement in our space'.
Amitabh Kant, CEO, NITI Aayog said, "Bold, dynamic
& brilliant move to end the black money menace. Beginning of the cashless,
paperless economy in India."
Jayaprakash Narayan of Lok Satta: Dramatic, bold, far-reaching
first step vs untaxed money.Congrats to PM. Now he must engineer real political
reform & end vote-buying.Kudos.
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