State-run Convergence Energy Services Ltd (<keyword id="10463872" type="General" weightage="100" keywordseo="cesl" source="Orion">CESL</keyword>) on Thursday launched the biggest ever tender worth about Rs 5,500 crore to procure as many as 5,580 electric buses including 130 double deckers. CESL, a wholly-owned subsidiary of Energy Efficiency Services Limited (EESL), on Thursday announced the floating of a request for proposals for the biggest ever demand for electric buses, under the '<keyword id="3770942" type="General" weightage="50" keywordseo="grand-challenge" source="Orion">Grand Challenge</keyword>' -- a set of homogenized demand for electric buses aggregated across five major cities, according to a statement. It said the tender value is estimated to be Rs 5,500 crore. The cities to be covered under this "Grand Challenge" are Bangalore, Delhi, Surat, Hyderabad, and Kolkata in the first phase. The first lot of e-buses are expected to hit the roads by July this year, it added. Through this 'Grand Challenge', CESL aims to deploy 5,450 single decker buses and 130 double decker buses. "This <keyword id="12993980" type="General" weightage="20" keywordseo="grand-challenge-tender" source="Orion">Grand Challenge Tender</keyword> represents efforts by so many people STUs, OEMs, financiers, <keyword id="2665691" type="General" weightage="20" keywordseo="niti-aayog" source="Orion">Niti Aayog</keyword>, DHI and of course my colleagues. This is the biggest ever scheme in the world, and is based on an innovative, asset-light model that makes it possible for STUs to deploy affordably and at scale," Mahua Acharya, MD &amp; CEO, CESL said. CESL intends to enhance its support to state governments in achieving their electric mobility targets as well as further build an infrastructure for electric mobility in the country. "Standardizing tendering conditions in diverse cities is a big step towards the transformation of public transport in India. Participation in the Grand Challenge is a commendable effort from STUs, who I am sure will stand to gain from economies of scale through the aggregation of demand by CESL," Amitabh Kant, CEO, NITI Aayog said. This is seen as a big step in the series of initiatives to fulfill the commitments made by Prime Minister Narendra Modi for making India a Net Zero nation by 2050 and getting closer to achieving <keyword id="407916" type="General" weightage="20" keywordseo="energy-independence" source="Orion">Energy Independence</keyword> by 2047, the statement said. "I am pleased to announce today that Delhi has requested 1,500 buses under the Grand Challenge and stands ready to offer state subsidies where they are required. We are aggressively pursuing electric mobility and I commend CESL for its efforts to standardize the terms and conditions for how this is delivered," Kailash Gahlot, Transport &amp; Environment Minister of Delhi said. The benefits of participating in the Grand Challenge include lower prices realized due to aggregate demand, high quality benchmarked technology, access to FAME-II incentives, access to state incentives, air quality improvement, and access to domestic and international sources of finances. Keeping in mind the changing environment, where climate change related issues and energy independence have turned the focus on EVs, CESL will later be expanding support to more cities. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/bring-ev-financing-under-priority-sector-lending-urges-smev/articleshow/89013954.cms">Bring EV financing under priority sector lending, urges SMEV</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/crypto-mining-continues-to-get-more-difficult-despite-crackdowns/articleshow/89013587.cms">Crypto mining continues to get more difficult despite crackdowns</a>

CESL launches biggest ever tender worth ₹5,500 crore for 5,580 electric buses

<ul class="summary-list"><li>It's been nearly 40 years since the US got rid of its last <keyword id="138635" type="PERSON" weightage="60" keywordseo="seaplane">seaplane</keyword>, an aircraft long seen as outdated.</li><li>Growing attention on the <keyword id="1551039" type="PERSON" weightage="60" keywordseo="Indo-Pacific">Indo-Pacific</keyword> and on <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>, which is developing its own seaplane, have revived discussion about the utility of <keyword id="2759697" type="ORGANIZATION" weightage="60" keywordseo="amphibious-aircraft">amphibious aircraft</keyword>.