Key Developments across India after Demonetization

Key developments: Money exchange DemonetizationKey developments: Money exchange and Demonetization

After Modi’s announcement of demonetization of Rs 500 and Rs 1000 notes, several developments took place all around the country from an All party meet to Supreme Court decision, from mark on right hand finger to Micro ATMs.

  • Micro ATMs to solve cash flow worries: Micro-ATMs will also be deployed to dispense cash against debit/credit cards up to the cash limits applicable for ATMs.  A task force is also being set up under a Deputy Governor of RBI consisting of representatives of banks and the Finance Ministry to draw up an action plan for the rapid recalibration of ATMs.The Reserve Bank of India’s decision on Monday to allow current account holders to withdraw Rs. 50,000 in a week from bank branches will help small traders and businesses.  Such disbursements will be predominantly in Rs. 2000 denomination notes, the RBI said in a statement.  This will be applicable for current accounts that are operational for the last three months or more.
  • The Supreme Court refuses to stay the government’s ban on Rs. 500 and Rs 1000 notes: A bench comprising Chief Justice T S Thakur and D Y Chandrachud today categorically declined to grant a stay on the demonetisation of Rs 500 and Rs 1000 notes, after hearing a batch of pleas against the ban. The bench didn’t issue any notices to the Centre or the Reserve Bank of India, but asked Attorney General Mukul Rohatgi to file an affidavit detailing the measures that had already been implemented – and were likely to be implemented – to make it easier for the public to deal with the effects of the ban. The matter has been posted for further hearing on November 25.
  • To mark the right-hand fingers of people exchanging notes with indelible ink: Banks in major cities will mark the right hand finger of depositor. This measure will be implemented to reduce crowds at banks, prevent people from travelling to multiple locations to convert unaccounted wealth into ‘white’ money. The ink that banks post offices will be supplied with tonight comes from Mysore Paints and Varnish Ltd – the company that has been the Election Commission’s officer supplier since 1962.
  • All Party Meet, Opposition demands debate on demonetization, surgical strikes: Leaders of various parties have demanded discussion on demonetization and the steps taken by the government to exchange the currency notes of Rs 500 and Rs 1,000.”The poor, salaried class, housewives, small traders and daily-wage earners are the worst sufferers of demonetization move and their plight would be highlighted by the party,” Kharge told reporters.

    Leaders of various political parties, including Congress, BJD, Trinamool Congress, SP, SAD, Shiv Sena, LJP, RLSP and BJP were present at the meeting. The Speaker sought their cooperation in smooth functioning of the House.

  • Controversial comment on Black money by UP CM Akhilesh Yadav: Uttar Pradesh Chief Minister Akhilesh Yadav controversially said quoted “economic experts” as saying “the magnitude of the global economic crisis at times is not felt in India because of (the) strong (parallel) economy of black money.” However, Akhilesh – who was speaking on the sidelines of Indo-Myanmar-Thailand Friendship Car Rally – also said he was “opposed to black money,” and that it shouldn’t be generated.
  • Mamta, Kejriwal and Omar Abdullah to meet Pranab Mukherjee:  TMC supremo and West Bengal CM Mamata Banerjee said her party would go ahead and meet President Mukherjee tomorrow. Delhi CM Arvind Kejriwal and ex-Jammu an Kashmir CM Omar Abdullah will accompany Bannerjee to Rashtrapati Bhavan, TMC member Derek O’Brien said.
  • Ahead of the session, Prime Minister Narendra Modi met opposition leaders and sought their cooperation+ in the fight against black money and corruption for which, he said, the demonetisation exercise was undertaken. In his concluding remarks at an all-party meeting on the eve of the Winter Session, PM Modi spoke in support of simultaneous Lok Sabha and state assembly polls. He pitched for state-funding of elections and asked parties to debate the issue. The government is willing to discuss all issues and answer the questions raised by the opposition, Modi said, hoping for a fruitful session as he recalled the passage of the GST Bill in the last session with the cooperation of all parties.

Be the first to comment on "Key Developments across India after Demonetization"

Leave a comment

Your email address will not be published.