500 and 1000 notes

RBI Halts Destruction of Withdrawn Notes

The RBI has halted the destruction of withdrawn ` 500 & ` 1,000 currency notes. The apex bank has also commenced a comprehensive audit of the 4,075 currency chests to verify the number/nature of the currency notes that have been returned. The return of more notes than expected could be one of the reasons. All withdrawn notes will be processed through the currency verification system.

Naidu Head Committee on Demonetisation

Andhra CM Chandrababu Naidu will head a committee of Chief Ministers to suggest measures to reduce hardships caused to the common man by demonetisation of ` 500 & ` 1000 notes. It will suggest measures to normalise the situation. The panel is also expected to work on ways to move towards a cashless economy. Naidu had been seeking a ban on high value notes as a way to combat black money.

Modi tells BJP MPs to give bank details

PM Modi has asked BJP MPs and MLAs to submit details of their bank transactions between November 8 and December 31. PM Modi also said the Income Tax Amendment Bill is not to turn black money into white, but to use the money looted from the poor for their welfare. The Modi government on the night of November 8 announced that ` 500 and ` 1,000 notes would no longer be legal tender.

Fitch Rating lower forecast to 6.9%

Fitch Ratings today lowered India’s GDP growth forecast for this fiscal to 6.9 per cent from 7.4 per cent. It said economic activity will be hit in the October- December quarter. This is because of the cash crunch created by withdrawal and replacement of 500 and 1000 rupee notes. These accounted for 86 per cent of the value of currency in circulation.

India’s GDP Growth to Slow to 6.5%

India’s real GDP growth is expected to slow to 6.5% in the current fiscal on the likely impact of demonetisation, says a Deutsche Bank report. According to the global financial services major, economic growth will see a moderation in the near term. It would gradually recover to 7.5% in the next financial year. PM Modi had on Nov 8 announced the demonetisation of ` 500 & ` 1,000 notes.

23 places you can still use old notes

The government has stopped over the counter exchange of old notes of ` 500 and ` 1000 from 24th midnight. Government has permitted various exemptions for certain transactions and activities wherein payment could be made only through old ` 500 notes till the midnight of 15 December 2016. This includes payments towards pre paid mobile top-up, Purchase from Consumer coopeative stores etc.

Relief for Farmers Ahead of Rabi Season

The Centre has taken more steps to ease the cash flow for farmers after demonetisation of old 500 and 1000 rupee notes. Farmers can now purchase seeds with old 500 rupee notes. This comes on the back of permitting farmers to withdraw up to 25,000 rupees per week from their KYC compliant accounts. Govt has decided to provide 60 days more for repayment of housing, car, farm and other loans.

Canara Bank Introduces ATM on Wheels

Canara Bank has introduced ATM on wheels vehicles to ease the burden on the people after a madrush was witnessed due to the demonetisation of ` 500 and ` 1000 notes. It has brought relief to stranded customers by introducing the mobile ATM that are stationed at strategic locations across. The mobile ATM van has given its services at Kolar district and in Bangalore rural district.

Nepal Rastra Bank Stops INR Exchange

Nepal’s central bank stopped all transactions & exchange of Indian currency notes of ` 1,000 & ` 500 denominations. It also requested RBI governor Urjit Patel to arrange exchange facilities for Nepalese. Presently Rs 33.6 million in old currency notes within the financial system in Nepal. Nepalese rely on Indian currency and have huge stock of high denomination notes.