Demonetisation: A timeline of govt announcements, amendments

The Congress-led opposition had yesterday launched relentless attack on the ruling dispensation over the raging debate on demonetisation issue, leading to disruptions in both Houses of Parliament.

By: Express Web Desk | New Delhi | Updated: November 24, 2016 1:44 pm
demonetisation, modi, modi govt, black money, corruption, Venkaiah Naidu, bjp, nda, bjp meet, high value currency, indian express Policemen stand guard as people queue up outside a bank to exchange and deposit Indian currency of rupees 500 and 1000 denominations in Ahmadabad. (AP Photo)

Prime Minister Narendra Modi’s sudden announcement to demonetise Rs 500 and Rs 1,000 notes in circulation, though welcomed by people across the country, has left many in the lurch and utter state of confusion. Millions of consumers have been desperately queuing up outside banks and ATMs to exchange old notes for new ones or withdraw cash.

Despite facing the opposition’s mounting ire, the Prime Minister, in an impassioned plea had earlier urged the people to support the move while asking them to bear the “pain for 50 days” to help him deliver the “India of your dreams”. He had also warned that several other steps were in the offing to curb the menace of corruption.

WATCH VIDEO: Over 30 Times Surge In Jan Dhan Deposits: Find Out How

In a sharp contrast to the peaceful discussion on Wednesday, the Congress-led opposition the next day launched a relentless attack on the ruling dispensation over the raging debate on demonetisation, leading to disruptions in both Houses of Parliament.

India vs England Live score

The opposition parties had refused to allow Rajya Sabha to function unless the Prime Minister responds to their questions on the currency move that “has caused hardship to the common man”. The Lok Sabha also witnessed noisy disruptions, with the opposition demanding a discussion under a rule that mandates voting.

Here is a timeline of what has happened so far:

Exchange cap on old notes

Nov-8: Rs 4,000 (to be reviewed after 15 days)

Nov-9: All Banks closed

Nov-13: Limit increased to Rs 4,500

Nov-15: Indelible ink to be used

Nov-16: Select bank branches begin use of ink

Nov-17: Limit cut to Rs 2,000

Cap on withdrawal from bank accounts 

Nov-8: Rs 10,000 per day and Rs 20,000 per week

Nov-9: All banks closed

Nov-10: Banks open

Nov-13: No daily cap, Rs 24,000 per week

Nov-14: Current account holders can withdraw Rs 50,000 per week

Nov-17: Farmers (who have taken crop loan or have kisan credit card) can withdraw Rs 25,000 per week. Also if the farmers receive kharif payments by cheques or RTGS, they can draw up to Rs 25,000 per week. Families can withdraw Rs 2.5 lakh for marriage

Deposits into an account

Nov-8: No limit

Nov-9: All Banks closed

Nov-13: No limit

Nov-15: Rs 50,000 cap for Jan Dhan accounts

Withdrawal from ATMs

Nov-8: Rs 2,000 per day (limit to be doubled from Nov 19)

Nov-13: Rs 2,500 per day for recalibrated ATMs

Exemption for utility/ govt bill payments

Nov-8: Initially for three days

Nov-11: Extended till Nov 14th

Nov-14: Extended till Nov 24th

Govt allows dispensing cash from petrol pumps

Nov 17: The government allowed dispensing cash of up to Rs 2,000 through debit card swipe at select petrol pumps in order to ease cash crunch.

(With ENS inputs)