Live: All Banks To Remain Open For Public This Saturday and Sunday
As replacement for the scrapped currency notes, new Rs 500 and Rs 2,000 notes will be issued from 10 November.
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- Government scraps Rs 500 and Rs 1,000 currency notes
- Fuel stations, government hospitals to accept the notes till 11 November
- Deadline to deposit all Rs 500 and Rs 1,000 notes at banks is 30 December. The notes can also be exchanged at all banks between 10-24 November
- RBI to introduce new Rs 500, Rs 2,000 notes
- All banks to be closed on 9 November
- New high-security Rs 500 and Rs 2,000 currency notes are going to be available in ATMs from 11 November
- All banks will remain open for public on 12 November (Saturday) and 13 November (Sunday)
Banks Open on Saturday & Sunday
Banks across the country will remain open for public on 12 November (Saturday) and 13 November (Sunday).
The RBI took the call “to meet the anticipated heavy demand from members of public to conduct their banking transactions.”
Toll Waived Off till Midnight of 11 November: Gadkari
Transport Minister Nitin Gadkari tweeted on Wednesday that toll collection across all National Highways will be been suspended till midnight of 11 November.
The toll plazas had earlier been asked by the NHAI to accept Rs 500 and Rs 1000 notes till the 11 November to facilitate smooth flow of traffic.
Allow High Denomination Currency for Wedding Expense: Akhilesh Yadav
Uttar Pradesh Chief Minister Akhilesh Yadav asked the Centre to allow high denomination currency for expenditure in upcoming marriage season, even as state police has been asked to keep vigil near banks to maintain law and order.
The chief minister also urged the Centre to ensure that the decision did not have any adverse impact on the poor, farmers and villagers.
Akhilesh said the Centre should arrange special camps in villages for exchanging existing currency notes saying banks were not easily accessible in the rural areas.
Black Money is Stashed Abroad: Rahul Gandhi
Congress President Rahul Gandhi said that the farmers, small shopkeepers and housewives are "thrown into utter chaos".
PM Narendra Modi shows how little he cares about ordinary people of this country, he added.
Toll Plazas to Accept Old Rs 500 and Rs 1000 Notes
The Chairman of National Highway Authority of India (NHAI) told the media that he had instructed all toll plazas to accept old Rs 500, Rs 1,000 notes till the midnight of 11 November.
Minister of State for Petroleum and Natural Gas, Dharmendra Pradhan also assured people that the petrol pumps will be accepting the old notes for 72 hours and has asked the public to report any discrepancies.
An Important Step by Govt to Curb Blackmoney: CBDT Chief
The demonetisation of Rs 500 and Rs 1,000 currency notes is a "very good step" to curb the menace of black money and will help check stashing of funds to a large extent, the CBDT chief said as the department prepares to keep an eye on any suspicious transcation.
He said the I-T department and the CBDT are working out modalities of the role that they will "specifically" play in the aftermath of the decision made wherein Rs 500 and Rs 1,000 currency notes are not a legal tender from 9 November.
It Pays to Be Honest: Finance Minister Arun Jaitley
Finance Minister Arun Jaitley backed the government’s decision and said that the scrapping of the notes will be beneficial for the country in long run.
Jaitley said that the decision was taken keeping in mind all the states.
He said that people should bear with the government and assured that there will notes in abundance in the following weeks.
The finance minister believes that this decision will help in curbing black money in India.
RBI Website Crashes
The Reserve Bank of India website seemed to be down on Wednesday morning.
Scrapping of High Denomination Currency Creates Chaos
People all over the country are facing problems because of the scrapping of the Rs 500 and Rs 1000 notes.
In Mumbai, people having Rs 1000 and 500 currency notes with them were seen running pillar to post for getting it changed for Rs 100 currency note.
Many locals said they had to return empty hand this morning while purchasing milk, vegetables, medicines in absence of adequate Rs 100 notes
A lot of people in the Lucknow are facing problems in buying medicines. There was a huge traffic jam in the toll booths in Delhi as the booth operators refused to take Rs 500 and Rs 1000 notes.
Police had been deployed to petrol pumps and ATMs to control the people. On Tuesday evening, the police control room received calls by security guards manning various ATM booths seeking help to manage unruly crowds, reported The Hindu.
People unable to buy tickets in railway stations.
