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30
December 2016
The
deadline to deposit old Rs 500 and Rs 1,000 notes in banks ends on Friday. From
next week onward, those still holding the scrapped currency can deposit it only
with the Reserve Bank of India till March 31, 2017. The Total Investment & Insurance Solutions
After
March 31, holding demonetised notes would be illegal and could invite hefty
fines and even jail, according to an ordinance passed by the Union Cabinet on
Wednesday.
Prime
Minister Narendra Modi is expected to address the nation on Saturday after his
self-imposed deadline of 50-days for the situation to return to normal ends.
While
some people are hoping for an extension in the deadline, the government
maintained it had no plans to do so. The
Total Investment & Insurance Solutions
Modi
had on November 8 announced that Rs 500 and Rs 1,000 rupee notes would no
longer be legal tender. The Total
Investment & Insurance Solutions
On
Thursday, in his first interview since demonetisation, Modi told the India
Today weekly that the country was at a "watershed moment" and the
move to scrap 86 per cent of the currency in circulation was to cleanse the
nation of "all forms of filth".
He said
the money that was with terrorists, Maoists, and human traffickers "has
been neutralised" and that black money has all been forced out into the
open. The Total Investment &
Insurance Solutions
"The
revenue collected will be used for the welfare of the poor, downtrodden and the
marginalised," the Prime Minister added.The Total Investment & Insurance Solutions
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