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Factbox: Government, RBI take steps to ease impact from ban on banknotes | Reuters

MUMBAI Prime Minister Narendra Modi's decision to ditch higher-value banknotes in November sparked a severe cash crunch that has brought parts of the economy to a virtual standstill and disrupted the daily lives of hundreds of millions of Indians.The move has sparked criticism that the country had not prepared adequately after the government and the Reserve Bank of India (RBI) have had to announce a slew of actions to ease the pain from its measures. They are detailed below in chronological order.JAN. 16
- RBI ups limits on daily ATM withdrawals, lifts weekly limits for current accounts JAN. 3
- Tourists can change FX up to 5,000 rupees per week till Jan 31, from pvs deadline of Dec 31- RBI advices banks to increase allocation of cash to rural areasDEC. 31
- Resident Indians, NRIs out of India Nov 9-Dec 30 given more time to exchange old notesDEC. 30
- RBI raises daily limit of withdrawals from ATMs to 4,500 rupees from 2,500 - Monthly limits on mobile wallets, cards transactions to stay at 20,000 INR till further notice- Eases rules for sourcing cash for non-bank ATMsDEC. 29
- RBI allows banks to provide additional working capital loans to small enterprisesDEC. 26
- RBI allows 60 day grace period for some farmers to repay crop loans due Nov. 1 to Dec. 31DEC. 21
- RBI rolls back 5,000 rupees deposit limit, says deposits won't face scrutinyDEC. 19
- RBI tightens cash deposit rules, depositors must explain big amounts DEC. 16
- RBI caps merchant discount rates for some card payments from Jan. 1, 2017 to March 31, 2017- RBI waives fees for some Immediate Payment Services from Jan. 1, 2017 to March 31, 2017 - Tourists can change FX up to 5,000 rupees per week till Dec 31, from pvs deadline of Dec 15- India asks tax dodgers to come clean by March 2017DEC. 15
- India says infuses $74 bln of cash after demonetisationDEC. 13
- RBI advices banks to preserve CCTV recordings at branches between Nov 8 to Dec 30 DEC. 8
- Govt announces incentives on retail purchases for some cashless transactions

DEC. 7
- RBI withdraws order for banks to place deposits under cash reserve ratio DEC. 2
- Govt raises limit for market stabilisation bonds to 6 tln rupeesDEC. 1
- Govt says old 500 notes can no longer be used at petrol stations, airline ticket counters NOV. 30
- RBI allows banks to use all cash to meet hiked cash reserve requirement ratio- RBI tightens monthly withdrawal rules from "Jan Dhan" accounts for poorNOV. 28
- Govt announces tax amnesty scheme for unreported cash- People would also have to park quarter of total sum in non-interest bearing deposit for 4 yrs - RBI to allow withdrawals above 24,000 INR weekly limit of deposits made in legal tender.- Those withdrawals would be in new 2,000, 500 rupee billsNOV. 26
- RBI orders banks to place 100 pct of deposits under cash reserve ratio

NOV. 25
- RBI expands basket of securities that can be accepted for collateral under money market ops- RBI says old currency notes can be exchanged at RBI branches- RBI says tourists can exchange foreign currency worth up to INR 5,000 per week till Dec 15NOV. 24
- Govt stops over the counter exchange of old banknotes; can only be deposited- Govt to ensure adequate cash supply for pensioners, armed forces personnel- Allows certain payments in old 500 rupees notes including at tolls, hospitals for limited time NOV. 23
- India govt says will offer 210 bln rupees in farm credit to farmersNOV. 22
- RBI sets balance kept in prepaid wallets, cards (PPIs) at 20,000 rupees from 10,000 til Dec 30- Merchants can transfer up to 50,000 rupees from PPIs to banks til Dec 30 - Monthly limits on transactions via PPIs doubled to 20,000 rupees til Dec 30- RBI asks state-run Nabard to disburse up to 230 bln rupees for crop loansNOV. 21
- RBI allows cash withdrawal of up to 250,000 rupees for wedding-related expenses

- RBI allows farmers to withdraw up to 25,000 rupees a week from their loan, deposit accounts- RBI gives small borrowers 60 more days before some loans are marked substandard- Govt allows farmers to purchase seeds from state-run outlets with old 500 rupee notesNOV. 18
- RBI sets limit of cash withdrawal at card swiping machines at 2,000 rupees per day NOV. 17
- Govt allows farmers to withdraw up to 25,000 rupees a week against the crop loans- Govt extends time limit for farmer to pay crop insurance premiums by 14 days- Cuts limit for over-the-counter exchange of old bills at banks to 2,000 rupees from 4,500NOV. 15
- Govt says banks must use indelible ink to ensure people change cash only onceNOV. 14
- India extends deadline for payments in old notes including for petrol for limited time - Govt says to instal new micro cash machines acrouss country- Govt asks banks to waive off transaction charges on debit, credit cards- Govt to raise cash withdrawal limit for current accounts to 50,000 rupees/week- RBI says to set up task force to oversee recalibation of ATM machines NOV. 13
- RBI raises cap on weekly cash withdrawals from banks to 24,000 rupees from 20,000- Removes per-day withdrawal limit cap of 10,000 rupees- Raises limit for over-counter exchange of old bills to 4,500 rupees from 4,000- Waives ATM fees for all transactions by savings bank customers til Dec. 30- Govt lifts withdrawal limits at ATMs to 2,500 rupees/day from 2,000 rupeesNOV. 11
- Extends deadline for payments in old notes including for petrol for limited timeNOV. 8
- India abolishes 500, 1,000 rupee notes in fight against 'black money'- 500, 1000 rupee notes must be tendered into banks, RBI by Dec. 30- Caps exchange of old bills over-the-counter at banks at 4,000 rupees - Caps cash withdrawals from bank accounts at 10,000 rupees per day till Nov 24- Caps cash withdrawals from bank accounts at 20,000 rupees per week till Nov 24- Caps cash withdrawals from ATMs at 2,000 rupees per day per card till Nov. 18- Caps cash withdrawals from ATMs at 4,000 rupees per day per card from Nov. 19- Allows certain payments in old notes including for petrol for limited time (Compiled by Rafael Nam and Swati Bhat)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Jan 17, 2017 22:00 PM

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