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After reporting <keyword id="21767878" type="General" weightage="20" keywordseo="record-profits" source="keywords">record profits</keyword>, state-owned <keyword id="20459282" type="General" weightage="100" keywordseo="fuel-retailers" source="keywords">fuel retailers</keyword> <keyword id="19908045" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Oil Corporation" meta.hostid="153" meta.entityid="Indian Oil Corporation">Indian Oil Corporation</keyword> (<keyword id="6354733" type="General" weightage="20" keywordseo="IOC" source="Orion">IOC</keyword>), <keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword> and <keyword id="20052221" type="General" weightage="20" keywordseo="HPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="HPCL" meta.hostid="153" meta.entityid="HPCL">HPCL</keyword> posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year back and Rs 4,789.57 crore in January-March, its filing showed. The three fuel retailers made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses they had suffered in the previous year when they did not raise retail prices despite a surge in cost. The gains arising from the price freeze were eroded with petrol and diesel prices being cut by Rs 2 per litre each just before general elections and a fall in refining margins. Also, the three had uncompensated <keyword id="20866844" type="General" weightage="20" keywordseo="LPG-subsidy" source="keywords">LPG subsidy</keyword> - IOC booking under-recovery of Rs 5,156.23 crore in April-June, BPCL Rs 2,015.10 crore and HPCL Rs 2,443.71 crore, according to the filings. As per an order of the oil ministry, when market determined price (MDP) of LPG cylinders is less than its effective cost to customer (ECC), oil marketing companies (OMCs) have to retain the difference in a separate buffer account for future adjustment. However, as on June 30, 2024, the three firms had a net negative buffer as the retail selling price was less than MDP. The three retailers IOC, BPCL and HPCL had reported record profits totalling about Rs 81,000 crore in FY24 (2023-24), which was far more than their annual earnings of Rs 39,356 crore in pre-oil crisis years. This is because they resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year, when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore compared to Rs 8,241.82 crore in 2022-23. While the company could argue that FY23 was impacted by the <keyword id="21626914" type="General" weightage="20" keywordseo="oil-crisis" source="keywords">oil crisis</keyword>, the FY24 earnings are higher than even the pre-crisis years - Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21. BPCL posted a net profit of Rs 26,673.50 crore in FY24, higher than Rs 1,870.10 crore earnings in 2022-23 and Rs 8,788.73 crore in FY22. HPCL's 2023-24 profit of Rs 14,693.83 crore is compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22, according to the filings. The losses in FY23 had led to the finance minister announcing Rs 30,000 crore equity infusion in the three firms. Mid-way through the year, that support was halved to Rs 15,000 crore. The support was to happen by way of equity infusion via a rights issue. But after the record profits of 2023-24, the equity infusion plan has now been scrapped. Finance Minister Nirmala Sitharaman had on February 1 last year, while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024), announced an equity infusion of Rs 30,000 crore in IOC, BPCL and HPCL to support the three state-owned firm's energy transition plans. In the interim budget that the finance minister presented in February this year ahead of the general elections, the capital support to the three oil companies was halved to Rs 15,000 crore. In the full budget for 2024-25, both plans have been scrapped. While other state-owned oil companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd too have lined up billions of dollars of investment to achieve net-zero carbon emissions, the equity support was limited to the three fuel retailers, which had suffered huge losses in 2022 when they held retail petrol, diesel and cooking gas (LPG) prices despite a spike in raw material (crude oil) prices, following Russia's invasion of Ukraine. The board of IOC and BPCL had last year approved rights issues to raise to Rs 22,000 crore and Rs 18,000 crore, respectively. The government was to participate in the rights issue. The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices, resulting in losses when input costs were higher and profits when raw material prices were lower. They posted a combined net loss of Rs 21,201.18 crore during April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidies helped IOC and BPCL post annualised profit for 2022-23, but HPCL was in the red. In FY24, things changed dramatically, and the three firms posted record earnings.

