Demonetisation

In a surprise move, the Central government has demonetised Rs 500 and Rs 1,000 currency notes. The move is aimed at fighting black money. Ever since the policy came into effect, people have queued up outside ATMs and banks to withdraw notes or exchange old currencies. The opposition has slammed the government with Trinamool's Mamata Banerjee calling for a rollback. Demonetisation has led to a logjam in Parliament. Demonetisation is a radical monetary step in which a currency unit’s status as a legal tender is declared invalid. This is usually done whenever there is a change of national currency, replacing the old unit with a new one. In India, it was first implemented in 1946 when the Reserve Bank of India demonetised the then circulated Rs 1,000 and Rs 10,000 notes.
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Note ban figures: Congress leader Ghulam Nabi Azad asks who’s right, PM or RBI?

“When RBI has not completed counting, where did the Prime Minister get this figure of Rs 3 lakh crore from? How is the Prime Minister saying that more than Rs 1.75 lakh crore black money has come into the banking system?” said Gulam Nabi Azad.

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Revenue department’s probes source of data on black money, says Arun Jaitley

PM Modi, in his speech, said the hidden black money has been brought into the formal economy through demonetisation. He said more than Rs 1.75 lakh crore deposited in the banks is under the scanner and black money worth Rs 2 lakh crore “had to be deposited in the banks”.

According to the paper, aggregate deposits grew by 14.5 per cent (y-o-y) during the period November 11 to December 30, 2016, as against 10.3 per cent during the corresponding period of 2015.

Unusual deposits of Rs 1.7 lakh crore during demonitisation: RBI paper

In nominal terms, it said, the excess deposits accrued to the banking system due to demonetisation are estimated in the range of Rs 2.8-4.3 lakh crore. Prime Minister Narendra Modi on November 8 had announced demonetisation of Rs 1,000 and Rs 500 notes.

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Chidambaram says add another Rs 50,000 crore as cost of demonetisation to RBI’s dividend

Chidambaram’s remarks came as the amount of dividend revealed by RBI was less than half of the dividend transferred by RBI to the government a year earlier.

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Alleging discrepancies in new Rs 500, Rs 2000 notes, Congress says India’s credibility ‘jeopardized’

The Congress added that it was important to note that the currency notes were not counterfeit since they were all printed under the aegis of RBI and the Ministry of Finance, incorporating most of the security features published on the official website of RBI.

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Notes in circulation at 86 per cent of pre-demonetisation level: Govt

In a written reply to Lok Sabha, Minister of State for Finance Arjun Ram Meghwal said specific banknotes received are to be reconciled to obviate reporting errors and processed for numerical accuracy and authenticity through machines.

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Demonetisation didn’t affect deposits in co-operative banks: Kerala minister

“There was no reduction in deposits and advances after the ban of Rs 500 and Rs 1,000 notes on November 7 last. The deposits stood at Rs 1.50 lakh crore,” Kerala Minister for Co-operation Kadakampally Surendran said.

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Positive impact of demonetisation on theatres of violence: Govt

“As per reports of agencies, the demonetisation of bank notes of Rs 500 and Rs 1,000 denominations resulted in significant positive impact on most theatres of violence in the country including stone-pelting incidents in Jammu and Kashmir,” Ahir said in reply to a question.

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India is not shimmering, it is simmering

The Bharat-India cleavage has widened to an unprecedented degree. The disconnect between ground narrative and public discourse is nothing short of hallucinatory.

An embarrassment of riches

Why is the RBI not disclosing the amount from the surrendered notes? Have more than the issued amount of notes returned?

On the Loose: Cheque Mate

In the sharing economy, the discomfort around splitting bills is much less

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Why has RBI not yet given number of scrapped notes, asks Opposition

Opposition in the Rajya Sabha today sought to know why the Reserve Bank of India has not yet provided the number of demonetised 500 and 1000 rupee notes returned in the banking system, even after nine months of the note ban decision.

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‘Unprecedented’ people’s support to GST and demonetisation, claims PM Modi

The 125 crore people of the country knew that soft decisions in economic policies aimed at winning polls would not do the country any good, Prime Minister Narendra Modi is reported to have said during a meeting with a group of Rajasthan MPs.

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Demonetised notes worth Rs 18.60 lakh seized in Tuticorin

Police has seized banned notes worth Rs 18.60 lakh from Tuticorin in Tamil Nadu and a case has been lodged. The old Rs 500 and 1000 notes were demonetised in November last year and new Rs 500 and 2000 notes were introduced.

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Launching Rs 200 note will fill missing middle: SBI Report

This means at least an additional amount of 1.6 per cent/Rs 25,000 crore of excess currency may be currently lying in ATMs and herein lies the importance of new Rs 200 notes which could serve as the “missing middle” it said.