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This is one visit that has more to read ‘between the text’ than within it. The 108th Mayor of New York city, Michael Rubens <keyword id="29740" type="CITY" weightage="20" keywordseo="Bloomberg">Bloomberg</keyword>’s visit to India began all well and on a note that perfectly synched with the overall expectations and atmosphere. Make no mistake; he is also the UN Secretary General’s Special Envoy for Cities and Climate Change. So naturally, his interest in India has distant goals and short term ones. 
 
And, his visit began well too. He rode a customary auto while in Delhi. Remember, be a Roman in Rome? And didn’t forget to tweet a picture just to set the note right. It would be a lucky day of the fellow who drove Bloomberg around in his green-painted CNG auto. The humble vehicle of India has been now discovered by the western businessmen to strike the right chords! 
 Bloomberg is in India to attend the <keyword id="34553" type="ORGANIZATION" weightage="20" keywordseo="renewable-energy">Renewable Energy</keyword> Global Investors Meet and Expo and also record his due submissions to Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> about his ‘confronting climate change’ initiatives. 
 
While his last visit came after he was appointed the Mayor of New York in 2001, this visit is happening exactly 14 years later. He listed the reasons as to why he was going to India because the country’s role in climate change is rapidly growing. His visit was all about laying emphasis on a few aspects, seeking India’s significant role in sharing best practices relating to climate change. 
 
In his own words, he accords India the position of a leader in its practices to confront climate change. India’s voice will be critical in the ongoing discussions that are a prelude to the UN Climate Change Conference due to be held in Paris this year. Bloomberg is working to build the support base for climate talks that have been gaining precedence in the recent years. And, yes, during his visit, he will also help PM Modi recognise the potential of working on such concepts and to understand the progress they have made so far. 
 
Now, we do know what steps India has been taking with regard to solar power which has become some sort of a mainstream option among even average Indian homes, industries and commercial buildings. 
 While PM Modi reiterated his commitment to expanding India’s clean energy production, by way of setting larger goal in terms of boosting the share of solar power in India’s energy production from 1% to 10% by 2022. Now, the potential does not lie in <keyword id="6357019" type="UNKNOWN" weightage="20" keywordseo="solar-energy">solar energy</keyword> alone. The US has set its eyes on an opportunity in the goal that comes as a rider. The aspect of providing electricity to millions of Indian homes, who live without electricity, sounds like a good thing waiting to be done. 
 
Though the task is monumental and has layers and layers of planning before it is achieved, this is something that would serve as a model to other countries if it succeeds. So in that sense, India’s best practices can be shared with US as the crucial partner. 
 Now for the cake with all the cream on it. When he was elected as Prime Minister last year, Narendra Modi had made several announcements that got the pulse of the people all excited. <keyword id="6377036" type="UNKNOWN" weightage="20" keywordseo="smart-cities">Smart cities</keyword>, and 100 of them across the country, was among one the most ambitious plans that would require huge infrastructure investment and participation on part of the government. While Modi’s government looks at foreign funding and participation in this, there is also immense opportunity for the players to have Indian government dole out mega amounts of largesse for this scheme which will have a long shelf life. 
 
Road safety is another aspect that excites Bloomberg. His foundation has been working towards reducing deaths that are caused by various reasons including drunken driving, efficient monitoring of traffic and better solutions to congestion problems in cities. 
 
Now for the focal aspect. India’s youth excite all countries which look for human resources with expertise and education. The sheer numbers are staggering with average Indian being less than 25 years old today, and this is bound to get younger with years passing by. When skilled labour is available in abundance, leveraging on their energy to create a better tomorrow would be the wisest thing to do. And, Bloomberg knows it too well!