</li></ul>March marked the 38th anniversary of the retirement of the last US military seaplane. That aircraft, an HU-16E Albatross flown by the Coast Guard, left service 16 years after the Navy retired its last seaplane.Seaplanes played a vital role in World War II and had been considered essential for naval supremacy. Despite grand plans for them early in the Cold War, seaplanes soon fell out of favor. But recent developments in China have led some to reconsider their utility.In July 2020, China <a href="https://www.businessinsider.com/chinas-ag600-worlds-largest-amphibious-plane-completes-sea-trial-2020-7" target="_top">conducted the first </a><a href="https://www.businessinsider.com/chinas-ag600-worlds-largest-amphibious-plane-completes-sea-trial-2020-7" target="_top">successful</a><a href="https://www.businessinsider.com/chinas-ag600-worlds-largest-amphibious-plane-completes-sea-trial-2020-7" target="_top"> </a><a href="https://www.businessinsider.com/chinas-ag600-worlds-largest-amphibious-plane-completes-sea-trial-2020-7" target="_top">sea trial</a> of the <keyword id="2760694" type="PERSON" weightage="60" keywordseo="AG600">AG600</keyword> seaplane, also known as the "Kunlong."The AG600 - the largest seaplane in the world - took off from an airport in Shandong Province, landed in the ocean off Qingdao, skied on the water for four minutes, then took off and returned safely.The massive seaplane could put attention back on a type of aircraft the US military has long seen as antiquated.<h2>Essential tools</h2><div type="image" title="Consolidated PBY-5A Catalina flying boat" height="918" width="1746" msid="82104819" hostid="261"></div>Seaplanes were once essential tools for the Navy. Long before aircraft carriers dominated the seas, vessels known as <a href="https://medium.com/@wows_historians/weirdships-seaplane-tenders-fddfe0b2c005" target="_top">seaplane tenders</a> were the only way to successfully conduct long-range naval-aviation operations.They could pick up seaplanes with their large cranes and maintain the aircraft just like a conventional carrier would. The US Navy's first aircraft carrier, <a href="https://www.businessinsider.com/the-us-navys-first-aircraft-carrier-was-a-converted-ship-2020-12" target="_blank" rel="noopener">USS Langley, a former collier ship</a>, was converted into a seaplane tender when dedicated aircraft carriers became available in the late 1920s.Eventually, seaplanes <a href="https://www.pearlharboraviationmuseum.org/blog/u-s-scoutobservation-floatplanes-in-world-war-ii/" target="_top">could </a><a href="https://www.pearlharboraviationmuseum.org/blog/u-s-scoutobservation-floatplanes-in-world-war-ii/" target="_top">be launched from the decks of warships</a>, and long-range models could conduct important missions like anti-submarine warfare, search and rescue, naval interdiction, and, most importantly, reconnaissance, since they were able to spot enemy fleets while they were still hundreds of miles from friendly forces.Perhaps the most recognizable American seaplane is the <a href="https://www.navytimes.com/news/your-navy/2019/08/31/cat-tales-the-story-of-world-war-iis-pby-flying-boat/" target="_top">PBY Catalina flying boat</a>. Made by Consolidated Aircraft and adopted by the Navy in 1936, Catalinas helped locate the Japanese fleet at Midway, rescued thousands of downed airmen and stranded sailors, and sank more than 20 Axis submarines.A British Catalina flown by an American pilot was even <a href="https://www.defensemedianetwork.com/stories/the-american-who-helped-sink-the-bismarck/" target="_top">responsible</a> for locating the German battleship Bismarck during the Royal Navy's intense hunt for it in May 1941, seven months before the US entered the war.<h2>Cold War plans</h2><div type="image" title="Navy seaplane tender Salisbury Sound Martin P5M-1 Marlin" height="1175" width="1846" msid="82104821" hostid="261"></div>The role of seaplanes had diminished by the end of World War II.Reduced Axis submarine fleets posed less of a threat, and numerous airbases on the multiple liberated islands in the Pacific allowed the US Navy to use long-range <a href="https://www.militaryfactory.com/aircraft/detail.asp?aircraft_id=519" target="_blank" rel="noopener">land-based aircraft</a> carrying heavier payloads.But the Navy didn't intend to give up on seaplanes. In fact, in the early years of the Cold War, it wanted to create a Seaplane Strike Force with at least three models, in addition to other models already in service like the <a href="https://www.history.navy.mil/content/history/museums/nnam/explore/collections/aircraft/s/sp-5b-marlin.html" target="_top">Martin P5M Marlin</a>.The <a href="http://www.thehangardeck.com/news/2019/4/8/the-short-storied-history-of-the-convair-xp5yr3y-tradewind" target="_top">Convair R3Y Tradewind</a>, a transport flying boat adopted in 1956, had a maximum range of over 2,000 miles and was capable of carrying 100 troops or 24 tons of cargo. Its tanker version could refuel four Grumman F9F Cougars at once.But the Tradewind had engine problems, and all 11 were retired in 1958.