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Surprise! Forget Rs 2,000 notes, Rs 1,000 notes still in India's currency chest; So, what's really cooking? Find out

Surprise! Forget Rs 2,000 notes, Rs 1,000 notes still in India's currency chest; So, what's really cooking? Find out

Fri, Jan 04, 2019

Firstly, many blamed demonetisation for being an unplanned procedure. Secondly why bring in Rs 2000 notes, which is higher than the banned Rs 1000 notes if the agenda was to curb black money?

No counting machines, but sophisticated currency verification units being used for scrapped notes: RBI

No counting machines, but sophisticated currency verification units being used for scrapped notes: RBI

Mon, Sep 11, 2017

Rather, it is using "sophisticated Currency Verification and Processing (CVPS) machines for checking the numerical accuracy and genuiness of the currency notes, including SBNs (Specified Bank Notes that have been scrapped)", the RBI clarified later this evening.

How demonetisation dented the RBI

How demonetisation dented the RBI

Tue, Sep 05, 2017

On November 08, 2016, PM Narendra Modi announced the demonetisation of high denomination notes old Rs 500 and Rs 1000 to tackle black money and terror financing.

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Demonetisation: RBI's rules and roll-backs since November 8

Demonetisation: RBI's rules and roll-backs since November 8

Thu, Dec 22, 2016

Prime Minister Narendra Modi shocked the country on Nov. 8 by abolishing 500 and 1,000 rupee notes, which accounted for 86% of the cash in circulation. The move was aimed at cracking down on the shadow economy, but has brought India`s cash economy to a virtual standstill.

RBI's senior official arrested for illegal exchange of new currency

RBI's senior official arrested for illegal exchange of new currency

Tue, Dec 13, 2016

A PTI report revealed that one of the senior offical named K Micheal of the Reserve Bank of India was also involved in the seizure of Rs 5.70 crore in new currency.

Income Tax Department recovers Rs 106 crore cash, 127 kg gold in searches

Income Tax Department recovers Rs 106 crore cash, 127 kg gold in searches

Fri, Dec 09, 2016

"127 kg gold in 1 kg bars and 96 crore in old currency and Rs 10 crore in Rs 2,000 notes has been seized by the sleuths after the operation," top I-T department officials said.

Who knew? Modi's black money move kept a closely guarded secret

Who knew? Modi's black money move kept a closely guarded secret

Fri, Dec 09, 2016

Prime Minister Narendra Modi handpicked a trusted bureaucrat, little known outside India`s financial circles, to spearhead a radical move to abolish 86 % of the country`s cash overnight and take aim at the huge shadow economy.

One month post demonetisation, Rs 4.27 lakh crore notes issued, says RBI

One month post demonetisation, Rs 4.27 lakh crore notes issued, says RBI

Fri, Dec 09, 2016

RBI today said that currency notes worth over Rs 4.27 lakh crore have been issued to public through banks and ATMs following the demonetisation of old high value bills.

Demonetisation aftermath: Card swipes grow but sales recovery slow

Demonetisation aftermath: Card swipes grow but sales recovery slow

Wed, Dec 07, 2016

People have resorted to PM Modi’s much advocated ‘cashless’ transactions wherein high amount of payments are being made via credit or debit cards but this is slowing recovery of sales in other segments.

Demonetisation positive? Inflation could fall further, RBI says

Demonetisation positive? Inflation could fall further, RBI says

Wed, Dec 07, 2016

Inflation may come down marginally due to the withdrawal of higher denominations in November.

Cap on cash withdrawal a decision beyond judicial review: High Court

Cap on cash withdrawal a decision beyond judicial review: High Court

Fri, Dec 02, 2016

The judges dismissed the petition on the ground that it was "devoid of merit" as there were "no restrictions" for operating the bank account by "non-cash transactions".

