1. Demonetisation – key takeaways on day 13

Demonetisation – key takeaways on day 13

Ever since the demonetisation drive undertaken by the government and announced by Prime Minister (PM) Narendra Modi on November 8 2016, the country have witnessed a plethora of events, some funny, some serious and some very serious in nature. Marriages have been stopped or postponed, suicides due to fear, murder due to panic and deaths of infants and old citizens have taken place simply because of non refusal.

By: | New Delhi | Published: November 22, 2016 12:24 AM
I(Reuters) The decision to demonetise Rs 500 and Rs 1000 currency notes was undertaken to end the influx of fake legal tenders from across the border which promote terrorism, drug addiction among the youth and money launder by a certain class of people thereby giving rise to black money. (Reuters)

Ever since the demonetisation drive undertaken by the government and announced by Prime Minister (PM) Narendra Modi on November 8 2016, the country have witnessed a plethora of events, some funny, some serious and some very serious in nature. Marriages have been stopped or postponed, suicides due to fear, murder due to panic and deaths of infants and old citizens have taken place simply because of non refusal.

The decision to demonetise Rs 500 and Rs 1000 currency notes was undertaken to end the influx of fake legal tenders from across the border which promote terrorism, drug addiction among the youth and money launder by a certain class of people thereby giving rise to black money.

In this drive for demonetisation where political parties have questioned the government for harassing the people and making them to stand in long queues, bank ATMs running out of cash and etc. Under such heated circumstances there have been no reported cases of public violence or a law and order situation whatsoever. Lets take a look at the key takeaways on this day 13 of demonetisation.

Rural Economy in Tamil Nadu in a standstill:

Members of the Cooperative Bank Employees Federation (CBEF) staged a demonstration infront of the RBI office at Chennai to withdraw the circular and to allow the old legal tenders for Rs 500 and Rs 1000. As per reports from PTI, General Secretary of CBEF has said that textile, agricultural cooperative societies, fishermen are the one who are badly hit by the demonetisation drive.

Finance Minister Arun Jaitley for farmers:

It seemed that what has been happening down South resonated up in the North. Finance Minister Arun Jaitley today has given instruction to banks to make money available to the farmers through alternate channels like the cooperative societies. Around Rs 5000 crore is required on a weekly basis for the farm sector specially during this peak season when Rabi sowing is done.

RBI conditions for withdrawal of Rs 2.5 lakhs:

The Reserve Bank of India have laid down strict conditions for withdrawal of Rs 2.5 lakhs for marriages. The amount can be withdrawn only by those families where marriages will fall within December 30.

Mathura to fall short of currency notes:

This small town of Uttar Paresdsh is likely to face shortage of small denominations due to lack of timely refill of the ATM machines.

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