₹29.41 cr. spent on ferrying new notes post demonetisation
6 years, 6 months ago

₹29.41 cr. spent on ferrying new notes post demonetisation

The Hindu  

Over ₹29.41 crore was spent on using the Indian Air Force’s ultra-modern transport aircraft — the C-17 and the C-130J Super Hercules — to ferry the new ₹2,000 and ₹500 currency notes post-demonetisation, according to an RTI reply. According to the response provided by the IAF, its frontline transport aircraft, the C-17 and the C-130J Super Hercules, undertook 91 sorties to transport bundles of currency from security printing presses and mints to various destinations across the country after the ₹1,000 and the ₹500 notes were demonetised by the government on November 8, 2016. As on November 8, 2016, there were 1,716.5 crore pieces of ₹500 and 685.8 crore pieces of ₹1,000 notes in circulation, totalling Rs 15.44 lakh crore, about 86% of the total currency in circulation, according to RBI and government data. The demonetisation was hailed as a step that would curb black money, corruption and check counterfeit currency, but the RBI, in its annual report for 2017, had said just 7.1 pieces of ₹500 note per million in circulation and 19.1 pieces of ₹1,000 notes per million in circulation were found to be fake in its sample survey.

Currency Crore Pti Rbi Rti 500 Note Notes  notes  pieces  printing  spent  500  demonetisation  crore  1000  cr  2941  ferrying  post  currency  transport  note  rbi

History of this topic

RBI says 98.08% of ₹2,000 currency notes returned. What to do if you still haven't?
1 month, 1 week ago

RBI says 98.08% of ₹2,000 currency notes returned. What to do if you still haven't?

Hindustan Times  

The Reserve Bank of India has announced that 98.08% of the ₹2,000 banknotes in circulation have been returned. These ₹ 2,000 banknotes were originally introduced in November 2016 after the demonetisation of the ₹ 1,000 and ₹ 500 notes However, the currency notes which are remaining in circulation are still recognised as legal tender. These ₹2,000 banknotes were originally introduced …

97.76 per cent of Rs 2,000 currency notes returned, says RBI
8 months, 1 week ago

97.76 per cent of Rs 2,000 currency notes returned, says RBI

India TV News  

The Reserve Bank of India revealed that as of May 2, 97.76% of the Rs 2,000 currency notes in circulation since May 19, 2023, have been reintegrated into the banking system. The total value of Rs 2,000 banknotes dropped significantly from Rs 3.56 lakh crore in May 2023 to just Rs 7,961 crore by April 30, 2024, marking a substantial …

Impact of ₹2,000 notes withdrawal: Currency-in-circulation growth dips to 3.7% in February
10 months, 3 weeks ago

Impact of ₹2,000 notes withdrawal: Currency-in-circulation growth dips to 3.7% in February

The Hindu  

The growth in currency in circulation decelerated to 3.7% for the week ended February 9 from 8.2% a year ago, reflecting the impact of the decision of the Reserve Bank of India to withdraw ₹2,000 banknotes. According to the RBI, commercial banks have reported double-digit growth in deposits in January, which too can be attributed to withdrawal of ₹2,000 currency …

RBI not considering re-introduction of Rs 1,000 notes: Sources
1 year, 2 months ago

RBI not considering re-introduction of Rs 1,000 notes: Sources

India TV News  

The Reserve Bank of India is not mulling re-introduction of Rs 1,000 currency notes, sources said, amid speculations that Rs 1,000 notes may be re-introduced after the RBI announced the withdrawal of Rs 2,000 currency notes. Demonetisation On November 8, 2016, Prime Minister Narendra Modi addressed the nation and announced the demonetisation of Rs 500 and Rs 1,000 currency notes. …

₹2,000 notes worth ₹3.43 lakh crore have come back: RBI Governor
1 year, 3 months ago

₹2,000 notes worth ₹3.43 lakh crore have come back: RBI Governor

The Hindu  

Governor Shaktikanta Das on October 6 said ₹3.43 lakh crore of ₹2,000 denomination notes have come back to the system so far, and reminded the public that they can return the withdrawn notes at 19 RBI offices from October 8. Addressing the customary post-policy press meet in Mumbai, Mr. Das said 87% of the notes which have been returned have …

Starting today, You can’t use ₹2,000 notes HERE
1 year, 3 months ago

Starting today, You can’t use ₹2,000 notes HERE

Live Mint  

Starting today, Amazon India will cease to accept ₹2,000 notes for cash-on-delivery payments for orders that are fulfilled by Amazon. While orders fulfilled by Amazon will no longer permit ₹2,000 notes as payment, third-party courier services may still accept it, according to the e-commerce titan. Amazon's decision to discontinue the acceptance of ₹2,000 notes from September 19 follows a larger …

RBI says 88% of ₹2,000 notes returned to banks
1 year, 5 months ago

RBI says 88% of ₹2,000 notes returned to banks

The Hindu  

The Reserve Bank on August 1 said 88% of the ₹2,000 banknotes valued at ₹3.14 lakh crore have returned to the banking system after it announced the withdrawal of the high-value currency notes from circulation in May. According to the data received from banks, the RBI said the total value of ₹2,000 banknotes received back from circulation is ₹3.14 lakh …

Three-fourth of ₹2000 currency notes in circulation have returned to banks: Govt
1 year, 5 months ago

Three-fourth of ₹2000 currency notes in circulation have returned to banks: Govt

Live Mint  

New Delhi: Indian banks have received ₹2.72 trillion worth of ₹2,000 banknotes up to 30 June, after the Reserve Bank of India announced their withdrawal on 19 May, said Union Minister of State for Finance Pankaj Chaudhary in a written reply to a question in Rajya Sabha. In a surprise move, RBI announced withdrawal of ₹2,000 notes from circulation but …

‘No plan to extend’: Deadline to exchange ₹2,000 notes on Sept 30, says FinMin
1 year, 5 months ago

‘No plan to extend’: Deadline to exchange ₹2,000 notes on Sept 30, says FinMin

Hindustan Times  

The finance ministry on Monday said there is no proposal to extend the deadline for the exchange of ₹2,000 notes beyond September 30, 2023. The Reserve Bank, in a surprise move, on May 19 announced withdrawal of ₹2,000 notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. …

‘Over Two-Third Of Rs 2,000 Notes Have Returned To System’: RBI Governor
1 year, 6 months ago

‘Over Two-Third Of Rs 2,000 Notes Have Returned To System’: RBI Governor

News 18  

Reserve Bank of India Governor Shaktikanta Das on Sunday said that within a month of the withdrawal order of Rs 2,000 notes, more than two-thirds of the total currency in circulation has returned to the system. Speaking in an interview with PTI, Governor Shaktikanta Das said, “More than two-thirds or Rs 2.41 lakh crore worth of the Rs 3.62 lakh …

Data | ₹2,000 Banknotes: A fading presence as RBI decides to withdraw from circulation
1 year, 6 months ago

Data | ₹2,000 Banknotes: A fading presence as RBI decides to withdraw from circulation

The Hindu  

The Reserve Bank of India ’s move to withdraw ₹2,000 banknotes from circulation on May 19, 2023, was a stark reminder of the ghosts of demonetisation.In a press release, the central bank justified the move by stating that the banknote, which was introduced to meet the currency requirement after ₹500 and ₹1,000 banknotes were withdrawn in November 2016, had fulfilled …

Half of withdrawn ₹2,000 bank notes return to banks, mostly as deposits: RBI governor
1 year, 7 months ago

Half of withdrawn ₹2,000 bank notes return to banks, mostly as deposits: RBI governor

The Hindu  

In the 17 days since the Reserve Bank of India announced the withdrawal of ₹2,000 notes on May 23, about half of those notes in circulation have come back to the banking system, RBI governor Shaktikanta Das said on Thursday. “So far as ₹2,000 banknotes are concerned, we had said that as on March 31, there were ₹3.62 lakh crore …