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

Mumbai, May 26 () The second-largest national oil marketing company Bharat Petroleum Corp Ltd (BPCL) on Tuesday announced a new customer-friendly initiative with the launch of cooking gas booking through Whatsapp across the country. Bharat Petroleum, which was on the sell-off block last fiscal, has over 71 million LPG customers, making it the second-largest player after Indian Oil. "From today (Tuesday), Bharat Gas (its LPG brand) customers across the country can book their cooking gas on WhatsApp," BPCL said in a statement adding that it has introduced a Whatsapp business channel to facilitate cylinder booking. WhatsApp booking can be done on BPCL Smartline number -- 1800224344 -- from the customer's mobile number registered with the company. Launching the application, its Marketing Director Arun Singh said, "The provision to book LPG from Whatsapp will make it even simpler for customers. Since Whatsapp is the one of the most commonly used apps, for the younger and older generation alike, being there on this platform will bring us closer to our customers." T Peethambaran, the executive director in-charge of LPG, said that after booking through Whatsapp, a customer will get a confirmation message apart from a link to make an online payment for the refill through any channel -- debit or credit cards, UPI, and other payment apps like Amazon. Singh said the company is also palling introducing new features like LPG delivery tracking and taking feedback from customers in the days to come apart from creating safety awareness. BPCL already allows customer to book LPG through other channels like IVRS, missed call, apps, and website among other digital channels apart from its 6,111-strong large distributors. BEN HRS

BPCL launches cooking gas booking via WhatsApp

New Delhi, Apr 3 () PSU oil firms are delivering an average over 60 lakh LPG cylinders daily to consumers during the nationwide lockdown to feed household cooking needs, Petroleum Minister Dharmendra Pradhan said on Friday as he pushed companies to prepare to deliver three free cylinders to over 8 crore Ujjwala beneficiaries. Pradhan interacted with dozens of district nodal officers of Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) over video-conferencing to access the distribution of LPG cylinders in districts following the coronavirus outbreak and the subsequent 21-day nationwide lockdown, an official statement said here. The district nodal officers (DNOs) of oil marketing companies are responsible for LPG deliveries in their assigned areas. "Appreciating the efforts of DNOs and their teams, Pradhan said that in this time of unprecedented crisis, the LPG teams of the companies have risen to the occasion and delivered the cylinders on time despite so many restrictions and health hazards," the statement said. He said that due to the COVID-19 crisis and the nationwide lockdown, the consumption and demand of cylinders have gone up. "The OMCs (oil marketing companies) are delivering on an average 50-60 lakh cylinders daily, and are playing an important role in the national fight against Covid-19," it said. Pradhan asked the three oil marketing companies to now gear up to provide 3 free cylinders to over 8 crore Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries over the next 3 months. He asserted that 15 port terminals, 195 LPG bottling plants and the transportation network are currently operating everyday despite lockdown, ensuring sufficient availability and uninterrupted supplies of LPG products in the country. The government had last month announced free cooking gas to PMUY beneficiaries, who are poor women who got free cooking gas connections since 2016, as part of the economic stimulus to deal with the lockdown. Three 14.2-kg LPG cylinders come together with free foodgrain and cash for the poor. Pradhan said advance funds are being provided to the LPG distributors for releasing the first free cylinder, and the scheme should be implemented efficiently so that poor sections of the society do not suffer in this time of difficulty. "The minister also called the OMCs to help the migrants and provide food to them," the statement said. "He called upon the DNOs to generate awareness among the masses and all the stakeholders about health precautions and social distancing." The DNOs reported that after the initial hiccups, things have settled down. The panic booking of cylinders, which was noticed in the initial few days of the lockdown, has stopped, the statement said adding that the waiting period of the cylinder delivery has come down. DNOs, according to the statement, said the announcement of the special ex-gratia of Rs 5 lakh for LPG delivery boys and others involved in the supply chain in case of a casualty due to COVID-19, has boosted the morale of the staff at the field level. ANZ HRS

