1. Say goodbye to old Rs 500, 1000 notes before new year; government may not extend deposit deadline of Dec 30

Say goodbye to old Rs 500, 1000 notes before new year; government may not extend deposit deadline of Dec 30

Amid chaotic situation among the common people following the implementation of the demonetisation policy, the government, in a statement made at the Rajya Sabha, claimed that there are enough new currency notes available with the RBI.

By: | New Delhi | Published: November 29, 2016 4:59 PM
As on November 8, the day demonetisation was announced, there were 1,716.50 crore pieces of Rs 500 and 685.80 crore Rs 1,000 notes in circulation. (Reuters) As on November 8, the day demonetisation was announced, there were 1,716.50 crore pieces of Rs 500 and 685.80 crore Rs 1,000 notes in circulation. (Reuters)

Amid chaotic situation among the common people following the implementation of the demonetisation policy, the government, in a statement made at the Rajya Sabha, today, claimed that there are enough new currency notes available with the Reserve Bank of India (RBI). The government also stated that it is not considering to extend the deadline of December 30 for the replacement of old currency notes from the banks.

“There is sufficient cash available with the Reserve Bank of India and banks. Circulation of notes in respect of Rs 100 has already been increased,” Minister of State for Finance Arjun (rpt) Arjun Ram Meghwal said in a written reply.

Meghwal also claimed that to cater to the requirements of rural areas, banks have been advised to supply notes of smaller denominations (Rs 100 and less). As on November 8, the day demonetisation was announced, there were 1,716.50 crore pieces of Rs 500 and 685.80 crore Rs 1,000 notes in circulation.

To another question, Minister of State for Finance Santosh Kumar Gangwar said RBI advises banks from time to time to enhance security arrangements at their branches and ATMs. This include coverage of ATM sites by CCTVs and ensuring adequate training of security staff posted there. Banks have also been advised to review and strengthen the security arrangements in their branches/ATMs to deal with instances of robberies and risk perceptions emerging from such incidents.

Citing the increasing need to curb the flow of black money in the country, Prime Minister Narendra Modi, on November 8, had initiated the demonetisation policy, following which there had been a ban on currency notes of the denomination Rs 500 and Rs 1,000. And even more than three weeks after the implementation of the anti-graft policy, people had been seen standing on long queues, outside banks and ATMs, waiting for hours to replace their scrapped currency notes and collect usable cash.

Post implementation of the note ban policy, political storm erupted across the country, with opposition parties blaming the center for the continuing public distress. And amid heated arguments and political uproar, parliamentary houses had been witnessing repeated adjournments, hindering the proceedings of the winter session. Even on the 10th day of the parliamentary winter session, today, both the Rajya Sabha and the Lok Sabha had been adjourned till tomorrow 11 am.

(With inputs from PTI)

