Rs. 500 And 1000 Bank Notes

Law and IT Minister Ravi Shankar Prasad today said the decision to scrap 500 and 1,000 rupee notes was taken by the government on the recommendation of the Reserve Bank of India.

As of March this year, there were 15,707 million pieces of old Rs 500 notes and 6,326 million pieces of Rs 1,000 notes in circulation, the union said.

The government has provided a credit line of 21,000 crores to support millions of farmers who have been left short of cash to buy seeds and fertilisers for their winter crops after its decision to cancel 500 and 1,000 rupee bank notes.

The Kerala assembly in a special session on Tuesday passed a resolution against the centre for "sidelining co-operative banks" with only BJP legislator O. Rajagopal opposing the move.

Even 13 days after the demonetisation of higher currency, the Reserve Bank of India (RBI) has not yet released the new Rs 500 notes in Karnataka, resulting in continuing cash chaos in the state.

Four masked and armed men burst into a bank in Kashmir today and left with Rs 13 lakhs, comprising largely of the outlawed 500- and 1,000-rupee notes.

The Reserve Bank of India on Monday said banks have received 5.45 trillion rupees or 80 billion dollars in 500 and 1,000 rupee notes from November 10 to 18, after the government decided to withdraw high value bills to eliminate black or untaxed money and counterfeit currency.

At 7am, Bihari Das is usually at work on the farm he owns in Bundelkhand in Central Uttar Pradesh. This morning, he headed in the opposite direction.

By 9 am, the line outside a bank in Bundelkhand in central Uttar Pradesh is staggering. Bihari Das is exhausted. He walked ten kilometres to get to this bank - for the fourth day in a row. "It's incredibly frustrating for me. I can't afford to do this each day, but I have to," said the 65-year-old farmer. Each time he has made his exacting journey...

Normal banking operations should resume by the end of the month, say top government sources, with the printing of Rs 2,000 notes almost over and the recalibration of all the two lakh-odd ATMs in the country expected to be done by then, easing the cash crunch.

A cash-carrying van was today attacked in Assam killing the driver and three more deaths due to apparent stress were reported as people failed to get any respite from chaotic scenes outside ATMs and banks eight days after demonetisation and struggled to secure valid currency.

On a day when the opposition launched an offensive against the government over the abrupt withdrawal of Rs 500 and Rs 1,000 notes, there was a rare exception. Nitish Kumar, Chief Minister of Bihar, expressed his "total support" for the ban, introduced last week by Prime Minister Narendra Modi.

At the ATM outside a public undertaking bank just 25 kilometres from Bhopal, there is no sign of the sort of lines that are making daily headlines.

As people desperate for cash spent hours at banks and ATMs even a week after a sudden ban on Rs 500 and Rs 1,000 notes, the Supreme Court told the centre on Tuesday: "You call it surgical strike or carpet bombing, there is some collateral damage."

As India deals with a massive cash crunch, indelible ink will be used at banks to mark those who have exchanged new notes to ensure that people are not drawing more than their fair share, said Finance Ministry officials today.

Law and IT Minister Ravi Shankar Prasad today said the decision to scrap 500 and 1,000 rupee notes was taken by the government on the recommendation of the Reserve Bank of India.

As of March this year, there were 15,707 million pieces of old Rs 500 notes and 6,326 million pieces of Rs 1,000 notes in circulation, the union said.

The government has provided a credit line of 21,000 crores to support millions of farmers who have been left short of cash to buy seeds and fertilisers for their winter crops after its decision to cancel 500 and 1,000 rupee bank notes.

The Kerala assembly in a special session on Tuesday passed a resolution against the centre for "sidelining co-operative banks" with only BJP legislator O. Rajagopal opposing the move.

Even 13 days after the demonetisation of higher currency, the Reserve Bank of India (RBI) has not yet released the new Rs 500 notes in Karnataka, resulting in continuing cash chaos in the state.

Four masked and armed men burst into a bank in Kashmir today and left with Rs 13 lakhs, comprising largely of the outlawed 500- and 1,000-rupee notes.

The Reserve Bank of India on Monday said banks have received 5.45 trillion rupees or 80 billion dollars in 500 and 1,000 rupee notes from November 10 to 18, after the government decided to withdraw high value bills to eliminate black or untaxed money and counterfeit currency.

At 7am, Bihari Das is usually at work on the farm he owns in Bundelkhand in Central Uttar Pradesh. This morning, he headed in the opposite direction.

By 9 am, the line outside a bank in Bundelkhand in central Uttar Pradesh is staggering. Bihari Das is exhausted. He walked ten kilometres to get to this bank - for the fourth day in a row. "It's incredibly frustrating for me. I can't afford to do this each day, but I have to," said the 65-year-old farmer. Each time he has made his exacting journey...

Normal banking operations should resume by the end of the month, say top government sources, with the printing of Rs 2,000 notes almost over and the recalibration of all the two lakh-odd ATMs in the country expected to be done by then, easing the cash crunch.

A cash-carrying van was today attacked in Assam killing the driver and three more deaths due to apparent stress were reported as people failed to get any respite from chaotic scenes outside ATMs and banks eight days after demonetisation and struggled to secure valid currency.

On a day when the opposition launched an offensive against the government over the abrupt withdrawal of Rs 500 and Rs 1,000 notes, there was a rare exception. Nitish Kumar, Chief Minister of Bihar, expressed his "total support" for the ban, introduced last week by Prime Minister Narendra Modi.

At the ATM outside a public undertaking bank just 25 kilometres from Bhopal, there is no sign of the sort of lines that are making daily headlines.

As people desperate for cash spent hours at banks and ATMs even a week after a sudden ban on Rs 500 and Rs 1,000 notes, the Supreme Court told the centre on Tuesday: "You call it surgical strike or carpet bombing, there is some collateral damage."

As India deals with a massive cash crunch, indelible ink will be used at banks to mark those who have exchanged new notes to ensure that people are not drawing more than their fair share, said Finance Ministry officials today.