Mohammed bin Tughlaq was a ruler in medieval India who was known for his eccentric decision to shift the capital from Delhi to Daulatabad, in south India, and change the currency. The decisions had misfired.
“It seems that the spirit of Muhammad bin Tughluq has entered our honourable Prime Minister on night of November 8, this decision is completely imbecile and hilarious. So, tomorrow you will hear the capital has been shifted from Delhi to Daulatabad,” Tewari said.
“Modern day Tughlak has thrown a nuclear trident at poor people of India. 1000 Rupees of today is what 100 Rupees was 20 yrs back. Insanity!,” he added.
“This disruptive step would completely subvert the Indian economy so under those circumstances government should reconsider this move and if the government insists this Tughlaqi farman then courts need to intervene,” Tewari told ANI.
In a major step to check black money, Prime Minister Narendra 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.
President Mukherjee said Prime Minister Modi called on him on Tuesday evening and briefed about the government’s decision to declare that all Rs. 1000 and 500 currency notes will cease to be legal tender from midnight on Tuesday.
“We welcome bold step of Government of India which will help unearth unaccounted money and counterfeit currency,” he said.