Michael Bloomberg soaks in Delhi life, talks of smart cities

As part of his ambition to make <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> a green economy, Union minister <keyword id="19897455" type="General" weightage="20" keywordseo="nitin-gadkari" source="keywords">Nitin Gadkari</keyword> wants to slash GST on hybrid vehicles and has vowed to rid the country entirely of the over 36 crore petrol and diesel vehicles. "One hundred per cent," <keyword id="19934966" type="General" weightage="20" keywordseo="gadkari" source="keywords">Gadkari</keyword>, the Union Minister for Road Transport and Highways, said when asked whether it is possible for India to get rid of petrol and diesel cars altogether. "It is difficult but not impossible. This is my vision," Gadkari said in an interview to PTI. He said India spends Rs 16 lakh crore on fuel imports. This money will be used for improving the life of farmers, villages will be prosperous and the youth will get employment, the minister said. Gadkari did not give any timeline to meet this ambitious target which even proponents of green energy believe is mind bogglingly difficult. The proposal to reduce GST on hybrid vehicles to five per cent and to 12 per cent for flex engines has been sent to the Finance ministry which is considering the requisition, Gadkari said. The minister said he firmly believes the country can end fuel import by promoting the use of biofuels. Environmental activists welcomed Gadkari's vision for increasing green mobility, but also struck a word of caution by flagging the use of fossil fuels in the production of electricity. "In India, we are still heavily dependent on a fossil fuel-based energy system to power electric cars, and this needs to be changed. There is urgent need to ensure 100 per cent renewable energy alongside electric vehicles to tackle the climate crisis," <keyword id="21152150" type="General" weightage="20" keywordseo="avinash-chanchal" source="keywords">Avinash Chanchal</keyword>, a campaigner for Greenpeace India, told PTI. Gadkari said he has been pitching for alternative fuels since 2004 and is confident things will change in the coming five to seven years. "I cannot give you a date and year for this transformation to take place as it is very difficult. This is difficult but not impossible," Gadkari asserted. He said he firmly believes that given the speed with which electric vehicles are being introduced, the coming era will be of alternative and biofuels and this dream will come true. Gadkari said auto companies such as Bajaj, TVS and Hero are also planning to manufacture motorcycles using flex engines and auto rickshaws using similar technology too were on the way. "I roam around in a car that runs on hydrogen. You can see electric cars in every other household. People who used to say this was impossible, have changed their views now and started believing in what I have been saying for the last 20 years," the minister said. "Tatas and <keyword id="19906966" type="General" weightage="20" keywordseo="ashok-leyland" source="keywords">Ashok Leyland</keyword> have introduced trucks that run on hydrogen. There are trucks that run on LNG/CNG. There are 350 factories across the country of bio-CNG," he said. "Definitely, a revolution is taking place. The fuel imports will end and this country will become self-reliant - <keyword id="19952544" type="General" weightage="20" keywordseo="atmanirbhar-bharat" source="keywords">Atmanirbhar Bharat</keyword>. I strongly believe in this," Gadkari said. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/ussd-based-call-forwarding-to-be-suspended-soon-to-curb-fraud/articleshow/108933705.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-based-call-forwarding-to-be-suspended-soon-to-curb-fraud/articleshow/108933705.cms" target="_blank">USSD-based call forwarding to be suspended soon to curb fraud</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-april-2024/slidelist/108869757.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-april-2024/slidelist/108869757.cms" target="_blank">Upcoming cars and two-wheelers launching in India in April 2024</a><a href="https://www.businessinsider.in/tech/apps/news/from-ai-photo-editing-to-international-upi-payments-here-are-upcoming-whatsapp-features/articleshow/108815797.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/from-ai-photo-editing-to-international-upi-payments-here-are-upcoming-whatsapp-features/articleshow/108815797.cms" target="_blank">From AI photo editing to international UPI payments, here are upcoming WhatsApp features</a>

Gadkari vows to eliminate petrol, diesel vehicles in India, bats for lower tax for hybrid cars

