New Delhi: Prime Minister Narendra Modi in a disruptive but deft move took a giant step towards curbing black money by demonetising Rs 500 and Rs 1,000 currency notes.
Backing the move, BJP president Amit Shah described the decision as fulfilment of the NDA’s promise to eradicate black money while the Opposition parties called the move hasty and ill-timed, coming as it does in the season of harvest and marriages.
While the move seemed timely, to convey to the people of poll-bound Uttar Pradesh about how serious the NDA government is about curbing black money, it may adversely affect the supply of essential commodities like fruits and vegetables on Wednesday morning as wholesalers transact their business only in cash and the unavailability of '500 and 1,000 notes will hit them hard.
Among the waivers, hospitals, petrol stations, notified milk vends and air and rail ticket counters will continue to accept Rs 500 and Rs 1,000 notes till November 11 midnight.
“To minimize the difficulties of citizens in the coming days, several steps are being taken,” announced the PM. “Persons holding old notes of Rs 500 or Rs 1,000 can deposit these notes in their bank or post office accounts from November 10 till close of banking hours on December 30, 2016, without any limit,” Prime Minister Narendra Modi said assuring that people need not worry about their money.
A Tughlaki farman: Congress
The ruling BJP described the Narendra Modi government’s demonetisation of Rs 500 and Rs 1,000 currency notes as a “surgical strike on the menace of corruption and black money”, while the Congress raised several questions and described the new policy as a “Tughlaqi farman”. The BJP said the move will “go a long way in bringing economic prosperity (to) the lives of the poor, the middle class and the neo-middle class”.
