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Demonetisation: Live Updates

Indian government introduces new notes in place of old Rs. 500 and Rs. 1000 notes (Representational Image)

WION Delhi, India Nov 17, 2016, 11.45 AM (IST) WION Edge

Nov 17, 2016

Ease for farmers and those getting married after demonetisation: Farmers can withdraw up to Rs. 25,000 per week, while those getting married can withdraw Rs. 2,50,000.

Government employees can withdraw advance salary if they want.

 

 

Nov 16, 2016

Banks start putting ink marks to ensure people only change old notes once.

Winter Session of Indian parliament opens with opposition demanding answers on the implementation of demonetisation.

Nov 15, 2016

Thousands of trucks loaded with goods and daily necessities stranded on the roads owing to cash shortages

Nov 14, 2016

Less traffic on the roads; pollution levels drop in the National Capital Region drastically.

There is also a sharp decline in incidents of stone pelting on armed forces in the state of Jammu & Kashmir.

Nov 13, 2016

Highway tolls eliminated for the time being.

Consumer demand hit as almost 90 percent of transactions have generally been done in cash.

Several private shops selling products other than daily goods remain shut across the country.

Nov 12, 2016

Those missing the December 30th deadline can further change notes at RBI (Reserve Bank of India) till March 31, 2017, by showing ID proof.

Technical glitches and shortage of cash in ATMs leave several people stranded as they struggled to pay for basic goods. 

 

 

 

 

Nov 11, 2016

ATMs open up to long queues

Friday movie releases postponed. Movie halls at several places record poor attendance.

 

 

Nov 10, 2016

Banks reopen.

Record number of bank accounts opened. Bank employees continue working over the weekend and for longer hours.

 

 

Nov 09, 2016

All ATMs and banks remain shut.

Markets open weak, with Sensex and Nifty down. Gold prices shoot up to three-year high. 

Cops to not fine traffic offenders for two days.

Nov 08, 2016

Indian government scraps Rs. 500 ($7.50) and Rs. 1000 ($15) denomination currency notes from midnight. Old notes can be exchanged/deposited until December 30.

(Contributed by: Zeba Khan)

Nov 18, 2016

Huge rush outside petrol pumps after fresh announcements came out yesterday that people can get their debit cards swiped in exchange of new currency notes with a limit of Rs. 2,000. Now a new notification has been issued asking people to wait for the process to be clarified. 

Nov 19, 2016

Banks to not exchange scrapped Rs. 500 and Rs. 1,000 notes with the new ones, so as to perform other banking operations. Senior citizens are exempt from this restriction. However, a customer can still withdraw and deposit money at the counters.

Nov 20, 2016

Banks all over the country not working today.

Government likely to announce some measures to ease cash flow.

Nov 21, 2016

A new report confirms that farmers can buy seeds using the scrapped Rs. 500 notes.

Reserve Bank of India facilitates withdrawal of upto Rs. 50,000 in overdraft and cash credit accounts where only current account holders were covered. 

Nov 22, 2016

Both houses of the Parliament adjourned following heated discussions on demonetisation. 

Our poll of the day on Twitter reflects the public’s overwhelming support for demonetisation. 

 

Nov 23, 2016

 

In a major relief to famers, Government allows the National Bank for Agriculture and Rural Development (NABARD) to disburse 210 billion rupees ($3.07 billion) to farmers to help them sow winter crops. 

To ease long queues, 82,500 ATMs have been recalibrated to dispense new currency notes of Rs. 500 and Rs. 2,000.

No transaction charges will be levied on debit cards till December 31, in a move to encourage use of digital payments.

Opposition parties to observe 'Day of Rage' on November 28 with Congress vice-president, Rahul Gandhi demanding parliamentary committee probe in the matter.

Demonetisation hits illegal opium trade in the country. Farmers in the opium-producing Malda, West Bengal, are now being offered almost as less as half the actual price as it is more difficult for buyers to include fake currency while making the payment.

 

Nov 24, 2016

Cabinet decides for a cashless future for India. E-wallets and Gateways to be promoted. 

Former Prime Minister Manmohan Singh in his speech calls demonetisation a 'monumental management failure' and urged the current Prime Minister to find a practical and pragmatic solution to give relief to the common man. 

Today is the deadline for using old currency notes of Rs. 500 and Rs. 1000 for utility services. In Delhi, it is the last day when people can pay their outstanding property tax in MCD offices. The deadline for using old currency notes ends at midnight today.

December 24 deadline (WION)

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Nov 25, 2016

It will take four to five months to restore normalcy in cash supply in the country. The Bank Employees Federation of India believes that cash shortage will continue even if the four currency note printing presses run at their optimum capacity.

Exemption extended on usage of old Rs. 500 notes till December 15. Old Rs. 1000 notes will have to be deposited in banks. 

The transgender community of India finds it difficult to sustain themselves. Uneducated and with no bank accounts, the community makes a living by dancing at weddings which are mostly being rescheduled or the expenditure is being cut down. 

Nov 26, 2016

Plans to introduce amendments to the Income Tax Act: a minimum of 50 per cent tax on unaccounted bank deposits made in scrapped currency up to December 30. 

Total deposits in Jan Dhan accounts have increased to Rs 64,252.15 crore. Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, banking and others in an affordable manner. People can open their account in any bank branch with zero balance.

