Narendra Modi’s demonetisation policy: Difference between revisions

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	~~{{merge\|~~Indian 500 and 1000 rupee currency demonetisation~~\|reason=Article~~ on ~~this~~ ~~topic already exists\|date=November 2016~~}}		#REDIRECT ] {{R from merge}}
	{{Narendra Modi}}
	Indian Prime Minister, ] demonetisation policy, was launched on late evening (8 pm I.S.T.) of November 8, 2016.

	The decision was made, to discontinue Rs 1000 and Rs 500. Prime Minister Shri ] made these important announcements during a televised address to the nation on the evening of Tuesday 8th November 2016.

	Indian Currency banknotes of Rs 500 and Rs 1000, ceased to be legal tender from November 9 midnight 2016 (00:00 am ), ] as per the initiative <ref>{{cite web\|url=http://www.thehindu.com/news/national/narendra-modi-on-demonetisation-governments-commitment-to-rooting-out-corruption-unwavering/article9329321.ece\|title= Corruption fight\|work= The Hindu\|date =10 November 2016}}</ref>

	Persons holding old notes of five hundred or one thousand rupees can deposit these notes in bank or post offices from 10th November 2016 onwards till 30th December 2016, as per the policy .

	Notes of one hundred, fifty, twenty, ten, five, two and one rupee will remain legal tender and will remain unaffected by the policy.

	Shri Modi stated that on ] grounds notes of five hundred and one thousand rupees will be accepted, for a 'specified date time limit only', at government hospitals, pharmacies in government hospitals (with prescription of a doctor), booking counters for railway tickets, government buses, airline ticket counters, petrol, diesel and gas stations of PSU oil companies, consumer cooperative stores authorized by the state or central government, milk booths authorized by state government and crematoria, burial grounds<ref>{{cite web\|url=http://www.narendramodi.in/historic-announcements-on-ending-corruption-and-black-money-by-pm-five-hundred-and-one-thousand-rupee-notes-will-no-longer-be-legal-tender-from-midnight-tonight-533019\|title= Historic announcements by Prime Minister,Narendra Modi\|work= narendramodi.in\|date=8 November 2016}}</ref>.

	== Policy ==

	The demonetisation drive<ref>{{cite web\|url=http://timesofindia.indiatimes.com/india/Rs-500-and-Rs-1000-notes-pulled-out-of-circulation-immediately-PM-Narendra-Modi/articleshow/55315473.cms\|title= Notes out of circulation\|work= The Times of India\|date= 8 November 2016}}</ref> has been initated by Prime minister Narendra Modi, with an initaitive that demonetisation would help the ] fight corruption, terrorism, smuggling, drug menace and other social ills<ref>{{cite web\|url=http://m.firstpost.com/india/rs-500-rs-1000-note-ban-narendra-modis-demonetisation-move-a-death-knell-to-hawala-trade-3101610.html\|title= Corruption fight\|work=first post\|date=12 November 2016}}</ref><ref>{{cite web\|url=http://timesofindia.indiatimes.com/india/BJP-hopes-demonetisation-will-pay-rich-dividends-in-state-polls/articleshow/55359573.cms\|title=BJP policy\|work= The Times of India\|date=10 November 2016}}</ref>.

	Outlining the initiatives taken by the Modi Government to curb black money <ref>{{ cite web\|url=http://timesofindia.indiatimes.com/india/Demonetisation-move-to-create-corruption-free-India-PM-Narendra-Modi-says/articleshow/55329353.cms\|title= Curb black money\| work= The Times of India\|date =9 November 2016}}</ref>.The Prime Minister wanted to take advantage of this favourable situation and give the benefit to the poor and ordinary people by taking tough measures to unearth the black money <ref>{{ cite web\|URL=http://www.ndtv.com/india-news/demonetisation-part-of-pm-narendra-modis-swachh-bharat-mission-says-venkaiah-naidu-1624506?site=full\|title= Demonetisation \|work= ndtv.com\|date=12 November 2016}}</ref><ref>{{cite web\|url=http://timesofindia.indiatimes.com/india/Ban-on-currency-How-it-was-kept-a-secret-how-its-hurting-ministers/articleshow/55345737.cms\|title= Ban on currency\|work= the Times of India\|date=10 November 2016}}</ref><ref>{{cite web\|url=http://m.indiatoday.in/story/amit-shah-demonetisation-black-money-modi-masterstroke/1/808203.html\|title= Modi's Masterstroke to curb black money\|work= India Today\|date=11 November 2016}}</ref>.

