1. Modi government’s crackdown against blackmoney: Here’s what prominent people had to say on Twitter

Modi government’s crackdown against blackmoney: Here’s what prominent people had to say on Twitter

In a major announcement that rattled the nation, Prime Minister Narendra Modi on Tuesday abolished Rs 500 and Rs 1,000 notes effective midnight.

By: | Published: November 8, 2016 10:21 PM
In a major announcement that rattled the nation, Prime Minister Narendra Modi on Tuesday abolished Rs 500 and Rs 1,000 notes effective midnight. (PTI) “Currency notes of Rs 1,000 and Rs 500 will be just paper with no value,” PM Narendra Modi said. (PTI)

In a major announcement that rattled the nation, Prime Minister Narendra Modi on Tuesday abolished Rs 500 and Rs 1,000 notes effective midnight. “Currency notes of Rs 1,000 and Rs 500 will be just paper with no value,” Modi said. He said the move was aimed at curbing the negative impact of fake currency, black money, corruption and terrorism on the nation’s economy. New notes of Rs 500 and Rs 2,000 would be released and circulated soon. ATMs will not work on November 9, and at some places on November 10 as well. The news comes days after Twitter was buzzing with photos of bundles of currency notes of Rs 2,000 that were being shared with the idea that the Reserve Bank of India might be issuing them into the market soon. The announcement was met with immediate shock and confusion across social media. This is how experts, industrialists, economists reacted on Twitter:

There is also no need to panic for the common man, as the government has given people time from November 10 to December 30, 2016 to deposit their old notes at the bank without any limit. There will be a limit on the withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days. The government has accepted the recommendations of the RBI to issue Two thousand rupee notes and new notes of Five hundred rupees will also be placed in circulation. Notes of one hundred, fifty, twenty, ten, five, two and one rupee will remain legal tender and will remain unaffected by the decision today. There is no restriction on any kind of non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.

  1. S
    Sam
    Nov 8, 2016 at 10:03 pm
    I am in the USA. Just called State Bank of India and was told that they will not take my notes, which I keep for my occasional trips to India.Too bad. The next time Modi comes to the US looking for money, he can get by $500 and $1000s with zero value.One would think that State Bank of India would exchange the notes and note down our information. This is good money that we are talking about.
    Reply
    1. S
      Sandeep
      Nov 9, 2016 at 1:52 am
      I just courired my amount to India throgh post. Dont cry .you are making in dollars . Just welcome the change
      Reply
      1. A
        Anuj
        Nov 8, 2016 at 5:59 pm
        Whats gonna be the economic effect of this change in currency supply ...
        Reply
        1. Y
          yoda
          Nov 9, 2016 at 12:59 am
          You can exchange until the end december... So you do have time! Just show up with ideny.
          Reply
          1. Harish Advani
            Nov 8, 2016 at 11:56 pm
            Technically and according to the letter of the law you are not allowed to carry any Indian currenct into and out of India. I appreciate we all do carry small sums to pay for taxis/tips etc.
            Reply
            1. K
              krishnasamy
              Nov 8, 2016 at 6:09 pm
              5555556555555555555555555
              Reply
              1. K
                krishnasamy
                Nov 8, 2016 at 6:08 pm
                modiji pls convert the paper form of registration of houses etc to electronic form to remove corruption in registration office.also the properties shall be in demat form only krishnasamy
                Reply
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