"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.
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."
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.
SBNs (Specified bank notes) cannot form part of banks’ cash balances from the close of business as on December 31, 2016: RBI
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.
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
MP chief minister Shivraj Chauhan aims salvo at Opposition
Vipakshi dal kuch karne laayak bache nahin, sapne mein bhi PM dikhaayi dete hain unhe, neend mein uth ke chillate hain PM isteefa do: MP CM pic.twitter.com/sJbaRp2btd
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.
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.
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.
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.
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.
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.
PM said in meet Indira ji told YB Chavan that don't you want to contest polls? This was Congress plank but they did not implement:Sources
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.
PM appealed to people of India that digital economy should be a way of life,it will be transparent and effective: Ananth Kumar pic.twitter.com/OMw5x45HxA
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.
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.
There are 2 lakh 20 thousand ATMs and more than 2 lakh ATMs have already been re-calibrated: Shaktikanta Das,EA Secy #Demonitization
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.
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.