Misplaced Pages

This is an old revision of this page, as edited by Winged Blades of Godric (talk | contribs) at 08:15, 16 November 2016 (Undid revision 749813172 by Hydloc009 (talk)Please have a clear understanding of the policies............). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

It has been suggested that this article be merged into Indian 500 and 1000 rupee currency demonetisation. (Discuss) Proposed since November 2016.

This article is part of a series aboutNarendra Modi
Prime Minister of IndiaIncumbent Electoral history Public image Awards and honours Bibliography Chief Ministership Chief Minister of Gujarat 2002 2007 2012 Gujarat Council of Ministers First Second Third Fourth Premiership (Timeline) 2014 Prime ministerial candidacy Assassination attempt Campaign Achhe Din Aane Waale Hain 2019 Campaign Main Bhi Chowkidar 2024 Campaign Abki Baar 400 Paar Oath of office 2014 2019 2024 Union Council of Ministers First Second Reshuffle Third Lok Sabha Sixteenth Seventeenth Eighteenth Mann Ki Baat International trips Approval ratings Budgets Union budgets 2014 2015 2016 2017 2018 2019 (Interim) 2019 2020 2021 2022 2023 2024 (Interim) 2024 Railway budgets 2014 2015 2016 National policy Agriculture: Agriculture acts Atal Bhujal E-NAM Fasal Bima Gramin Bhandaran Kisan Samman Nidhi Krishi Sinchai Mega Food Parks PM-AASHA Digital: Aarogya Setu BharatNet DigiLocker ESign UMANG Economy: Banknote demonetisation Jan Dhan MUDRA Bank Multi-Modal Logistics Parks Unified Pension Scheme Energy: Saubhagya Ujjwala Ultra Mega Solar Power Urja Ganga Gas Pipeline Infrastructure: Bharat Mandapam Awas Central Vista National War Memorial New Parliament House Pradhanmantri Sangrahalaya Statue of Subhas Chandra Bose Statue of Unity Yashobhoomi Policy: National Education Policy National Register of Citizens One Nation, One Election Repeal of Article 370 Uniform Civil Code Other public services: Garib Kalyan Har Ghar Jal Post Office Passport Seva Kendra Stranded in India Transport - Aviation: UDAN Transport - Rail: Bhanupli–Leh Railway Char Dham Railway High-speed rails Setu Bharatam Transport - Road: Arunachal East-West Corridor Arunachal Frontier Highway Bharatmala Char Dham Highway Delhi–Amritsar–Katra Expressway Delhi–Mumbai Expressway FASTag India-China Border Roads Trans-Arunachal Highway Transport - Water: RORO ferries Sagarmala Campaigns Economy: Atmanirbhar Bharat Digital India Give up LPG subsidy Know India Make in India Skill India Standup India Startup India Swachh Bharat Swachh Dhan Unnat Bharat Health: Ayushman Bharat Fit India Public service: Accessible India Missions Atal Mission for Rejuvenation and Urban Transformation Mission Indradhanush National Solar Mission Smart Cities Smart Villages Establishments and foundations National Creators Award MyGov.in NITI Aayog PM CARES Fund Sansad TV Sardar Patel National Unity Award Shri Ram Janmabhoomi Teerth Kshetra Young Scientist Labs Events and observances 75th Anniversary of Indian Independence Amritpex 2023 Bharat Parv Consecration of the Ram Mandir Good Governance Day Krishi Unnati Mela National Unity Day Pariksha Pe Charcha Military and rescue operations 2014–15 Indo-Pakistan border skirmishes 2016–18 Indo-Pakistan border skirmishes 2019 Indo-Pakistan border skirmishes Army operations in Jammu and Kashmir Doklam standoff Galwan Valley standoff Jammu and Kashmir floods rescue operations Treaties and accords Bodo Peace Accord Nagaland Peace Accord Tripura Peace Accord Foreign policy Asian Act East Central Asia Middle Eastern South Asian Security and Growth for All in the Region Vaccine Maitri Canada–India diplomatic row India–Maldives diplomatic row Establishments and foundations Coalition for Disaster Resilient Infrastructure Delhi–Kathmandu Bus India–Pacific Islands Forum Global Biofuel Alliance India–Middle East–Europe Economic Corridor International Solar Alliance Kartarpur Corridor New Development Bank SAARC COVID-19 Emergency Fund South Asia Satellite World Hindi Secretariat Events and observances Howdy Modi International Yoga Day International Year of Millets Namaste Trump 75 Years of Friendship through Cricket Event Military and rescue operations Balakot airstrike Indo-Myanmar border strike Line of Control strike Operation Maitri Operation Namaste Operation Neer Operation Raahat Operation Sankat Mochan Operation Ganga Treaties and accords India–Bangladesh Boundary Agreement India-US Exchange Cooperation Agreement Paris Agreement Controversies 2002 Gujarat riots 2016 banknote demonetisation GoBackModi Rafale deal controversy Pegasus Project revelations Repeal of Article 370 Citizenship Amendment Act protests COVID-19 lockdown in India 2020–2021 China–India skirmishes 2020–2021 Indian farmers' protest 2020 Delhi riots 2021 Bangladesh anti-Modi protests 2024 Indian farmers' protest Media related to Narendra Modi at Wikimedia Commons
v t e

Indian Prime Minister, Narendra Modi demonetisation policy, 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 Narendra Modi 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 ), Indian Standard Time as per the initiative

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 online payment 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 Indian 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 Government authorized, either at State or National level,milk centres and crematoria, burial grounds.

• The current reviewed date for the humanitarian based, selectively allowed under, transactions with demonetisated currency denominations, as per Indian Government 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 accounting and receipt collection of transactions.

The purpose of above move is to make accountability of cash and it should be reflected in Indian Government official Records. All other forms of unaccounted money will be considered as black money. Government authorized identity cards, such as Permanent Account Number card, Aadhaar card, were used to monitor cash accountability, while deposition of cash money, in Government banks or Post offices.

Policy

The demonetisation drive has been initated by Prime minister Narendra Modi, with an initaitive that demonetisation would help the India fight corruption, terrorism, smuggling, drug menace and other social ills and also to target people with unaccounted cash.The initiative was done secretly due to deliberate reasons as outlined by Modi and addressed to public.

Outlining the initiatives taken by the Modi Government to curb black money.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.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,to cooperate and have patience for next 50 days, on his demonetisation decision. 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.

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.

Narendra Modi said while addressing an event in Goa on 13 November 2016, that he needed 50 days for overcoming crisis.

Narendra Modi on the birth anniversary of late Prime Minister of India Pandit Jawaharlal Nehru, commented on his demonetisation policy, as an initiative to help poor, as in envisioned by Pandit Jawaharlal Nehru.

Modi has claimed during an address to public, that his demonetisation policy,will help poor.

Reactions of People

Several parties have expressed their views on implementation of the policy.

International Monetary Fund (IMF) had supported Prime Minister Narendra Modi's efforts to fight corruption by demonetizing 500 and 1000 rupees notes.

The Aam Aadmi Party and several opposition parties, expressed their views on the Modi government’s move to demonetise Rs500/1000 notes.

Modi’s demonetisation policy has been considered as big move to combat black money. The step can uncover as much as Rs4.6 trillion of unaccounted money, according to economists, though opinions are mixed on whether this would curb future tax evasion.

According to The Confederation of Indian Industry, 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.

Modi' image as a go-getter and a no-nonsense politician stands enhanced at this point, after few days of demonetisation drive.

Modi showed confidence that the people of India are in support with his demonetisation move and several parties also are in support of initiative.

Modi's demonetisation move has garnered, him attention from foreign media, and comparison with Singapore founding father Lee Kuan Yew.

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; for a series of high-level meetings in Japan, returning on the weekend of the 12th. On the wee hours of Monday morning, 14 November 2016, Prime Minister, Narendra Modi held a meeting with senior ministers to review demonetisation and its impact, the meeting came as a result of chaos within the Indian, public getting angered on surprise demonetisation of two high currency notes.

• 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.

The Supreme Court of India, has supported the demonetisation, along with concerns for common man, refusing to apply a stay on ban, as filed by petitioners.

Debate on demonetisation in Winter session of Parliament

A debate on demonetisation in winter session of Indian Parliament, which will happen on 16 November 2016..

Prime Minister Narendra Modi, has urged all the Indian Political parties, to support, demonetisation in the winter session.

The winter session of Indian Parliament received a tough start on debate of demonetisation

Mr Modi said that he is ready to debate with cooperation from all parties in National interest

Discussion of demonetisation in Rajya Sabha

The debate on demonetisation was initiated by Indian National Congress, Indian politician Anand Sharma in Rajya Sabha 16 November 2016

The Bharatiya Janata Party minister Piyush Goyal, expressed his views on demonetisation, implementation

References

1. "What is demonetisation?". Financial Express. 14 November 2016.
2. "Corruption fight". The Hindu. 10 November 2016.
3. "Notes out of circulation". The Times of India. 8 November 2016.
4. "Demonetisation will uproot corruption". Economic Times. 14 November 2016.
5. "Corruption fight". first post. 12 November 2016.
6. "BJP policy". The Times of India. 10 November 2016.
7. "The move had to be kept secret". BBC.com. 12 November 2016.
8. "Curb black money". The Times of India. 9 November 2016.
9. "Demonetisation". ndtv.com. 12 November 2016.
10. "Ban on currency". the Times of India. 10 November 2016.
11. "Modi's Masterstroke to curb black money". India Today. 11 November 2016.
12. "Modi address people". The New York Times. 13 November 2016.
13. "Modi to people". Indian Express. 14 November 2016.
14. "Narendra Modi, more measures likely". India Today. 13 November 2016.
15. "Demonetisation need of the hour". Financial Express. 12 November 2016.
16. "Emotional speech by PM Narendra Modi on demonetisation". news18.com. 13 November 2016.
17. "Modi seeks, 50 days to overcome crisis". zeenews. 13 November 2016.
18. "Modi defines his demonetisation policy". First post. 14 November 2016.
19. "Modi invokes Nehru". The Times of India. 14 November 2016.
20. "Modi addresses people". The Hindu. 14 November 2016.
21. "People are suffering". The Times of India. 12 November 2016.
22. "It will help bring down inflation". Economic times. 12 November 2016.
23. "People on Demonentisation". Hindustan times. 11 November 2016.
24. "Arvind Kejriwal opposes demonetization". India Today. 12 November 2016.
25. "Rahul Gandhi in que". Financial Express. 11 November 2016.
26. "Support by IMF". business standard. 11 November 2016.
27. "Aam Aadmi Party, speaks on Demonetisation". India.com. 11 November 2016.
28. "Opposition steps up attack on policy". Business Standard. 10 November 2016.
29. "Demonetisation akin to emergency". The Hindu.
30. "Economic Emergency". Hindustan Times. 11 November 2016.
31. "Shiv Sena speaks on demonetisation". Mumbai Mirror. 10 November 2016.
32. "Uddhabv Thackery ,on demonetisation". India Today. 12 November 2016.
33. "Narendra Modi, score card brightened". Live mint. 14 November 2016.
34. "CII views on demonetisation". business standard. 14 November 2016.
35. "Indian Industry hails Demonetisation as master stroke". Economic Times. 14 November 2016.
36. "Public perception,Modi go getter". First Post. 14 November 2016.
37. "NDA stands behind Modi, on demonetisation". Indian Express. 14 November 2016.
38. "Modi currency move gains foreign comparisons". zeenews.India. 15 November 2016.
39. "PM Narendra Modi,making headlines in Singapore". Huffington post. 14 November 2016.
40. 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
41. http://economictimes.indiatimes.com/news/politics-and-nation/pm-narendra-modi-returns-home-after-japan-visit/articleshow/55395333.cms
42. "Narendra Modi Demonetisation process reviewed". Financial Express. 14 November 2016.
43. "PM holds late night meeting". The Times of India. 14 November 2016.
44. "PM helds meeting with senior ministers". Ndtv.com. 14 November 2016.
45. "Modi, holds late night meeting with senior ministers". Hindustan Times. 14 November 2016.
46. "People should not suffer". ndtv.com. 15 November 2016.
47. "Supreme Court refuses to stay, ban". The Times of India. 15 November 2016.
48. "Supreme Court, reply to petitioners". Financial Express. 15 November 2016.
49. "Debate on demonetisation, in winter session". DNA India.com. 15 November 2016.
50. "Winter Session debate". The Times of India. 15 November 2016.
51. "Opposition to target government on demonetisation". Business Standard. 15 November 2016.
52. "Government and Opposition prepare for winter session of Parliament, on demonetisation". The Hindu. 15 November 2016.
53. "Parties gear up for debate on demonetisation". zeenews.India.com. 15 November 2016.
54. "Parties agree to raise notes issue in session". Economic Times. 15 November 2016.
55. "PM Modi,requests everyone to support". Financial Express. 15 November 2016.
56. "Modi urges parties to stand together". Indian Express. 15 November 2016.
57. "PM urges to cooperate". zeenews.India.com. 15 November 2016.
58. "Rough start in winter session". The Hindu.com. 16 November 2016.
59. "Government braces for rough start to winter session". NDTV.com. 16 November 2016.
60. "Modi open for debate". Indian Express. 16 November 2016.
61. "PM Modi, ahead of winter session". Business Standard. 16 November 2016.
62. "Positive discussions , says Narendra Modi". Economic Times. 16 November 2016.
63. "Modi, appeals for debate in national interest". The Times of India. 16 November 2016.
64. "Congress on demonetisation". DNA India. 16 November 2016.
65. "Anand Sharma speaks on demonetisation". Financial Express. 16 November 2016.
66. "Congress initiates demonetisation debate". Zeenews.India.com. 16 November 2016.
67. "Piyush Goyal expresses his views". Free Press Journal.in. 16 November 2016.

• Articles to be merged from November 2016
• Corruption in India
• Modi administration initiatives
• Anti-corruption measures