Oil firms delivering over 60 lakh LPG cylinders daily during lockdown: Pradhan

Mumbai, Mar 29 () National oil marketing companies have come out on Sunday allaying the fears of consumers about product shortages, saying there is absolutely no shortage of any fuel, especially cooking gas, which is being supplied to customers at their doorsteps.On average, the daily supply of cooking gas has gone up by at least 35-40 per cent since the lockdown, in spite of working with minimal staff, the companies said.The collective assurance of uninterrupted supplies of all oil products, especially LPG cylinders, by Indian Oil, BPCL and HPCL, come amidst panic booking of cooking gas by consumers since the national lockdown imposed to contain the spread of Covid-19 pandemic.This, coupled with staff shortage, has led to some delays in the initial days of the lockdown but now it has been normalised, they added.Talking to in Mumbai on Sunday, Mukesh Kumar Surana, the chairman and managing director of the ONGC-run Hindustan Petroleum said, there is absolutely no room for consumers to worry about LPG shortages at all."I assure all public that there is no shortage of any oil products at all. All the more let me assure that there is absolutely no shortage of LPG at all. In fact, our LPG plants are working at over capacity to meet any spike in demand. I request all not to engage in panic booking of cooking gas," Surana said.Explaining how HPCL has augmented LPG supplies, he said at the national level the daily supply has gone from 12 lakh cylinders to 15 lakh a day for his company.In Mumbai, HPCL has supplied 56 per cent more cylinders on Saturday, from 34,000 to 51,000, while in Pune the spike in supplies is 54 per cent, he added.Surana also said, HPCL has equipped all its delivery boys with masks, sanitisers and also trained them in social distancing. Accordingly, they have been asked not to carry cylinders to individual homes but to the society gates as there are restrictions on entry for outsiders at many societies."Unfortunately, we had many instances of cylinders being returned from many societies in the city which is a logistical problem as wastage of resources, who are anyways are in very short supply," Surana rued.Similarly, the second largest player, BPCL said its daily LPG supplies in Maharashtra has gone up by 32 per cent, while the same is up 40 per cent in Mumbai and 37 per cent each in Navi Mumbai and Thane, a BPCL spokesman told .In an interview to earlier in the day in New Delhi, the IOC chairman said there is absolutely no need to worry about any shortage of fuel items."We have mapped demand for all fuel for entire April and beyond. We have refineries operating at levels enough to meet all of the demand. Besides all bulk storage points, LPG distributorships and petrol pumps are functioning normally. There is absolutely no shortage of any fuel," Singh said.At another level, the oil companies are also out in the media explaining that there is no shortage of LPG.While IOC has released an ad on the DD with the chairman Sanjiv Singh himself assuring of uninterrupted supplies of all oil products, especially LPG, and also launched a Twitter campaign saying it is delivering gas with the help of the police machinery, BPCL is undertaking social media campaign on its Facebook page, Twitter handle and the Instagram page since the lockdown was announced.The BPCL campaign promises LPG delivery at the door step, assuring ample product availability and also exhorting sanitisation methods and social distancing.In IOC ad, the chairman is assuring the public of absolutely no issues in supplying all petroleum products, especially cooking gas and kerosene, and that all its depots, and LPG bottling plants, including import terminals, are functioning at full capacity."All our stakeholders and our employees are working round the clock to ensure that supplies are normal. I once again assure everyone that all the products are available for all customers and there is absolutely no need for any panic booking," says Singh.IOC's Twitter campaign says 'home delivery of LPG cylinders is on as usual and the delivery chain is being supported by the state police. Citizens need not expose themselves to health by going personally to distributors. BEN ANZ BALBAL

Oil cos say no LPG shortage at all, delivering at least 40% more fuel now

New Delhi, Feb 24 () GAIL India Ltd, the country's largest gas utility, will invest Rs 1.05 lakh crore over the next five years to expand pipelines, lay city gas distribution network and raise petrochemical production capacity, its new chairman and managing director Manoj Jain said on Monday.Gas pipelines are planned to take the fuel to the east and northeast regions as well as to consumers in the south as part of the government push to raise the share of natural gas in India's energy basket to 15 per cent by 2030 from the current 6.2 per cent, he said."We have planned a capex of Rs 45,000 to Rs 50,000 crore in laying pipelines, Rs 10,000 crore petrochemical capacity expansion and another Rs 40,000 crore for city gas distribution (CGD) business," he told reporters here.GAIL's push for infrastructure creation is in line with Prime Minister Narendra Modi's vision of creating a gas-based economy that is less reliant on polluting fuels for meeting its energy needs.India currently consumes some 160 million standard cubic meters of gas per day and the consumption has to rise to 600 mmscmd to reach 15 per cent share in the energy mix, and GAIL is laying the infrastructure to help achieve that.At present, GAIL operates 12,160-km of pipeline network and markets two-thirds of all-natural gas sold in the country. It will add about 7,000 km of pipeline length in the next five years, Jain said.The company is scaling up on liquefied natural gas (LNG) import capacity. Besides owning a part of Petronet LNG Ltd, India's biggest liquid gas importer, it also owns and operates a 5 million tonnes LNG import facility at Dabhol in Maharashtra."We have awarded the contract for construction of a breakwater at Dabhol to L&amp;T and this should get completed in two-and-half-years. The completion will help operate the Dabhol terminal at its full capacity of 5 million tonnes per annum," he said.Currently, operations are restricted during monsoon months as high tide could damage ships carrying gas in its liquid form.Also, the company has booked capacity at Adani Group's upcoming terminal at Dhamra in Odisha, Jain noted.Domestic gas production meets just half of the country's demand and the rest has to be imported.Pipeline projects at hand include the ambitious Urja Ganga Project to take gas to Bihar, West Bengal, Odisha, and Jharkhand as well as Kochi-Kootanad-Bangalore-Mangalore line; and Indradhanush North East Gas Grid.Besides pipelines, GAIL is also expanding city gas distribution (CGD) networks for retailing of CNG to automobiles and piped natural gas to household kitchens, he said, adding investments are also planned for the expansion of Pata petrochemical plant in Uttar Pradesh as well as converting a LPG recovery unit at Usar in Maharashtra into 5,00,000 tonnes Polypropylene plant.GAIL is looking to put up 400 CNG stations and give out a record 10 lakh piped natural gas (PNG) connections to household kitchens in the next 3-5 years.The company is building a 2,655-km gas pipeline from Jagdishpur in Uttar Pradesh to Haldia in West Bengal, Bokaro in Jharkhand and Dhamra in Odisha. Jagdishpur-Haldia &amp; Bokaro-Dhamra Natural Gas Pipeline (JHBDPL) project, also known as the 'Pradhan Mantri Urja Ganga' project, was inaugurated by the Prime Minister in July 2015.GAIL has commenced city gas operations in all the six geographical areas (GAs), including in Patna and Bhubaneshwar, that was awarded to it along the Urja Ganga route, Jain said.The pipeline will be extended to Guwahati by laying an additional 750-km line. At Guwahati, it would interconnect with the upcoming 1,500-km 'Indradhanush' pipeline network conceived to operate in the northeast region by the public sector oil and gas majors.GAIL will also lay a 600 km Srikakulam-Angul natural gas pipeline. ANZ BAL

