The ashtonishing speech given by Prime Minister, Narendra Modi, today has sent the country into a frenzy. PM Narendra Modi has declared all 500 and 1000 rupee notes to be discontinued from tonight 12 AM itself. He is delivering the speech first in Hindi and then in English.

1000-rupee-notes-disontinued

A lot of powerful points have been made by him. Here are the highlights from his Speech related to this matter:

  • Corruption and black money are making devastating effects on this country, they are obstacles to the country’s growth and success.
  • India is among the fastest-growing economies, but it still ranks high in global corruption rankings.
  • Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror – this has been proven repeatedly.
  • All the measures to check black money are paying off. A voluntary disclosure scheme for undeclared money saw a good response. A Special Investigating Team is making progress to identify who has sent money abroad.
  • 1.25 lakh crores of black money has been recovered.
  • We need to take a new solid step to fight black money. From tonight, Rs. 500 and Rs. 1000  notes will not be used anymore. 50 days have been given to turn all the notes to banks and post offices.
  • On November 9 and in some places even on November 10, ATMs will not be functional.
  • Respite for people for the initial 72 hours have been made as the government hospitals will accept old 500 and 1000 rupee notes till 11 November midnight.
  • Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.
  • Crematoriums and cemeteries will also be allowed to transact 500 and 1000 rupee notes till November 11.
  • There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
  • Those unable to deposit 500 and 1000 rupee notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof.
  • Notes of Rs. 2000 and Rs. 500 will be circulated soon but RBI has decided to limit all the notes with higher value.

This move by PM Narendra Modi is quite huge despite the fact that it will cause major inconvenience to the population in its initial phase but we need to look at the bigger picture here. The nation has been facing the problem of black money and fake currency for decades and it was time to take such a powerful step to eradicate it.

Whether it’s a good move or plain idiocracy. What are your thoughts about this?