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

Vice presidential election on August 5

The election of the vice president will take place on August 5, said the Election Commission of India on Thursday.   The term of vice president Hamid Ansari ends on August 11.   "The date of polling will be August 5. Counting will be done on

Why #NotInMyName can’t be in my name

 It was big. It was energetic. It was emotional and soul awakening. It was the need of the hour. Its message was loud and clear. But #NotInMyName cannot be in my name. The #NotInMyName protest is a demonstration that was scheduled in Delhi and in some 21 cities across the country on June 28

Why Gorkhaland is an idea whose time has come

Darjeeling and the neighbouring areas are burning once again after the fire of the demand for Gorkhaland state was ignited by the West Bengal government’s provocative action in trying to impose Bengali language on the Gorkhali speaking majority in the hill districts in the north of the state. Three p

India stares down the dragon

India is increasingly turning to defence diplomacy to gain strategic depth in its neighbourhood and beyond, a move that is expected to checkmate China’s muscular domination. Defence as a tool of diplomacy is helping India to win over friendly countries who are currently witnessing a lot of

Recalling a time when BJP opposed GST

The Bharatiya Janata Party is today going to town over the Goods and Services Tax (GST). But, there was a time in the recent past when the party opposed it tooth and nail, with the Gujarat government, then led by Narendra Modi, describing it as “retrograde in nature and completely against the tenet

No water in a reservoir that supplies Chennai

There is not even a drop of water in Cholavaram reservoir, says an officer from Chennai metropolitan water supply and sewerage board. The Cholavaram reservoir, one of the main water sources to Chennai, currently has zero million cubic feet (mcft) of water, according to data provided by Chennai me





Video

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter