Currency note ban: New rules and highlights on Day 9

Nine days after Prime Minister Narendra Modi announced a ban on Rs500 and Rs1,000 currency notes to fight black money, the supply of cash at banks and ATMs is yet to return to normalcy. The cash shortage arising from the scrapping of nearly 86% of the currency notes in circulation is adversely impacting a range of economic activities with people unable to withdraw enough money to fund daily activities that depend on cash. Registered traders with APMC can withdraw Rs50,000 per week to meet their sundry cash requirement. PAN is now mandatory for cash deposits above Rs50,000 in a day limiting the ability of tax evaders to make multiple deposits of less than Rs50,000 without providing their PAN—a common practice at present.