Ban On Rs 500 And 1000 Notes

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.

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.

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'.

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in form of restrictions on withdrawal of currency notes and exchanging of old Rs 500 and Rs 1,000 notes that were withdrawn with immediate effect from midnight of November 8, 2016.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.

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

PM Modi's announcement on November 8 ordering the removal of Rs 500 and Rs 1,000 notes took out around 86 per cent of the currency in circulation, putting activity on the skids in a predominantly cash-reliant economy.

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.

"There is greater integration of informal economy taking place with formal economy that leads to larger and cleaner GDP, that was our objective behind the decision on demonetisation," said the finance minister.

News Corp-backed portal PropTiger.com tracks primary residential markets of nine cities - Gurgaon, Noida, Mumbai, Pune, Bengaluru, Hyderabad, Chennai, Kolkata and Ahmedabad.

In all eight directors including Governor Urjit R Patel and deputy governors R Gandhi and S S Mundra, out of the 10 on the board at that time, attended the meeting, Minister of State for Finance Arjun Ram Meghwal informed the Lok Sabha.

Mr Patel met the panel to answer questions about the November 8 abolition of Rs 500 and Rs 1,000 notes, or 86 per cent of the currency then in circulation.

In an analysis report prepared by the I-T department, two specific instances in Mumbai and Pune have been reported where it was found that over Rs 113 crore "excess amount" of old demonetised notes was reported by two banks to the banking regulator in order to generate black funds.

Urjit Patel, the chief of the Reserve Bank of India, will meet today with a parliamentary committee to answer questions on the central bank's role in clearing and executing the abrupt November decision to ban 500- and 1,000-rupee notes.

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.

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.

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'.

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.

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

PM Modi's announcement on November 8 ordering the removal of Rs 500 and Rs 1,000 notes took out around 86 per cent of the currency in circulation, putting activity on the skids in a predominantly cash-reliant economy.

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.

"There is greater integration of informal economy taking place with formal economy that leads to larger and cleaner GDP, that was our objective behind the decision on demonetisation," said the finance minister.

News Corp-backed portal PropTiger.com tracks primary residential markets of nine cities - Gurgaon, Noida, Mumbai, Pune, Bengaluru, Hyderabad, Chennai, Kolkata and Ahmedabad.

In all eight directors including Governor Urjit R Patel and deputy governors R Gandhi and S S Mundra, out of the 10 on the board at that time, attended the meeting, Minister of State for Finance Arjun Ram Meghwal informed the Lok Sabha.

Mr Patel met the panel to answer questions about the November 8 abolition of Rs 500 and Rs 1,000 notes, or 86 per cent of the currency then in circulation.

In an analysis report prepared by the I-T department, two specific instances in Mumbai and Pune have been reported where it was found that over Rs 113 crore "excess amount" of old demonetised notes was reported by two banks to the banking regulator in order to generate black funds.

Urjit Patel, the chief of the Reserve Bank of India, will meet today with a parliamentary committee to answer questions on the central bank's role in clearing and executing the abrupt November decision to ban 500- and 1,000-rupee notes.