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Government tightens demonetisation, narrows channels for cash: 10 developments

THE TIMES OF INDIA | Nov 24, 2016, 22:39:17 IST

Government tightens demonetisation, narrows channels for cash: 10 developments

NEW DELHI: In another late-evening move, the Centre killed off the Rs 1000 note for all intents and purposes. It announced that the old Rs 1000 notes would be accepted only at banks and that too only for deposits into accounts. The other key announcement was the complete shutdown of cash exchange.

Here are 10 developments in the rollout of demonetisation that happened on Thursday:

22:39 (IST) Nov 24

After the end of the business day, the Centre announced that

cash can no longer be exchanged at bank branches and post offices

. There are only two things to do with high-denomination notes now - deposit them into bank accounts or pay off water and electricity bills with them.

22:38 (IST) Nov 24

The Centre also pretty much brought down a near-total invalidation of the Rs 1000 note. The only place these can be used are at banks, where the only thing they will be accepted for are deposits into accounts.

22:38 (IST) Nov 24

Some exemptions will however be extended till December 15, in a pared down manner. Rs 500 notes can be used to pay the fees up to Rs 2000 at government-runs, schools and colleges; water and electricity bills; mobile phone top-ups till Rs 500 and purchases up to Rs 5000 at Consumer Cooperative Stores.

22:38 (IST) Nov 24

Foreigners will be allowed to

exchange foreign currency up to Rs 5000 a week

. A record of the transaction would be made in their passport.

22:37 (IST) Nov 24

Earlier in the day, Union Finance Minister Arun Jaitley had said

there are 80 crore debit cards in the country

, of which 40 crore are active.

22:37 (IST) Nov 24

Nepal

banned the new Rs 2000 and Rs 500 notes for now

, as the Nepal Rashtra Bank has not recognised the new currency yet.

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22:36 (IST) Nov 24

The Ministry of External Affairs said the Centre is coordinating with the governments and banks of both Nepal and Bhutan, which see the wide usage of Indian currency.

22:36 (IST) Nov 24

Prime Minister Narendra Modi took part in the proceedings in the Rajya Sabha.

22:36 (IST) Nov 24

His predecessor, Manmohan Singh, sharply criticised the government. Soon after he began his speech in the Rajya Sabha expressing support for any move against black money,

Manmohan blasted its implementation as 'monumental mismanagement'

. He also took on the government claims of long-term positive outcomes of the demonetisation.

22:35 (IST) Nov 24

Arun Jaitley hit back at Manmohan Singh in the Rajya Sabha, questioning the former PM's moral standing to address the issue. Jaitley said

'maximum black money' was generated when Manmohan Singh had been the Prime Minister