Bollywood superstar Shah Rukh Khan has hailed Prime Minister Narendra Modi’s historic announcement of demonetization of Rs 500 and Rs 1000. In a tweet he heaped praise on the move saying this “will bring such a positive change for Indian economy. Great move.” Amid all the hullabaloo over the issue, he found the this as “Farsighted. Extremely smart. And not politically motivated”.
In an address to the nation, PM Narendra Modi had announced the abolition of high-value currency notes from Tuesday midnight in a move to wipe out black money, corruption and counterfeit currency from the nation. Soon after this, RBI Governor Urjit Patel introduced new currency notes of Rs 500 and Rs 2,000. It will be available in the banks and ATMs from November 11.
Farsighted. Extremely smart. And not politically motivated. Will bring such a positive change for Indian economy. Great move @narendramodi
— Shah Rukh Khan (@iamsrk) November 9, 2016
In his 40-minute address, first in Hindi and later in English, the Prime Minister said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.” 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.
ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.
38 years ago, in the year 1978, right after emergency was lifted from India, Janta Party government led by another politician from Gujarat Prime Minister Morarji Desai, had decided to demonitise Rs 1,000, Rs 5,000 and Rs 10,000 notes in a bid to combat corruption and black money. During that time too, people were as surprised by the decison as they are now with PM Narendra Modi’s move.