Govt Bans Rs 500 And Rs 1,000 Notes; Move Will Cure Realty Of Many Ailments In Long Term
Little did I know I would soon be soon cured of my illness as soon as the Prime Minister drops the demonetisation word, when I informed my office I was unwell and not coming to office on November 8. However, when a sudden volley of questions and conjectures from my friends on social media platforms, especially the ones with a slightly rebellious disposition, drew my attention, I knew something big had happened. A few scrolls on my Facebook and Twitter walls were enough to educate me that Prime Minister Narendra Modi had announced on national television that the currency notes of Rs 500 and Rs 1,000 denominations were going to be discontinued, a move aimed at unearthing black money. These would cease to be "legal tender" in just a few hours from the time of announcement and become just “worthless pieces of paper”.
In his rare unannounced address to the nation late-on Tuesday evening, the prime minister highlighted that the issue of corruption and the flow of black money into the economy were some of the most pressing issues facing the country. He expressed his intent to eliminate these issues, and explained that the demonetisation of these currency notes would go a long way in cracking down on black money.
While the Rs 500 and Rs 1,000 notes became invalid for all market transaction from the stroke of midnight on November 8, you could still use the ones you already have at some specific outlets and institutions like railway, bus and air ticket counters. You would, in any case, have to get these exchanged with new notes or those of smaller denomination within 50 days (between November 10 and December 31).