Home / Knowledge / News / Textiles / Indian govt takes demonetisation route to curb corruption
Indian govt takes demonetisation route to curb corruption
09
Nov '16
In a bold move to curb corruption, black money hoarding and reduce the menace of fake currency notes in India, Prime Minister Narendra Modi has announced that the old Rs 500 and Rs 1000 currency notes are no longer valid in the country. He also said that the Reserve Bank of India (RBI) will soon introduce new notes in the denominations of Rs 500 and Rs 2000.

All notes in the denominations of Rs 100 or less and all the coins currently in circulation in India will continue to be legal. People currently holding old Rs 500 and Rs 1000 notes can deposit them in banks or post offices between November 10 and December 30. Banks will remain close on November 9. ATMs will not work on November 9 and also on November 10 in some regions across the country.

For the next few days, Indian citizens can withdraw only Rs 10,000 from their accounts per day and not more than Rs 20,000 per week. ATM withdrawals will be restricted to Rs 2,000 per card, per day and it will be increased to Rs 4,000 in the coming days.

In order to avoid causing inconvenience to the citizens, the Prime Minister said that government hospitals, crematoriums, government co-operatives and fuel pumps will continue to accept the old notes until November 11. People can also buy bus, train and air tickets for the next two days using these notes.

The move has come as a blow to the black currency hoarders, however, it is being appreciated by most Indian citizens. (KD)

Fibre2Fashion News Desk – India

Must ReadView All

Courtesy: Christian Dior

Fashion | On 25th Apr 2017

LVMH to acquire Christian Dior Couture for €6.5bn

LVMH and Christian Dior, which holds directly and indirectly 41 per...

Information Technology | On 25th Apr 2017

Self-repairing fabrics to be the future of fashion

It is the era of smart. Intelligent materials like self-repairing...

Textiles | On 25th Apr 2017

Indonesia revitalising textile sector

With exports of textile and textile products rising in Indonesia, the ...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search