Last month, angry citizens took to the streets in China after losing their bank deposits. Reports say local Chinese officials had hired thugs to crush the protest. Why does the Communist Party need thugs? Is it losing its grip on power? Palki Sharma tells you.

Gravitas: Chinese officials hired thugs to control protesters

<p>Cuba said on Thursday it would temporarily stop accepting cash bank deposits in dollars, blaming tighter U.S. sanctions that are restricting its ability to use greenbacks abroad, although it will still accept transfers.</p>

<p>The move came shortly before the government was due to present its annual resolution to end the crippling, decades-old U.S. trade embargo on the Communist-run country at the United Nations General Assembly.</p>

<p>Some Cubans and analysts speculated it was an attempt to control the black market price of the dollar. That has risen to more than twice the official exchange rate since the import-dependent country started opening stores selling in hard currency and stopped selling greenbacks due to a cash crunch.</p>

<p>Cuban bank account holders will have until June 21 to deposit dollars before the suspension takes effect.</p>

<p>"It is ever more difficult for Cuba to find international banking or financing institutions willing to receive, convert or process U.S. currency in cash," the Cuban Central Bank said in a statement shared by state-run media.</p>

<p>It added that the measure would not affect operations carried out by transfer or deposits in other currencies that are freely convertible and accepted in Cuba.</p>

<p>More than 20 banks have stopped processing transactions involving Cuba since former President Donald Trump tightened U.S. sanctions on the island nation, Central Bank Vice President Yamile Berra Cires said in a roundtable discussion on state television.</p>

<p>For many years, Cuba had a 10% tax on dollars, citing how difficult it was for the government to use them because of the U.S. embargo.&nbsp;</p>

<p>But it lifted that tax last year as it opened more shops selling in hard cash rather than in the local currency.</p>

<p>U.S. President Joe Biden, a Democrat, vowed during his campaign to reverse some of Republican Trump`s Cuba measures that “have inflicted harm on the Cuban people and done nothing to advance democracy and human rights.”</p>

<p>But he has yet to roll back any measures and his administration has said a shift in policy toward Cuba is not among its top foreign policy priorities.</p>


Cuba said on Thursday it would temporarily stop accepting cash bank deposits in dollars, blaming tighter U.S. sanctions that are restricting its ability to use greenbacks abroad, although it will still accept transfers.

Cuba said on Thursday it would temporarily stop accepting cash bank deposits in dollars, blaming tighter U.S. sanctions that are restricting its ability to use greenbacks abroad, although it will still accept transfers. The move came shortly before the government was due to present its annual resolution to end the crippling, decades-old U.S. trade embargo on the Communist-run country at the United Nations General Assembly. Some Cubans and analysts speculated it was an attempt to control the black market price of the dollar. That has risen to more than twice the official exchange rate since the import-dependent country started opening stores selling in hard currency and stopped selling greenbacks due to a cash crunch. Cuban bank account holders will have until June 21 to deposit dollars before the suspension takes effect. "It is ever more difficult for Cuba to find international banking or financing institutions willing to receive, convert or process U.S. currency in cash," the Cuban Central Bank said in a statement shared by state-run media. It added that the measure would not affect operations carried out by transfer or deposits in other currencies that are freely convertible and accepted in Cuba. More than 20 banks have stopped processing transactions involving Cuba since former President Donald Trump tightened U.S. sanctions on the island nation, Central Bank Vice President Yamile Berra Cires said in a roundtable discussion on state television. For many years, Cuba had a 10% tax on dollars, citing how difficult it was for the government to use them because of the U.S. embargo. But it lifted that tax last year as it opened more shops selling in hard cash rather than in the local currency. U.S. President Joe Biden, a Democrat, vowed during his campaign to reverse some of Republican Trump`s Cuba measures that “have inflicted harm on the Cuban people and done nothing to advance democracy and human rights.” But he has yet to roll back any measures and his administration has said a shift in policy toward Cuba is not among its top foreign policy priorities.

Cuba suspending cash bank deposits in dollars, citing US sanctions

<p>As the 50-day window to deposit scrapped higher denomination notes in banks ended today, less rush was witnessed at various city banks.</p>

<p>A senior executive with a private sector bank said only few people visited their branch in South Mumbai here today on the last day&nbsp;of depositing old Rs 500 and Rs 1,000 notes as compared to the initial days of demonetisation.</p>

<p>&quot;Situation from last one week is just like any other regular day at the bank,&quot; he said.</p>

<p>&quot;I deposited all my savings in the first two weeks after demonetisation was announced. I wish I would have been more patient and&nbsp;deposited it in the last few days as there is no rush at my nearest bank branch,&quot; Ghatkopar resident Shyamlal Dhulia said.</p>

<p>Meanwhile, queues to withdraw cash also truncated as many ATMs continued to remain shut.</p>

<p>Dhulia said three ATMs in the vicinity of his house have been functioning intermittently in the last one month.</p>

<p>Juhu-based entrepreneur Sunil Sharma said panic among people during the initial days (of demonetisation) had led customers&nbsp;rushing to banks and deposit their money.</p>

<p>&quot;Honest tax payers should have been provided with some arrangement or should have been given preferential treatment to deposit&nbsp;or exchange their cash,&quot; he said.</p>

<p>A grocery shop owner in suburban Andheri said, &quot;Though there is no maddening queues outside ATMs, but cash crunch still persists, specifically for current account holders.&quot;</p>

<p>Nagesh Dubey, a chartered accountant, said the step will prove to be beneficial in the long run and that it was needed for the&nbsp;overhaul the currency management.</p>

<p>&quot;The demonetisation process is going to overhaul the entire currency management and will also bring unaccounted money into the system which will provide a road-map to the government to launch and execute developmental projects. This is going to be beneficial in the long run.&quot;&nbsp;<br />
<br />
(PTI)</p>


Queues to withdraw cash also truncated as many ATMs continued to remain shut.

