NO MORE BLACK MONEY IN SWISS BANK : PM TAKES A STAND TO CURB FAKE MONEY AND BLACK MONEY ISSUE FOR SAFE ECONOMY

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•Old Rs 500, Rs 1000 notes illegal from midnight; new notes to be issued

•Citizens have 50 days from Nov 10 to return notes at banks, post offices

•1.25 lakh crores of black money has been recovered, says PM Modi

New Delhi 8 November, 2016 (GPN)  : Prime Minister Narendra Modi is addressing the country tonight, delivering a speech first in Hindi and then English.

The PM met a few hours ago with all three military chiefs amid major ceasefire violations by Pakistan in Jammu and Kashmir.

Here are the highlights from his address:

Some important decisions and some serious issues to share.

New 500 Rupee notes specimen.

New 500 Rupee notes specimen.

New 500 Rupee notes specimen-back side of note

New 500 Rupee notes specimen-back side of note

When you elected this government in 2014, world was talking about India being shaky economically. But India is now an economic star – this is what IMF and World Bank are saying.

Sab ka sarkaar, sab ka vikas – governance and progress for all is our motto. We are focused on empowerment of the poor. A series of schemes we have introduced all aim at this. This is a government for our farmers.

Corruption and black money are diseases rooted in this country, they are obstacles to our success.

We are among fastest-growing economies, but we also rank so high in global corruption rankings.

Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror – this has been proven repeatedly.

Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror – this has been proven repeatedly.

Our measures to check black money are paying off. A voluntary disclosure scheme for undeclared money saw a good response. A Special Investigating Team is making progress to identify who has sent money abroad.

1.25 lakh crores of black money has been recovered.

We need to take a new solid step to fight black money. From now on, Rs 500 and Rs 1000  notes will not be used. Have 50 days to turn them into banks and post offices.

On November 9 and in some places on November 10, ATMs will not work.

Respite for people for the initial 72 hours, government hospitals will accept old Rs 500 and 1000 notes till 11 November midnight.

Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.

Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11.

There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.

Those unable to deposit Rs 1000, Rs 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof

Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value.

New 2000 Rupee Notes specimen

New 2000 Rupee Notes specimen

New 2000 Rupee notes specimen - Back side of note

New 2000 Rupee notes specimen – Back side of note

Earlier last month on 12th October, 2016 Andhra Pradesh Chief Minister N Chandrababu Naidu claimed that out of the Rs 13,000 crore of black money declared in Hyderabad under a recent scheme, Rs 10,000 crore belonged to a single individual, in apparent hints towards his political rivals.

He also demanded immediate abolition of currency notes of Rs 1,000 and Rs 500 denominations to curb black money .

“Out of the Rs 65,000 crore disclosed across the country, Rs 13,000 crore was declared in Hyderabad and, out of it, Rs 10,000 crore by a single individual. Who is that, we can’t know as per law. Is it possible for a businessman to declare such huge money,” he told a press conference in his new office at Velagapudi.

“In the future, in 2-3 or 5 years, they will again regularise black money , depending on their need. You just pay 40-45 per cent penalty and the rest becomes white. Isn’t that better? Nobody can question. Now, there will no social stigma as well,” Chandrababu said.

Noting that politics has become a “shelter” for corrupt people, Andhra Pradesh Chief Minister N Chandrababu Naidu today reiterated his demand for immediately abolishing currency notes of Rs 1000 and Rs 500 denominations to curb black money in the country.

The Chief Minister said once these currency notes are abolished, it would also put an end to “buying of votes”.

“In course of time, we have to go for total bank accounts. We have to bring in that culture. One, you have to regulate and two, you have to bring in that culture. Then it will curb the evils,” Chandrababu said.

“A smartphone is enough to deal with everything. Be it shopping, travelling, money transaction or even if you have to spend money abroad, a smartphone is enough,” he said.

Referring to the Centre’s recent income disclosure scheme, the Chief Minister said an effort was made (to unearth black money).

“Out of the Rs 65,000 crore disclosed across the country, Rs 13,000 crore was declared in Hyderabad and, out of it, Rs 10,000 crore by a single individual. Who is that, we can’t know as per law. Is it possible for a businessman to declare such huge money,” he said.

“In the future, in 2-3 or 5 years, they will again regularise black money, depending on their need. You just pay 40-45 per cent penalty and the rest becomes white. Isn’t that better ? Nobody can question. Now, there will no social stigma as well,” Chandrababu said.

“If compulsory bank transactions were introduced, it would eliminate the need for money. The lust for money will also be gone and then everybody will earn money in a genuine way,” he added.

Stating that India was the only country that could achieve double digit (economic) growth in the future, the Chief Minister stressed on the need for totally eradicating black money.

“We are the biggest market in the world. After the Chinese economy diminished, the world is looking towards India. We are very strong in technology, we have the demographic dividend and also leadership. India is in a position to become a superpower,” Chandrababu said.

Also Read :

http://globalprimenews.com/2016/10/03/5377-crore-tax-to-be-recovered-from-illegally-kept-money-in-swiss-banks-centre-tells-supreme-court/

http://www.globalprimenews.com/2016/10/03/

About the Author

Sachin Murdeshwar
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.

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