<ul><li>There will be a total lockdown in Bihar from July 16-31 to contain the spread of COVID-19. </li><li>Essential services allowed. </li><li>Commercial, private and govt establishments to remain closed. </li><li>Check the full guidelines for lockdown in Bihar. </li><li><a href="https://www.businessinsider.in/">Visit Business Insider for the latest news and updates.</a> </li></ul>There will be a total lockdown in Bihar from July 16-31 to contain the spread of COVID-19, Deputy Chief Minister Sushil Kumar Modi on Tuesday announced. Modi said the 15-day lockdown will remain in force at all municipal, district, sub divisional and block headquarters level. What’s allowed? <ul><li>Essential services allowed.</li><li>Farming and construction-related activities allowed.</li><li>Hospitals and all related medical establishments will continue to remain functional. The transportation for all medical personnel nurses, Para-medical staff, other hospital support services are permitted. This provision will also apply to veterinary services and establishments also.</li></ul>What’s closed but is functional in certain cases? <ul><li>Offices of the Government of India, its Autonomous Subordinate Offices and Public Corporation shall remain closed</li></ul>Exceptions: Defence, central armed police forces, treasury. public utilities (including petroleum, CNG, LPG, PNG) disaster management. power generation and transmission units, post offices. National informatics Centre. Early warning agencies <ul><li>Offices of the State Government, its Autonomous Bodies, Corporation, etc. stall remain closed.</li></ul>Exceptions: a) Police, Home Guards, Civil Defense, Fire and Emergency services, Disaster Management, Elections and Prisons. b) District administration and Treasury along with IT services’ Video Conferencing support from BELTRON. C) Electricity, water supply, sanitation, Health, Food and Civil Supplies, Water Resources, Agriculture, Animal Husbandry. d) Municipal bodies e) Forest officer Staff and workers required to operate and maintain 200, nurseries, parks. plantation, firefighting in forests, wildlife rescue including handling human-wildlife conflicts, watering plantations, Patrolling and protection of sanctuaries including tiger reserves, operation of pollution monitoring stations and the corresponding field and headquarter offices. f) Offices of Social Welfare – Staff and workers required (i) to operate and maintain child care institutions under Juvenile Justice Act, old age homes, homes for women, destitute and persons with disability (ii) to pay food security allowances under National Security Act {iii} to pay: social security pensions and the corresponding field and headquarter offices. <ul><li>Commercial and private establishments shall be closed down.</li></ul>Exceptions: a) Shops, including ration shops (under PDS), dealing with food, groceries, fruits and vegetable, dairy and milk booth, meat and fish, animal fodder, agriculture inputs. However, authorities are encouraged to facilitate home delivery. b)Banks, insurance offices and ATM which include all bank related subsidiaries offices like Cash management, IT services etc. c) Print and electronic media. d) Telecommunications, internet services, broadcasting and cable services e) E-commerce (All kinds of goods) f) Petrol pumps, LPG and gas retail and storage outlets. g) Hospitality services including Hotels/Motels/Lodged, Restaurants, Dhabas and eateries will be allowed to open with delivery/take away services only. <ul><li>All transport services will be suspended.</li></ul>Exceptions: a) Railways, Air and Rail transport will remain functional. b) Taxies, auto-rickshaws will be permitted across Bihar c) Private vehicles will be allowed across Bihar for permitted activities only d) All essential service providers will be allowed to commute from home to workplace. What’s completely closed? <ul><li>Places of worship to remain closed.</li><li>Commercial, private and govt establishments to remain closed.</li></ul> SEE ALSO: <a href="https://www.businessinsider.in/tech/news/google-may-put-4-billion-into-indias-reliance-jio-months-after-facebook-invested-5-7-billion/articleshow/76957941.cms">Google may put $4 billion into India's Reliance Jio, months after Facebook invested $5.7 billion</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-next-goal-seems-to-be-the-retail-king-of-india/articleshow/76953716.cms">Mukesh Ambani’s next goal seems to be the ‘retail king of India’</a> <a href="https://www.businessinsider.in/thelife/personalities/news/mukesh-ambani-is-now-richer-than-elon-musk-and-google-founders-larry-page-and-sergey-brin/articleshow/76955217.cms">Mukesh Ambani’s $72 billion fortune makes him richer than Elon Musk and Google’s Larry Page and Sergey Brin</a>

Lockdown again in Bihar from July 16: What’s allowed and What’s not during lockdown

Much like the <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart&amp;sortorder=effectivedate">Flipkart</a>-<a href="http://www.businessinsider.in/searchresult.cms?query=Amazon&amp;sortorder=effectivedate">Amazon</a> tussle in India’s <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce&amp;sortorder=effectivedate">e-commerce</a> space, the <a href="http://www.businessinsider.in/searchresult.cms?query=Ola&amp;sortorder=effectivedate">Ola</a>-<a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a> battle in the online cab aggregation sector is also heating up. 
 
Looking to dominate India’s $9 billion industry, both taxi-hailing apps are promising hundreds of millions in new investment, and are willing to go that extra mile to offer Indians a ride, and more. The battle for the Indian market has even been dragged from the streets to the Court. 
 
Here are a few grounds where <a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Ola&amp;sortorder=effectivedate">Ola</a> locked horns, just to get a bigger piece of the Indian pie: 
 
Raw Money Power: 
Looking at the lack of adequate public transport in Indian cities, <a href="http://www.businessinsider.in/searchresult.cms?query=Ola&amp;sortorder=effectivedate">Ola</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a> have together promised an hefty investment of over $2.25 billion in India. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a> reportedly plans to pump over $500 million by June in India. This is over and above the $1 billion already committed over the past nine months. That is some serious money. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Ola&amp;sortorder=effectivedate">Ola</a> hasn’t been left wanting either. It has promised to add another 2,000 cars to its existing fleet of 26,000 in the nation’s capital. It is backed by the likes of <a href="http://www.businessinsider.in/searchresult.cms?query=SoftBank&amp;sortorder=effectivedate">SoftBank</a>, and some of the most cash-rich VCs in the world. 
 
WiFi in Autos? 
<a href="http://www.businessinsider.in/searchresult.cms?query=Ola&amp;sortorder=effectivedate">Ola</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a> both began offering in-car WiFi last year. 
 
However, <a href="http://www.businessinsider.in/searchresult.cms?query=Ola&amp;sortorder=effectivedate">Ola</a> has been pulling out all its stock to go up against <a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a>. The company plans to launch WiFi services in the budget cab segment, and even its auto-rickshaws. 
 
Some wonder how that's humanly possible at the current cost. 
 
Legal Battles: 
Interestingly, both taxi aggregators have been in legal wrangles. 
 
In October 2015, <a href="http://www.businessinsider.in/searchresult.cms?query=Ola&amp;sortorder=effectivedate">Ola</a> filed a legal petition, accusing <a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a> of flouting a Supreme Court order demanding app-based taxis in New Delhi switch from running on diesel to using CNG (compressed natural gas). 
 
A few months on, <a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a> recently sued <a href="http://www.businessinsider.in/searchresult.cms?query=Ola&amp;sortorder=effectivedate">Ola</a> for allegedly creating 93,000 fake <a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a> accounts, and tampering its businesses. The company has been seeking around $7.4 million in damages. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a> claims <a href="http://www.businessinsider.in/searchresult.cms?query=Ola&amp;sortorder=effectivedate">Ola</a> employees used bogus accounts to book and cancel a whopping 400,000 rides over the last six months. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a> allegedly had to pay high cancellation charges to drivers due to this. It claims around 20,000 drivers quit the platform in frustration. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Ola&amp;sortorder=effectivedate">Ola</a> officials 'categorically deny’ <a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a>'s allegations of fraud. Senior officials Anand Subramanian and Rahul Maroli told Business Insider they 'stand by' their statement. 
 
Accusations: Both <keyword id="6354720" type="PERSON" weightage="60" keywordseo="Ola">Ola</keyword> and <keyword id="1042120" type="PERSON" weightage="60" keywordseo="Uber">Uber</keyword> have been accused of wrong-doing. 
 
Recently, <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a>-backed online transportation app <a href="http://www.businessinsider.in/searchresult.cms?query=Jugnoo&amp;sortorder=effectivedate">Jugnoo</a> alleged Ola has adopted unethical practices against it. In a blog post, the company claims Ola employees made fake bookings, and tried to hamper its operations. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Jugnoo&amp;sortorder=effectivedate">Jugnoo</a> CEO Samar Singla has said his team saw a sudden surge in bookings and cancelations. According to him, around 20,000 cancelations were made through 800 accounts over a 10-day period earlier this month. In December, the auto-rickshaw aggregator had accused Ola of poaching employees and driver database in Chandigarh. 
 