As the 50-day window to deposit scrapped higher denomination notes in banks ended today, less rush was witnessed at various city banks. A senior executive with a private sector bank said only few people visited their branch in South Mumbai here today on the last day of depositing old Rs 500 and Rs 1,000 notes as compared to the initial days of demonetisation. "Situation from last one week is just like any other regular day at the bank," he said. "I deposited all my savings in the first two weeks after demonetisation was announced. I wish I would have been more patient and deposited it in the last few days as there is no rush at my nearest bank branch," Ghatkopar resident Shyamlal Dhulia said. Meanwhile, queues to withdraw cash also truncated as many ATMs continued to remain shut. Dhulia said three ATMs in the vicinity of his house have been functioning intermittently in the last one month. Juhu-based entrepreneur Sunil Sharma said panic among people during the initial days (of demonetisation) had led customers rushing to banks and deposit their money. "Honest tax payers should have been provided with some arrangement or should have been given preferential treatment to deposit or exchange their cash," he said. A grocery shop owner in suburban Andheri said, "Though there is no maddening queues outside ATMs, but cash crunch still persists, specifically for current account holders." Nagesh Dubey, a chartered accountant, said the step will prove to be beneficial in the long run and that it was needed for the overhaul the currency management. "The demonetisation process is going to overhaul the entire currency management and will also bring unaccounted money into the system which will provide a road-map to the government to launch and execute developmental projects. This is going to be beneficial in the long run." (PTI)

Demonetisation: No mad rush in banks on last day of depositing old notes

<p>The Reserve Bank of India (RBI) on Monday late night said that the general public has withdrawn Rs 2.16 lakh crore from their accounts since beginning of demonetisation on November 9, 2016.</p>

<p>RBI further said that deposits in bank accounts during this period, amounted to Rs 8.11 lakh crore. Interestingly, Government had told the Supreme Court earlier this month that it expects around Rs 10-11 lakh crore to be deposited in banks till December 30, 2016 &ndash; the last day of depositing the now illegal tender of Rs 500 and Rs 1000 notes.</p>

<p>However, the long queues and frequent running out of cash has ensured that nearly 50% of this total currency (Rs 14 lakh crore) has already been deposited in banks in two weeks.</p>

<p>Moreover, there has been a sudden surge in deposits with Jan Dhan Accounts.</p>

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<p>PM Modi and Finance Minister Arun Jaitley have been pushing citizens towards a more &#39;less-cash&#39; economy. The Government, on Monday, removed excise duty on &#39;point of sale&#39; machines in order to expedite use of digital currency than hard cash.&nbsp;</p>

<p>However, with over Rs 2 lakh crore withdrawn in two weeks from the Rs 8.11 lakh deposited, it is amply clear that Indians are still not ready to go completely cash-less.&nbsp;</p>

<p>On the evening of November 8, Prime Minister Narendra Modi in a televised address said that nearly 86% of Rs 16 lakh crore that oiled the Indian economy by way of Rs 500 and Rs 1000 notes were illegal tender from midnight.</p>

<p>He said that citizens have&nbsp;50 days to deposit this old currency in banks, exchange it with new or withdraw through ATMs, etc.</p>


The RBI on Monday released data that showed nearly 50% of all demonetised currency in Rs 500 and Rs 1000 notes has been deposited with banks

The Reserve Bank of India (RBI) on Monday late night said that the general public has withdrawn Rs 2.16 lakh crore from their accounts since beginning of demonetisation on November 9, 2016. RBI further said that deposits in bank accounts during this period, amounted to Rs 8.11 lakh crore. Interestingly, Government had told the Supreme Court earlier this month that it expects around Rs 10-11 lakh crore to be deposited in banks till December 30, 2016 – the last day of depositing the now illegal tender of Rs 500 and Rs 1000 notes. However, the long queues and frequent running out of cash has ensured that nearly 50% of this total currency (Rs 14 lakh crore) has already been deposited in banks in two weeks. Moreover, there has been a sudden surge in deposits with Jan Dhan Accounts. As on November 9, the Government claimed that the 25.5 crore accounts opened under Jan-Dhan Yojana (PMJDY) garnered Rs 45,636.61 crore. The number of accounts now stand at 25.68 crore while deposits have risen to Rs 72,834.72 crore. × PM Modi and Finance Minister Arun Jaitley have been pushing citizens towards a more 'less-cash' economy. The Government, on Monday, removed excise duty on 'point of sale' machines in order to expedite use of digital currency than hard cash. However, with over Rs 2 lakh crore withdrawn in two weeks from the Rs 8.11 lakh deposited, it is amply clear that Indians are still not ready to go completely cash-less. On the evening of November 8, Prime Minister Narendra Modi in a televised address said that nearly 86% of Rs 16 lakh crore that oiled the Indian economy by way of Rs 500 and Rs 1000 notes were illegal tender from midnight. He said that citizens have 50 days to deposit this old currency in banks, exchange it with new or withdraw through ATMs, etc.

Demonetisation: Indians withdrew over 2 lakh crore since November 9

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