The Biggest Stories of November 24, 2016

Banks will not exchange old notes but one can still deposit them, and the use of demonetised Rs 500 notes for petrol and other utilities will continue for now; after the Cabinet meeting, sources told NDTV that the government plans to impose a 60 per cent penalty on black money deposits after the cash clean-up was announced; the cash ban will hit GDP by at least 2 per cent, says former Prime Minister Manmohan Singh who also called the demonetisation an organised loot; and more in our news wrap of the day.