p phi Competitive Times - BJP govt cracks down on black money: Rs 500 and Rs 1000 Notes will no longer legal

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BJP govt cracks down on black money: Rs 500 and Rs 1000 Notes will  no longer legal
In a major move by Prime Minister Narendra Modi, he announces the fight against corruption, black money, money laundering, terrorism and financing of terrorists as well as counterfeit notes and made it clear that  the Government of India has decided that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016.
About two lakh crore rupees deposited in banks: Finance Ministry

The Prime Minister has time and again said that the Government is committed to ensure that the menace of black money is overcome. Over the past two and a half years of the NDA Government, he has walked the talk and led by example.

Historic moment against black money in India: PM Modi

Shri Modi stated that on humanitarian grounds notes of five hundred and one thousand rupees will be accepted at government hospitals, pharmacies in government hospitals (with prescription of a doctor), booking counters for railway tickets, government buses, airline ticket counters, petrol, diesel and gas stations of PSU oil companies, consumer cooperative stores authorized by the state or central government, milk booths authorized by state government and crematoria, burial grounds.



Modi emphasized that there is no restriction on any kind of non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer. The very first decision of the Prime Minister led NDA government was the formation of a SIT on black money.

A law was passed in 2015 on disclosure of foreign bank accounts. In August 2016 strict rules were put in place to curtail benami transactions. During the same period a scheme to declare black money was introduced. The efforts have borne fruit. Over the past two and a half years, more than Rs. 1.25 lakh crore of black money has been brought into the open. 


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