Demonetisation: RBI to release new Rs 50, Rs 20 notes

Nov, 28 2016 IST

  • 13:12 (IST)

    Arun Jaitley to addres media at 5 pm today

  • 13:11 (IST)

    As time to submit demonetised notes comes to a close today, people queue up outside RBI offices across India

  • 13:09 (IST)

    Jharkhand

  • 13:09 (IST)

    Specified bank notes (SBNs) cannot form part of banks' cash balances from the close of business as on 31 December, 2016 to deposit the same in any Issue Office of Reserve Bank or a currency chest on 31 December, 2016 itself, RBI said.

  • 12:40 (IST)

    Veteran journalist R Jagannathan on 50 days completion of note ban

  • 12:32 (IST)

    Brand RBI takes a beating as brand Modi flourishes

    The brand Modi might have received a good boost after the demonetisation drive, however, the brand RBI, the monetary authority in charge of the Indian currency, may have taken a huge drubbing, brand experts told Firstpost's Sulekha Nair.

    The common man is in the mood to forgive the prime minister as he realises that demonetisation is a big task that irritants like more than 60 policy flip-flops after the announcement of the scheme can be ‘tolerated’, says Harish Bijoor, chief executive officer of brand and business strategy firm Harish Bijoor Consults Inc.

    The man who is complaining the most is the one who is affected and that is not the ‘common man’, believes Bijoor. He places Modi’s popularity on a ratio of 80:20 with 80 percent having welcomed the bold move of the PM.

    Meanwhile, the RBI's image seems to have been dented significantly during the period. Post the announcement, the action mostly happened in Delhi and the central bank was relegated to the background. Moreover, the frequent rule changes, mostly dictated by the political bosses in Delhi, unfairly affected the central bank's image.

    Read the full article here

  • 11:43 (IST)

    PM Modi could launch massive campaign in his address on New Year

  • 11:41 (IST)

    Today's the last day to deposit scrapped notes

    The deadline to deposit old Rs 500 and Rs 1,000 notes in banks ends today. From next week onward, those still holding the scrapped currency can deposit it only with the Reserve Bank of India till 31 March, 2017. After 31 March, holding demonetised notes would be illegal and could invite hefty fines and even jail, according to an ordinance passed by the Union Cabinet on Wednesday.

    Prime Minister Narendra Modi is expected to address the nation on Saturday after his self-imposed deadline of 50-days for the situation to return to normal ends. While some people are hoping for an extension in the deadline, the government maintained it had no plans to do so.

    With inputs from IANS

  • 09:57 (IST)

    MP chief minister Shivraj Chauhan aims salvo at Opposition

  • 08:51 (IST)

    Deadline to deposit junked notes arrives

    The 50-day deadline to deposit the old Rs 500/1,000 notes in banks comes to an end today, but the cash crunch and queues before ATMs are likely to continue for some more time as currency printing presses have failed to meet the huge demand for new bills.

    People, however, will still have time to exchange the currency notes at designated RBI counters till 31 March after giving valid reasons for not depositing defunct notes in their accounts by 30 December.

    The government is also planning to come out with an Ordinance making possession of old Rs 500/1,000 notes beyond a specified limit for numismatic purposes illegal and punishable.

    - PTI

  • 08:13 (IST)

    Demonetisation, explained in cricketing terms

    As (Narendra) Modi gets ready to address the nation on 31 December in a stock-taking speech, sober watchers of the game may find no nail-biting finish or clear winner. We might need to use something resembling the Duckworth-Lewis method that cricket scorers use when rains or disruptions mar a match.

    Read the rest of Narayanan Madhavan's piece here 

  • 08:09 (IST)

    Narendra Modi's 8 November speech (excerpt)

    Brothers and sisters,

    To break the grip of corruption and black money, we have decided that the 500 rupee and 1,000 rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016.

    This means that these notes will not be acceptable for transactions from midnight onwards. The 500 and 1,000 rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper. 

    Read the full speech here

  • 08:02 (IST)

    After demonetisation, there's more to come

  • 08:00 (IST)

  • 07:54 (IST)

    Narendra Modi's 8 November speech (excerpts)

    There comes a time in the history of a country’s development when a need is felt for a strong and decisive step. For years, this country has felt that corruption, black money and terrorism are festering sores, holding us back in the race towards development.

