Posted on 11/19/2016 8:14:17 PM PST by Tolerance Sucks Rocks
A day after Prime Minister Narendra chaired a meeting to review the demonetisation of Rs. 500 and Rs. 1,000 notes and its impact, Economic Affairs Secretary Shaktikanta Das on Monday announced that the now defunct currency would be accepted at government hospitals, petrol stations and toll booths till November 24.
The Prime Minister’s meeting came amid continuing chaos and growing public anger across the country over limited cash availability following the surprise demonetisation of the two higher value notes.
On Sunday, the cash withdrawal limit at ATMs was hiked to Rs. 2,500 from Rs. 2,000 a day.
The weekly limit of Rs 20,000 for withdrawal from bank counters was also increased to Rs. 24,000. The maximum limit of Rs. 10,000 a day on such withdrawals has been removed. More...
Here are the updates on demonetisation:
Industry bodies suggest ways to deal with cash crunch
Worried over immediate impact of demonetisation, trade and industry bodies have come out with a host of suggestions, including payment of advance salaries in new currency and hiring of retired bank officials to deal with the prevailing cash crunch. Read more
Gujart BJP MP raises voice against demonetisation
The Centre demonetisation move has adversely hit the agriculture sector and if "corrective measures" are not taken immediately, all agriculture marketing produce committees (APMCs) will have to remain shut for at least two months, said Porbandar BJP MP Vithal Radadia. Read more
'Demonetisation has inconvenienced people across country'
The demonetisation move has "inconvenienced" people across the country, as no "adequate" backup arrangements were made, Kerala Chief Minister Pinarayi Vijayan said on Monday.
"Eighty-four per cent of currency that was in circulation has been demonetised. There was no backup for the currencies withdrawn. The lapse on the part of Narendra Modi government was a grave one that should not have happened from any government at all," Mr. Vijayan said.
He was speaking to journalists after opening the Kerala pavilion at the 36th edition of India International Trade Fair at Pragati Maidan in New Delhi.
‘Mamata’s call to Yechury in country’s interest’
Trinamool Congress vice-president Mukul Roy said on Monday that West Bengal Chief Minister Mamata Banerjee’s invite to the CPI(M) for an Opposition unity against what she termed ‘financial emergency’ following demonetisation of high value currency was in greater interest of the country and its people. Read more.
Swamy blames Finance Ministry for ‘lack of preparedness’
Rajya Sabha member Subramanian Swamy on Monday blamed “lack of preparedness” on the part of the Finance Ministry in dealing with the demonetisation and aftermath. He said the Ministry not being in loop of decision-making was “no excuse”'. Read more..
Suspension of toll tax on national highways extended till November 18 midnight
Somesh Jha reports from New Delhi:
The Union government has extended the suspension of toll tax on national highways till November 18 midnight, the Road Transport and Highways Ministry said on Monday.
“To ensure smooth traffic movement across all national highways, the toll suspension has been extended till 18 November midnight,” a statement from the Ministry said.
This is the second time the government has extended toll tax suspension on 365 toll plazas at national highways across the country. The toll tax exemption, which came into force from the evening of November 9, was granted till November 14 midnight earlier. This has now been extended to November 18.
In a bid to tackle black money, the government last week demonetised notes of Rs 500 and Rs 1,000.
There's no dearth of money, but where is it and who has it? asks Modi
Our Correspondent Omar Rashid reports from Ghazipur where Mr. Modi held a rally. Describing his step as a strong decision, he compared it to a cup of strong tea people would ask him to make when he used to sell tea in his childhood.
"I am used to making kadak chai [strong tea] since childhood. Poor people like kadak chai," he said. Here's the minute-by-minute coverage of the Prime Minister's address.
An insult to commoners: Mamata
Trinamool Congress supremo Mamata Banerjee, reacting to the Prime Minister's speech, said his statement that the poor are sleeping peacefully is an insult to commoners and in bad taste
The PM in his speech had said the poor are sleeping peacefully. This is an insult to commoners and in bad taste 1/2— Mamata Banerjee (@MamataOfficial) November 14, 2016
My humble suggestion is not to hit the common people like this 2/2— Mamata Banerjee (@MamataOfficial) November 14, 2016
Shiv Sena says it is 'demonic and unsystematic'
Notwithstanding the Prime Minister’s emotional appeal to people to cooperate with him to weed out illegal money, the Shiv Sena on Monday described the demonetisation as “demonic and unsystematic” that has led to “financial anarchy” in the country. Instead of striking Pakistan, Mr. Modi has wounded Indian citizens who do not have any black money and the few who actually possess illegal funds have safely parked it in foreign banks, it said.
