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

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.

FP Staff November 28, 2016 18:44:09 IST
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Demonetisation: RBI to release new Rs 50, Rs 20 notes

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

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.

Demonetisation RBI to release new Rs 50 Rs 20 notes

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

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