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India Bans 500, 1000 Denomination Currency Notes To Fight Corruption

Tuesday, November 8, 2016 20:44
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Fighting corruption in an unique and unimaginable way is what to be learned from Indian Prime Minister Narendra Modi lately. Tuesday, an official government announcement shook the country towards positive thinking that currency notes of bigger denominations of 500 and 1,000 would be withdrawn from circulation at midnight citing one more step towards crackdown on corruption and counterfeit currency.

The move will help the Modi government in bringing billions of rupees from unaccounted wealth into the mainstream economy. It will also hit the finances of Islamist militants hard who target the country by circulating fake currency notes of the denominations.

india-bans-500-1000-denomination-currency-notes-to-fight-corruption

The PM said, “Black money and corruption are the biggest obstacles in eradicating poverty.”

Modi further mentioned new 500 and 2,000 currency denomination notes will be issued later.

During the election campaign Modi’s Bharatiya Janata Party vowed to bring black money into the regular financial system.

Prior to the latest move Modi government raised about millions of black money through a tax amnesty allowing Indians to declare hidden income and assets.

India has usually blamed neighboring country Pakistan of harboring militants and attacking economically too by circulating fake currency notes.

Experts believe the new move is the biggest and bold in decades aimed at fighting graft.

Revenue Secretary Hasmukh Adhia said, “It is like a surgical strike on black money.”

Revenue Secretary Hasmukh Adhia said, “It is like a surgical strike on black money.”

On Wednesday and Thursday all the ATMs across India would not operate to facilitate currency replacement process. Over the period of next fifty days bank account holders can deposit the two denomination currency notes in banks and post offices.

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