There are many leaders, Bollywood celebrities and sportspersons who have hailed PM Narendra Modi’s bold move of demonetisation. Adding to the list is NITI Aayog CEO Amitabh Kant! In his tweet on Friday he wrote, “Making India a digital & a formal economy would’ve taken 15 years. #DeMonetisation will make this happen in 15 months. All leakages will end.” Recently Bill Gates also lauded PM Modi’s demonetisation move. Speaking at the second lecture series of Niti Aayog on transforming India, Gates said, “The bold move to demonetise high-value denomination notes with higher security features is an important step to move away from a shadow economy to an even more transparent economy. Digital transactions will rise dramatically here. In next several years India will become the most digitised economy, not just by size but by percentages. A more concerted shift to digital transactions will further enhance transparency and reduce leakage. India has all the pieces in place for a compelling vision for digital financial inclusion.”
Making India a digital & a formal economy would ‘ve taken 15 years.#DeMonetisation will make this happen in 15 months.All leakages will end.
— Amitabh Kant (@amitabhk87) November 18, 2016
Prime Minister Narendra Modi recently announced demonetisation of Rs 500 and 1000 currency notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption. In his 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. However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid.
Recently, the central government granted an exemption to “certain category of transactions” where old series of Rs 500 and Rs 1000 notes can be accepted. “The limit for such transactions is being extended from 14th November midnight to 24th November midnight,” Economic Affairs Secretary (EAS) Shaktikanta Das said. The old notes will be accepted at government hospitals, petrol bunks among others. Das said that RBI assured him that there was enough cash available for circulation in the system. Das also said that there will be separate queues for those visiting banks to swap old notes. Separate queues for senior citizens and “divyang” will also be implemented to ease the process of swapping currency.