RBI not thinking of withdrawing ₹500, re-introducing ₹1,000 notes: Governor
1 year, 7 months ago

RBI not thinking of withdrawing ₹500, re-introducing ₹1,000 notes: Governor

Hindustan Times  

Addressing the Post Monetary Policy briefing on Thursday, Reserve Bank of India governor Shaktikanta Das said that there is no intention to remove ₹500 banknotes or reintroduce ₹1,000 denomination notes at this time, calling it speculation. RBI governor said there are no plans to withdraw ₹ 500 notes "RBI not thinking of withdrawing ₹500 notes, or re-introducing notes in ₹1,000 …

The short history of a large note
1 year, 7 months ago

The short history of a large note

The Hindu  

The withdrawal of the ₹2,000 note from circulation by the Reserve Bank of India, which it announced on May 19, 2023, marks the end of a sordid chapter in the tragi-comic demonetisation saga. In the villages, farmers were cheated by criminals as they were paid in fake ₹2,000 notes — they were just high resolution photocopies of the original note. …

RBI says India’s growth momentum to continue in FY24; stresses on structural reforms
1 year, 7 months ago

RBI says India’s growth momentum to continue in FY24; stresses on structural reforms

The Hindu  

The Reserve Bank on May 30 said that India’s growth momentum is likely to continue in 2023-24 even as it made a case for pushing structural reforms to deal with the geopolitical developments and also to achieve sustained growth in the medium-term. The Reserve Bank’s annual report flagged slowing global growth, protracted geopolitical tensions and a possible upsurge in financial …

‘Not Demonetisation, Only Currency Management Exercise’: RBI To Delhi High Court On Decision To Withdraw Rs 2,000 Currency Notes From Circulation
1 year, 7 months ago

‘Not Demonetisation, Only Currency Management Exercise’: RBI To Delhi High Court On Decision To Withdraw Rs 2,000 Currency Notes From Circulation

Live Law  

The Reserve Bank of India on Friday defended its recent decision to withdraw Rs 2,000 notes from circulation and informed the Delhi High Court that it is only a “currency management exercise” and not demonetisation.Senior Advocate Parag P. Tripathi made the submission before a division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad during the hearing of …

The fundamental value of the rupee
1 year, 7 months ago

The fundamental value of the rupee

The Hindu  

The first thing that comes to mind when speaking of the value of a currency is the exchange rate it commands in international transactions. The RBI’s reputation On May 19, the Reserve Bank of India announced that the ₹2,000 note is being withdrawn from circulation but that it will remain legal tender. First, it should not have taken much for …

₹2,000 note move may have marginal impact
1 year, 7 months ago

₹2,000 note move may have marginal impact

Hindustan Times  

Markets are often curious to decipher the motive and timing of policy decisions, apart from the possible impact. If the ₹2,000 notes are converted into smaller denominations, there is no impact on overall currency in circulation, but in case of these being deposited into bank accounts, cash in the system will drop immediately, and bank deposit growth will pick up. …

Congress demands ‘white paper’ on the withdrawal ₹2,000 currency notes, says it will help black money hoarders
1 year, 7 months ago

Congress demands ‘white paper’ on the withdrawal ₹2,000 currency notes, says it will help black money hoarders

The Hindu  

The Congress on May 23 alleged that the move to withdraw ₹2,000 currency notes will end up facilitating those who hoard black money and reiterated its demand for a white paper on the demonetisation exercise. “We demand a white paper on why ₹2,000 notes were introduced and who all were saying that all black money will finish. Mr. Vallabh said …

Himachal: Devotee donates ₹8 lakh in ₹2,000 notes at Jawalaji Temple
1 year, 7 months ago

Himachal: Devotee donates ₹8 lakh in ₹2,000 notes at Jawalaji Temple

Hindustan Times  

Two days after the Reserve Bank of India announced the withdrawal of ₹2,000 banknotes from circulation, the authorities at Jwalaji Temple in Kangra district found 400 notes of the denomination in its donation box. A day after the Reserve Bank of India announced the withdrawal of ₹ 2,000 banknotes from circulation, the authorities at Jawalaji Temple in Kangra district found …

What India’s removal of 2,000 Rupee notes means for the economy?
1 year, 7 months ago

What India’s removal of 2,000 Rupee notes means for the economy?