Nov 27, 2016

In his monthly address to the nation, 'Mann Ki Baat', PM Modi urges the nation to embrace demonetisation and adopt digital banking. He advised people, including villagers, to take the e-wallet route to withdraw money in order to counter problems while withdrawing money.

Foreigners in the country face problems owing to demonetisation. 

Cigarette sales reportedly on an all-time low. 

Nov 28, 2016

Opposition parties hold nationwide protests today as part of "Jan Aakrosh Diwas" or People's Day of Anger. Protest to continue till PM addresses the Parliament. 

Government considers increasing the amount of bonds issued under the so-called market stabilisation scheme (MSS) to drain out excess cash from the banking system. 

Chief minister of state West Bengal, Mamata Banerjee threatened to demonstrate outside PM's residence, vowing to dislodge him from the seat of power if the scrapping of high-value currency notes is not withdrawn.

Government tables Bill to impose 50% tax on unaccounted cash deposits while those caught by taxmen to be taxed at 85%. 

Nov 29, 2016

According to data released by the Centre for Monitoring Indian Economy (CMIE), the cost of people standing in a queue to change old currency notes with new ones or to deposit old currency notes into banks or to get new currency notes for use is $2.2 billion (INR150 billion).

PM Narendra Modi asks his party's lawmakers, both Members of Parliament and Members of Legislative Assemblies to furnish all details of their bank transactions between November 8 and December 31 to party president Amit Shah. 

Nov 30, 2016

Scrapped notes of Rs. 500 and Rs. 1000 are still being extensively used in most bars across the Indian state of West Bengal. 

Reserve Bank of India says only Rs. 10,000 a month can be withdrawn from Jan Dhan accounts. 

 

 

Dec 01, 2016

Long queues seen outside banks across the country, ATMs remain non-functional on the first pay day since demonetisation came into effect. 

There would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women, 250 gm per unmarried women as also 100 gm per male member of the family. Also, legitimate holding of jewellery up to any extent is fully protected. 

Printing of new Rs. 500 notes scaled up to ease cash flow. Printing presses to now work three shifts.

The National Highway Authority of India would suffer an income loss of Rs 1,238 crore due to suspension of toll collection on highways till December 2 post demonetisation. 

 

 

 

 

Dec 02, 2016

Various opposition parties demand Indian PM Narendra Modi's apology in the Rajya Sabha on his previous remarks

 

Dec 03, 2016

Indian finance minister after the meeting said that the Goods and Services Tax Council had reached a consensus on most issues pertaining to the new tax bill, including the contentious issue of dual control. 

Dec 04, 2016

The Reserve Bank of India (RBI) announces printing of new Rs 20 and Rs 50 notes in the Mahatma Gandhi 2005 series

Indian PM asks the poor to not to return the money that has been illegally deposited in their Jan Dhan account.

Government to list industries for cashless wage payment. 

Dec 05, 2016

Due to a sharp decline in demand, Indian services activity dived into contraction in the month of November. 

Dec 06, 2016

Russian Ambassador Alexander Kadakin raises the issue of diplomats not being able to withdraw enough money hampering the normal functioning of the mission and sought intervention of the External Affairs Ministry so that the withdrawal restrictions for diplomatic staff are lifted. Russia, Ukraine and 3 other countries protest cash shortage. 

Dec 07, 2016

Reserve Bank of India keeps repo rate unchanged at 6.25%

Dec 08, 2016

The Indian government will waive service tax for debit or credit card payments up to Rs 2,000. Any payment made by cash will not be exempt from the service tax, which at the moment is 15 per cent for such transactions.

India's finance minister announces that fuel, train tickets will be cheaper on digital payment. There will be a 0.75 per cent discount on every transaction. 

One month since demonetisation was announced, cash crunch continues. 

The foreign ministry directs banks to allow embassy officials withdrawals on priority owing to cash shortage. 

 

 

Dec 09, 2016

The government rejects the Opposition's demand for a debate and vote on demonetisation. A team of six sworn to secrecy, were behind the radical move to abolish 86 per cent of the country's cash overnight and take aim at the huge shadow economy. 

Indian government offers slew of incentives to promote digital payments. They informed Parliament that a decision has been taken to print plastic currency notes and procurement of material has started.

Former Indian PM Manmohan Singh in his speech said that it will be easier to generate unaccounted wealth with the introduction of a Rs.2,000 note.

Apex court questions government on cash crunch in the country. 

Dec 12, 2016

Thousands of construction workers have returned home since demonetisation. It has left some building sites across the country facing costly delays. 

Dec 10, 2016

Prime Minister Narendra Modi said today that things will get worse before they get better. He also emphasized that the move will empower and strengthen poor. 

Income-Tax department and the Enforcement Directorate conducted nationwide raids to detect money-laundering and hawala transactions (money transfer without money movement).

 

Dec 13, 2016

A discount of 0.75 per cent on petrol and diesel came into effect from midnight Tuesday on purchases made using digital modes of payment including credit/debit cards, e-wallets or mobile wallets

The Asian Development Bank has trimmed its 2016 growth estimate for India to 7.0 per cent from 7.4 per cent due to weak investment, agricultural slowdown and the government's recent demonetisation.

Former Indian finance minister P Chidambaram slammed the ruling Modi government saying demonetisation was the biggest scam of the year, and that it must be investigated.

Dec 14, 2016

PM Modi is said to be present today in Parliament and is expected to participate in proceedings depending on the need. 

RBI says $184 billion, about 80% of old notes are back in banks. 

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