E-Commerce Firms Plan to Stop COD
Some E-commerce firms are planning to stop COD transactions for the next few days. .
Shopclues, whose 30% sales are CoD, told The Times of India that the company will not allow cash deliveries for purchases of over Rs 1,500 for two days.
Flipkart and Snapdeal supported Modi's decision but did not mentioned anything on the COD transactions.
New Notes to Be Available from 11 Nov
New high-security Rs 500 and Rs 2,000 currency notes are going to be available in ATMs from 11 November, Finance Secretary Ashok Lavasa said on Wednesday.
RBI is going to closely monitor fresh notes that would be issued, he added.
The Revenue Secretary also gave a statement on the withdrawal of higher-denominations notes and said that a lot of money otherwise lying unused will now come into formal economy.
He added that the cash withdrawal restrictions will become easier once supplies of new Rs 2,000 and Rs 500 notes improve.
PM Modi Scraps Rs 500 and Rs 1000 Notes
In a surprise announcement, Prime Minister Narendra Modi on Tuesday announced that from 8 November midnight, Rs 500 and Rs 1,000 currency notes will no longer be legal tender.
However, fuel stations will accept the notes till 11 November, while government hospitals will also keep on accepting the currency notes for now. In addition, railway ticket booking counters, airports, milk booths, crematoriums and burial grounds will also accept these notes for the next three days.
He also announced that there will be no change in any other form of currency exchange, be it cheques, DDs, and credit and debit cards.
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India Gets New Rs 500, Rs 2,000 Notes
As replacement for the scrapped currency notes, new Rs 500 and Rs 2,000 notes will be issued from 10 November.
Here’s what the new Rs 2,000 notes would look like:
50 Days to Submit Old Rs 500, Rs 1,000 Notes: PM Modi
The people of India have been given 50 days to make the transition. The deadline to deposit all the illegal Rs 500 and Rs 1,000 notes is 30 December by showing government-issued ID proof.
However, people who have not been able to submit notes by 30 December can visit the Reserve Bank of India till 31 March to submit the currency notes after filling a declaration form.
Further, PM Modi announced that ATMs will not work on 9 November, while some may also not work on 10 November. The initial daily limit on ATM withdrawals till 11 November will be Rs 2,000. This limit will be increased slowly.
He also announced that all banks in India will be closed on Wednesday. Withdrawals from bank accounts will be limited to Rs 10,000 for the first few days.
Modi’s Surgical Strike on Black Money: 7 Things to Know
Support Govt’s Move To Curb Circulation of Black Money: Congress
Congress spokesperson Randeep Surjewala speaking to the media after PM Modi’s announcement of scrapping Rs 500, 1,000 notes, said that the Congress supports any step by the government to curb circulation of black money in the country.
Although, he did add that this surprise step by the government will hit the lower middle class of the country badly, as not much time has been given to adjust to this massive change.
However, fellow Congress leader, Manish Tiwai was less impressed. He took to Twitter to show his displeasure at the move.
Trinamool Congress leader Mamata Banerjee also slammed the Modi government and asked it to “withdraw the draconian decision”.
She further called it an “ill conceived blow” on the common man, sold in the name of anti-corruption.
Celebs React to PM Modi’s Surgical Strike on Black Money
After the confusion died out after Prime Minister Narendra Modi’s sudden announcement banning Rs 500 and Rs 1,000 currencies, the jokes, the sarcasm and the anger came in.
Celebrities also took to Twitter to react to the news.
President Mukherjee Welcomes Bold Move
President Pranab Mukherjee welcomed the "bold step taken" by the Union government to declare currency in Rs 1,000 and Rs 500 denomination illegal and urged the people not to panic.
People Rush to ATMs to Withdraw Rs 100 Notes
Ramping Up Production of Rs 100 Notes to Carry Out PM Modi’s Scheme: RBI
The RBI Governor on Tuesday added that the RBI has ramped up production of Rs 100 notes and is in a position to carry out the PM’s scheme.
He expressed concern over the circulation of fake currency notes, and said the apex bank will launch new Rs 500 and Rs 2,000 currency notes from 10 November .
Both Patel and Das were briefing media after Prime Minister Narendra Modi in a sudden address to the nation on Tuesday, announced that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become "mere paper".
"Banks will keep record of people who will come to exchange cash," Das added.
(With agency Inputs)
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