Optimus_Prime
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"125 crore Indians have proved that they are willing to wait in line at banks, but do not wish to be even one step behind in the drive against corruption," said PM Modi in his address. He went on to say that there is no precedent globally for what India has done.
The PM said that in the new year, he expects banks, over-run in the last few weeks with long lines, to return to normal.
The PM said that the notes ban has seriously impacted black money and terror-financing. Rebutting the opposition, which has united to attack him for causing a cash shortage, he said they must reform corrupt funding practices and "abandon their holier-than-though approach."
The PM also said that after the notes ban, the corruption among some bank officials has been exposed through raids which have unearthed money-laundering operations, and "they will not be spared".
As part of the demonetisation drive, how much money can be withdrawn from ATMs and banks will remain controlled for now. Starting tomorrow, the daily limit on ATM withdrawals will go up to Rs 4,500 rupees from Rs 2,500 , but the weekly cap on withdrawals from bank accounts stays capped at Rs 24,000 rupees. The Reserve Bank of India has not indicated when the limits will be relaxed or removed.
The deadline to exchange or deposit devalued high-value currency bills expired yesterday. Till March 31, the outlawed notes can be turned in at the Reserve Bank of India but not other bank branches.
In a surprise announcement on November 8, the PM said in a speech on television that old notes would be illegal just a few hours later. He said the demonetisation reform will crack down on tax evasion and corruption , and he has been widely praised for his intent.
The PM had made an emotional appeal to give him "just 50 days" to resolve the cash shortage. The opposition has united in attacking him for failing to anticipate how hard the notes ban would affect people, particularly in rural India where banks are tough to access.
While cash shortages have eased somewhat, bankers and analysts said the situation is far from normal and could last at least another six months. They said the move could hit economic growth and lead to job losses and a drop in demand for goods. The government refutes these predictions.
Only about 40 per cent of ATMs are currently working and dispensing the new notes, adding to the shortage of cash.
In Speech On Notes Ban, PM Narendra Modi Talks Of Indias Purification: 10 Points - NDTV.com
The PM said that in the new year, he expects banks, over-run in the last few weeks with long lines, to return to normal.
The PM said that the notes ban has seriously impacted black money and terror-financing. Rebutting the opposition, which has united to attack him for causing a cash shortage, he said they must reform corrupt funding practices and "abandon their holier-than-though approach."
The PM also said that after the notes ban, the corruption among some bank officials has been exposed through raids which have unearthed money-laundering operations, and "they will not be spared".
As part of the demonetisation drive, how much money can be withdrawn from ATMs and banks will remain controlled for now. Starting tomorrow, the daily limit on ATM withdrawals will go up to Rs 4,500 rupees from Rs 2,500 , but the weekly cap on withdrawals from bank accounts stays capped at Rs 24,000 rupees. The Reserve Bank of India has not indicated when the limits will be relaxed or removed.
The deadline to exchange or deposit devalued high-value currency bills expired yesterday. Till March 31, the outlawed notes can be turned in at the Reserve Bank of India but not other bank branches.
In a surprise announcement on November 8, the PM said in a speech on television that old notes would be illegal just a few hours later. He said the demonetisation reform will crack down on tax evasion and corruption , and he has been widely praised for his intent.
The PM had made an emotional appeal to give him "just 50 days" to resolve the cash shortage. The opposition has united in attacking him for failing to anticipate how hard the notes ban would affect people, particularly in rural India where banks are tough to access.
While cash shortages have eased somewhat, bankers and analysts said the situation is far from normal and could last at least another six months. They said the move could hit economic growth and lead to job losses and a drop in demand for goods. The government refutes these predictions.
Only about 40 per cent of ATMs are currently working and dispensing the new notes, adding to the shortage of cash.
In Speech On Notes Ban, PM Narendra Modi Talks Of Indias Purification: 10 Points - NDTV.com