<div type="image" title="Convair R3Y-2 Tradewind refueling Grumman F9F-8 Cougar" height="571" width="800" msid="82104822" hostid="261"></div>The <a href="https://www.defensemedianetwork.com/stories/xf2y-1yf2y-1-sea-dart-a-jet-fighter-on-water-skis/" target="_top">F2Y Sea Dart</a>, also made by Convair, was an ambitious attempt to create an amphibious delta-winged fighter jet.Capable of speeds as fast as Mach 1 and armed with four 20 mm machine guns or multiple folding-fin rockets, the Sea Dart first flew in 1953 but was canceled in 1957 after a fatal accident.Perhaps most impressive of all was the <a href="https://www.airspacemag.com/military-aviation/cancelled-the-navys-seamaster-21166697/" target="_top">Martin P6M SeaMaster</a>. Originally intended to carry nuclear weapons, it was a massive jet-powered seaplane capable of flying at subsonic speeds and traveling some 1,000 miles.After the development of the Polaris submarine-launched ballistic missile, the SeaMaster was repurposed as a <a href="https://www.globalsecurity.org/military/systems/aircraft/p6m.htm" target="_top">minelayer</a> able to drop 30,000 pounds of ordnance and with an 800-mile range.But ballistic-missile submarines and larger carriers made the Seaplane Strike Force less critical for the Navy, and the SeaMaster project was canceled in 1959.<h2>The AG600</h2><div type="image" title="AVIC AG600 Kunlong floatplane" height="1880" width="2712" msid="82104823" hostid="261"></div>Although the US has retired its seaplanes, a number of countries still have them in their inventory.Russia has <a href="https://www.airrecognition.com/index.php/news/defense-aviation-news/2020/july/6440-russian-navy-receives-its-first-be-200es-amphibious-aircraft.html" target="_top">started replacing</a> its turboprop Beriev Be-12s with the jet-powered Be-200ES.Japan, a nation with a long and proud seaplane tradition, operates one of the most advanced models in service, the <a href="https://www.shinmaywa.co.jp/aircraft/english/us2/" target="_top">ShinMaywa US-2</a>, which held the record for world's largest seaplane before the AG600.The AG600 was designed by the Aviation Industry Corporation of China (AVIC), the same outfit behind most of the People's Liberation Army Air Force's aircraft - including <a href="https://www.businessinsider.com/how-china-j20-stealth-jet-compares-to-us-f22-fighter-2020-11" target="_blank" rel="noopener">its stealth fighter</a>.<div type="image" title="AVIC AG600 Kunlong floatplane" height="1746" width="2652" msid="82104825" hostid="261"></div>Development of the AG600 began in 2009, with construction starting in 2014. It was unveiled in 2016, and its maiden flight was in 2017. China expects to finalize and deliver it by 2022.The seaplane is 120 feet long and has a wingspan of 127 feet. It is reportedly capable of carrying 50 passengers and reaching a top speed of 310 mph and a range of 2,800 miles.The AG600 will be a multi-purpose aircraft expected to conduct search-and-rescue and transportation operations. It is also able to carry up to 12 tons of water and disperse it over 4,000 square meters to fight forest fires.The AG600 would be particularly useful in the South China Sea, <a href="https://www.businessinsider.com/china-ag600-worlds-largest-amphibious-plane-does-first-water-takeoff-test-2018-10" target="_blank" rel="noopener">operating between the numerous fortified islands</a> China has built in recent years.