This is not about 500, 1000 rupees notes but of black money: BJP

With the opposition coming down heavily on the Centre over the move to scrap 500, 1000 rupee notes, the Bharatiya Janata Party (BJP) asserted that this step taken by the Prime Minister was in the interest of the nation in the fight against black money, adding that it would be unwise to focus on the now invalid notes.

BJP Uttar Pradesh state president Keshav Prasad Maurya assured the citizens that the issue is not about notes but of black money associated with the illegitimate activities.

"This is not about 500 and 1000 rupees notes but of black money," he told ANI here.

"Those who earned black money and promoted naxalism, terrorism have been restricted by the Modi government. It is a surgical strike on black money, aggregators of illegitimate money will not be able to sleep," he added.

Maurya further hailed the surprise decision taken by the Narendra Modi government and asserted that Prime Minister's decision is for the nation's interest and pro-poor.

In a major step to check black money, 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.

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.