Uber has made similar claims against Ola. Ola spokesperson <a href="http://www.businessinsider.in/searchresult.cms?query=Anand+Subramanian&amp;sortorder=effectivedate">Anand Subramanian</a> maintains this to be Uber’s way of ‘payback’ for the legal petition Ola filed, accusing Uber of flouting a Supreme Court order. 
 
Interestingly, Uber’s rivals <a href="http://www.businessinsider.in/searchresult.cms?query=Lyft&amp;sortorder=effectivedate">Lyft</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Gett&amp;sortorder=effectivedate">Gett</a> had in 2014 complained against the aggregator of making false bookings, and recruiting Lyft and Gett driver partners for its own service. 
 
Experiments gone wrong: 
In an attempt to find new battlegrounds, Ola and Uber both launched their bike-taxi services in India’s Bengaluru on the very same day. 
 It seems both knew of each other’s plans and neither wanted to be left behind. However, neither was fully ready. Several users claimed not a single <keyword id="3149752" type="UNKNOWN" weightage="20" keywordseo="bike-taxi">bike taxi</keyword> was visible. 
 
Both were offering extremely competitive rates. Ola has a per km rate of Rs 2, and a minimum fare of Rs 30. Uber has a per km rate of Rs 3 and a minimum fare of Rs 15. 
 
However, Ola was forced to roll back its service a few days later after the Karnataka state government said that India’s Motor Vehicle Act doesn’t have a provision for two wheelers to be used as taxis. Simply put, the bike taxi services were illegal. 
 
When asked about the same, Ola COO Pranay Jivrajka refused to comment on the issue. 
 
However, Uber bike taxis continue to ply on Bengaluru’s (earlier Bangalore) roads. 
 
This isn’t the first time this has happened. As rival Uber was turning up the heat, Ola started experimenting with hyper-local food and grocery delivery. 
 
It was later forced to shut these and focus on serving its core business. Although, it went on an overdrive, introducing new categories like Micro, Prime, a shuttle bus service and carpooling in a very short span. 
 
Regulatory hassles: 
While Uber has been facing regulatory hassles worldwide, and has the muscle to lobby for friendlier policies, Ola is still pretty new to such complications in business. 
 
Recently, Indian state Karnataka stood firm on not allowing surge pricing for app-based ride hailing services such as Ola and Uber. In the state, online taxi aggregators operate as ride-hailing service under a license obtained under the Radio Taxi Scheme, 1988. 
 
The policy says the charged fare cannot be higher than the fare fixed by the government. That means transport apps have to charge within a band where the upper limit is capped. Ola COO <a href="http://www.businessinsider.in/searchresult.cms?query=Pranay+Jivrajka&amp;sortorder=effectivedate">Pranay Jivrajka</a> told BI the company's 'working together' with the state government to find a feasible solution. 
 
Way back in August, in a major setback to Ola Cabs, the Delhi High Court dismissed its plea challenging a single-judge order upholding Delhi government's ban on such taxi services. 
 
While Ola argued that non-app based taxi organizations also come under the Radio Taxi Scheme, and that Ola doesn’t own these vehicles anyway, the Delhi government had said the All India Tourist Permit (AITP) vehicles that operate under Ola brand are meant for tourist destinations and not point-to-point service in city. 
 
Online taxi aggregators were finally legalized. 
 
Chest Thumping 
Ola and Uber have both thrown around numbers that hardly make sense if put together. 
 
In a recent interview, Ola’s Chief Marketing Officer and Head of Categories Raghuvesh Sarup said, "In three weeks, we have put up a category (Ola Micro) which is already 50% of all of Uber's daily bookings in the country. The rate at which Micro is growing, it will be larger than their entire brand within a month." 
 
On the other hand, Eric Alexander, President of Uber's Asia business, in an interview said his company was on the verge of overtaking Ola in India. "In January last year, we were at five per cent market share. Now, we are right at the edge of 50 per cent. Within next 30 days, we would beat them (Ola). We will surpass them very, very shortly." 
 
The statistics are even more confusing. Ola claims it holds 75% of the Indian app-based taxi-hailing market, with over 350,000 driver partners on its platform across the country, while Uber claims otherwise. 
 
