Jammu and Kashmir Deputy Chief Minister Nirmal Singh on Wednesday said that only a visionary leader like Prime Minister Narendra Modi can take such decision of withdrawing circulation of Rs. 500 and 1000 currency notes that can put an end to the inflow of foreign funds for terrorism.
Singh told ANI, "Stopping circulation Rs. 500 and 1000 currency notes is one historic move and only a visionary leader like Narendra Modi could take a step like this. This move will help in combating terrorism and will put an end to the inflow of black money."
"If we talk about Jammu and Kashmir, then terrorism has been growing because of fake currency. And I think, instead of Pakistan printing their own currency, they have been printing more fake currency for India," he added.
Appreciating Centre's move, Singh further said, "After the surgical strikes, now stopping circulation Rs. 500 and 1000 currency notes is the second surgical strike . It would be a major step to curb the menace of terrorism. This will also strengthen the Indian rupee. This move will benefit in all the spheres."
Prime Minister Modi on Tuesday announced demonetization of Rs 500 and 1000 currency notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.
In his televised address to the nation, the Prime Minister said that people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.
Following the announcement, there were huge crowds outside ATMs across the country as people lined up to withdraw currency of smaller denominations.
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He also announced that new notes of Rs 2000 and Rs 500 will be introduced.
ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.
Besides depositing money in bank accounts, the Rs 500 and Rs 1000 notes can also be exchanged with lower denomination currency notes at designated banks and post offices on production of valid government identity cards like PAN, Aadhaar and Election Card from November 10 to November 24 with a daily limit of Rs 4000.
Those unable to deposit Rs 1000 and Rs 500 notes till December 30 this year can do so in designated RBI offices till March 31 next year after filling a declaration form along with proof and reasons, the Prime Minister said.