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DEMONETIZATION of
Rs. 1000 & Rs. 500 Notes in INDIA |
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Date-wise Events |
- November 08, 2016: PM of
India, Narendra Modi, announced the abolition of Rs 500 and
Rs 1000 currency notes with effect from 8th November
midnight.
- November 09, 2016: All ATMs
and other cash machines remained shut on this day to
facilitate recalibration.
- November 10, 2016: Some
ATMs and cash machines were also shut on this day to
facilitate recalibration.
- November 11, 2016:
International Monetary Fund (IMF) has favoured the
initiative taken by the Indian Prime MInister towards
demonetisation of the old high denomination currency notes
for curbing te circulating black money in the country.
- November 18, 2016:
Anti-corruption crusader, Anna Hazare, has
lauded the Government's decision to demonetize 500 and 1000
rupee notes; he termed such government's action as "BOLD
& REVOLUTIONARY". He added that this step will curb
black money, corruption and terrorism funding to a large
extent. He also said that the previous governments never
showed the will to crackdown on black money.
- December 28, 2016: The
Indian Cabinet approved:
- Promulgation of an ordinance to impose
penalty, including a jail term, for possessing
the scrapped 500 and 1000 rupee notes beyond the cut-off
date.
- An ordinance to amend the RBI Act to
extinguish the liability of the government and
the central bank on the demonetized high-denomination
notes to prevent future litigations.
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Description |
- This demonetization of the currency notes is seen as a
major strike on the fake currency, black money and
corruption prevailing in the country.
- According to his address to the nation that was aired
tonight, the PM said that the people having custody of Rs
500 and Rs 1000 notes can get them deposited in their bank
accounts and post offices from November 10, 2016 to December
30, 2016.
- He also said that the notes of lower denomination like
Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 will
continue to be accepted. Moreover, the coins will also
remain valid.
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