Rs 500, 1000 notes were discontinued in a surprise announcement by PM Modi on Tuesday
Highlights
- Aware people's difficulty after banning Rs 500, 1,000 notes: PM in Japan
- Honest people will not face any problem. No one will be spared: PM
- PM made this announcement to scrap Rs. 500 and 1000 notes on Tuesday
Prime Minister Narendra Modi has said the big currency ban is the "biggest cleanliness drive" his government has undertaken against black money hoarders. He assured the people that money that has been looted will be brought back and that the "rules will be the same for everyone".
Here are the 10 latest developments:
Addressing the Indian community in Japan, PM Modi said he was aware of the difficulty people were facing back home after the scrapping of Rs. 500 and Rs. 1,000 notes, but emphasised that it was necessary in the larger interests of the nation. "I salute each and every Indian. Many families had weddings, health problems...yes they faced inconvenience but they accepted the decision," he said.
PM Modi, who arrived in Tokyo on Thursday night for a three-day visit to Japan, said the government had not taken the decision on demonetisation in haste. "We had given 50 days to people to show their unaccounted wealth" till September, before the government decided on currency ban.
The PM also hinted at more action against black money by saying that there is no guarantee that further steps would not be taken after December 30, the date till which people can deposit the old Rs 500, 1000 notes.
"I would like to announce once again that after the end of this scheme, there is no guarantee that something new will not be introduced to punish you (thikane lagane ke liye)," PM Modi said.
"I make it very clear that if anything unaccounted comes up, then I will check its records since Independence. Will deploy as many people as required for this. Honest people will not face any problem. No one will be spared. Those who know me, they are intelligent as well. They think it is better to offer it in Ganga than in banks," PM Modi added.
In a surprise announcement, the Prime Minister had announced on Tuesday night that Rs 500 and 1000 notes will be discontinued from Wednesday midnight as part of the government's efforts to curb black money. Instead, new high security 500 and 2000-rupee notes will go into circulation.
Opposition parties, including the Congress, Trinamool Congress, Aam Aadmi Party and also BJP ally Shiv Sena have questioned the move, saying it would inconvenience people.
Ever since ATMs re-opened yesterday, there have been hours-long queues and agitated crowd outside them, leading to chaos when most ATMs ran out of money.
Lakhs of people stood outside banks for a third day today for long hours trying to replace 500 and 1,000 rupee bank notes.
Withdrawals from banks are limited to Rs. 10,000 a day and in ATMs, there will be restriction of Rs. 2,000 per day per card in the first few days, which will later be raised to Rs. 4,000 later. People can deposit the old notes of Rs. 500 and Rs. 1,000 in banks or post office accounts till December.
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