PM Modi’s Bold Step: India Abolishes 500 & 1000 Rupee Notes

India abolishes 500 and 1000 rupee notes (bills) to fight against unaccounted wealth and corruption, PM Narendra Modi said in an unscheduled address to the nation.

“Black money and corruption are the biggest obstacles in eradicating poverty,” he said in an address to the nation.  With that said, the government will abolish 500 rupee and 1,000 rupee notes from Today (Nov 8th midnight).  This bold move by Prime Minister Modi will make acceptation for the people who make earnings legally and give them chance to clear their 500 and 1000 rupee notes.  Also, for all the travelers (NRIs), there are date acceptations and support will be provided at the airports and banks to exchange 500 and 1,000 rupee notes.

The news absolutely took Indians by surprise as there was no warning of such a move being in the process (though there was no surprise that black money and corruption being an obstacle for India’s betterment).

“On one hand, we are number one in economic growth and on the other we are ranked 100 in global corruption rankings,” Modi said in his speech. “Despite various steps, we have improved only to 76.”  PM Modi’s bold move appears to be a brilliant technic to bring billions of dollars worth of cash in unaccounted wealth into the mainstream economy and undoubtedly will improve on global corruption ranking.

In coming days, the Reserve Bank of India will issue newly designed currency notes of 500 and 2,000 rupees.