Hindustan Times  

India is withdrawing its highest value currency note from circulation, giving consumers and businesses a four-month deadline to exchange or deposit the legal tender, a move reminiscent of a shock demonetization exercise in 2016. Announcing the move late Friday, the Reserve Bank of India said the 2,000 rupee notes had reached the end of their estimated life span. The central …

Slow withdrawal: on the RBI and the ₹2,000 note
1 year, 7 months ago

Slow withdrawal: on the RBI and the ₹2,000 note

The Hindu  

The Reserve Bank of India’s May 19 announcement that ₹2,000 banknotes would be withdrawn from circulation, coming just over seven-and-a-half years since the economically deleterious demonetisation of ₹500 and ₹1,000 notes, has triggered a sense of déjà vu. While Prime Minister Narendra Modi’s decision in November 2016, to abruptly and completely rescind the legal tender status of the then available …

'PM Modi was not at all in favour of Rs 2,000 notes,' says Former Principal Secretary
1 year, 7 months ago

'PM Modi was not at all in favour of Rs 2,000 notes,' says Former Principal Secretary

India TV News  

Prime Minister Narendra Modi was not at all in favour of Rs 2,000 notes as he never considered it to be as note of the poor but as demonetisation was to be done in a limited time, he gave reluctant permission for it, said Nripendra Misra, Former Principal Secretary to the Prime Minister. But, as demonetisation was to be done …

RBI to reintroduce ₹1,000 currency notes? Governor Shaktikanta Das responds
1 year, 7 months ago

RBI to reintroduce ₹1,000 currency notes? Governor Shaktikanta Das responds

Hindustan Times  

Reserve Bank of India governor Shaktikanta Das on Monday made it clear that there was no plan to reintroduce ₹1,000 currency notes. Addressing the media on the RBI's recent decision to withdraw ₹2,000 currency notes, Das said the impact of the move will be “very very marginal” on the economy because it accounts for only 10.8 per cent of the …

₹2000 note withdrawal could make people buy gold, real estate: Report
1 year, 7 months ago

₹2000 note withdrawal could make people buy gold, real estate: Report

Hindustan Times  

India withdrawing its highest value currency notes from circulation may push some consumers to buy precious metals and real estate, giving a temporary boost to Asia’s third-largest economy. “But overall if we look at the macro environment, it is more likely to be driven by fundamental factors.” The Reserve Bank of India late on Friday gave citizens until Sept. 30 …

Congress cries foul over phasing out of Rs 2000 currency notes: How several Congress govt followed the ‘demonetisation’ path to control black money
1 year, 7 months ago

Congress cries foul over phasing out of Rs 2000 currency notes: How several Congress govt followed the ‘demonetisation’ path to control black money

Op India  

On 19th May 2023, the Reserve Bank of India announced that it is withdrawing the circulation of ₹2000 currency notes. But while accusing the Modi government of miscalculating demonetisation in 2016 and withdrawing Rs 2000 notes in 2023, congress has forgotten the currency decisions it took. In the first demonetisation, Rs 500, Rs 1,000 and Rs 10,000 notes were demonetised …

Impact of ₹2,000 notes withdrawal ‘very very marginal’ on economy: RBI Governor
1 year, 7 months ago

Impact of ₹2,000 notes withdrawal ‘very very marginal’ on economy: RBI Governor

The Hindu  

Reserve Bank Governor Shaktikanta Das on Monday said the impact of withdrawal of ₹2,000 currency notes will be “very very marginal” on the economy because it accounts for only 10.8% of currency in circulation. Asked if ₹2,000 notes will continue to be a legal tender, Mr. Das said “It will continue as legal tender. On whether it will impact India’s …

