Prime Minister Narendra Modi banned Rs 500 and Rs 1000 from midnight Tuesday, TosNews brings some interesting higlights related to monetary surgical strike of the PM:
*Modi government did not take the decision in a day, the planning took 6 months. According to Indian Express the decision was known only to 6 people. The 6 people were: Principal Secretary Nripendra Mishra, Ex and present RBI governor, Finance Secretary Ashok Lawasa, Secretary for financial matters Shaktikant Dass and Finance minister Arun Jaitley.
*After 2.5 years of becoming prime minister, Narendra Modi for the first time addressed the nation on television to announce the change of currency from Tuesday midnight.
*On Wednesday, 100 four wheelers reached the Bahujan Samaj Party office in Lucknow, which were sent one by one inside the gate. There were party candidates of assembly elections and responsible leaders also in the vehicle. All the vehicles had briefcases and bags inside them. The BSP workers said that the bags and briefcases had brochures and other papers to be distributed during elections. All the movement happened at BSP office right after a day of PM’s announcement.
*Right after ban on Rs 500 and Rs 1000 notes, sale of tickets on Railway ticket counters increased. Number of website decreased considerably whereas by Wednesday afternoon the money collection on ticket counters increased to 50%. Financial experts told that this was also one of the available options to turn black money into white so people availed it.
*From superstar Rajnikant, Amitabh Bachchan to Anurag Sharma and other bollywood personalities appreciated PM Modi’s decision. Rajnikant tweeted and the response started flowing in:
Rajinikanth ✔ @superstarrajini
Hats off @narendramodi ji. New india is born #JaiHind
10:54 PM – 8 Nov 2016
35,090 35,090 Retweets 64,359 64,359 likes
*Sensex on Thursday soared over 390 points and Nifty topped the 8,500-level in early session, tracking a rally in global equities. Besides, value-buying in bluechip stocks and covering-up by speculators who had created short-positions in Wednesday’s trade and strengthening rupee too supported the rebound.
*Pakistan was printing fake Indian currency at its government press in Punjab and Balochistan province. The Directorate of Revenue Intelligence, Research and Analysis Wing and other intelligence agencies had exposed Pakistan government acquiring ink and paper far in excess of requirement to print Pakistani currency.
*Former Finance Minister P Chidambaram on Wednesday slammed Government’s decision to abolish existing Rs 500 and 1000 currency notes. Chidambaram claimed that a “non-monetised” economy exists in India all of which can’t be can’t black money. “I don’t encourage or support unaccounted wealth or income, but there’s a non-monetised economy, you can’t call it black money,” Chidambaram said. He also raised questions over introducing Rs. 2000 notes. “I don’t understand why Rs 2000 notes have been introduced when Rs 500/1000 have been demonetised?” Chidambaram said. He also hinted that various government also had thought of the option once but thinking of the inconvenien of people had outruled it!
*West Bengal Chief Minister Mamata Banerjee called it “a drama”. “The PM could not get back the promised black money from abroad from the rich so a drama to divert his failure…” she tweeted. “I want to know from PM how my poorest brothers sisters, who’ve received their week’s hard earned wage in one 500 rupee note will buy atta, chai tomorrow? Heartless and ill- conceived blow on the common people and the middle class in the fake name of anti-corruption,” Ms. Banerjee tweeted.
*Nirmal Jain, Chairman, IIFL, said: “It is a very powerful measure to curb black money. Mr Modi has kept his promise of taking stern measures against black money. It was done some 30 years ago and since then a huge build up of unofficial money had happened. It will have deflationary impact in general and more specifically on real estate prices and make homes affordable and is indirectly a boon to honest tax payers.”
*Chanda Kochhar, MD, ICICI Bank: It is perhaps the most significant move ever taken to curtail the parallel economy. This move will give a sharp boost to all formal channels of payment which will help formal economy to grow.
*Jayaprakash Narayan of Lok Satta: Dramatic, bold, far-reaching first step vs untaxed money.Congrats to PM.
Courtesy: various newspapers