Banks to use indelible ink starting Wednesday to mark customers exchanging defunct currency notes
To ease cash flow, old defunct notes of Rs 500 and Rs 1,000 can be used for utility payments till 24 November
State Bank of India to start dispensing Rs 50 and 20 notes in the coming days
The SC refuses to put a stay on the demonetisation policy, asking the Centre to file an affidavit on the issue
Opposition attacks Modi on the demonetisation issue in an all-party meet on Tuesday
Modi promises discussion on demonetisation in the winter session of the Parliament
On Tuesday, Economics Affairs Secretary Shaktikanta Das announced the use of indelible ink on people to avoid multiple exchanges in banks. The process of inking customers will start Wednesday onwards.
The banks opened after a day break on Tuesday with people queuing up outside them to withdraw and exchange cash. Some respite is expected soon as SBI chairperson, Arundhati Bhattacharya, announced that the ATMs would start dispensing Rs 20 and Rs 50 notes.
Taxmen Preparing For Swoop on Dubious Depositors Post 30 Dec
Come 2017, and the Income Tax department is preparing to serve notices on all those now depositing money in banks that is disproportionate to their known sources of income.
Informed sources said the department will start serving the notices just after 30 December – the deadline set by the central government to deposit and exchange the demonetised Rs 500 and 1,000 notes.
The notices will go to those who have deposited or received cash in their accounts more than double their income, a highly placed Finance Ministry source said, adding that the department had deputed special teams to track such account holders across India.
“Knee Jerk” Demonetisation Will Have Repercussions on the Economy, Warns Rahul
In a press conference, Congress Vice President Rahul Gandhi said that “knee jerk” move of demonetisation will have a lot of repercussions to the country’s economy.
We don’t want to reverse it, we want the government to ensure that it doesn’t cause problems for the common man. We also urge the government to go after the big players of black money. Dekhna, ye ek zabardast scam niklega. (This will be an outrageous scam, watch!)
He also accused the BJP-led central government of running a scam in the name of demonetisation.
One has to question if the BJP members were aware of the move. Why did the BJP state unit of West Bengal make huge deposits one day before demonetisation? I am seeing that BJP leaders are posing in photos holding stacks of Rs 2000 in their hands, where did they get this money from?
However, the Congress Vice President later contradicted himself. After talking about a potential scam being carried out by BJP, he said:
One thing is very clear. I think even Finance Minister was unaware of this policy. I think PM Modi didn’t inform even his close aides of the decision.
No Rollback, But Proper Implementation of Demonetisation
After the All Party Meeting, senior Congress leader Ghulam Nabi Azad said, “Opposition will be united come what may, and will raise issues together.”
We dont want a roll back, we are always going to be against black money. We are against the unpreparedness. There is not a single person in this country who is not suffering because of demonetisation; this is the biggest scam of all time. We will take up the issue in both the houses of the Parliament. Let it be clear, that the entire opposition is united against it. The Chief Minister of West Bengal is well within her rights to go ahead with her march to Rashtrapati Bhavan.
CPI (M) General Secretary, Sitaram Yechury had also demanded a proper implementation of demonetisation, instead of a roll back in the all party meeting.