As the cut-throat fight between Uber and Ola continues, some say it’s reminiscent of Uber’s tussle with Lyft in the U.S. The two San Francisco-based rivals were constantly undercutting each other’s tariffs, poaching each other’s drivers and duplicating services. 
 
Let’s just say its the same war, but with some Indian masala.

The Ola-Uber rivalry in India – when
competition became ridiculous

<keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword> made a bold move and declared Rs 500 and Rs 1000 currency notes as void starting midnight. 
 In his address to the entire nation, Modi said the decision was taken to clamp down on <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword>. 
 
He urged Indians to bear with temporary hardships in the implementation of the new rule. 
 
"We are No 1 in rate of economic growth. Despite some progress, India still ranks at No 76 in world rankings for perception of corruption,” said Modi. 
 
Modi said persons holding old notes of Rs 500 and Rs 1000 can deposit these notes in their bank or post office accounts from November 10 till close of banking hours on December 30, 2016 without any limit. 
 
He also made other important points during his address to the nation. 
 
Here’s the full text of his speech 
 
 
My dear citizens 
 
I hope you ended the festive season of Diwali with joy and new hope. Today, I will be speaking to you about some critical issues and important decisions. Today I want to make a special request to all of you. You may recall the economic situation in May 2014 when you entrusted us with an onerous responsibility. In the context of BRICS, it was being said that the “I” in BRICS was shaky. Since then, we had two years of severe drought. Yet, in the last two and a half years with the support of 125 crore Indians, India has become the “bright spot” in the global economy. It is not just we who are saying this; it is being stated by the International Monetary Fund and the World Bank. 
 
In this effort for development, our motto has been ‘Sab Ka Saath Sab Ka Vikas’: We are with all citizens and for development of all citizens. This Government is dedicated to the poor. It will remain dedicated to them. In our fight against poverty, our main thrust has been to empower the poor, and make them active participants in the benefits of economic progress. 
 
The Pradhan Mantri Jan Dhan Yojana, 
 
the Jan Suraksha Yojana, 
 
the Pradhan Mantri Mudra Yojana for small enterprises, 
 
the Stand-up India programme for Dalits, Adivasis and Women, 
 
the Pradhan Mantri Ujjwala Scheme for gas connections in the homes of the poor, 
 
the Pradhan Mantri Fasal Beema Yojana and Pradhan Mantri Krishi Sinchai Yojana to protect the income of farmers, 
 
the Soil Health Card Scheme to ensure the best possible yield from farmers’ fields, 
 
and the e-NAM National Market Place scheme to ensure farmers get the right price for their produce 
 
—these are all reflections of this approach. 
 
In the past decades, the spectre of corruption and black money has grown. It has weakened the effort to remove poverty. On the one hand, we are now No. 1 in the rate of economic growth. But on the other hand, we were ranked close to one hundred in the global corruption perceptions ranking two years back. In spite of many steps taken, we have only been able to reach a ranking of seventy-six now. Of course, there is improvement. This shows the extent to which corruption and black money have spread their tentacles. 
 
The evil of corruption has been spread by certain sections of society for their selfish interest. They have ignored the poor and cornered benefits. Some people have misused their office for personal gain. On the other hand, honest people have fought against this evil. Crores of common men and women have lived lives of integrity. We hear about poor auto-rickshaw drivers returning gold ornaments left in the vehicles to their rightful owners. We hear about taxi drivers who take pains to locate the owners of cell phones left behind. We hear of vegetable vendors who return excess money given by customers. 
 
There comes a time in the history of a country’s development when a need is felt for a strong and decisive step. For years, this country has felt that corruption, black money and terrorism are festering sores, holding us back in the race towards development. 
 
Terrorism is a frightening threat. So many have lost their lives because of it. But have you ever thought about how these terrorists get their money? Enemies from across the border run their operations using fake currency notes. This has been going on for years. Many times, those using fake five hundred and thousand rupee notes have been caught and many such notes have been seized. 
 
