1. Recent demonetisation step by BJP-led government will only increase corruption, says Arvind Kejriwal

Recent demonetisation step by BJP-led government will only increase corruption, says Arvind Kejriwal

Union Finance Minister Arun Jaitley on Thursday said that steps taken on scrapping of old notes of Rs 500 and Rs 1,000 will have long-term impact on the Indian economy.

By: | New Delhi | Updated: November 10, 2016 9:20 PM
People queue up in huge numbers outside a bank in Patna. (ANI) People queue up in huge numbers outside a bank in Patna. (ANI)

Delhi Chief minister Arvind Kejriwal accused the BJP-led government of trying to protect some people close to them by coming out with its step of demonetising Rs 500 and Rs 1,000 note. In a video message he accused the government of informing those close to it a week ago, who have already invested their money. He further said that these will increase corruption. He also asked Prime Minister Narendra Modi why nothing was done on the list of swiss bank account holders he had given to him, few years back. Earlier in the day, Finance Minister Arun Jaitley said that steps taken on scrapping of old notes of Rs 500 and Rs 1,000  will have long-term impact on the Indian economy. He also added that small depositors need not to worry, and that only those with undisclosed huge amount will have to face consequences. Several banks and RBI have taken some measures and extended their working hours, banks will be open on weekends as well, the finance minister said. Arun Jaitley also said that there will be an impact on small purchases for a few days, till there is adequacy of currency, but it is beneficial in long run. Chief Economic Advisor Arvind Subramanian said that instead of seeing it as a reduction of wealth, it must be seen as transfer of unaccounted wealth It should be seen as a transfer of this unaccounted wealth from private sector to Govt and public sector, which will boost economy, he added.The process was going on for the last few months and only two-three people in RBI were involved in designing of notes, said Economic Affairs Secy Shaktikanta Das. Bhahujan Samaj Party (BSP chief have criticised the move calling it anti-poor. Long queues were seen outside banks as they opened after a day’ s off on Thursday. From time to time, new series of notes with new features and designs will be infused in the market, he added.

Here are the live updates:

6.30 pm: No party since independence worked in such a structured way against black money, says Arun Jaitley

5.40 pm: Long queues extending to roads were seen outside the banks in Delhi’s Chandni Chowk and Khan Market area.

5.30 pm: Chaos are not only seen in banks or post offices, but in markets as well. Those who had only Rs 500 or Rs 1,000 from ATMs till Tuesday are unable to buy medicines and required grocery items. In several markets shopkeepers also complaint of not been able to business as usual due to less customers.

5.00 pm: The State Bank of Patiala said there was no need to for customers to get anxious as there are enough cash and more chaos are expected to remain in banks as people are likely to throng in large numbers to exchange banned notes.

4.30 pm: Even as Bahujan Samaj Party (BSP) chief Mayawati on Thursday criticised the move calling it anti-poor, Samajwadi Party chief Mulayam Singh Yadav voiced his support in fight against black money. He added that his party has fought a lot to stop this menace in the country.He also urged the government to pull back this ban on currency for few days and let people arrange something.

4.00 pm: The Centre on Thursday accepted Maharashtra government’s request to help citizens by allowing Rs500 & Rs1000 notes for payment of any kind of Government dues.

3.30 pm: Long queues were seen outside banks and post offices as they opened after a day’ s off on Thursday. In many places, chaos were seen as people lined up to exchange Rs 500 and Rs 1,000 which the government had cancelled on Tuesday in order to curb flow of black money in the country.  Over 3000 paramilitary & police personnel, quick reaction teams deployed in Delhi for security in banks. Banks were also asking for ID proof photocopies for customers. People were also seen clicking selfies with new notes after coming out from banks.

People flaunting their new Rs 2,000 notes on the social media. (Source: Deb Rishi/Facebook, Peeyush Khandelwal/Twitter) People flaunting their new Rs 2,000 notes on the social media. (Source: Deb Rishi/Facebook, Peeyush Khandelwal/Twitter)

3.30 pm: After Prime Minister Narendra Modi’s announcement on Tuesday of scrapping of Rs 500 and Rs 1,000 notes, banks were closed on Wednesday. ATMs had been ordered to close for two days and they will open for business on Friday.

3.00 pm: MoS Finance Arjun Meghwal has asked the country-men not to get panic as the government is making all resources available as per demands.Praising the Centre’s move, SBI Managing Director Arundhati Bhattacharya said that customers can withdraw Rs 4000 from ATM once it is open and Rs 10, 000 from banks and also can deposit any amount.

2.00 pm: SBI Chairman says further said that all branches of her bank are providing necessary support to customers.

 

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