Here’s a round-up of all the important developments
Ten days after
demonetisation of Rs. 500 and Rs. 1,000 notes was announced by Prime Minister
Narendra Modi, there seems to be little respite for those thronging ATMs and
banks to withdraw or exchange what is now illegal tender.
Here’s a round-up of
all the important developments:
1. On November 19,
banks served only their respective customers and did not exchange old notes
from customers of other banks. However, the restriction was not applicable to
senior citizens.
2. The Supreme Court
on Friday warned that there “may be riots” and refused the government’s plea to
stay cases filed against demonetisation in High Courts and lower courts across
the country, saying “how can we shut our doors to people when there is a
problem of such magnitude.”
3. The exchange limit
has been reduced to Rs. 2,000 to ease some pressure on cash demand. Families
can withdraw up to Rs. 2,50,000 for weddings.
4. The withdrawal
limit from ATMs has been increased from Rs. 2,000 to Rs. 2,500, but this will
apply only to the recalibrated ATMs.
5. Several measures
were announced to ease the burden on farmers. To ensure sowing in the Rabi
season, the government has allowed farmers to withdraw Rs. 25,000 a week
against crop loan/kisan credit card. Traders in agricultural mandis will be
permitted to draw Rs. 50,000 in cash per week to pay for sundry expenses like
wages. While the time limit for payment of crop loan insurance premium has been
extended by 15 days, government employees up to Group C have been given an
option to draw salary advance in cash.
6. To stop repeat
money exchange with invalid currency notes, banks have started applying
indelible ink mark on the right index finger of customers in select metro
cities.
8. The exemption
deadline for all those services allowed to accept the old Rs. 500 and Rs. 1000
notes was extended to November 24 midnight. These services include petrol
pumps, pharmacies, and utility services amongst others.
9. Parliament saw
repeated disruptions over the issue. Both Houses ended up being adjourned on
the second day of the winter session after Congress leader Ghulam Nabi Azad’s
remarks comparing deaths in this period to those in the Uri attacks. MoS for
Parliamentary Affairs Mukhtar Abbas Naqvi demanded an apology from Mr. Azad,
stalling business further.
10. Cash seizures from
across the country have increased since the demonetisation announcement.
Source : http://www.thehindu.com/
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