Revision as of 08:15, 16 November 2016 editWinged Blades of Godric (talk | contribs)Autopatrolled, Extended confirmed users, Pending changes reviewers, Rollbackers40,041 edits Undid revision 749813172 by Hydloc009 (talk)Please have a clear understanding of the policies............← Previous edit | Revision as of 08:22, 16 November 2016 edit undoWinged Blades of Godric (talk | contribs)Autopatrolled, Extended confirmed users, Pending changes reviewers, Rollbackers40,041 edits Merged page to Indian 500 and 1000 rupee note demonetisationTag: Visual edit: SwitchedNext edit → | ||
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#REDIRECT ] {{R from merge}} | ||
{{Narendra Modi}} | |||
{{wikinews|India discontinues ₹500, ₹1000 denominations; releases ₹2000 and new ₹500 bills}} | |||
Indian Prime Minister, ] demonetisation policy,<ref>{{cite web|url=http://www.financialexpress.com/economy/demonetisation-different-ways-of-demonetisation-demonetisation-by-modi-explained-rs-500-rs-1000-banned/445139/|title= What is demonetisation?|work=Financial Express|date= 14 November 2016}}</ref> was launched on late evening (8 pm I.S.T.) of November 8, 2016. The objective of move was to gain accountability of cash used in country. The move aims to thwart black money, by demonetisation of two big notes of Indian currency. Usage of cash has become a Government registered move from then. | |||
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> | |||
People having old notes of five hundred or one thousand rupees have to deposit the notes in bank or post offices from 10th November 2016 onwards till 30th December 2016, as per the policy . | |||
Other Indian currency, Notes of one hundred, fifty, twenty, ten, five, two and one rupee remained legal tender and are not in demonetisation policy. Other transcations methods,such as ] using debit or credit cards, were also not in demonetisation policy. | |||
Narendra Modi announced as part of policy on 8 November 2016, that , notes of five hundred and one thousand rupees will be accepted, for a 'specified date time limit only', all under authorised ] Government centres and usage for medical purposes , including Government hospitals.Booking of Indian Railway tickets, transport tickets both by land and air. Fuel stations of consumer petrol, diesel and government gas services. | |||
Consumer stores , which are ] authorized, either at State or National level,milk centres and crematoria, burial grounds. | |||
* The current reviewed date for the ] based, selectively allowed under, transactions with demonetisated currency denominations, as per ] has been extended till midnight (I.S.T.) of 24 November 2016, payment of medical bills, usage at crematoria, burial grounds, vehicle and domestic fuel purchases, milk booths, with legal ] and receipt collection of transactions. | |||
The purpose of above move is to make ] of cash and it should be reflected in ] official Records. All other forms of unaccounted money will be considered as black money. Government authorized identity cards, such as ] card, ], were used to monitor cash accountability, while deposition of cash money, in Government banks or Post offices. | |||
== 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,<ref>{{cite web|url=http://economictimes.indiatimes.com/news/politics-and-nation/my-justice-is-a-little-karak-like-my-chai-pm-narendra-modi/articleshow/55413316.cms|title= Demonetisation will uproot corruption|work=Economic Times|date=14 November 2016}}</ref> terrorism, smuggling, drug menace and other social ills and also to target people with unaccounted cash.<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>The initiative was done secretly due to deliberate reasons as outlined by Modi and addressed to public.<ref>{{cite web|url=http://www.bbc.com/news/world-asia-india-37961975|title= The move had to be kept secret|work=BBC.com|date=12 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 vision in implementation of this policy was to give the benefit to the poor and ordinary people by taking strict 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>In a cautionary notice Modi has informed people, not to get into false traps, of depositing someone else cash, handed over to them, into their accounts. | |||
