Demonetising Rs 500, Rs 1,000 note: Who said what

The banned currency notes account for over 86% of the total Rs 16.42 lakh crore value of bank notes in circulation

GN Bureau | November 9, 2016


#Corruption   #Black Money   #Bank Notes   #Cashless Economy   #Rs1000   #Rs500  

(Photo: Twitter)

In a bold step, prime minister Narendra Modi on Tuesday announced demonetising Rs 500 and Rs 1,000 notes. He said that the decision will check corruption and black money. The decision has come soon after the September 30 deadline of the black money disclosure scheme under which income and assets worth Rs 65,250 crore were declared.

Here’s who what:


PM Narendra Modi
“The 500 and 1,000 rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper.”

 
RBI Governor Urjit Patel
“Notably, in recent years, fake Indian currency notes in high denominations — Rs 500 and Rs 1000 notes — has been increasing. The government has also observed the misuse of genuine high-denomination notes in terror-financing and also for holding black money… As of today, and over the past weeks and months, we have ramped up our production and are ready to meet such a requirement in the weeks and days to come”


State Bank of India Chairperson Arundhati Bhattacharya

“We will strive to restock ATMs at the earliest and make them operational. The Government has given enough exemptions to ensure urgent needs are met. We will work round the clock to ensure that customers have a smooth experience.”


ICICI Bank chief Chanda Kochhar

“It’s perhaps the most significant move ever taken to curtail the parallel economy. It will give a sharp boost to all formal channels of payments which in turn will help the formal economy to grow at a faster clip in the long term.”


HDFC Chairman Deepak Parekh

“It is a big reform which no one expected and will have a huge impact on people who are hoarding money and not disclosing money for tax purposes.”

Comments

 

Other News

Reform first, privatise later: Bibek Debroy to railways

Before privatisation and corporatisation, the Indian Railways need to undertake major reforms including commercial accounting, decentralisation and human resource among others, said Bibek Debroy, economist and member, NITI Aayog at Railways Reforms and Governance Conclave organised by Governance Now on Fri

NTPC plans for 32 GW installed capacity via renewable sources

NTPC Ltd has raised Rs 2,000 crore through green masala bonds in overseas market under its $4 billion medium term note programme, union minister Piyush Goyal informed the Lok Sabha. The proceeds of these bonds will be used for financing renewable energy projects in accordance with applicable

Big test for Palanisami

It’s been over a month since the power centre in Tamil Nadu shifted from Poes Garden to Greenways Road in Chennai. The thirteenth chief minister of the state, Edappadi K Palanisami, is taking baby steps to bring about a change in the state which has been battling political uncertainty for the past fe

A trowelful of empowerment

When her husband died last year, 60-year-old Chakkamma was not sure whether she would be able to have some money of her own: she has a son who looks after her, but she wanted to maintain a degree of independence. Opportunity came knocking when the Tamil Nadu government, as part of its Pudhu Vaazhvu (or new

Should Shiv Sena MP Ravindra Gaikwad be arrested for assaulting an Air India employee?

Should Shiv Sena MP Ravindra Gaikwad be arrested for assaulting an Air India employee?

Railways suffered over Rs 33,000 crore loss on passenger service: CAG

  The Railways was unable to meet its operational cost of passenger and other coaching services. During 2014-15, there was a loss of Rs 33,821.70 crore on passenger and other coaching services. The freight services earned a profit of Rs 38,312.59 crore which indicated that 88.28 percent

Video

जानिए क्यों ये किसान अर्धनग्न अवस्था में बैठे हैं जंतर मंतर पर

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter