Day 11 of demonetisation: Key developments

After banks reported "unusual or suspicious volumes of cash deposits," the Income Tax department has

(power to call for information) in several cities and towns, officials said. Each notices mentions the date on which the deposit was made - as well as the amount - and asks for "supporting documents, books of accounts and bills to explain the said cash deposits."

An IT department notice added that if depositors are assessed to income tax, they should also file tax returns from the last two years.

"Basically it was as much of a surprise to us as to anybody else," State Bank of India chairperson Arundhati Bhattacharya said. Bhattacharya was

at the Reserve Bank of India headquarters of November 8. At 8 PM, they watched the Prime Minister announce the ban on the Rs 500 and Rs 1000 notes along with the rest of the nation, and had only a few hours to prepare for the days and weeks to come.

Farmers conducted a protest rally today in Surat, demanding that they be allowed to exchange demonetised notes at district central co-operative banks. Their trucks and tractors covered a 10 kilometre stretch of road leading to the collector's office,

"Most farmers have accounts with district co-operative banks which are not accepting defunct currency notes, causing immense hardship...We have submitted a memorandum to the collector demanding that the ban should be lifted in another seven days or we will stop supplying milk to Amul," Jayesh Patel, a farmer leader said.

The Indian Banks' Association has said the total deposit mobilisation by banks crossed Rs 4 lakh crore on November 14 -

The SBI alone saw deposits increase to 1.34 lakh crore on November 18, from Rs 1.04 lakh crore on Nov 14. Speaking to TOI, SBI Chairperson Arundhati Bhattacharya said her bank had seen 11 crore transactions since the ban was implemented, and added: "I think about 75% of the people were not doing their own stuff. They were being used by others to change money."

Karnataka Chief Minister and Congress leader Siddaramiah on Saturday slammed the central government for not taking any measures in response to his "

mentioning the plight of the common man, farmers and petty businessmen in the state after demonetisation." He said his government had "welcomed" the Centre's move, but added that it should have "printed sufficient currency for Rs 100 and Rs 500 before demonetising old notes of Rs 500 and Rs 1,000."