The Prime Minister requested the people of India,<ref>{{cite web|url=http://www.nytimes.com/2016/11/14/world/asia/narendra-modi-defends-currency-move-as-millions-in-india-scramble-for-cash.html?_r=0|title= Modi address people|work=The New York Times|date= 13 November 2016}}</ref>to cooperate and have patience for next 50 days, on his demonetisation decision.<ref>{{cite web|url=http://indianexpress.com/article/india/india-news-india/demonetisation-of-rs-500-rs-1000-notes-pm-modi-bear-pain-for-50-days-then-punish-me-4373933/|title= Modi to people|work= Indian Express|date= 14 November 2016}}</ref> Modi, has expressed his views that demonetisation is not the end, to fight against black money,and more measures can be taken after 30 December 2016.<ref>{{cite web|url=http://m.indiatoday.in/story/narendra-modi-demonetisation-currency-black-money-surgical-strike/1/809521.html|title= Narendra Modi, more measures likely|work= India Today|date=13 November 2016}}</ref> | |||
Mr. Modi mentioned about recent demonetisation of Rs 500 and Rs 1,000 notes, in his speech and added that the step taken was important, as many people had still kept undeclared amount with them. He also mentioned about his Government policy of ''Jan Dhan Yojna'' and said that accounts for the poor were opened when they had no money.<ref>{{cite web|url=http://www.financialexpress.com/india-news/demonetisation-was-need-of-the-hour-says-pm-narendra-modi/444368/|title=Demonetisation need of the hour|work= Financial Express|date=12 November 2016}}</ref> | |||
Narendra Modi said while addressing an event in Goa on 13 November 2016, that he needed 50 days for overcoming crisis.<ref>{{cite web|url=http://www.news18.com/news/india/demonetisation-in-emotional-speech-pm-narendra-modi-asks-indians-to-put-up-with-currency-crunch-for-50-days-1311584.html|title= Emotional speech by PM Narendra Modi on demonetisation|work=news18.com|date=13 November 2016}}</ref><ref>{{cite web|url=http://zeenews.india.com/news/india/demonetisation-pm-modi-seeks-50-days-to-overcome-crisis-says-more-anti-graft-measures-on-anvil_1949381.html|title= Modi seeks, 50 days to overcome crisis|work=zeenews|date= 13 November 2016}}</ref> | |||
Narendra Modi on the birth anniversary of late ] of ] ], commented on his demonetisation policy, as an initiative to help poor, as in envisioned by ].<ref>{{cite web|url=http://m.firstpost.com/politics/pm-narendra-modi-on-demonetisation-govt-has-implemented-nehrus-vision-3104592.html|title=Modi defines his demonetisation policy|work=First post|date=14 November 2016}}</ref><ref>{{cite web|url=http://timesofindia.indiatimes.com/india/In-poll-bound-Uttar-Pradesh-Narendra-Modi-invokes-Jawaharlal-Nehru/articleshow/55413405.cms|title= Modi invokes Nehru|work=The Times of India|date= 14 November 2016}}</ref> | |||
Modi has claimed during an address to public, that his demonetisation policy,will help poor.<ref>{{cite web|url=http://www.thehindu.com/news/national/prime-minister-narendra-modi-address-a-parivartan-yatra-rally-at-ghazipur/article9343823.ece|title= Modi addresses people|work=The Hindu|date=14 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) had 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> | |||
Modi’s demonetisation policy has been considered as big move to combat ]. The step can uncover as much as Rs4.6 trillion of unaccounted money, according to ], though opinions are mixed on whether this would curb future tax evasion.<ref>{{cite web|url=http://www.livemint.com/Politics/TybBluoC9cdJov1d9RFvdN/Narendra-Modi-midterm-scorecard-brightened-by-antiblackmon.html|title= Narendra Modi, score card brightened|work= Live mint|date=14 November 2016}}</ref> | |||
According to The Confederation of Indian Industry,<ref>{{cite web|url=http://www.business-standard.com/article/economy-policy/demonetisation-move-gives-room-to-rbi-to-cut-rates-cii-116111300823_1.html|title= CII views on demonetisation|work=business standard|date= 14 November 2016}}</ref> India's cash dependence is extremely high with a currency-GDP ratio of around 12 per cent compared to 4-5 per cent in other developing countries, one of the reason the government demonetised Rs 500 and Rs 1,000 notes.<ref>{{cite web|url=http://economictimes.indiatimes.com/news/politics-and-nation/confederation-of-indian-industry-hails-narendra-modis-demonetisation-as-masterstroke/articleshow/55406519.cms|title=Indian Industry hails Demonetisation as master stroke|work=Economic Times|date= 14 November 2016}}</ref> | |||
Modi' image as a ] and a no-nonsense ] stands enhanced at this point, after few days of demonetisation drive.<ref>{{cite web|url=http://m.firstpost.com/politics/demonetisation-narendra-modi-wins-perception-points-but-could-lose-them-fast-3104322.html|title= Public perception,Modi go getter|work=First Post|date=14 November 2016}}</ref> | |||
