The new notes will be available from 2012.
The common man in India is bogged down by corruption and there is a need to fix accountability at all levels, the Supreme Court observed on Friday as it dealt with a petition seeking debarment of those against whom charges have been framed in criminal cases from contesting elections.
Many countries advised the return the high-denomination notes to the central bank for destruction, but these continued to be legal tender. This and the introduction of a new Rs 2,000 note in India are the two major differences between Indian demonetisation and those of other countries.
Terming demonetisation as a historic and brave step, he said, black money constitutes 80-85 per cent of the economy and Modiji has taken bold step to solve the issue
Two to five volunteers, with the support of bank employees, could offer guidance and help to customers.
This mean that just Rs 10,720 crore of the junked currency did not return to the banking system.
He said it may take up to 3 weeks for all the 2 lakh cash vending ATMs to operate normally as each one has to be calibrated individually to dispense new sized notes of Rs 2000 and Rs 500 besides lower denomination currency of Rs 100.
Amazon customers can now use their Rs 2,000 notes to top up their Amazon Pay balances during cash-on-delivery orders, as it offers a doorstep solution to ease the stress of exchanging such currency. Customers can deposit cash of up to Rs 50,000 per month, including notes of Rs 2,000 denomination, Amazon said. The cash load at doorstep service by Amazon Pay is helping consumers convert high-value notes for digital transactions.
If as critics point out, the environmental impact assessment study was commissioned only after the auction process got underway with not all the stakeholders getting to know of it, then the government has already compromised the trust it could have enjoyed with Kerala's public including its coastal communities, points out Shyam G Menon.
Sources in the government said the ordinance is being brought as it was found to be necessary to prevent future litigations against the government for junking Rs 500 and Rs 1,000 notes.
The Centre has also filed a caveat in the registry saying it should be heard if the bench agrees to hear and pass orders on any such plea
New investors should gradually build a 5 to 10 per cent allocation to gold.
November 8 marks 6 years after demonetisation. A K Bhattacharya reveals how the prime minister and the RBI worked together for months before Modi's 8 pm speech. A riveting excerpt from The Rise Of Goliath: Twelve Disruptions That Changed India.
Daily wage earners and casual low income group workers were the worst affected
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Chests are select branches of banks authorised by RBI for distribution of notes and coins.
India has gone through this exercise twice, and here's what happened then.
The government on Tuesday night announced that Rs 500 and Rs 1,000 will be no longer legal tender after November 8, midnight. Here are the details you need know
With the introduction of Rs 200 notes, the problem people face due to high-value Rs 2,000 notes would be taken care of.
Facing severe attack in the wake of difficulties thrown up by demonetisation, the government on Thursday night extended till December 15 the facility of using old Rs 500 notes in public utilities
"Cash is still quite high in the system. There is also stocking of Rs 2,000 notes in evidence. The expansion of digital payments is taking place all over the world. It is happening in India as well. The pace is much slower," S C Garg, who took VRS from government service after he was abruptly shifted out of the finance ministry, said in a note.
There is not much bank employees can do, but some words of encouragement from the management would have helped. Stretched working hours and the tense atmosphere is taking a toll on their health.
The seizure occurred during raids at eight premises of a group engaged in sand mining in Tamil Nadu.
Little attention is paid to the management of currencies and coins in India.
The decision is aimed at discouraging hoarding of valid currency notes
Using credit or debit cards abroad can prove costly.
The cabinet also approved ordinance to amend the RBI Act to extinguish the liability on the old notes.
Some banks are disbursing only Rs 5,000 per person while those having better cash availability are offering Rs 10,000 or Rs 12,000 per withdrawal
He claimed that Bharatiya Janata Party people were alerted beforehand about the demonetisation. "How can one explain the BJP people in West Bengal depositing crores in high-denomination notes just before PM's announcement on November 8?" Rahul asked. "BJP workers were seen holding up bundles of the new Rs 2000 notes, as seen from images on the Internet, before Modi announced this decision," he told reporters in suburban Bandra.
Demonetisation could see anywhere between Rs 8 and 12 lakh crore coming into the banking system in the next few weeks.
'There has to be an 18-month transition.' 'But if the government had some prior knowledge that the high value notes were being used for an imminent terrorist activity in the country, then we have to accept the step.'
In the first of a four-part series, Business Standard takes a look at how a mint in Salboni, West Bengal, is working overtime to print currency notes.
Security forces say Naxals have amassed nearly Rs 1,500 crore through extortion, kidnapping, looting and the narcotics trade.
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
The bright yellow coloured notes will hit the market just a day after the announcement by Finance Minister Arun Jaitley that the government has given a go-ahead to the RBI to issue the new currency bill.
Snapdeal said it will give its users the option to defer the delivery by a few days till new currency notes become easily available.
In the first of a four-part series, Business Standard takes a look at how a mint in Salboni, West Bengal, is working overtime to print currency notes.
At Rs 30.88 lakh crore, the currency with the public is 71.84 per cent higher than the level for the fortnight ended November 4, 2016.
Govt sets up task force to monitor circulation of fake currency; suspicious Jan Dhan accounts under scanner.
The RBI fell short of pumping Rs 150 billion into the economy at the beginning of 2018-2019.
"I am spending two hours daily to ease the problems caused by demonetisation. I am breaking my head daily but we are unable to find a solution to this problem," the CM said.
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