	== Reactions of People==

	Several parties have expressed their views on implementation of the policy.<ref>{{cite web\|url=http://timesofindia.indiatimes.com/city/bengaluru/Demonetization-laudable-says-HC/articleshow/55381247.cms\|title= People are suffering\|work= The Times of India\|date=12 November 2016}}</ref><ref>{{cite web\|url=http://economictimes.indiatimes.com/news/economy/policy/move-to-demonetize-economy-will-help-bring-down-inflation-arvind-panagariya/articleshow/55368242.cms\|title=It will help bring down inflation\|work=Economic times\|date=12 November 2016}}</ref><ref>{{cite web\|url=http://www.hindustantimes.com/india-news/utility-bills-new-look-notes-atm-functioning-what-s-new-on-demonetisation/story-htGm93us77OtffUzmZtAQP.html\|title= People on Demonentisation\|work= Hindustan times\|date=11 November 2016}}</ref><ref>{{cite web\|url=http://m.indiatoday.in/story/delhi-arvind-kejriwal-demonetizationnew-currency-notes-exchange-old-currency-notes/1/808991.html\|title= Arvind Kejriwal opposes demonetization\|work=India Today\|date=12 November 2016}}</ref><ref>{{cite web\|url=http://www.financialexpress.com/india-news/demonetisation-rahul-gandhi-stands-in-que-says-pm-modi-wont-understand-peoples-trouble/443802/\|title= Rahul Gandhi in que\|work= Financial Express\|date=11 November 2016}}</ref>

	](IMF) has supported Prime Minister Narendra Modi's efforts to fight corruption by demonetizing 500 and 1000 rupees notes <ref>{{cite web\|url=http://www.business-standard.com/article/news-ani/imf-supports-pm-modi-s-demonetization-move-in-fight-against-corruption-116111100142_1.html\|title=Support by IMF\|work=business standard\|date=11 November 2016}}</ref>.

	The ] and several opposition parties, expressed their views on the Modi government’s move to demonetise Rs500/1000 notes<ref>{{cite web\|url=http://www.india.com/news/india/narendra-modi-governments-demonetisation-move-a-foolish-decision-aap-1642073/\|title= Aam Aadmi Party, speaks on Demonetisation\|work= India.com\|date=11 November 2016}}</ref><ref>{{cite web\|url=http://www.business-standard.com/article/news-ians/opposition-steps-up-attack-on-modi-over-demonetisation-116111001477_1.html\|title= Opposition steps up attack on policy\|work=Business Standard\|date= 10 November 2016}}</ref><ref>{{cite web\|url=http://www.thehindu.com/news/national/other-states/sp-bsp-object-to-demonetisation-says-its-akin-to-emergency/article9330411.ece.\|title= Demonetisation akin to emergency\|work=The Hindu}}</ref><ref>{{cite web\|url=http://www.hindustantimes.com/india-news/mayawati-mulayam-liken-currency-ban-to-emergency-demand-rollback/story-N53hc8jfKVRrL1aRUHdSbM.html\|title= Economic Emergency\|work= Hindustan Times\|date=11 November 2016}}</ref><ref>{{cite web\|url=http://mumbaimirror.indiatimes.com/mumbai/other/Shiv-Sena-slams-PM-Narendra-Modi-over-demonetisation-of-notes/articleshow/55350438.cms\|title= Shiv Sena speaks on demonetisation\|work= Mumbai Mirror\|date=10 November 2016}}</ref><ref>{{cite web\|url=http://m.indiatoday.in/story/demonitisation-centre-pm-narendra-modi-uddhabv-thackeray-bjp/1/809021.html\|title= Uddhabv Thackery ,on demonetisation\|work=India Today\|date=12 November 2016}}</ref>.

	==Review of Demonetisation==

	On the wee hours of Monday morning, 14 November 2016, Prime Minister, ] held a meeting with senior ministers to review demonetisation and its impact<ref>{{cite web\|url=http://timesofindia.indiatimes.com/india/PM-Narendra-Modi-holds-late-night-meeting-with-senior-ministers-on-demonetisation/articleshow/55407444.cms\|title=PM holds late night meeting\|work=The Times of India\|date=14 November 2016}}</ref>, the meeting came as a result of chaos within the ], public getting angered on surprise demonetisation of two high currency notes.<ref>{{cite web\|url=http://www.ndtv.com/india-news/pm-modi-holds-meeting-with-senior-ministers-on-demonetisation-1625049?site=full\|title= PM helds meeting with senior ministers\|work= Ndtv.com\|date= 14 November 2016}}</ref>

	* The limit for such transactions, of old Rs 500 and Rs 1000 has been extended from 14th November midnight to 24th November midnight.

	== References ==
	{{DEFAULTSORT:Narendra Modi's demonetisation policy}}
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