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Demonetising Rs 500, 1000 notes a bold step to fight black money, says RBI Governor

RBI Governor Urjit Patel & Economic Affairs Secretary Shaktikanta Das On Tuesday Addressed Media Shortly After Prime Minister Narendra Modi Announced The Demonetisation Of Rs 500 And Rs 1000 Notes.

News Nation Bureau | Edited By : Bindiya Bhatt | Updated on: 08 Nov 2016, 11:31:42 PM

New Delhi:

RBI Governor Urjit Patel and Economic Affairs secretary Shaktikanta Das on Tuesday addressed media shortly after Prime Minister Narendra Modi announced the demonetisation of Rs 500 and Rs 1000 notes. Urjit Patel said that demonetising Rs 500, 1000 notes is a bold step by the Narendra Modi government to fight black money.

Here are the highlights:

#It’s a very bold and decisive step to demonetise Rs 500 and 1000 currency notes: RBI Governor Urjit Patel

#No breach of security feature but fake currency notes of face values of Rs 500 and Rs 1000 in large circulation: RBI Governor

#RBI has been concerned about growing menace of fake Indian currency notes which has been increasing in numbers: RBI Governor Urjit Patel

#We have increased our production and trying to provide new currency notes as soon as possible: RBI Governor Urjit Patel

#There has been no breach of any of the security features but for public the looks of fake Indian currency note is similar to genuine: RBIGuv

#RBI will release new currency notes with new features, designs and dimensions from 10 November onwards: Shaktikanta Das

#Other denomination currency notes will be printed in due course: Shaktikanta Das, Secretary Economic Affairs

Watch video: PM Modi's 'surgical strikes' against black money, Rs 500 & Rs 1000 notes won't be legal tender from midnight tonight | Top Quotes

#This is necessary in medium & long term interest of our economy, it will help in maintaining financial & economic integrity: Shaktikanta Das

#If someone is receiving Rs 1000 & Rs 500 notes after tonight, he is doing it at his own risk: Shaktikanta Das

#We will review the situation after 24 Nov, new notes will be in circulation from 10 Nov: Shaktikanta Das on withdrawing Rs 4000 till 24 Nov

#There will be no impact on the liquidity on the wholesale markets. If at all there is any, we'll make sure that its addressed: RBI Governor

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First Published : 08 Nov 2016, 09:54:00 PM

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