Tuesday, 8 November 2016

Prime Minister Narendra Modi on Tuesday announced that 500 and 1000 rupee banknotes would be withdrawn from the financial system at midnight, saying it was part of a crackdown on rampant corruption.

The surprise step appears to be designed to bring thousands of crores of cash in unaccounted wealth into the mainstream economy.

“Black money and corruption are the biggest obstacles in eradicating poverty,” he said in an address to the nation.

New 500 and 2,000 rupee denomination notes will be issued later, he added.

In his first televised address to the nation, Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts without any limit from November 10 till December 30.

In his 40-minute address, first in325 F.2d 929
Harold ROBINS, individually and on behalf of all other persons similarly situated, Plaintiff-Appellant,v.Martin RARBACK, as Secretary-Treasurer, or Morris Arbor, as Assistant Secretary-Treasurer, or Louis Caputo, as President, or Frank Bona, as Vice President of District Council No. 9, Brotherhood of Painters, Decorators and Paperhangers of America, andThomas Giunta, individually and as President, or William Cihelka, as Treasurer, or John W. Enright, as Financial Secretary, or John Steinbeck, as Recording Secretary of Local Union 892, Brotherhood of Painters, Decorators and Paperhangers of America, Defendants-Appellees.
No. 78.
Docket 28281.
United States Court of Appeals Second Circuit.
Argued October 18, 1963.
Decided December 26, 1963.

Burton H. Hall, New York City, for appellant.
George Pollack, of Michael A. Buonora, New York City, for defendants-appellees.
Before WATERMAN, HAYS and MARSHALL, Circuit Judges.
HAYS, Circuit Judge.


1
The plaintiff moved for a