Demonetisation impact: GDP growth may fall to three-year lows

Demonetisation impact: GDP growth may fall to three-year lows

Fri, Dec 02, 2016

Sunil Kumar Sinha, Principal Economist and Director Public Finance of India Ratings said, “Disruption has been caused at various level of economy due to de-legalisation of banknotes of Rs 500 and Rs 1000 denominations. Ind-Ra analysis shows that the economic cost of the de-legalisation will be Rs1.5 lakh crore for FY17.”

Queues outside banks, ATMs were expected, says FM Jaitley

Queues outside banks, ATMs were expected, says FM Jaitley

Fri, Dec 02, 2016

Speaking at an event in New Delhi, Finance Minister, Arun Jaitley on Friday said that queues outside banks and ATMs were factored in while making plans to ban higher denomination currency.

Serpentine queues, chaos outside banks on salary day

Serpentine queues, chaos outside banks on salary day

Wed, Nov 30, 2016

Many showed resentment over the same issue and complained their demands were not met by the bankers, who feel that if they go by the RBI upper limit, they will be able to please only some of their customers -- while the queues outside keep getting longer.

IRDAI warns insurers not to accept defunct Rs 500/1000 notes towards premium

IRDAI warns insurers not to accept defunct Rs 500/1000 notes towards premium

Tue, Nov 29, 2016

Irdai warned that insurers that they cannot accept old Rs 500 or Rs 1,000 notes for insurance premium.

Demonetisation: 28% citizens yet to deposit old currency in bank, says Survey

Demonetisation: 28% citizens yet to deposit old currency in bank, says Survey

Tue, Nov 29, 2016

While 28% indicated they were yet to deposit their old currency, approximately 60% indicated that they have already deposited their old currency in the bank.

RBI allows banks to park old currency notes at district chests

RBI allows banks to park old currency notes at district chests

Mon, Nov 28, 2016

To decongest storage facility of banks of old Rs 500 and Rs 1,000 notes, RBI on Sunday allowed lenders to park such currencies at currency chests at the district level in view of mounting deposits due to the demonetisation drive.

RBI taking steps to ease genuine pain of citizens: Urjit Patel

RBI taking steps to ease genuine pain of citizens: Urjit Patel

Sun, Nov 27, 2016

Patel said that according to bankers the situation is getting better and in the metros things are stabilising but the remote locations are still feeling some pain.

Demonetisation to impact Q3,economy will come back to new normal: Sitharaman

Demonetisation to impact Q3,economy will come back to new normal: Sitharaman

Sat, Nov 26, 2016

The demonetisation of Rs 500 and Rs 1,000 notes will have an impact on growth in the current quarter but the economy will gradually come back to the 'new normal', Commerce and Industry Minister Nirmala Sitharaman said.

Foreigners can change forex for Indian currency up to Rs 5,000 till Dec 15: RBI

Foreigners can change forex for Indian currency up to Rs 5,000 till Dec 15: RBI

Sat, Nov 26, 2016

Foreign citizens can exchange foreign currency for Indian notes up to a limit of Rs 5,000 per week till December 15, the Reserve Bank of India (RBI) said on Friday.

Public can continue to withdraw up to Rs 24,000 per week from bank accounts, ATMs: RBI

Public can continue to withdraw up to Rs 24,000 per week from bank accounts, ATMs: RBI

Sat, Nov 26, 2016

Public can continue to withdraw up to Rs 24,000 per week from their bank accounts, including withdrawals from ATM, the Reserve Bank of India (RBI) said on Friday.

Shares of healthcare, power, oil and gas companies least affected by demonetisation

Shares of healthcare, power, oil and gas companies least affected by demonetisation

Fri, Nov 25, 2016

Where BSE Sensex and NSE Nifty were trading over 27,000- and 8,500-mark before the demonetisation announcement, are now hovering around 26,000- and 8,000 levels.

Every person has a right to spend his or her money: PM Modi

Every person has a right to spend his or her money: PM Modi

Fri, Nov 25, 2016

Prime Minister Narendra Modi while speaking at a programme in the run up to the Constitution Day said on Friday that those accusing government of not being prepared for demonetisation were themselves not ready for the move, PTI reported.

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