Will Rs 1,000 notes make a comeback? Here's what RBI Governor says
1 year, 7 months ago

Will Rs 1,000 notes make a comeback? Here's what RBI Governor says

India TV News  

Will Rs 1,000 notes make a comeback after the Reserve Bank of India announced the discontinuation of Rs 2,000 currency notes from the market. Well speaking on the matter, RBI Governor Shaktikanta Das has said that the RBI does not have any plans to re-introduce Rs 1,000 notes after its order to withdraw Rs 2,000 denomination from circulation. The Reserve …

Big deposits of ₹2,000 notes in Jan Dhan accounts will draw tax scrutiny
1 year, 7 months ago

Big deposits of ₹2,000 notes in Jan Dhan accounts will draw tax scrutiny

Hindustan Times  

Mass cash deposits are likely to come under scanner to catch tax evaders using third party bank accounts to hide their wealth while exchanging ₹2,000 notes, according to officials aware of the development, who said sudden large deposits in multiple Jan Dhan Yojana accounts may also be scrutinised. Banks have been instructed to report “suspicious” account transactions and tax authorities …

Return of ₹2,000 notes to bolster bank coffers, money market liquidity, says research report
1 year, 7 months ago

Return of ₹2,000 notes to bolster bank coffers, money market liquidity, says research report

The Hindu  

The Reserve Bank of India’s decision to withdraw ₹2,000 notes could boost banks’ deposit base and liquidity in the money markets by anywhere between ₹40,000 crore to ₹1.1 lakh crore, even if just about a third of these heavily hoarded high currency notes are flushed out by the exercise, according to a research report. Estimating the stock of ₹2,000 denomination …

₹2,000 notes withdrawn: most city residents not bothered; a few peeved
1 year, 7 months ago

₹2,000 notes withdrawn: most city residents not bothered; a few peeved

The Hindu  

Residents of the Capital seem unaffected by the Reserve Bank of India’s decisions to pull out ₹2,000 notes from circulation, as many of them have not seen the currency in a while. Vijay Rajput, a grocery shop owner at Laxmi Nagar, said, “Small business owners like us don’t have ₹2,000 currency. People with big businesses and transactions in crores might …

Demonetisation in India in 10 stories: Understanding the Rs. 2000 ban
1 year, 7 months ago

Demonetisation in India in 10 stories: Understanding the Rs. 2000 ban

The Hindu  

Published : May 20, 2023 20:21 IST - 1 MIN READ The Reserve Bank of India made a significant announcement on May 19 regarding the withdrawal of the highest denomination currency note in circulation, the Rs 2,000 note. While reaffirming its status as legal tender, the central bank stated that existing Rs 2,000 notes could be deposited or exchanged in …

Withdrawal of ₹2,000 notes will have no perceptible effect on economy: Panagariya
1 year, 7 months ago

Withdrawal of ₹2,000 notes will have no perceptible effect on economy: Panagariya

The Hindu  

The RBI's decision to withdraw ₹2,000 currency notes from circulation will not have any 'perceptible effect' on the economy as any such notes returned will be replaced by either equivalent cash in lower denomination notes or a deposit, former NITI Aayog Vice Chairman Arvind Panagariya has said. Any currency in ₹2,000 notes returned will be replaced by either equivalent cash …

India announces surprise withdrawal of highest-value banknotes
1 year, 7 months ago

India announces surprise withdrawal of highest-value banknotes

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy India is withdrawing its highest …

₹2,000 banknotes withdrawal will help curb…: Ex RBI official
1 year, 7 months ago

₹2,000 banknotes withdrawal will help curb…: Ex RBI official

Live Mint  

Ex-Reserve Bank of India Deputy Governor R Gandhi has said that withdrawal of the ₹2,000 banknotes will help in curbing black money to a “great extent”, PTI reported. On Friday, the RBI announced the withdrawal of ₹2,000 currency notes from circulation, and existing notes in circulation can either be deposited in bank accounts or exchanged by September 30. The ₹2,000 …