GAIL to invest Rs 1.05 lakh cr to create infra for gas-based economy

New Delhi, Mar 25 () With flights being suspended and vehicles staying off the road due to nationwide lockdown, India's largest oil firm IOC on Wednesday said it is cutting down the run-rate of its refineries by at least one-fourth to keep fuel production in line with the demand.Indian Oil Corp (IOC), however, vowed to keep continue uninterrupted supplies of petrol and diesel for automobiles and cooking gas (LPG) for households.In a statement, IOC said the demand for petroleum products like petrol, diesel, fuel oil and bitumen has reduced substantially in the aftermath of restrictions placed on movement to curb the spread of coronavirus pandemic.The demand for ATF (Aviation Turbine Fuel) has also come down sharply due to the suspension of flights."Keeping this in view, IOC has regulated crude oil throughput at most of its refineries by 25 per cent to 30 per cent," it said. "Upliftment of finished products from them in the last one week has helped upcountry bulk storage locations of the corporation build up their stocks for future-readiness once the countrywide lockdown is lifted and the demand picks up again."IOC said it is keeping a close watch on global cues and the changing market scenario and initiating actions accordingly."In the midst of a reduction in demand for major petro products, there has been an increase in demand for LPG cooking gas. To meet the rising demand for LPG, IOC is taking steps to increase LPG production in its major refineries by optimising operations, improving LPG yield in LPG producing units like FCC/Indmax, etc," it said.Bottling plant operations and LPG refill deliveries are being streamlined accordingly. The Emergency Service Cell number 1906 for LPG customers is operational as usual."Adequate stocks are available and there is no need for panic-booking by LPG customers," the company which controls roughly half of the Indian fuel market, asserted.The company said it was committed to ensuring emergency fuelling across all permitted modes."The Corporation's bulk storage installations, LPG bottling plants, fuel stations and LPG distributorships have been advised to operate under the advisory of their respective state governments/local administrations to maintain essential services in their geographies," it said. "The fuel stations (petrol pumps) are operating with skeletal staff to ensure personal hygiene and social distancing norms."IOC said it has taken several precautionary measures with special emphasis on the health and safety of its employees, service providers, contract work-force, petrol pump dealers and customer attendants, LPG distributors and delivery boys.A high-level committee has been formed to deal with all matters related to Covid-19, which has streamlined the working at the firm's non-critical locations with work-from-home norms to ensure proper social distancing norms."However, adequate work-force is being deployed at critical refining, supply and distribution locations, with all health, hygiene and safety measures in place," it said adding deployment of contract labour is being done only in essential and critical services at a bare minimum.Adequate care is also being taken with respect to the tank-truck drivers transporting petroleum products to petrol pumps. Video-conferencing is being used extensively for meetings with internal as well as external stakeholders.In the wake of a three-week countrywide lockdown, IOC said it is addressing several issues related to movement and turnaround time of fuel tank-trucks; restricted mobility and attendance of work-force at LPG distributorships and fuel stations; and restricted business hours of fuel stations at a few places."Despite the many constraints, IOC remains committed to ensuring fuel availability for its esteemed customers and emergency services while taking all the necessary precautionary measures," it added. ANZ MR

IOC cuts refinery run-rate by one-fourth as fuel demand evaporates

<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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