Subhrakant Panda hails Modi’s bold step on black money, fake currency , terror financing

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By Our Correspondent

BHUBANESWAR: FICCI Odisha State Council Chairman, Subharakant Panda on Wednesday hailed the historic move of BJP led NDA Government of Narendra Modi on black money corruption, fake currency .

“The bold decision to demonitise high value currency notes like Rs 500 and Rs 1000 is the logical outcome of the focus of Prime Minister Modi on wipeing out sources of black money while at the striking at terro financing,” Panda, who is  also MD of leading Ferraro-Crome maker, IMFA Group said. The long term of benefit of greater transparency and a system which rewards the tax payers far outweighs the short term disruptions, he said adding “if any I am delighted to add my voice to the many who have rightly welcome this move,”.

In a historical move that added record strength in the fight against corruption, black money, money laundering, terrorism and financing of terrorists as well as counterfeit notes, the Government of India has decided that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016.

The Government has accepted the recommendations of the RBI to issue Two thousand rupee notes and new notes of Five hundred rupees will also be placed in circulation.

Notes of one hundred, fifty, twenty, ten, five, two and one rupee will remain legal tender and will remain unaffected by the decision today.

 

 

 

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