  • 11:39 (IST)

    Narendra Modi did what Indira suggested was not for her to do

    When Prime Minister Narendra Modi, in a televised address on 8 November, told the nation that the existing Rs 500 and 1,000 notes can no longer be used for transactions and they are now mere pieces of papers, he very well knew that a huge number of zero-balance accounts were going to witness sudden activity from the very next morning.

    Modi is not Indira Gandhi and 2016 is not 1974 when TA Pai, the then Union Minister for heavy industry told Gandhi: "Currency has no complexion and it is neither white nor black." (Declassified black money files of prime minister’s office, no 37 (465)/74 PMS).

    Unlike Gandhi, who in a letter dated 24 August, 1974, to all chief ministers, sought ‘selective action’ against ‘bigger people’ that could be publicised to counter the perception in the public mind and in Parliament, Modi and his officers were well prepared in advance to scrutinise the shades of unaccounted stash in the country, even if that meant severe criticism of his government.

    Read the full article here.

  • 11:27 (IST)

  • 11:26 (IST)

    It's ironic that parties which opposed Congress are now supporting it: Venkaiah Naidu

    'It's ironic to see that government is fighting corruption, and the opposition is opposing it. Many people are shaken because vested interests are shaken. They are trying to create panic in the public. And therefore, they are trying to tarnish Prime Minster's image,' Venkaiah Naidu said.

    'It's a pity that this opposition party, who fought against the Congres both inside the Congress and outside the Congress are ready to work with Congress. Trinamool Congress, CPI (M) are with Congress. Even DMK who had taken talaq from Congress are rallying behind it. They don't even know what their leader is going to talk about. The congress regime was filled with scams. They will have to explain it to the people," he added.

  • 11:15 (IST)

  • 11:06 (IST)

    PM said Congress had chance to clean the system in 1971, but it didnt | ANI

  • 10:55 (IST)

    BJP Parliamentary meeting comes to a close

  • 10:48 (IST)

  • 10:48 (IST)

  • 10:47 (IST)

    PM said Digital Economy a way of life: Ananth Kumar, BJP leader

    Speaking to the press after the BJP Parliamentray meet, BJP leader Ananth Kumar said that the demonetisation was one of the key things discussed at the party meet. He also said that the Prime Minister discussed few key issues including that digital economy should be a way of life. Kumar also said that there will be a review of the demonetisation sheme.

  • 10:34 (IST)

    Rahul Gandhi and Congress leaders to meet Narendra Modi

  • 10:14 (IST)

    While key BJP meeting continues, Opposition leaders meet in Parliament

  • 09:53 (IST)

    Senior BJP leaders have arrived at the Parliament House

  • 09:49 (IST)

    The Opposition has disgusted the Parliament: GVL Narsimha Rao, BJP Spokesperson | CNN-News18

    'What the Opposition is saying is basically a charade. They have dishonoured the mandate of the people,' GVL Narsimha Rao told CNN-News18

  • 09:47 (IST)

    It's an ominous episode for Parliament: Congress leader Adhir Ranjan Chowdhary | CNN-News18

    Whether it's rejected or accepted we want a discuss in the Parliament. The Congress Party has come down on its demand including voting,  Congress MP Adhir Ranjan Chowdhary said

  • 09:36 (IST)

    PM Narendra Modi and Amit Shah arrives at the venue | CNN-News18

    Senior BJP leaders including Prime Minister Narendra Modi and Amit Shah, have already arrived at the venue.

  • 09:00 (IST)

    BJP to hold party meet on Thursday, PM Narendra Modi to address nation | CNN-News18

    The Bharatiya Janata Party has announced that it will hold a party meet at 9.30 am on Thursday. According to CNN-News18, the party meet will discuss demonetisation and will be broadcast live. Prime Minister Narendra Modi will be addressing the nation as well, the news channel said.

    The Opposition parties will meet with BJP leaders as well at around 12 pm on Thursday to discuss demonetisation.

