Indian Railways Supports Public in Surgical Strike on Black Money!

Currency notes of Rs 500 and Rs 1000 denominations were scrapped on 9 Nov 2016 and new notes of Rs 500 and Rs 2000 to be launched on 10 Nov 2016.
 Indian Railways

Prime Minister Narendra Modi in a surprise move clamped down on black money as well as counterfeit notes in circulation. This was hurriedly announced by Modi in a televised address to the nation on Tuesday evening.

Economists said that the move would immediately press a pause button on transactions that were planned in black money. PM said the steps were taken by the government to strengthen the hands of the common people in fighting against corruption, black market, and counterfeit notes. The Rs 500 and Rs 1000 denomination notes have been withdrawn from circulation with effect from midnight of 9 Nov.

The scrapped notes of Rs 500 and Rs 1000 would be accepted by government institutes like Indian Railway counter for booking of tickets for 72 hours i.e. until Friday, the 11th Nov 2016. This people friendly measure will minimize the inconvenience caused to the citizens due to the government's sudden decision to withdraw higher denomination notes. He announced that for 72 hours   Indian Railway station counters will continue to accept old Rs 500 and Rs 1000 notes for the purchase tickets. This announcement also came as a relief to daily commuters using the metro to commute to work.Old notes will be valid for transactions related to booking of Indian Railway tickets through Friday. Transforming the  Indian Railways is the next big challenge undertaken by PM Modi. Indian Railway development has been high on the agenda of the PM since he assumed charge in 2014. Modi is in the process of preparing ‘unique ideas’ and ‘technology shifts’ that Indian Railways should make in the next decade for modernization.  

The decision to scrap the two high denomination notes was taken, to create a ‘corruption-free’ India and many personalities from different fraternities welcomed the step. PM Modi rightly said that it was a move to get rid of this termite of ‘corruption’ and this single stroke would deal with the menace of black money.


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