Brothers and sisters, 
 
On the one hand is the problem of terrorism; on the other is the challenge posed by corruption and black money. We began our battle against corruption by setting up an SIT headed by a retired Supreme Court judge, immediately upon taking office. Since then 
 
• a law was passed in 2015 for disclosure of foreign black money; 
 
• agreements with many countries, including the USA, have been made to add provisions for sharing banking information; 
 
• a strict law has come into force from August 2016 to curb benami transactions, which are used to deploy black money earned through corruption; 
 
• a scheme was introduced for declaring black money after paying a stiff penalty; 
 
My dear countrymen, 
 
Through all these efforts, in the last two and a half years, we have brought into the open nearly 1 lakh 25 thousand crore rupees of black money belonging to the corrupt. Honest citizens want this fight against corruption, black money, benami property, terrorism and counterfeiting to continue. Which honest citizen would not be pained by reports of crores worth of currency notes stashed under the beds of government officers? Or by reports of cash found in gunny bags? 
 
The magnitude of cash in circulation is directly linked to the level of corruption. Inflation becomes worse through the deployment of cash earned in corrupt ways. The poor have to bear the brunt of this. It has a direct effect on the purchasing power of the poor and the middle class. You may yourself have experienced when buying land or a house, that apart from the amount paid by cheque, a large amount is demanded in cash. This creates problems for an honest person in buying property. The misuse of cash has led to artificial increase in the cost of goods and services like houses, land, higher education, health care and so on. 
 
High circulation of cash also strengthens the hawala trade which is directly connected to black money and illegal trade in weapons. Debate on the role of black money in elections has been going on for years. 
 
Brothers and sisters, 
 
To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016. This means that these notes will not be acceptable for transactions from midnight onwards. The five hundred and thousand rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper. The rights and the interests of honest, hard-working people will be fully protected. Let me assure you that notes of one hundred, fifty, twenty, ten, five, two and one rupee and all coins will remain legal tender and will not be affected. 
 
This step will strengthen the hands of the common man in the fight against corruption, black money and fake currency. To minimise the difficulties of citizens in the coming days, several steps are being taken. 
 
1. Persons holding old notes of five hundred or one thousand rupees can deposit these notes in their bank or post office accounts from 10th November till close of banking hours on 30th December 2016 without any limit. 
 
2. Thus you will have 50 days to deposit your notes and there is no need for panic. 
 
3. Your money will remain yours. You need have no worry on this point. 
 
4. After depositing your money in your account, you can draw it when you need it. 
 
5. Keeping in mind the supply of new notes, in the first few days, there will be a limit of ten thousand rupees per day and twenty thousand rupees per week. This limit will be increased in the coming days. 
 
6. Apart from depositing your notes in your bank account, another facility will also be there. 
 
7. For your immediate needs, you can go to any bank, head post office or sub post office, show your identity proof like Aadhaar card, voter card, ration card, passport, PAN card or other approved proofs, and exchange your old five hundred or thousand rupee notes for new notes. 
 
8. From 10th November till 24th November the limit for such exchange will be four thousand rupees. From 25th November till 30th December, the limit will be increased. 
 
9. There may be some who, for some reason, are not able to deposit their old five hundred or thousand rupee notes by 30th December 2016. 
 
10. They can go to specified offices of the Reserve Bank of India up to 31st March 2017 and deposit the notes after submitting a declaration form. 
 
11. On 9th November and in some places on 10th November also, ATMs will not work. In the first few days, there will be a limit of two thousand rupees per day per card. 
 
12. This will be raised to four thousand rupees later. 
 
13. Five hundred and thousand rupee notes will not be legal tender from midnight. However for humanitarian reasons, to reduce hardship to citizens, some special arrangements have been made for the first 72 hours, that is till midnight on 11th November. 
 
14. During this period, government hospitals will continue to accept five hundred and thousand rupee notes for payment. 
 
15. This is for the benefit of those families whose members may be unwell. 
 
16. Pharmacies in government hospitals will also accept these notes for buying medicines with doctors’ prescription. 
 
17. For 72 hours, till midnight on 11th November, railway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept the old notes for purchase of tickets. This is for the benefit of those who may be travelling at this time. 
 
