Indian Prime Minister Narendra Modi has announced that the 500 and 1000 Rupee banknotes will be withdrawn from the financial system overnight.

#1. The biggest and surprise move, announced on Tuesday evening, is part of a crackdown on corruption and unlawful cash holdings.
#2. Banks will be shut on Wednesday and ATM machines won’t work.

#3. India is overwhelmingly a money economy. New 500 and 2,000 Rupee section notes will be issued to replace those removed from circulation.

#4. ” The biggest obstacles in eradicating poverty is Black money and corruption,” Mr Modi said.

#5. Individuals will have the capacity to trade their old notes for new ones at banks throughout the following 50 days however they will never again be legitimate delicate.

#6. The announcement prompted people across the country to rush to ATMs that offer 100 rupee notes in an attempt not to be left without cash over the next few days.

#7. The move is designed to lock out money that is unaccounted for – known as “black money ” – which may have been acquired corruptly, or be being withheld from the tax authorities.

#8. Finance Secretary Shaktikant Das warned people with large stashes of hidden cash that banks would closely monitor the exchange of old notes for new ones.

To take the Black money out and to deal with poverty this is the Great step taken by Mr. Narendra Modi Sir. This information is worth sharing. Share this article more and more and aware your friends and loved ones.

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