  • 17:23 (IST)

    Banks prefer supplying cash via branches than through ATMs

    "Total number of notes in lower denominations of Rs 100 and below supplied in last five weeks is three times of what RBI supplies in an year," Das said. The Economic Affairs secretary also said that there are 2 lakh 20 thousand ATMs and more than 2 lakh ATMs have already  been re-calibrated.

  • 17:02 (IST)

    Surgical action, if you may: Das

    The Economic Affairs Secretary also said that airlifting of currency will continue "wherever possible". "And emphasis will be on rural areas to ensure enough cash."


    Das also said that actions enforecement agencies are taking on illegally accumulated money is based on specific inputs, "surgial action you may call it."

  • 17:00 (IST)

    13 percent of ATMs loaded with cash in December

    Shaktikanta Das said that only 13 percent of ATMs loaded with cash in December.

    "Number of notes with lower denomination that RBI supplies over a year, has been supplied in last five weeks," Das added. 

  • 16:58 (IST)

  • 16:55 (IST)

    Shaktikanta Das said that the intial focus was to supply Rs 2,000 notes to replace value that was taken out of the market. "Now focus is on printing more of Rs 500 notes."

  • 16:54 (IST)

    Shaktikanta Das, Economic Affairs Secretary, speaking on US Fed rate hike

  • 13:52 (IST)

  • 13:51 (IST)

  • 13:51 (IST)

  • 13:50 (IST)

  • 13:49 (IST)

  • 13:49 (IST)

  • 13:44 (IST)

    Arun Jaitley hits back at Congress on demonetisation

  • 13:44 (IST)

    Congress should rise up above sloganeering, we are ready to debate: Arun Jaitley

  • 12:08 (IST)

  • 12:00 (IST)

  • 12:00 (IST)

    Modi has made everyone cashless; no one has any cash: Rahul Gandhi

  • 11:57 (IST)

  • 11:38 (IST)

Common people across India continued to suffer, with millions scrambling for cash to meet basic needs, even as Prime Minister Narendra Modi defended the ban on high-value notes, saying the move had given sleepless nights to those with ill-gotten wealth.

Two major bank unions have said the demonetisation scheme was announced without proper preparedness by the Reserve Bank of India (RBI) and has put the common man to immense difficulties.

ATM_pain

In a joint letter to Indian Banks' Association, a copy of which was issued to the media, the All India Bank Employees' Association (AIBEA) and All India Bank Officers' Confederation (AIBOC) said: "While we do not wish to go at this stage into the merits or otherwise of the scheme announced by the Government in achieving the purpose for which it has been intended, we would definitely like to point out that the scheme has been announced but without proper preparedness by the RBI to meet the situation.

"There is so much of a chaotic condition prevailing in the bank branches and the situation is unbearable, both for the customers and the general public as well as for the bank officers and employees."

According to the unions, the government and RBI must be fully aware that already there is a huge gap between the indent and supply of Rs 100 notes, noting that in 2015-16, as against the indent of 535 crore pieces of Rs 100 notes, the supply was only to the tune of 490 crores pieces.

"Even till now, new Rs 500 notes have not been issued by RBI or received the bank branches or currency chests. One cannot understand the reason behind banning the existing Rs. 500 notes and not providing new supply of Rs 500 notes in time," they said.

Expressing their apprehension that the two lakh ATMs in the country including the 35,000 machines located in rural areas would start dispensing cash in another three weeks time, the unions said the machines have to be recalibrated with proper cash trays.

With an acute shortage of Rs 100 notes, the ATMs are likely to be dead machines for quite some time, which would add to the ire of the people and this anger is bound to be shown on the branch staff thus making their life further miserable, they said.

The two unions have asked the IBA to approach the RBI/Government to allow all government departments, agencies and institutions to exchange the banned 500/1,000 rupee notes; the RBI should immediately ensure adequate supply of cash in denominations of Rs 100 and new Rs 500 notes and ATMs should be re-calibrated on a top priority basis and made ready for use within the shortest possible time.

They also sought deployment of bank staff on shift basis, uniform instructions to be sent by IBA to all banks on payment of overtime wages/compensation amount and special care to be taken by banks while asking lady employees/officers to work in late hours.

With inputs from IANS