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
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
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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