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Demonetisation Day 35: Congress should rise above slogans, we are ready to debate, says Arun Jaitley

Fearing a jump in footfalls to deposit or withdraw cash following the demonetisation of Rs 500 and 1,000 banknotes, banks will remain open this Saturday and Sunday and its staff will do overtime till 9 pm for the next three days to clear the rush.

FP Staff December 13, 2016 11:58:59 IST
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Demonetisation Day 35: Congress should rise above slogans, we are ready to debate, says Arun Jaitley

Highlights

15:48 (ist)

There could be riots: Supreme Court

Coming down heavily on the Narendra Modi government for not taking the issue seriously, the Supreme Court on Friday questioned the move to reduce the exchange limit of old notes from Rs 4,500 to Rs 2,000. The apex court added that the situation was serious and there are possibilities of riots breaking out.  

"It is a serious issue which requires consideration," a bench comprising Chief Justice T S Thakur and Justice A R Dave said, while asking the parties to be ready with data and other issues in writing. The apex court also refused Centre's request to put on hold petitions pending in various high courts challenging the decision to demonetise.

"Some measures are required. See the kind of problems people are facing. People have to go to the high court. If we shut them from going to the high court, how can we know the magnitude of the problem. People going to different courts indicates the magnitude of the problem," the bench said.

SC made the remarks as Attorney General (AG) Mukul Rohatgi submitted that any matter relating to challenge to the demonetisation issue be heard by the apex court only.

14:31 (ist)

Only tweeted about new notes, not ban on Rs 500, Rs 1,000: BJP leader Sanjeev Kamboj tells Firstpost

Firstpost reporter Amitesh Singh spoke to Sanjeev Kamboj, co-convener of BJP's law and legal affairs department in Punjab, who had tweeted the picture of Rs 2,000 notes on 6 November.

Delhi CM Arvind Kejriwal on Saturday alleged that BJP had informed its 'friends' beforehand about its decision to demonetise Rs 500 and Rs 1,000 currency notes, to help them fix their black money.

Rubbishing Kejriwal's claims, Kejriwal said: “I had only written that new notes would soon be introduced. But nowhere I had talked about or even mentioned banning of the old notes.”

“There were various news reports about the probable introduction of new notes. What was new in that?” Kamboj added.

A lawyer by profession, Kamboj said that he understands the legal consequences of doing any such thing. "I know I can land up in big trouble if I do something so foolish. What Kejriwal is doing is nothing more than dirty politics. He will see what will happen to him in Punjab."

LIVE NEWS and UPDATES

Dec 30, 2016 - 13:12 (IST)

Arun Jaitley to addres media at 5 pm today

Dec 30, 2016 - 13:11 (IST)

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

Dec 30, 2016 - 13:09 (IST)

Jharkhand

Dec 30, 2016 - 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.

Dec 30, 2016 - 12:40 (IST)

Veteran journalist R Jagannathan on 50 days completion of note ban

Dec 30, 2016 - 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

Dec 30, 2016 - 11:43 (IST)

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

Dec 30, 2016 - 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

Dec 30, 2016 - 09:57 (IST)

MP chief minister Shivraj Chauhan aims salvo at Opposition

Dec 30, 2016 - 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

Fearing a jump in footfalls to deposit or withdraw cash following the demonetisation of Rs 500 and 1,000 banknotes, banks will remain open this Saturday and Sunday and its staff will do overtime till 9 pm for the next three days to clear the rush.

Banks also announced a slew of measures, including extension of banking hours, doing away with ATM charges and expanding credit limits to handle the expected huge rush to tender now defunct Rs 500 and 1000 notes.

Bankers have also been advised not to take additional leaves for the next one month, during which the government has asked holders of over 22 billion currency notes that are no longer legal tender, to deposit them in bank accounts.

For public convenience, banks will remain open on coming Saturday and Sunday, Economic Affairs Secretary Shaktikanta Das tweeted.

Demonetisation Day 35 Congress should rise above slogans we are ready to debate says Arun Jaitley

Representational image. PTI

The Reserve Bank also came out with an order instructing all the banks to be open for business on the coming weekend, including Sunday. RBI also said ATMs will remain shut tomorrow as well.

