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

Revamp BMC Engineering Department for better governance, says think tank

Calling for reforms in the Engineering Department of BMC, Mumbai Vikas Samiti, a not-for-profit organisation has said that less than optimum performance of Engineering Function has added to the woes of citizens and deterioration in the quality of life in the metro. In its recently released r

NGO hails Maharashtra move to amend Insecticide Act

Hailing the Maharashtra government for introducing a bill to amend the Insecticide Act, 1968, Pesticide Action Network (PAN) India has called the amendments ‘very  focussed’ and urged the state to expand their scope to address other challenges. The bill, introduced in the a

‘Garba of Gujarat’, now a Unesco Intangible Cultural Heritage

`Garba of Gujarat` has been inscribed in the Representative List of Intangible Cultural Heritage (ICH) of Humanity by UNESCO, under the provisions of the 2003 Convention for the Safeguarding of Intangible Cultural Heritage during the 18th meeting of the Intergovernmental Committee for the Safeguarding of t

Cyber frauds helpline has helped save Rs 930 crore

Since its inception, Citizen Financial Cyber Fraud Reporting and Management System has witnessed more than 12.77 lakh complaints registered (till November 15, 2023), and has saved more than Rs. 930 crore in more than 3.80 lakh complaints. This was stated by minister of state for home affair

COP28 discusses climate resilient development in Himalayas

Impacts and implications of Climate Change Vulnerability in the Himalayan Region and ways of creating ‘Climate Resilient Development in Indian Himalayan Region by making mountain communities green and resilient were discussed the side event hosted at the India pavilion at the UN Climate Conference CO

Air Pollution: What needs to be done to tame the silent killer

Air pollution in Delhi has been in headlines, as every year in recent times. Mumbai too has suffered from air pollution, despite being a coastal city. Apart from many other metros such as Bangalore and Kolkata, tier-I and -II cities and rural areas also have high pollution levels. Every year reports and st

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter