In a televised address to the …
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In a televised address to the country directly, Shri Narender Modi said that from midnight of 8th November all Rs.500 and Rs.1000 rupee notes would be illegal in all forms of transactions, except with certain conditions.
He addressed this as a solution to work towards hoarding black money and creating a new inflow of cash for the Indian economy.
Following are the significant takeaways from this decision:
Up to 24 November, 2016 exchanges of old currencies will be allowed in banks and post offices by showing ID proof like Aadhaar Card and PAN Card.
An ATM upper limit withdrawal up to Rs.2000 will be put into place for security reasons until all people have sufficient legal notes in place.
Government is likely to spend more than Rs.12000 crores on printing new notes.
Banks also announced a slew of measures, including extension of banking hours, doing away with ATM charges and expanding credit limits to handle the expected huge rush to tender new currency and take back now defunct Rs.500 and Rs.1000 notes.
On the basis of the given information about demonetisation, answer the following question: Identify the main types of plan adopted by the government to successfully implement the issue of new currency drive.
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