'We'll not see any perceptible effect on economy': Ex-NITI Aayog Vice Chairman on 2,000 notes withdrawal
1 year, 7 months ago

'We'll not see any perceptible effect on economy': Ex-NITI Aayog Vice Chairman on 2,000 notes withdrawal

India TV News  

2,000 notes withdrawal: A day after the withdrawal of Rs 2,000 currency notes from circulation, former NITI Aayog Vice Chairman Arvind Panagariya said the RBI's decision will not have any 'perceptible effect' on the economy as any such notes returned will be replaced by either equivalent cash in lower denomination notes or a deposit. Any currency in Rs 2,000 notes …

RBI to withdraw ₹2,000 notes from circulation
1 year, 7 months ago

RBI to withdraw ₹2,000 notes from circulation

The Hindu  

The Reserve Bank of India, on May 19, decided to withdraw ₹2,000 note from circulation. “In view of the above, and in pursuance of the ‘Clean Note Policy’ of the Reserve Bank of India, it has been decided to withdraw the ₹2,000 denomination bank notes from circulation,” the RBI said. “Members of the public are encouraged to utilise the time …

'First Act, Second Think': Opposition as RBI withdraws Rs 2,000 notes
1 year, 7 months ago

'First Act, Second Think': Opposition as RBI withdraws Rs 2,000 notes

India Today  

The Opposition lashed out at the Centre and Prime Minister Narendra Modi after the Reserve Bank of India announced that it has decided to withdraw Rs 2,000 notes from circulation and asked people to exchange their notes by September 30. 2,000 rupee notes introduced with such fanfare after that singularly disastrous Tughlaqi firman of Nov 8 2016 are now being …

RBI website crashes after announcing the scrapping of ₹2,000 notes
1 year, 7 months ago

RBI website crashes after announcing the scrapping of ₹2,000 notes

Hindustan Times  

After the Reserve Bank of India announced the scrapping of the seven-year-old ₹2000 notes, the official website of the central bank crashed as people rushed to know more details about the announcement. Earlier, the website had faced a similar fate following heavy traffic after PM Narendra Modi's surprise demonetisation of ₹500 and ₹1,000 notes in November 2016. Notably, the ₹2,000 …

BREAKING | RBI Will Withdraw ₹2000 Notes From Circulation But They Will Continue As Legal Tender
1 year, 7 months ago

BREAKING | RBI Will Withdraw ₹2000 Notes From Circulation But They Will Continue As Legal Tender

Live Law  

The Reserve Bank of India today announced that it will withdraw ₹2000 notes from circulation. However, the currency will continue as Legal Tender.As per RBI, this denomination is not commonly used for transactions.People may deposit ₹2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch, RBI said. People may deposit ₹2000 banknotes …

RBI to withdraw ₹2000 currency note from circulation
1 year, 7 months ago

RBI to withdraw ₹2000 currency note from circulation

Hindustan Times  

The Reserve Bank of India on Friday withdrew ₹2,000 currency notes from circulation. The ₹2,000 denomination bank note was introduced in November 2016 after the Modi government had introduced demonetisation of ₹500 and ₹1,000 notes. As per RBI, the objective of introducing ₹2,000 notes was met once banknotes in other denominations became available in adequate quantities. The people may deposit …

RBI to pull out ₹2,000 notes from active circulation
1 year, 7 months ago

RBI to pull out ₹2,000 notes from active circulation

The Hindu  

The Reserve Bank of India on May 19 decided to withdraw ₹2,000 denomination banknotes from circulation in pursuance of its “Clean Note Policy”. The central bank has advised the public to deposit ₹2,000 notes into their bank accounts and/or exchange them into banknotes of other denominations at any branch. “Members of the public are encouraged to utilise the time up …

Over 8000 crores assets seized in IT raids in 8 years: Govt in Lok Sabha
1 year, 9 months ago

