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  


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

BJP will win all 26 LS seats from Gujarat in 2019: Vijay Rupani

Gujarat chief minister Vijay Rupani has claimed that the BJP will win all 26 Lok Sabha seats in the state in 2019 polls, thus repeating the 2014 general elections victory. Rupani was interacting with a group of reporters in Gandhinagar on Wednesday. Confident of the BJP’s win, Rupani denied C

Mumbai development plan 2034: Citizens, experts raise concerns

A public meeting was organised by the Urban Design Research Institute (UDRI) in Mumbai to discuss the concerns of citizens and urban planners on the recently released Mumbai development plan (DP) 2034.   The citizens and experts have expressed concerns regarding the shortage of time to

Actor Denzil Smith talks about his love for stage and more

Denzil Smith is a stage and film actor who has featured in several Indian and international productions that have achieved both critical and commercial success. Gurinder Chadha’s Viceroy’s House was based on partition in which he played the role of Jinnah. He also appeared in The Lunchbox a

Can the JD(S)-Congress combine give stable government in Karnataka?

Can the JD(S)-Congress combine give stable government in Karnataka?

Making palliative care child’s play

Sneha Sena is a unique attempt to integrate education and healthcare by bringing school children into the field of palliative care. In Kerala’s Alappuzha district, a government medical officer has decided to create an army of student volunteers to be part of the government’s pain

An African salient

To counter Beijing’s aggressive agenda in the Indian Ocean, New Delhi is seeking to create strategic bastions in Mauritius, Seychelles and Madagascar. The immediate provocation was China’s inauguration of its first overseas military base in Djibouti, in the Horn of Africa.

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter