Explorer

Demonetisation: 8 Nov 2016 PM Narendra Modi's 'purification drive' speech

Prime Minister Narendra Modi had handpicked few trusted bureaucrats and the plan for demonetisation was made in the utmost secrecy

New Delhi: Last year, on the 8th of November, in a surprise speech at 8 PM, the Prime Minister Narendra Modi announced that 86% of the value of all currency in circulation will cease to exist as legal tender. Demonetisation, as it was called, scrapped 500 and 1,000 rupee notes. In the thirty minute address, which started with the Prime Minister talking about the economic situation in May 2014, went on to describe how International Monetary Fund and the World Bank have also said that India has become the “bright spot” in the global economy. Many schemes like Stand-up India, Pradhan Mantri Mudra Yojana and Pradhan Mantri Ujjwala Scheme were also talked about. Around 15 minutes into his speech, the PM announced that in order to break the grip of corruption and black money, from midnight onwards five hundred rupee and thousand rupee currency notes will become worthless pieces of paper
During the address, PM Modi said that we are going to witness to a 'shuddhikaran' (purification) process. He also disclosed that in 2014, the Reserve Bank sent a recommendation for issuing of five thousand and ten thousand rupee notes and this was not accepted. The Prime Minister had asked the countrymen to join and extend their hand in this Imandaari ka Utsav, this Pramanikta ka Parv, this celebration of integrity, this festival of credibility. He had also asked to break the grip of corruption and black money and –
  • Ignore the temporary hardship
  • Join the festival of integrity and credibility
  • Enable coming generations to live their lives with dignity
  • Ensure that the nation's wealth benefits the poor
  • Enable law-abiding citizens to get their due share
The Prime Minister did mention about black money, corruption, benami property, counterfeit currency, illegal trade and terrorism. Although, words like the cashless economy, digital transitions and less cash economy were not part of the speech but it is true to say that Modi’s demonetisation initiative was a boon for India’s e-payment providers. The full text of the 8th November 2016 speech can be read here Here is the video of the speech - This year, Bhartiya Janta Party is celebrating 8th November as Anti-Black Money Day. The Prime Minister on his twitter handle also shared a short film on Demonetisation.
View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Pakistan: Bride, Groom, 24 Others  Killed As Bus With Wedding Party Plunges Into Indus River
Pakistan: Bride, Groom, 24 Others Killed As Bus With Wedding Party Plunges Into Indus River
'Executive Cannot Act As Judge': Supreme Court's Big Blow To 'Bulldozer Justice'
'Executive Cannot Act As Judge': Supreme Court's Big Blow To 'Bulldozer Justice'
Goods Train Derails In Telangana’s Peddapalli, 11 Wagons Affected; 37 Trains Cancelled
Goods Train Derails In Telangana’s Peddapalli, 11 Wagons Affected; 37 Trains Cancelled
Jharkhand Election LIVE: 13.04% Voter Turnout Recorded In First 2 Hours, Highest In Simdega
Jharkhand Election LIVE: 13.04% Voter Turnout Recorded In First 2 Hours, Highest In Simdega
Advertisement
ABP Premium

Videos

Nirmala Sitharaman Announces Game-Changing Collateral-Free Loan Scheme for MSMEsSIP Emerges as a Safe Investment Amidst Market Fluctuations | Paisa LiveTop Banks Offering 8.75% Interest for Senior Citizens: Here’s What You Need to Know!RBI Set to Make a Big Decision on Your EMI: What You Need to Know!

Photo Gallery

Embed widget