<h2>A seaplane revival</h2><div type="image" title="Japan amphibious aircraft seaplane Iwakuni" height="1333" width="2000" msid="82104827" hostid="261"></div>China's development of the AG600, as well as the US's greater focus on <a href="https://www.businessinsider.com/pacific-islands-are-critical-geostrategic-ground-top-commander-says-2021-3" target="_blank" rel="noopener">the Indo-Pacific region and its many islands</a>, have brought the <a href="https://warontherocks.com/2020/07/bring-back-the-seaplane/" target="_top">benefits of seaplanes</a> back into the limelight.Since they operate on water, seaplanes do not have to worry about the destruction of their airfields or bases.Whereas landing craft rely on bigger logistical vessels to reach their destinations, seaplanes with large carrying capacities could disembark large numbers of troops and perhaps even light vehicles directly onto beachheads if rapid deployments or reinforcements on islands are necessary.As aerial refuelers, seaplanes could extend the range of carrier aircraft, freeing up valuable space and pilots aboard US aircraft carriers. Seaplanes' ability to be refueled by ships or submarines at sea could also extend their own ranges.There are of course trade-offs. Seaplanes have historically been outperformed by land and carrier-based aircraft, which are faster and more maneuverable. Seaplanes also aren't likely to last long against enemy aircraft. Moreover, to get the most out of a seaplane force, the Navy would likely need seaplane tenders, of which it has none.But with greater attention on the challenges of operating in the Indo-Pacific region, and with China's renewed interest in the aircraft, there's reason to give the practical and tactical applications of seaplanes more study.

The US ditched its last flying boats 38 years ago, but they could still help fill the gaps against China in the Pacific

The entire infrastructure of <keyword id="12143528" type="UNKNOWN" weightage="60" keywordseo="macau" source="Orion">Macau</keyword>'s success has been built on casinos. But under Beijing's regulatory crackdowns, gaming operators will have to abide by new rules — or risk losing their licenses.At 32 square kilometers, Macau is just 5% of Singapore's size. It's about half the size of Manhattan. Yet it has more than 35,000 hotel rooms, 30 Michelin-star restaurants, and 25 UNESCO World Heritage Sites. And it clocks gaming revenues that are six times that of the Las Vegas Strip.It's also one of the wealthiest places in the world.Alidad Tash is an expert in gaming operation and strategy who worked for 10 years in Vegas and Macau with the Sands organization. He said Macau's gaming revenue was $36 billion in pre-pandemic 2019, while the Vegas Strip raked in just $6 billion."Gaming is 70-80% of Macau's GDP. It's shockingly high," said Tash, who now runs his own consultancy firm, 2NT8 Macau.But the wealth rests in the hands of a few — and that, in turn, is at odds with the government's "common prosperity" messaging. In September, officials announced a regulatory overhaul. Gaming licenses in Macau expire in June 2022.The timing of the announcement is in line with Beijing's regulatory crackdowns, and it means gaming operators will have to abide by new rules or risk losing their licenses. There were also hints of Chinese officials supervising the world's largest <keyword id="11994893" type="UNKNOWN" weightage="60" keywordseo="gambling" source="Orion">gambling</keyword> hub. All this caused <a href="https://www.bloomberg.com/news/articles/2021-09-17/bets-are-off-after-casino-owners-get-hit-on-china-s-crackdown">shares</a> of casino companies, particularly American operators Sands <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> and Wynn Macau, to plunge.Getting Macau to amp up the non-gaming elements of the island will be a challenge, according to casino development strategists and hospitality consultants Insider spoke to. For one, Macau is tiny. But mainly, it's a victim of its own success for focusing on gaming as its sole cash cow.<div type="image" title="Macau at night with illuminated fountains and a Wynn resort in the background" height="2721" width="3628" msid="87775909" hostid="261"></div><h2>More money, but not for everyone</h2>Victoria Fuh is the vice president of Macau Meetings, Incentives and Special Events Association. Fuh told Insider that when she arrived in Macau 16 years ago, most meeting planners didn't know where Macau was. Today, it's on the list of venue options for <keyword id="6356001" type="UNKNOWN" weightage="100" keywordseo="international" source="Orion">international</keyword> conferences that rotate globally."Year after year, Macau adds new hotels and attractions, so it's always fresh for our clients," said Fuh.Since 1962, Stanley Ho — the late "King of Macau" — and his family held a monopoly over Macau's gambling industry as the only licensee for casinos. When Macau broke the monopoly in 2002, five more casino operators entered: Sands China, Wynn Macau, Galaxy Entertainment, Melco Entertainment, and MGM China. Collectively, they now operate 41 casinos.With the casinos came a lot of money. Macau is the only place in China where gambling is legal, and casinos have had a strong 20-year run."Macau's GDP per capita shot up from a low of $12,352 in 1992 to $71,974 in 2020," said Ben Lee, managing partner of IGamiX Management &amp; Consulting. "However, most of that wealth is concentrated in the hands of a few."