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
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.”
WITHDRAW THIS DRACONIAN DECISION— Mamata Banerjee (@MamataOfficial) November 8, 2016
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