Cash crunch: Govt to up printing of Rs 500 notes by five times; move will inject currency worth Rs 2,500 crore a day
To meet the "unusual" currency demand in the country, the government has decided to increase printing of Rs 500 notes by five times
CBI has unearthed Rs 396 crore of alleged slush funds in 84 cases registered by it relating to illicit currency exchange that took place after demonetisation
Cash-based illegal transactions happen mostly using high value currencies. Bringing down the value of units in circulation is the only way to address this problem
Nearly 100 billion Rs 200 notes are expected to be circulated in the market
The central bank is currently engaged in counting huge pile of old Rs 500/1000 notes which were scrapped following demonetisation on 9 November, 2016.
Demonetisation: Govt gives a month for cooperative banks, post offices to deposit old notes with RBI
Cooperative banks have also been allowed to exchange old currency notes with the RBI, if they had collected these notes by 14 November, the day RBI barred them from dealing in old notes
Demonetisation Day 50: Deadline to deposit old Rs 500, Rs 1,000 notes ends today; crunch to continue
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.
The draconian punishments announced for keeping more than 10 notes of demonetised currency including a four-year jail sentence seems to be a defence mechanism to discourage any trigger happy Public Interest Litigator from suing the Reserve Bank of India (RBI) for breaking its promise.
People can use old Rs 500 notes for paying utility bills or buying medicines till Thursday midnight as the government has decided not to extend exemptions beyond 15 December.
The Income Tax Department may not tax, penalise or even frown at much of the hoarded money that is coming out — it is the small change, in coins, of Re 1, Rs 2, 5, and 10.
How would we evaluate the success of the scheme? Will it be in terms of the gains in revenue relative to loss of GDP? Or will it be the measure of currency lost in the system?
But RBI, after the demonetisation move, is making available new currency notes and we are expecting the situation will ease," said PNB general manager
You can top-up your pre-paid mobile to a limit of ₹ 500 per top-up
The move to curtail use of old notes at petrol pumps and highway toll plazas follows reports of the facility being misused to launder black money
Demonetisation: After curfew, cash crisis and internet blockade brings Kashmir Valley to grinding halt
The central government’s move last week to demonetise Rs 500 and Rs 1,000 currency notes has caused chaos in Kashmir, adding to people’s woes.
The demonetisation of Rs 500 and Rs 1,000 notes will hurt agriculture, informal sector workers — about 482 million people who earn cash incomes — and disrupt India’s consumption patterns for at least the next quarter.
Pained by the insults that the friends and foes of Narendra Modi are heaping on each other over his move to flush out black money, here are two separate notes to them begging for ceasefire.
On the night of 8 November, Prime Minister Narendra Modi shocked the nation with the announcement that all notes of the denominations of Rs 500 and Rs 1,000 would not be legal tender after four hours. This sudden war on black money surprised and shocked the nation
A wise man and his money are soon partying. It is their deserved destiny. So, the last Rs 500 note went wisely. It just left a hangover of nostalgia. A fool and his money, though, are soon parting.