Rs 14.5 lakh crore of Rs 500 and Rs 1,000 notes have been deposited as of 30/12.
Some initial reactions to Prime Minister Narendra Modi's announcement of demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight.
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 Reserve Bank (RBI) resisted a 'raid' planned by some in the government to extract Rs 2-3 lakh crore from its balance sheet in 2018 to meet populist spending in run-up to general elections, Viral Acharya, who was deputy governor at RBI at that time, has written.
As much as 88 per cent of the Rs 2,000 currency notes have either been deposited or exchanged at banks, and only Rs 42,000 crore worth of such notes are with public as on July 31, the Reserve Bank of India (RBI) said on Tuesday. The last date to exchange/deposit Rs 2,000 denomination notes is September 30. In value terms, Rs 2,000 notes in circulation has come down to Rs 42,000 crore as on July from Rs 3.56 lakh crore on the day of announcement of withdrawal on May 19.
'If we want real democracy, the economy itself will need to be democratised.'
The CAG audit may look into expenditure on printing of notes, RBI dividend payout and banking transaction data.
Sources said the government wants all of the 500 and 1000 banknotes to be deposited and not burnt or destroyed for the fear of penal action.
With no money to buy food or pay taxes at check points, thousands of truck drivers are stranded at the Bihar-West Bengal-Assam borders.
Satish Kumar, a resident of Uttam Nagar and who used to work as a vegetable vendor in Keshopur Mandi, collapsed outside an Oriental Bank of Commerce branch, on Najafgarh road, while he was standing in a queue with his friends.
Terming Prime Minister Narendra Modi's decision to demonetise high value currency notes as "startling and bold", Chinese official media has said it is "far from enough" and India may "look at ideas" from China's crackdown against corruption which has shown "efficiency".
In a big win for the Narendra Modi government, the Supreme Court in a 4:1 majority verdict on Monday gave its stamp of approval to the Centre's 2016 decision to demonetise the Rs 1,000 and Rs 500 denomination currency notes, saying the decision-making process was neither flawed nor hasty.
Sunanda K Datta-Ray considers them sound in theory, but incapable of making any dent in the corruption that is India's way of life.
The Constitution bench is hearing a batch of 58 petitions challenging the demonetisation exercise.
We need not spend much time going over what this government has done and is doing to the Opposition, by misusing the Enforcement Directorate and the CBI. There is a daily update on that, notes Aakar Patel.
"Heard. Judgement reserved. Learned counsels of the Union of India and Reserve Bank of India are directed to produce the relevant records," the bench, also comprising Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna, said.
Rahul said the poor, the labourers and the middle class are being sacrificed in the demonetisation 'yajna' for the benefit of the "super-rich families" of the nation.
'It's not really going to bring about purity in the election process.'
The government could carry out the demonetisation exercise over periodic intervals along with its surprise element, says Soumya Kanti Ghosh.
Although the BJP has never been ballistic about the BJD and Narendra Modi has avoided being critical of Naveen Patnaik, the BJP is optimistic that the party can improve its electoral fortunes in Odisha on its own, notes Rup Narayan Das.
Jewellers in India, the world's second largest gold consuming country after China, have started receiving more inquiries for purchase of gold or silver immediately after the Reserve Bank's announcement to withdraw Rs 2,000 notes from circulation. However, there is no panic buying of the precious metal unlike the situation witnessed in 2016 during demonetisation, jewellers body GJC said on Sunday. In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level.
The most important lesson is that you have to build your political proposition, and sell it yourself. You can't leave it to the courts, media, NGOs and civil society and expect them to play the role of the Opposition. That's precisely what Mr Modi's challengers have been doing and we know the results, notes Shekhar Gupta.
'The moment a new election comes, new guarantees are announced.' 'The BJP is adept at diverting people's attention.'
Resisting the Supreme Court's attempt to revisit the 2016 demonetisation exercise, the government said on Friday the court cannot decide a matter when no tangible relief can be granted by way of "putting the clock back" and "unscrambling a scrambled egg".
Taking a dig at those who have been attacking him over demonetisation, he said, "Some people have lost glow on their faces... earlier they used to chant money-money, now they are chanting Modi-Modi."
"As it is said a man-made disaster, in the same way demonetisation is Modi-made disaster," the Congress vice-president said as he targeted the prime minister squarely blaming him for the hardships post-demonetisation.
Counting of votes is underway for four Lok Sabha and eight assembly Constituencies, spread across six states and one Union Territory where by-elections were held on Saturday.
Petitioner and advocate Ashwini Kumar Upadhyay submitted that a large amount of currency has reached either an individual's locker or has "been hoarded by separatists, terrorists, Maoists, drug smugglers, mining mafias and corrupt people".
The Supreme Court on Tuesday said limited scope of a judicial review in economic policy matters does not mean that the court will fold its hands and sit back, observing that the manner in which a decision is taken by the government can always be examined.
The 78-year-old Naveen is on the cusp of creating history. He must win the forthcoming Assembly polls to become India's longest-serving chief minister, a record held by Sikkim's Pawan Kumar Chamling.
Why are DIIs holding such a high stake in Zee, which is beset with alleged governance issues? Perhaps they think Zee is a deep-value stock, observes Debashis Basu.
India's Test skipper Virat Kohli described Modi government's demonetisation move as the greatest in the country's political history.
2019 was the Bharatiya Janata Party's breakout year, when it stretched the boundaries of what was thought possible and ended up with 303 seats on its own steam. Now it is forced to play defence, on a pitch queered by too many variables, asserts Prem Panicker.
Modi took on the opposition parties, especially the Congress, saying it is the corrupt who are sleepless now.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
The cap of Rs 10,000 on daily withdrawal has also been removed.
'I don't know where the viciousness in the reviews is coming from.' 'To me, it feels more of a personal attack.'
'Who has given how much money to which party, the people of India must know this fact.'
Measures may include tax slab and rate revisions for individuals, companies.
People can send their Rs 2,000 banknotes to specified regional offices of the Reserve Bank through the insured post for credit in their bank accounts. This is a hassle-free option for the people who are away from the regional offices of the Reserve Bank. Besides, the RBI is offering TLR (Triple Lock Receptacle) form to people for a deposit of Rs 2,000 banknotes in their bank account.