<div type="image" title="Cityscape of Macau shows run-down buildings in various states of disarray" height="2235" width="2981" msid="87775910" hostid="261"></div>The government started a one-off annual cash handout to residents in 2008. In 2020, the amount allocated to residents was 15,000 patacas ($1,870).Lee, who has lived in Macau for 16 years, told Insider the annual lump sum is "nominal.""China sees how this creates social problems in Hong Kong and probably wants to avoid the same outcome in Macau," Lee added.Were it not for subsidies and welfare benefits like these, Macau's Gini coefficient — which is used to measure inequality — would have been 0.4% in 2017-2018, hitting the high inequality mark, according to the 2020 Statistics and Census Bureau survey as reported by <a href="https://www.macaubusiness.com/what-gini-has-to-say/">Macau Business</a>.And while the government <a href="https://borgenproject.org/poverty-in-macau/">reports</a> a low poverty rate — 2.3% in 2017 — the percentage is based solely on income and ignores the growing cost of living that accompanied the casino boom.Wealth inequality isn't the only issue in Macau. For one, there's crime: According to a <a href="https://www.macaubusiness.com/special-report-con-more-crime-and-corruption/">paper </a>from the Macao Institute for Tourism Studies, since the liberalization of casino licensing in 2002, crime has "increased drastically."There are other social problems, such as a whole generation of young people dropping out of studies to work in the gaming industry because of its financial rewards, according to Robbert van der Mass, director of APAC Hospitality Services Macau. This in turn affects small retail shops and restaurants, many of which have disappeared as they couldn't compete with salaries offered at casino resorts.<div type="image" title="Aerial view of Macau city" height="2300" width="3066" msid="87775912" hostid="261"></div><h2>One-trick pony</h2>Macau is well positioned for tourism: At its feet is the massive mainland market and neighboring Hong Kong, which together accounted for 90% of Macau's 39 million arrivals in pre-pandemic 2019, Macau Statistics &amp; Census Service, locally known as DSEC, shows.In 2019, there were 60 times more tourists than locals in Macau, per DSEC figures. But the average length of stay in Macau is just 1.2 days, compared with 2.7 days in Singapore and 3.3 days in Hong Kong. That's partly due to a high number of day-trippers, which accounted for 53% of arrivals in 2019, DSEC data shows.Macau's gaming liberalization in 2002 was meant to make the city a world center for tourism, while Hong Kong became an international financial center, said Lee. That didn't exactly happen."Instead, Macau became China's center for gambling," Lee said. "And despite the anti-corruption campaign [in 2012] and a series of anti-gambling edicts subsequently, casinos' non-gaming revenue never really got off to any significant volume, staying at about 5% of their gross revenue on average."This compares with 50% in Vegas and 30% in Singapore, experts interviewed said.However, non-gaming creates more jobs than gaming does — and it benefits small- and medium-sized suppliers more, said some of the experts."When casinos make money, no supplier gets rich," said Tash. "If I spend money in a hotel room, there is a lot more labor involved. Non-gaming supplies wealth for the overall community far more than gaming."<div type="image" title="Casino and resort in Macau lit up against night sky" height="3586" width="4782" msid="87775913" hostid="261"></div><h2>Keeping Macau relevant</h2>With its gaming licenses expiring in eight months, Macau now has a chance to reframe its gaming history."This isn't a renewal, it's a new open tender and anyone can bid for a new concession," said Lee. He said the government will likely offer prescriptive terms and demand clear non-gaming plans that extend beyond restaurants and retail."They want to see real non-gaming, such as the development of meetings and conventions, entertainment, art, and other attractions that go towards building a healthy tourism industry," Lee said of the government's approach to Macau 2.0.A shift to more non-gaming could be beneficial for Macau tourism, said some of the tourism experts Insider spoke to. Some