Modi showed confidence that the people of India are in support with his demonetisation move and several parties also are in support of initiative.<ref>{{cite web|url=http://indianexpress.com/article/india/india-news-india/nda-stands-behind-pm-narendra-modi-on-demonetisation-4375500/|title=NDA stands behind Modi, on demonetisation|work=Indian Express|date=14 November 2016}}</ref> | |||
Modi's demonetisation move has garnered, him attention from foreign media, and comparison with ] founding father ]. <ref>{{ cite web| url=http://zeenews.india.com/news/india/foreign-media-hails-pm-modis-bold-currency-move-compares-him-with-singapores-lee-kuan-yew_1949670.html|title=Modi currency move gains foreign comparisons|work=zeenews.India|date=15 November 2016}}</ref><ref>{{cite web|url=http://m.huffingtonpost.in/2016/11/14/why-pm-narendra-modi-is-making-headlines-in-singapore-for-his-s/|title= PM Narendra Modi,making headlines in Singapore|work=Huffington post|date= 14 November 2016}}</ref> | |||
==Review of Demonetisation== | |||
The force of demonetisation started at midnight of Wednesday the 9th of November, and The Prime Minister was abroad from the next day, Thursday;<ref>http://www.thehindu.com/news/national/indiajapan-nuclear-deal-will-india-accept-a-nullification-clause/article9330228.ece?utm_source=InternalRef&utm_medium=relatedNews&utm_campaign=RelatedNews</ref> for a series of high-level meetings in Japan, returning on the weekend of the 12th.<ref>http://economictimes.indiatimes.com/news/politics-and-nation/pm-narendra-modi-returns-home-after-japan-visit/articleshow/55395333.cms</ref> On the wee hours of Monday morning, 14 November 2016, Prime Minister, ] held a meeting with senior ministers to review demonetisation<ref>{{cite web|url=http://www.financialexpress.com/economy/pm-narendra-modi-reviews-demonetisation-process-here-are-the-12-things-decided-at-the-meeting/445210/|title= Narendra Modi Demonetisation process reviewed|work=Financial Express|date=14 November 2016}}</ref> 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> | |||
* In the reviewed discussion release, few transactions can be done with, old Rs 500 and Rs 1000. The period of these transactions has been extended from 14th November midnight to 24th November midnight.<ref>{{cite web|url=http://www.hindustantimes.com/india-news/pm-modi-holds-late-night-meeting-with-senior-ministers-on-demonetisation/story-lZh6sIfH9UWgjf0Lq70BJO.html|title= Modi, holds late night meeting with senior ministers|work= Hindustan Times|date= 14 November 2016}}</ref> | |||
The ], has supported the demonetisation, along with concerns for common man<ref>{{cite web|url= http://www.ndtv.com/india-news/surgical-strike-or-carpet-bombing-people-suffering-top-court-on-notes-ban-1625670?site=full|title= People should not suffer|work=ndtv.com|date=15 November 2016}}</ref>, refusing to apply a stay on ban, as filed by petitioners.<ref>{{cite web|url=http://timesofindia.indiatimes.com/india/Supreme-Court-refuses-to-stay-ban-on-Rs-500-Rs-1000-notes/articleshow/55433955.cms|title= Supreme Court refuses to stay, ban|work=The Times of India|date=15 November 2016}}</ref><ref>{{cite web|url=http://www.financialexpress.com/india-news/supreme-court-seeks-centres-affidavit-on-pils-filed-to-challenge-demonetisation-move/446252/|title= Supreme Court, reply to petitioners|work=Financial Express|date=15 November 2016}}</ref> | |||
== Debate on demonetisation in Winter session of Parliament == | |||
A debate on demonetisation in winter session of ],<ref>{{cite web|url=http://www.dnaindia.com/india/report-demonetization-debate-likely-to-hot-up-winter-session-didi-to-knock-on-president-s-door-2273770|title= Debate on demonetisation, in winter session|work=DNA India.com|date=15 November 2016}}</ref> which will happen on 16 November 2016.<ref>{{cite web|url=http://timesofindia.indiatimes.com/india/Demonetisation-People-battle-it-out-at-banks-netas-ready-for-war-in-Parliament/articleshow/55424673.cms|title= Winter Session debate|work=The Times of India|date=15 November 2016}}</ref><ref>{{cite web|url=http://www.business-standard.com/article/current-affairs/winter-session-oppn-to-target-govt-on-demonetisation-orop-gst-116111401558_1.html|title=Opposition to target government on demonetisation|work=Business Standard|date=15 November 2016}}</ref><ref>{{cite web|url=http://www.thehindu.com/news/national/live-november-15-2016-effect-of-demonetisation-of-rs-500-rs-1000-notes/article9348006.ece|title=Government and Opposition prepare for winter session of Parliament, on demonetisation|work=The Hindu|date=15 November 2016}}</ref><ref>{{cite web|url=http://zeenews.india.com/news/india/demonetisation-janata-dal-u-gives-suspension-of-business-notice-as-parties-gear-up-for-war-in-parliament_1949763.html|title= Parties gear up for debate on demonetisation|work=zeenews.India.com|date=15 November 2016}}</ref><ref>{{cite web|url=http://economictimes.indiatimes.com/news/politics-and-nation/opposition-parties-agree-to-raise-notes-issue-in-session/articleshow/55424453.cms|title= Parties agree to raise notes issue in session|work=Economic Times|date=15 November 2016}}</ref>. | |||