18. For 72 hours, five hundred and thousand rupee notes will be accepted also at 
 
• Petrol, diesel and CNG gas stations authorised by public sector oil companies 
 
• Consumer co-operative stores authorised by State or Central Government 
 
• Milk booths authorised by State governments 
 
• Crematoria and burial grounds. 
 
These outlets will have to keep proper records of stock and collections. 
 
19. Arrangements will be made at international airports for arriving and departing passengers who have five hundred or thousand rupee notes of not more than five thousand rupees, to exchange them for new notes or other legal tender. 
 
20. Foreign tourists will be able to exchange foreign currency or old notes of not more than Rs 5000 into legal tender. 
 
21. One more thing I would like to mention, I want to stress that in this entire exercise, there is no restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer. 
 
Brothers and sisters, 
 
In spite of all these efforts there may be temporary hardships to be faced by honest citizens. Experience tells us that ordinary citizens are always ready to make sacrifices and face difficulties for the benefit of the nation. I see that spirit when a poor widow gives up her LPG subsidy, when a retired school teacher contributes his pension to the Swacch Bharat mission, when a poor Adivasi mother sells her goats to build a toilet, when a soldier contributes 57 thousand rupees to make his village clean. I have seen that the ordinary citizen has the determination to do anything, if it will lead to the country’s progress. 
 
So, in this fight against corruption, black money, fake notes and terrorism, in this movement for purifying our country, will our people not put up with difficulties for some days? I have full confidence that every citizen will stand up and participate in this ‘mahayagna’. My dear countrymen, after the festivity of Diwali, now join the nation and extend your hand in this Imandaari ka Utsav, this Pramanikta ka Parv, this celebration of integrity, this festival of credibility. 
 
I am sure that all political parties, all governments, social services organizations, the media and indeed all sections of the society will take part in this with enthusiasm and make it a success. 
 
My dear countrymen, 
 
Secrecy was essential for this action. It is only now, as I speak to you, that various agencies like banks, post offices, railways, hospitals and others are being informed. The Reserve Bank, banks and post offices have to make many arrangements at very short notice. Obviously, time will be needed. Therefore all banks will be closed to the public on 9th November. This may cause some hardship to you. I have full faith that banks and post offices will successfully carry out this great task of national importance. However, I appeal to all of you to help the banks and post offices to meet this challenge with poise and determination. 
 
My dear citizens, 
 
From time to time, based on currency needs, the Reserve Bank with the approval of the Central Government brings out new notes of higher value. In 2014, the Reserve Bank sent a recommendation for issue of five thousand and ten thousand rupee notes. After careful consideration, this was not accepted. Now as part of this exercise, RBI’s recommendation to issue two thousand rupee notes has been accepted. New notes of five hundred rupees and two thousand rupees, with completely new design will be introduced. Based on past experience, the Reserve Bank will hereafter make arrangements to limit the share of high denomination notes in the total currency in circulation. 
 
In a country’s history, there come moments when every person feels he too should be part of that moment, that he too should make his contribution to the country’s progress. Such moments come but rarely. Now, we again have an opportunity where every citizen can join this mahayajna against the ills of corruption, black money and fake notes. The more help you give in this campaign, the more successful it will be. 
 
It has been a matter of concern for all of us that corruption and black money tend to be accepted as part of life. This type of thinking has afflicted our politics, our administration and our society like an infestation of termites. None of our public institutions is free from these termites. 
 
Time and again, I have seen that when the average citizen has to choose between accepting dishonesty and bearing inconvenience, they always choose to put up with inconvenience. They will not support dishonesty. 
 
Once again, let me invite you to make your contribution to this grand sacrifice for cleansing our country, just as you cleaned up your surroundings during Diwali. 
 
Let us ignore the temporary hardship 
 
Let us join this festival of integrity and credibility 
 
Let us enable coming generations to live their lives with dignity 
 
Let us fight corruption and black money 
 
Let us ensure that the nation’s wealth benefits the poor 
 
Let us enable law-abiding citizens to get their due share. 
 
I am confident in the 125 crore people of India and I am sure country will get success. 
 
Thank you very much. Thanks a lot. 
 
Namaskar. 
 
Bharat Mata Ki Jai.

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