  1. A
    a s
    Nov 29, 2016 at 1:03 pm
    The markets via banks and customers are flooded with soiled notes of smaller denominations retreating back from its graveyards journey.I have never seen such a trash running through hands in last 50 years.But still it is said all is well.God knows.
    Reply
    1. A
      ananda
      Nov 29, 2016 at 1:11 pm
      Out of 2.20 lakhs ATMs in the country, how many were dysfunctional for how many months/yers? Why ATMs have been dispensing only Rs.500 or Rs.1000 as as many years? Why Indian Banks Union/ociation did not repair them before blaming the Government/RBI?
      Reply
      1. G
        Gopal Krishna
        Nov 29, 2016 at 2:57 pm
        good step taken by govt
        Reply
        1. G
          GSG
          Nov 29, 2016 at 12:32 pm
          You can later declare it and pay 49.9% as tax and penalty, and retain the balance 50% as your white money. So, if you have unaccounted/black money, the govt.will convert it to white on 50% commission.
          Reply
          1. S
            seshadri
            Nov 29, 2016 at 12:19 pm
            As far as chennai there seems no long queue standing in banks or ATM. It it is real then we should satisfy ourselves that at-least they are standing and waiting in queue as having enjo 1 day paid holiday only 50% turned up for recent election and created a flash news about their laziness .
            Reply
            1. M
              Manoj
              Nov 29, 2016 at 1:44 pm
              i am in banglore all ATMs and Banks have sufficient qty of notes.. maximum it takes 45 mins to get from ATM or Bank.. No issues at all....
              Reply
              1. M
                Mohan Singh Mahadevrao
                Nov 29, 2016 at 2:10 pm
                Govt has to resolve many hurdles comming acorss demonetisation and prinl hurdle is insufficient amount of cash and improper distribution to banks.Public have to face till 30 th Dec, but the question is whether the banks and public would return to the normal banking life as earlier. Even after 20 days of demonetisation the banks in II & III tier cities are still suffering from cash shortage The banks are reducing the demanded amount so that maximum customers could be paid some amount and closes the cash counter.RBI is still unable to provide sufficient cash to banks all over country, 60-70 % ATMs are still cashless. 500 & 1000 notes have highest circulation more than 80% and may be made available immediately to overcome the ban crisis. .
                Reply
                1. P
                  prashant
                  Nov 29, 2016 at 2:19 pm
                  Good step in the country a great time after let the things go evenly as since Nov 8th...
                  Reply
                  1. R
                    raj
                    Nov 29, 2016 at 1:27 pm
                    The demonitisation implementation from 8.11.16 from apex bank of the nation and finance ministry is like a prank on public wihtout making any home work/back up support:-01. The demonitisation executing agencies did not bother to s the banking laws voz: rbi act 1934, banking regulation act 1949, consumer protection act02. gove should have printed unique commercail paper like stamp papers of the court or postal stamps for acceptance till the required level of currency was not printed frm rbi and not in circulation with public.03. huge loss to banks and business including atm rents and also stationery of chq's, payslips , withdrawl slips, p books sudden demand etc etc. Also who will verify the records of old currency receipts, payamnts and balances with banks. back date transactions can facilitate high volume replacement of currency of 500/1000 with new 2000/500 and other legal tender notes/05. how it is possible that rs.1000/500 ceased to be legal tender from 08.11.16 but continuous be valid conditionally till 30.12.16 in bank and upto mar16 in rbi.what is meaning of legal tender word, ideally the 1000/500 notes should not be acceptable from 08.11.16 they can be only be surrendered against replacement - it is like a culprit guilty of rape case is allowed to continue for 50 days legally in public with restrictions?06. Most of ATM's were not having cash/ shuttered down and most of the banks putting no cash boards also. how the cash and statutory reserve ratios and minimum balances requirements of banking laws were compromised -can rbi governor clarify to public.07.Core Banking Solution (CBS) not followed and customers mandate for sb/ca without any limits cash/bank transactions was not honoured and abruptly stopped without any emergency/war like situation, how rbi governor did not resist the move in public interest?08. Cash deposit at non base branch of family members in travel/need/distress was also not feasible. the bank demands the account holders can only deposit even Rs.1/-which was fortunately not demonitzed.09.Can the government give certificate to public that, the department of income tax, revenue, finance etc are corruption free.10.dependance on e-banking for high volumes of transactions considering indian potion, the security requirements of pword, pin etc are already compromised in unending queques at the banks and people gave their card with details to all & sundry due to hopeless handling of the situation from rbi governor causing hardship to poor/labour.11. The control on physical cash was personal, now people will start realizing the traps once the cyber frauds and thefts start. how the integrity of people in banking is ensured and people not provided any guidelines for safety precautions for dependence on cell phone banking and wrong credits if account numbers - mutilple digits and ifsc codes and name of account holders not checked. reliance of e-systems in india not comparable to foreign countries where action on crime detection and prevention and law is fast.12. having changed currencies can the govt now s the acb, enforcement, anti evasion, tribunals, courts etc since every thing is cleaned by ganga of demonitisation.
                    Reply
                    1. R
                      rohan
                      Nov 29, 2016 at 3:16 pm
                      Are You sure ? THIS IS A U TURNS GOVERNMENT !!!
                      Reply
                      1. R
                        Roland Sequeira
                        Nov 29, 2016 at 7:45 pm
                        Here in Ahmebabad all the ATMS and most of the banks are without cash. Most of the shops don't accept cards or payment with mobile wallets. But hey no problem.
                        Reply
                        1. S
                          snjay
                          Nov 29, 2016 at 12:53 pm
                          I am in Chennai and yes - It is true - 99% of ATMs do not have cash.
                          Reply
                          1. E
                            E Sreedharan E Sreedharan
                            Nov 29, 2016 at 2:12 pm
                            News and declarations okay, but where are the changes. People have to survive. Mere pronouncement is not sufficient. Make available changes. Do that. Get away from the chairs. Visit banks and Post offices and ensure changes are made available thus win heart of the people.
                            Reply
                            1. S
                              Sridhar Tv
                              Nov 29, 2016 at 12:20 pm
                              Good bye to not only to 500,1000notes but also to corrupt Cong and co for good in future developments of our country,you media's must encourage this and not simply publish gossips on actors etc from new year atleast concentrate on good reports to educate people instead of writing on film gossips which is spoiling the next gens,take vow not to do it from Jan onwards give good articles which will impart. Knowledge like that
                              Reply
                              1. U
                                U Kumar
                                Nov 29, 2016 at 1:04 pm
                                Enough notes are with RBI, Not with banks or atms. More than 90% of atms are not working in delhi. Only God knows when will the situation improves. Government has NO concerns for common people.
                                Reply
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