500 And 1000 Notes Banned

Gwalior police caught a man with Rs 47 lakhs of banned currency notes of Rs 500 and Rs 1,000 in the district, a police official said on Monday.

Congress's P Chidambaram stopped short of questioning the Supreme Court verdict on notes ban today, and instead, pointed out its shortcomings.

Calling the demonetisation of Rs 500 and Rs 1000 currency notes "deeply flawed", senior lawyer P Chidambaram told the Supreme Court on Thursday the Union government cannot on its own initiate any proposal relating to legal tender.

There is no such gold amnesty scheme under consideration of Income Tax Department as being reported in media, the sources said.

The government had on November 8, 2016, announced ban on old 500 and 1000 rupee notes, to curb black money in the system.

As much as 99.3 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system, the RBI said today, indicating that just a miniscule percentage of currency was left out of the system after the government's unprecedented note ban aimed at curbing black money and corruption.

As the government today celebrates one year of demonetisation as 'anti-black money day', the opposition is leaving no stone unturned to keep the pressure on the government and the ruling coalition on the issue. Opposition parties including Congress are calling it 'Black Day'.

Four sacks full of shredded pieces of scrapped currency notes of Rs 500 and Rs 1,000 denominations were found in a pile of garbage here, police said.

Prime Minister Narendra Modi last year in a surprise move banned Rs 500 and Rs 1,000 notes to counter black money, with the high denomination notes losing their legal tender status from midnight of November 8.

Opposition in the Rajya Sabha today sought to know why the Reserve Bank of India has not yet provided the number of demonetised 500 and 1000 rupee notes returned in the banking system, even after nine months of the note ban decision.

During the demonetisation period, people had to face various problems in form of restrictions on withdrawal of currency notes and exchanging of old Rs 500 and Rs 1,000 notes that were withdrawn with immediate effect from midnight of November 8, 2016.

Cooperative banks have also been allowed to exchange old currency notes with the RBI, if they had collected these notes by November 14, the statement said.

Three employees of Union Bank of India, Kanpur have been booked by the CBI for alleged cheating in the conversion of demonetised currency notes to the tune of over Rs 1 crore to "conceal blackmoney" of some people. The agency has registered a case of criminal conspiracy, cheating and corruption against these official for exchanging demonetised note...

The Reserve Bank of India had on January 30 ended all curbs on withdrawals from current accounts, cash credit accounts and overdraft accounts.

The government has notified the law that makes holding of more than 10 scrapped notes punishable with a minimum fine of Rs 10,000.

Gwalior police caught a man with Rs 47 lakhs of banned currency notes of Rs 500 and Rs 1,000 in the district, a police official said on Monday.

Congress's P Chidambaram stopped short of questioning the Supreme Court verdict on notes ban today, and instead, pointed out its shortcomings.

Calling the demonetisation of Rs 500 and Rs 1000 currency notes "deeply flawed", senior lawyer P Chidambaram told the Supreme Court on Thursday the Union government cannot on its own initiate any proposal relating to legal tender.

There is no such gold amnesty scheme under consideration of Income Tax Department as being reported in media, the sources said.

The government had on November 8, 2016, announced ban on old 500 and 1000 rupee notes, to curb black money in the system.

As much as 99.3 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system, the RBI said today, indicating that just a miniscule percentage of currency was left out of the system after the government's unprecedented note ban aimed at curbing black money and corruption.

As the government today celebrates one year of demonetisation as 'anti-black money day', the opposition is leaving no stone unturned to keep the pressure on the government and the ruling coalition on the issue. Opposition parties including Congress are calling it 'Black Day'.

Four sacks full of shredded pieces of scrapped currency notes of Rs 500 and Rs 1,000 denominations were found in a pile of garbage here, police said.

Prime Minister Narendra Modi last year in a surprise move banned Rs 500 and Rs 1,000 notes to counter black money, with the high denomination notes losing their legal tender status from midnight of November 8.

Opposition in the Rajya Sabha today sought to know why the Reserve Bank of India has not yet provided the number of demonetised 500 and 1000 rupee notes returned in the banking system, even after nine months of the note ban decision.

During the demonetisation period, people had to face various problems in form of restrictions on withdrawal of currency notes and exchanging of old Rs 500 and Rs 1,000 notes that were withdrawn with immediate effect from midnight of November 8, 2016.

Cooperative banks have also been allowed to exchange old currency notes with the RBI, if they had collected these notes by November 14, the statement said.

Three employees of Union Bank of India, Kanpur have been booked by the CBI for alleged cheating in the conversion of demonetised currency notes to the tune of over Rs 1 crore to "conceal blackmoney" of some people. The agency has registered a case of criminal conspiracy, cheating and corruption against these official for exchanging demonetised note...

The Reserve Bank of India had on January 30 ended all curbs on withdrawals from current accounts, cash credit accounts and overdraft accounts.

The government has notified the law that makes holding of more than 10 scrapped notes punishable with a minimum fine of Rs 10,000.