500 And 1000 Rupee Ban

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

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.

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

From February 20, the limits from cash withdrawal from savings bank accounts were increased to Rs 50,000 per week. And effective March 13, 2017, there will be no limits on cash withdrawal from savings bank accounts.

The government has no plans to introduce 1,000-rupee notes - abolished last year - but is focusing on ramping up production of 500-rupee and other lower denomination notes, Economic Affairs Secretary Shaktikanta Das tweeted today, scotching rumours that currency printing presses had started printing a new version of the Rs 1,000 note.

Demonetisation has burnt a Rs 350 crore-hole in West Bengal Chief Minister Mamata Banerjee's state budget. That money will be given to "victims", as it were, of the centre's move last November to abruptly scrap Rs 500 and 1,000 rupee notes: migrant workers who lost jobs in other states and had to return home and farmers and sharecroppers hit by the...

India's economy is expected to grow by between 6.75 and 7.5 percent in the coming fiscal year, roughly in line with this year's expected 7.1 percent, says the Economic Survey, a report card prepared by the government before Finance Minister Arun Jaitley presents the Union Budget tomorrow. The survey said the economy should steady after the hit from...

Reserve Bank of India Governor Urjit Patel is expected to appear before a parliamentary panel today, which has asked him to explain the decision of demonetisation and its effect on economy. He is also expected to be asked about the steps the nation's Central bank took to counter the cash crunch that followed the sudden withdrawal of 500- and 1000-...

Days after a farmer in Madhya Pradesh received Rs 2,000 notes from a bank without the image of Mahatma Gandhi, an ATM at a village in Khargone district dispensed two 'one-side blank' currency of the new Rs 500 denomination.

Bihar's ruling Janata Dal (United) appears to be in no hurry to reconsider its support to the central government's ban on 500 and 1,000 rupee notes. Despite Chief Minister Nitish Kumar's earlier comment that the party will re-evaluate its support after the 50-day cooling off period sought by Prime Minister Narendra Modi after the notes ban announce...

Ahead of the budget session of parliament, Union finance minister Arun Jaitley has attacked Rahul Gandhi, saying he is interested only in disrupting parliament. In a Facebook post today on the ban on 500 and 1000 rupee notes announced on November 8, Mr Jaitley also used Mr Gandhi's example to draw a parallel with Prime Minister Narendra Modi and wh...

Indians have deposited nearly all the currency bills outlawed at the end of the deadline last year, according to people with knowledge of the matter, dealing a blow to Prime Minister Narendra Modi's drive to unearth unaccounted wealth and fight corruption.

The Shri Saibaba Sansthan Trust in Shirdi has received donations of Rs 31.73 crore during the past 50 days post the government's decision to scrap 500 and 1,000 rupee notes, an official said today.

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

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.

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

From February 20, the limits from cash withdrawal from savings bank accounts were increased to Rs 50,000 per week. And effective March 13, 2017, there will be no limits on cash withdrawal from savings bank accounts.

The government has no plans to introduce 1,000-rupee notes - abolished last year - but is focusing on ramping up production of 500-rupee and other lower denomination notes, Economic Affairs Secretary Shaktikanta Das tweeted today, scotching rumours that currency printing presses had started printing a new version of the Rs 1,000 note.

Demonetisation has burnt a Rs 350 crore-hole in West Bengal Chief Minister Mamata Banerjee's state budget. That money will be given to "victims", as it were, of the centre's move last November to abruptly scrap Rs 500 and 1,000 rupee notes: migrant workers who lost jobs in other states and had to return home and farmers and sharecroppers hit by the...

India's economy is expected to grow by between 6.75 and 7.5 percent in the coming fiscal year, roughly in line with this year's expected 7.1 percent, says the Economic Survey, a report card prepared by the government before Finance Minister Arun Jaitley presents the Union Budget tomorrow. The survey said the economy should steady after the hit from...

Reserve Bank of India Governor Urjit Patel is expected to appear before a parliamentary panel today, which has asked him to explain the decision of demonetisation and its effect on economy. He is also expected to be asked about the steps the nation's Central bank took to counter the cash crunch that followed the sudden withdrawal of 500- and 1000-...

Days after a farmer in Madhya Pradesh received Rs 2,000 notes from a bank without the image of Mahatma Gandhi, an ATM at a village in Khargone district dispensed two 'one-side blank' currency of the new Rs 500 denomination.

Bihar's ruling Janata Dal (United) appears to be in no hurry to reconsider its support to the central government's ban on 500 and 1,000 rupee notes. Despite Chief Minister Nitish Kumar's earlier comment that the party will re-evaluate its support after the 50-day cooling off period sought by Prime Minister Narendra Modi after the notes ban announce...

Ahead of the budget session of parliament, Union finance minister Arun Jaitley has attacked Rahul Gandhi, saying he is interested only in disrupting parliament. In a Facebook post today on the ban on 500 and 1000 rupee notes announced on November 8, Mr Jaitley also used Mr Gandhi's example to draw a parallel with Prime Minister Narendra Modi and wh...

Indians have deposited nearly all the currency bills outlawed at the end of the deadline last year, according to people with knowledge of the matter, dealing a blow to Prime Minister Narendra Modi's drive to unearth unaccounted wealth and fight corruption.

The Shri Saibaba Sansthan Trust in Shirdi has received donations of Rs 31.73 crore during the past 50 days post the government's decision to scrap 500 and 1,000 rupee notes, an official said today.