Latest Update on
Currency Note Ban: 2 Lakh Crore Deposited
Currency ban is now been implemented and now it’s time to
exchange Rs. 500 & 1000 notes at nearest bank or post office. From 11
November onwards, you can start withdrawing money from the ATM. Here’s the
update on the happenings across India post the ban implementation:
13/11/2016: New Rs. 500 notes dispatched: First consignment
of the new Rs. 500 note has been dispatched to RBI, as per the statement by
Currency Note Press (CNP).
12/11/2016: Over 2 Lakh Crore Deposited: People have
deposited cash worth Rs. 47, 868 Crore between 10 & 11 Nov and few hours of
12 Nov. If all banks are included then the estimated cash deposit would be
around Rs. 2 Lakh Crore.
12/11/2016: Tremendous increase in deposits of Jan Dhan
Account: Launched in August 2014 most of the Jan Dhan Accounts opened had zero
to no balance. However post the currency note ban, there are reports that there
is a tremendous increase in the deposits of these accounts. The accounts which
earlier had just Rs. 1 or 2, now have nearly Rs. 49, 000 each. And the number
is expected to rise in the coming days.
12/11/2016: Speedy efforts are made to re-calibrate the ATM
machine for the new Rs. 2000 note.
12/11/2016: Eye on everyone: Government will be keeping
watch on every financial transaction especially jewelers, wholesalers, bullion
traders.
Banned notes acceptable till 11 Nov, 2016 14 Nov only:
Government announced that consumers can use Rs. 500 and 1000 notes at
government hospitals, milk booths, petrol pumps, crematories and burial ground.
These currencies can also be used to pay utility bills such as electricity,
landline bills of central and state government only. Individuals can also pay
various fees taxes, penalties etc. to central and state government through
these demonetised notes. The notes would also be extended for making payments
for buying cooking gas cylinder, metro rail tickets, highway and road toll,
railway catering, electricity and water bills, buying medicines on doctor’s
prescription. But remember the earlier last date for acceptance of these notes
was 11 Nov but it has now been revised to 14 Nov.
Over 8, 800 cash carrying vans ensured that ATMs do not run
out of cash. Over 35, 000 people involved in cash carrying vans worked
effortlessly to make this success. It is estimated that the shortage of Rs. 100
note will take another 10 days to normalize. They are working round the clock
to best meet the demand.
Support for demonetization: International monetary fund has
supported the move. SIT team which manages Black Money has welcomed the
government’s decision of demonetizing the notes.
New currency notes are out: Rs. 500 & Rs. 2000 notes are
now back in the business. People are liking the design especially the new Rs.
2000 note.
Raids by IT department: Income tax department conducted
raids on various jewelers, foreign exchangers and hawala operators who tried to
trick the system. In exchange of old Rs. 500 & 1000 currency notes. These
people were taking demonetised notes on discount. Or selling gold at prices
higher than the market price. Rs. 50, 000 per 10gm was the price they were
selling yellow metal. These shameless people were also seen selling foreign
currency notes on exchange of the banned notes.
eCommerce companies: Will accept digital payments (cards or
mobile wallets) for customers who’d opted for cash on delivery before 08 Nov,
2016. And CoD payment method has been scrapped by them. Few companies who have
decided to offer new payment option in order to prevent business loss are
Flipkart, Snapdeal, Box8, BigBasket, Myntra, Jabong, Grofers and many others.
Few of the companies have named this payment mode as Wallet on Delivery or Pay
Online after Delivery.
IT department notice: Income tax department will send
notices to individuals who deposit large sum of cash in their bank account. The
notice will ask the person to provide explanation to the source of such big
amount. And strict action would be taken against suspicious individuals.
Details of demonetization of currency notes.
Large queues everywhere: Even before the banks opened their
doors, people had started making queues to get the devalued notes exchanged. In
famous markets such as Crawford market or Zaveri bazaar in Mumbai. As expected,
daily wage workers and labourers were seen in largest number to get lower
denomination notes i.e. Rs. 100 & 50. Everyone coming to bank had ID proof
handy.
ATMs will be open now: ATMs will open from 11 Nov, 2016
onwards. This will ease burden on the banks.
Extended banking working hours: Most of the Indian banks
such as ICICI, SBI, HDFC, Axis and others have sent notifications to their
customers stating that banks will be open even on Saturday and Sunday. This has
bought big relief to everyone as it will help millions of people to get
exchange done in a hassle free manner and bring their life to normal. Banks
have tightened their systems, people and they will serve best to the people.
Check out the positive impact on Indian economy because of
currency ban.
Taxis and Autorickshaws: On 09 Nov 2016, autorickshaws were
off the road due to non-availability of lower denomination notes with the
consumers.
Mobile operators announcement: All mobile network service
providers have notified their customers that they won’t be accepting Rs. 500
& 1000 notes.
Check out the effects of currency note ban on common man,
industry and others.
UP election: Elections in the biggest state in India will
see a huge impact especially on the expenditure related to the election which happens
mostly in cash.
Surprise check by RBI: Reserve Bank of India inspectors may
make surprise visits to bank branches to check any illegal alterations in the
bank’s cash registers.
Daily update by banks: Every bank in India will have to
submit daily count of Rs. 500 & 1000 currency notes.
As per today 17-Nov-2016 Total Money Deposited in bank 4
lakh Cr. approximately and will more
will be deposited in till Dec 30, 2016.
Let see what happened in future
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