even see it as a chance for the city to redefine itself in line with newer travel trends.Van der Mass of APAC Hospitality Services opened the MGM Grand Macau in 2007. He said that over the years, he has noticed a "huge shift" in Chinese travelers' behavior towards culture and experiences in food, retail, and entertainment."Integrated resorts are under pressure to adapt their offerings here in Asia, because these customers are increasingly exposed to leading trends in the world. To build more retail and meeting facilities without evolving these segments is no longer acceptable," said van der Mass.Macau is facing increased competition for Asian customers as the gaming industry develops elsewhere in countries such as Japan, South Korea, and the Philippines, he said.The demographics of gaming travelers are also changing. "Younger travelers are inclined towards gaming online, and the pandemic only drives more of this behavior. I think we'll see a transition in Asia towards more non-gaming," said Ian Wilson, who worked six years at Marina Bay Sands in Singapore and now runs Wilson Innovation Lab.<h2>Attempts at moving beyond gaming</h2>Casino operators in Macau appear to be heeding the push for more non-gaming.Sands runs two casino resorts in Macau: The Venetian and The Parisian. The Venetian is the largest casino floor in Asia. Sands also tries to attract leisure visitors with attractions like Venice's canals and a replica of the Eiffel Tower. It's now remodeling the former Sands Cotai Central into a new resort called The Londoner, which will include replicas of London landmarks like the Houses of Parliament, Big Ben, and London-themed suites by David Beckham at one of the four hotel towers.<div type="image" title="Exterior shot of London-inspired resort in Macau" height="1462" width="1950" msid="87775916" hostid="261"></div>The project, opening in phases this year, has 351,000 square feet of gaming space and 369,000 square feet of meeting space. That's in addition to a 1,700-seat theater and enough retail space to fit 130 stores and 40 restaurants.While the move does reflect a diversification out of gaming, it does not address another missing element in the island's development: Macau's Euro-Asia history and heritage. "Gaming has overshadowed the development of other potential attractions and eclipsed some of the original character of Macau, such as its Euro-Asian heritage, in both tangible and intangible forms," said Leonardo Dioko, a professor at Macao Institute for Tourism Studies and a director of a tourism research center in Macau.<h2>A thinly veiled power play</h2>Some skeptics believe the regulatory overhaul is a thinly veiled power play for China to gain more control over the yuan's outflow and to strong-arm Macau — and the casinos — into adopting a digital currency, which is traceable."It's no coincidence that the target date for the implementation of the PRC digital yuan is 2024. China just wants to make sure that Macau is ready for the conversion when China wants it to be," said Ben Hirasawa, founder of BH21, a firm that advises hospitality and real-estate clients on project development in Asia.While the review's timing may be opportune for China, it's a setback for Macau tourism, which has been battered by the pandemic. In the first nine months of 2021, Macau had six million arrivals, a fraction of its 39 million visitors in 2019, according to DSEC."Although there have been times throughout the year where we can see a glimmer of hope and travel recovering, it swiftly changes when there is an outbreak somewhere close by or locally," said Janet McNab, who heads Sheraton Grand and St Regis in Macau.Ultimately, what's at stake is the entire infrastructure upon which Macau's success, unequal though it is, has been built. What's also in question is whether the niche it carved out for itself 20 years ago as Asia's gambling haven will still exist."Macau kind of exists for gaming," Wilson said. "But with gaming options continuing to increase around the world, Chinese nationals might even rather gamble in Vietnam, Cambodia, Singapore, or the Philippines, where they won't have quite the same level of scrutiny as they would in Macau."

Casinos made Macau one of the wealthiest places in the world — but they also brought heightened inequality and crime. Now, China is cracking down.

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<img class="gwt-Image" src="/photo/55317940.cms" /><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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