Prime Minister Narendra Modi, has urged all the ], to support<ref>{{cite web|url=http://www.financialexpress.com/india-news/pm-modi-urges-leaders-to-cooperate-on-black-money-corruption-at-all-party-meet/446559/|title=PM Modi,requests everyone to support|work=Financial Express|date= 15 November 2016}}</ref>, demonetisation in the winter session.<ref>{{cite web|url=http://indianexpress.com/article/india/india-news-india/pm-narendra-modi-asks-all-parties-to-support-demonetisation-in-winter-session-4377224/|title= Modi urges parties to stand together|work=Indian Express|date= 15 November 2016}}</ref><ref>{{cite web|url=http://zeenews.india.com/news/india/ahead-of-parliaments-winter-session-pm-modi-urges-all-parties-to-cooperate-on-issues-of-black-money-corruption_1949994.html|title= PM urges to cooperate|work=zeenews.India.com|date=15 November 2016}}</ref> | |||
The winter session of Indian Parliament received a tough start on debate of demonetisation <ref>{{cite web|url=http://www.thehindu.com/news/national/live-parliament-proceedings-november-16-2016/article9351846.ece|title=Rough start in winter session|work= The Hindu.com|date= 16 November 2016}}</ref><ref>{{cite web|url=http://www.ndtv.com/india-news/government-braces-for-a-rough-start-to-parliament-session-today-10-updates-1625987?site=full|title= Government braces for rough start to winter session|work= NDTV.com|date=16 November 2016}}</ref> | |||
Mr Modi said that he is ready to debate<ref>{{cite web|url=http://indianexpress.com/article/india/india-news-india/parliament-winter-session-live-demonetisation-opposition-parties-modi-government-4378078/|title= Modi open for debate|work=Indian Express|date=16 November 2016}}</ref><ref>{{cite web|url=http://www.business-standard.com/article/politics/ready-to-debate-any-issue-in-parliament-what-pm-modi-said-ahead-of-winter-session-116111600282_1.html|title=PM Modi, ahead of winter session|work=Business Standard|date=16 November 2016}}</ref> with cooperation from all parties<ref>{{cite web|url=http://economictimes.indiatimes.com/news/politics-and-nation/looking-for-a-positive-discussion-on-all-issues-pm-modi/articleshow/55450365.cms|title=Positive discussions , says Narendra Modi|work=Economic Times|date=16 November 2016}}</ref> in National interest<ref>{{cite web|url=http://timesofindia.indiatimes.com/india/PM-Modi-appeals-to-opposition-ahead-of-Parliament-session-Lets-debate-in-national-interest/articleshow/55450471.cms|title=Modi, appeals for debate in national interest|work= The Times of India|date=16 November 2016}}</ref> | |||
=== Discussion of demonetisation in Rajya Sabha === | |||
The debate on demonetisation was initiated by ]<ref>{{cite web|url=http://www.dnaindia.com/india/live-parliament-lok-sabha-rajya-sabha-demonetization-congress-bjp-tmc-rahul-mamata-modi-sena-black-money-banks-atms-2273883|title=Congress on demonetisation|work= DNA India|date=16 November 2016}}</ref>, Indian politician ] in ]<ref>{{cite web|url= http://www.financialexpress.com/india-news/url-live-winter-session-of-parliament-begins-today-narendra-modi-speech-rahul-gandhi-arun-jaitley-demonetisation-effects/446936/|title= Anand Sharma speaks on demonetisation|work=Financial Express|date=16 November 2016}}</ref> 16 November 2016 <ref>{{cite web|url=http://zeenews.india.com/live-updates/parliament-debate-on-demonetisation-1950128|title= Congress initiates demonetisation debate|work=Zeenews.India.com|date= 16 November 2016}}</ref> | |||
The ] minister ], expressed his views on demonetisation, implementation <ref>{{cite web|url=http://www.freepressjournal.in/india/rajya-sabha-live-piyush-goyal-defends-demonetisation-move/972547|title= Piyush Goyal expresses his views|work= Free Press Journal.in|date=16 November 2016}}</ref> | |||
== References == | |||
{{reflist}} | |||
{{DEFAULTSORT:Narendra Modi's demonetisation policy}} | {{DEFAULTSORT:Narendra Modi's demonetisation policy}} |
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