Over 8000 crores assets seized in IT raids in 8 years: Govt in Lok Sabha

Op India  

On Monday, March 20, the Government of India told the Lok Sabha that the Income Tax department has seized total assets worth Rs 8832.92 crores in the search and seizure action conducted by it in the last eight financial years, i.e from 2014-2015 to 2021-2022. The state minister for finance further asserted that tax demand of a total of Rs …

India top court says demonetisation was legal, victims disagree
2 years ago

India top court says demonetisation was legal, victims disagree

Al Jazeera  

Tens of people reportedly died after Modi’s shock move to ban currency notes. “Bahut bheed-bhaad hoti thi,” Khan’s wife Khushnuma Begum told Al Jazeera, explaining the hardships as desperate people jostled with each other, often sparking off fights and disputes, in the long queues outside banks and ATMs. The Supreme Court of India, hearing 58 petitions challenging the Modi government’s …

BJP MP Sushil Modi on why ₹2,000 currency note should be phased out
2 years, 1 month ago

BJP MP Sushil Modi on why ₹2,000 currency note should be phased out

Hindustan Times  

Claiming that ₹2,000 currency note is being used for terror funding, drug trafficking and hoarding black money, Bharatiya Janata Party Rajya Sabha MP Sushil Kumar Modi on Monday demanded its gradual phase out. "While the ₹2,000 currency note was introduced by the RBI to replace the demonetised ₹500 and ₹1000 notes at a faster pace in 2016, their printing has …

‘For our satisfaction’: SC orders Centre, RBI to produce demonatisation files
2 years, 1 month ago

‘For our satisfaction’: SC orders Centre, RBI to produce demonatisation files

Hindustan Times  

The Supreme Court on Wednesday directed the ministry of finance and the Reserve Bank of India to produce files pertaining to the government’s November 2016 decision to outlaw currency notes of ₹500 and ₹1,000. The bench also told the government’s top law officer Attorney General R Venkatramani that it wanted to examine the “relevant records” of RBI and Centre. Chidambaram …

'Well-considered Decision': Demonetisation Enforced After 'Extensive Consultation With RBI,' Centre Tells SC
2 years, 1 month ago

'Well-considered Decision': Demonetisation Enforced After 'Extensive Consultation With RBI,' Centre Tells SC

News 18  

Defending its move to demonetize currency notes of Rs 500 and Rs 1000 in 2016, the Centre on Wednesday told the Supreme Court that it was a “well-considered” move and was part of a larger strategy to combat fake money, terror financing, black money and more. “The withdrawal of the legal tender character of the specified bank notes was by …

Demonetisation 'well-considered' decision to combat black money, terror financing: Centre tells Supreme Court
2 years, 2 months ago

Demonetisation 'well-considered' decision to combat black money, terror financing: Centre tells Supreme Court

India TV News  

Highlights The step was taken after extensive consultation with the Reserve Bank of India, the Centre said Advance preparations were made before the note ban was enforced, it said A five-judge bench is hearing the issue and is slated to take up the matter on Nov 24 The 2016 demonetisation was a "well-considered" decision and part of a larger strategy …

Six years on, jury is still out on efficacy of demonetisation
2 years, 2 months ago

Six years on, jury is still out on efficacy of demonetisation

Deccan Chronicle  

NEW DELHI: The jury is still out on the efficacy of the decision to demonetise high value currency notes on November 8, 2016, with the government claiming it has helped greater formalisation of the economy while critics saying it has failed to curb black money and reduce dependence on cash. On November 8, six years ago, Prime Minister Narendra Modi …

Let Mumbai man exchange Rs 1.6 lakh demonetised notes, Bombay HC orders RBI
2 years, 10 months ago

Let Mumbai man exchange Rs 1.6 lakh demonetised notes, Bombay HC orders RBI

India Today  

Six years after demonetisation, a division bench of the Bombay High Court has directed the Reserve Bank of India to replace Rs 1.6 lakh of old notes belonging to a Mumbai resident. Despite Sohoni's request to the magistrate for an order allowing him to collect the money before the December 31, 2016 deadline for exchanging old notes, she only granted …

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