In a surprize move on November 8, Prime Minister Narendra Modi announced the demonetisation of Rs 500 and Rs 1,000 currency notes. 10 days after the ban on high-value old currency notes, there seems to be some respite for people who were struggling to withdraw cash from banks and ATMs in never-ending queues.
During all these 10 days, money, money and money has been in the air and has been the most-discussed topic among people of all ages. While some cried, some panicked and some were seen laughing on the jokes that were making rounds on social media including WhatsApp, Twitter and Facebook.
So, 10 days later, here are the 10 things that you should know about demonetisation:
1. On Saturday, November 19, banks are serving only their respective customers and will not exchange notes from other banks’ customers. Senior citizens have been exempted from this restriction.
2. The Supreme Court on Friday, November 18, refused the government’s plea to stay cases filed against demonetisation in High Courts and lower courts in the country and said, “how can we shut our doors to people when there is a problem of such magnitude.” The court also warned that the long queues a serious issue and there ‘may be riots’.
3. The government has reduced the exchange limit to Rs 2000 to ease pressure on the demand of cash. For weddings, families have been allowed to withdraw up to Rs 2,50,000.
4. Government has increased the withdrawal limit from ATMs from Rs 2000 to Rs 2500 but only for recalibrated ATMs.
5. Government has announced several measures to ease the burden on farmers. Farmers can withdraw Rs 25,000 a week against crop loan/kisan credit card. Government took this measure to ensure sowing in the Rabi season. Traders in agricultural mandis can withdraw Rs 50,000 per week to pay for expenses like wages. Government has extended the time limit for payment of crop loan insurance by 15 days. Government employees up to Group C can withdraw salary advance in cash.
6. Banks are applying indelible ink mark on the right index finger of customers in select metro cities to stop repeat money exchange.
7. The Election Commission has asked the Centre to continue the use of indelible ink at banks but keeping with its directions.
8. The government had extended the exemption deadline for all those services allowed to accept the old currency note till November 24 midnight.
9. There was huge uproar in Parliament over demonetisation issue. Both Houses witnessed repeated adjournments with the united Opposition cornering the Narendra Modi government on the issue.
10. After the demonetisation announcement, cash seizures from across the country have increased.