The nation's largest lender State Bank of India was among the first to announce an extension in banking hours, till 6 pm tomorrow and also said each of its branches will be having a dedicated 'exchange counter' to change the currency notes.

ICICI Bank Managing Director and CEO Chanda Kochhar said the bank's branches will be open till 8 pm  on Thursday and Friday. The bank also introduced a slew of relaxations on the electronic payments or withdrawals front.

All charges pertaining to cash deposit into one's accounts will be waived till 30 November and the fees for
transacting at ATMs will also be scrapped till 31 December, ICICI Bank said in a statement.

It has also doubled the daily usage limit of debit cards for use at merchant ends as well as online transactions.

Axis Bank has also waived cash handling charges, and done away with the five free transactions a month limit on its own ATMs and extended banking hours, its president Rajiv Anand told PTI.

While making the announcement to discontinue Rs 500 and 1,000 banknotes yesterday, the government had also announced closure of bank branches and ATMs today. It also announced the launch of newer notes of Rs 500 and Rs 2,000 from 10 November.

People holding to the older notes will be very keen to do away with them and also get the newer series banknotes of higher denomination when the bank branches reopen tomorrow. ICICI Bank said it is ensuring that Rs 2000 and the existing notes of Rs 100 notes are available at its 'main branches' from tomorrow.

It also announced an expansion of up to 20 per cent in the credit limits for 'worthy' customers using its credit cards.

Anand said there is no need for the customers to panic and appealed them to defer their visits to branches, pointing out that there is a 50-day limit to change the older notes.

Anand said the bank also expects a significant jump in alternate channels like the newly introduced UPI, points of sale terminals and mobile and online banking because of the RBI moves.

Kotak Mahindra Bank joint managing director Dipak Gupta said apart from the cultural change in adopting digital faster, we should also see a surge in activation of new bank accounts.

In the biggest-ever move to curb black money, and crime funding Prime Minister Narendra Modi had last night announced that Rs 500 and Rs 1,000 bank notes would become illegal tenders from last midnight and massively curbed cash withdrawals through ATMs and from bank counters.

"In order to meet the anticipated heavy demand from members of the public to conduct their banking transactions, it has been decided that banks shall remain open for public transactions on Saturday, 12 November, and Sunday, 13 November, 2016," RBI said in a statement.

Banks are advised to keep all their branches open on 12 and 13 November, 2016, as regular working days for
transacting all business, it said.

RBI also asked banks to give due publicity to the availability of banking services on these days.

As per the normal schedule, the coming Saturday being the second would have been an holiday, but keeping in view the expected rush at the branches, it was decided otherwise. It is, however, not clear whether post offices would be open or not on the weekend. There are about 1.25 lakh post offices across the country.

At the same time, the government and RBI are yet to take a call on keeping banks open on Monday, 14 November, which is a holiday.

There are about 149 scheduled commercial banks, including 56 regional rural banks, with branch network of about 1.30 lakh across the country. Besides, the cooperative banks have also been asked to take deposit and exchange the old with the new one.

The first demonetisation happened under the British rule in 1946 and the first one after the Independence on 16-17 January, 1978 when the Morarji Desai government demonetised bank notes of Rs 1000, 5000 and 10,000 notes.

The news triggered panic and people started queueing up at all ATMs or CDMs to either withdraw money or deposit Rs 500 and Rs 1,000 notes.

The banned Rs 500 and Rs 1000 notes account for over 86 per cent of the total Rs 16.42 lakh crore value of bank notes in circulation as of 31 March, 2016, according to Reserve Bank's latest annual report.

For convenience of customers, Financial Services Secretary Anjuly Chib Duggal said banks will be working extra hours.

Meanwhile, SBI said all branches will remain open tomorrow with extended business hours up to 6 pm.

Kochhar said branch timings will be extended by two hours on 10-11 November and branches at prominent locations will remain open from 8 am to 8 pm.

Many other banks like HSBC and PNB has also announced extension of working hours.

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