The Finance Ministry on Friday said there was no move to seal bank lockers nor was it true that the ink of the new ₹2,000 notes has been bleeding in some cases. “Myth: Next move is to seal bank lockers and confiscate gold, diamonds and jewellery. Reality: This is baseless.[Read More…]
Tag: Banks
Naxals force elderly to convert unaccounted money in Jharkhand
With a motive to evade scrutiny, Naxals in Jharkhand are forcing elderly people to exchange their unaccounted money after demonetisation of ₹1,000 and ₹ 500 notes. As per reports, in Latehar district, one of the most Naxal-affected areas in Jharkhand, the left-wing extremists, who have extorted crores of rupees by[Read More…]
Noteworthy or not-worthy? A design critique of the new Rs. 2,000 note
India has a brand new currency note – a ₹2,000 note – the highest denomination in circulation currently. The new currency note was introduced in the backdrop of a massive disruption of India’s Financial System – with the demonetisation of existing ₹ 500 and ₹ 1,000 currency notes, which formed[Read More…]
Demonetisation takes toll on cash-strapped people
Following its demonetisation decision on Nov 8, government claims that the inconvenience is temporary but harsh reality is that the decision has taken toll on people. Ironically, Prime Minister Modi also claimed that his demonetisation decision was somewhat ‘kadak’ (strong) linking it to his ‘chaiwallah’ background. “When I was young,[Read More…]
Banks to use indelible ink to prevent multiple cash withdrawals
In a surprising move, the Finance Ministry on Tuesday announced that it will use indelible ink like during elections to prevent people from making more than the permissible number of times cash withdrawal from bank counters. Economic Affairs Secretary Shaktikanda Das said that banks would start using indelible ink to[Read More…]
No respite from long queues at banks, ATMs as cash crunch continues
Serpentine queues were visible since Tuesday morning outisde ATMs to withdraw valid currency notes from vending machines and exchange demonetised bills. While banks remained closed on Monday on account of Guru Nanak Jayanti in many parts of the country, cash-starved customers again were disappointed on Tuesday with most of the[Read More…]
Cong, 7 oppn parties meet to formulate joint strategy
Seeking to corner the government in Parliament on the demonetisation issue, major opposition parties, including arch rivals TMC and CPI(M), on Monday held deliberations to finalise a common strategy alleging that the decision was a “scripted scam” which was leaked to the ruling BJP much in advance. The meeting, held[Read More…]
My decision is Karak (strong): PM
Lashing out at Congress and other parties for criticizing government’s decision to demonetise Rs ₹ 500 and ₹ 1000 notes, PM Modi said his decision is a little “karak” (strong). He was drawing an analogy with his early days as a tea vendor. Prime Minister said “My decision is a[Read More…]
‘3 lakh cr old notes deposited post demonetisation, ATM withdrawal limit increased’
Around ₹ 3 lakh crore of old ₹ 500 and ₹ 1000 notes were deposited in banks post demonetisation while ₹ 50,000 crore has been dispensed to public, Finance Ministry said. The banking system has handled about 18 crore transactions during the period, it said on Sunday, adding that issuance[Read More…]
Teary-eyed PM Modi says wait till Dec 30, punish me if problems later
Prime Minister Narendra Modi on Sunday said that his government will carry on with the fight against black money, targetting those who held benami properties in the country. He was speaking about the demonetisation of high-denomination bank notes at a function organised by the Goa government. He added that he[Read More…]
Don’t be anxious, enough cash available: Reserve Bank of India
Assuring the citizens, the Reserve Bank on Sunday said enough cash is available at banks and people need not be anxious and make repeated trips to branches and ATMs to hoard money. “The Reserve Bank assures members of the public that enough cash in small denominations is also available at[Read More…]
From buying milk to biscuits, this village goes ‘digital’ amid notes chaos
When the whole nation is witnessing serpentine queues outside bank ATMs to exchange defunct currency notes, Manilal Prajapati, 45, is without a care in the world, as reported in the Hindustan Times. A cable operator in the village of Akodara, some 90kms from Ahmedabad, Prajapati on Friday bought wheat flour[Read More…]
Demonetisation: People loot ration stores, pelt stones on banks, collapse
In view of demonetization, the government has extended working hours of banks and claimed that inconvenience is temporary but the condition on the ground is worst as cash-strapped people looted ration stores, pelted stones on banks and some of them collapsed out of exhaustion and stress across the country. Following[Read More…]
Except design, nothing changed in new notes: official
Putting speculations to rest, an official on Friday said no new security features has been added to newly designed currency note ₹ 2000 . “Since the decision to introduce the new notes was taken only six months ago, there was no time to alter the security features. Only the design[Read More…]
People point out typos on new currency notes
As soon as people got their hands on the new notes, a lot of them started pointing out an apparent typo in it and circulated images on social media. On November 8, it was announced that all ₹500 and ₹1,000 notes would be considered illegal currency in India, and that[Read More…]
Enough cash available with banks for exchange of demonetised notes: RBI
The Reserve Bank of India (RBI) on Friday said there was enough cash made available with banks all over the country for exchange of demonetised ₹500 and ₹1,000 notes, though it may “take a while for the banks to recalibrate their ATMs”. “There is enough cash available with banks and[Read More…]
Don’t panic, your hard earned money is safe: Govt
Finance Ministry on Friday said there is no need to panic and depositing junked ₹ 500 or 1,000 notes of up to ₹ 2.50 lakh in bank accounts will not be reported to the tax department. It also cautioned people against depositing the money of unknown people in their own[Read More…]
Tragic! Senior citizen dies while waiting in line to exchange currency notes
In a tragic incident, a 73-year-old man, who was standing in a queue to exchange his old currency notes, collapsed and died in suburban Mulund on Friday afternoon, police said. Vishwanath Vartak, a senior citizen, was standing in a queue outside a branch of the State Bank of India in[Read More…]
Banks to be fully functional on Saturday, Sunday: RBI
In a bid to deal with the rush of people expected to queue up at branches to exchange now-invalid currency notes of Rs 500 and Rs 1000, the RBI has announced that banks will remain open on coming Saturday and Sunday. “Banks will remain open for public on Saturday, November[Read More…]
₹500 and ₹1,000 notes won’t be valid from midnight: Modi govt’s crackdown on black money
In his emergency address to the nation on Tuesday, Prime Minister Narendra Modi announced that currency notes of ₹500 and ₹1,000 will be withdrawn from midnight. He said the citizens will have 50 days – from 10 Nov to 30 Dec to deposit notes of ₹500 and ₹1000 in any[Read More…]