Micro ATMs to be set up: Das
Economic Affairs Secretary Shaktikanta Das. Photo: R.V. Moorthy
Mr. Das says the focus of the government is on activating all channels whereby cash is dispensed to the public. Banking correspondent will now be allowed to withdraw cash multiple times as opposed to only once a day earlier. "Banks to increase cash holding limit of banking correspondents to Rs 50,000. Micro ATMs will be set up across the country to tide over the cash crunch.
Task force to expedite recalibration of ATMs
Clarifying on the recalibration of ATMs, he says a task force has been set up to address the issue at the earliest.The recalibrated ATMs will start dispensing Rs. 2,000 notes within two days.
Regarding the situation in post offices, he says the supply of cash to the 1.3 lakh branches will be enhanced. Also, those businesses with current accounts with banks can withdraw up to Rs 50,000 to pay wages to their employees.
To a question on the reasons for the delay, he explains that each ATM carries four trays and three of them carry Rs. 500, Rs. 1,000 notes. Those trays have to be replaced and recalibrated. And, only only one tray is being used right now.
"Please remember, it's a huge task. Even the Prime Minister said that there would be inconvenience. But the govt. is doing all it can and the situation is improving every day and every hour," he says.
Banks closed today; queues get longer at ATMs
Cash-strapped people were seen standing outside ATMs from early morning but had very little success as most of the machines were running dry. Scuffle and heated exchanges at ATMs were reported from many parts of the country.
Congress, TMC meet to plan united fight in Parliament
Congress and TMC leaders will discuss and chalk out a strategy to counter the Centre on the demonetisation issue during the Winter Session of Parliament.
Leader of the Opposition in the Rajya Sabha Ghulam Nabi Azad and his counterpart in the Lok Sabha Mallikarjun Kharge will meet TMC leader Sudip Bandyopadhyay, sources said.
U.P. Congress leader backs move
Our correspondent Smita Gupta reports that Congress leader Harikesh Bahadur has come out in support of the government's move to scrap the notes. Mr. Bahadur, on Monday, issued a statement saying,"The decision to ban Rs. 1000 / Rs. 500 currency notes is a correct and a necessary measure to restore financial discipline and regulate the economy. It will unearth black money and act as a deterrence on generation of black money. All citizens should prepare themselves to tolerate minor hardship for some time for development of the nation and prosperity of the people.(sic)" More...
Mamata calls up Yechury, but to no avail
A day after she urged all the Opposition parties, including the CPI(M), to unite against the demonetisation move, Bengal Chief Minister Mamata Banerjee said she called up President Pranab Mukherjee and CPI(M) general secretary Sitaram Yechury on Sunday.
“Ms. Banerjee made a frantic call to Mr. Yechury today [Sunday] afternoon when he was travelling. The Chief Minister urged him to unite against the centre. But Mr. Yechury said that he would only be able to take a call on the matter after discussing it within the party,” CPI(M) Polit Bureau member and MP Md. Salim told The Hindu. More...
So, what’s the penalty in India going to be for carrying “illegal” tender?
They switched from coin to paper/linen in the past because paper was so much more convenient (lighter, takes up less room, can be folded).
Their goal here (and the goal of other nations banning higher denominations) is to force — eventually — people to carry their cash in 1’s and 5’s.
The idea is that people will get so fed up have having huge wads of smaller bills that they’ll demand that their governments “offer” the alternative of digital currency.
The governments will be happy to oblige, since that is their ultimate objective.
Once it is available as an alternative, they’ll phase out non-digital currencies completely.
Then they’ll be able to monitor your every transaction and shut down all of your buying/selling activities should they deem you not to be “in compliance” with whatever they dictate.
I don’t carry cash around now. I may have to get some 20s changed to 5, 10, or 1 dollar bills.
Until one day there’s a blip and poof! your account or the US Treasury is suddenly at $0 balanace.
“this is all about the transition to a cashless society and government confiscation of your remaining savings (after multiple tax grabs) through negative interest.”
Yes, that, and the establishment of a tyranny the like of which has never been seen before.
Logan’s Run? Soylent Green? Imagine how life will be when you can’t even get a drink of water unless your chip allows it.
Have you seen those old photos of Chinese people who were put in wooden wheel collars around their necks so that they couldn’t lift food or water to their mouths? This will be so much more efficient. The computers will even tell them if anyone else is getting extra rations to give them.
wtf happened in India? Did their stock market crash? What caused this drastic action? was it out of the blue?
They took their old 500- and 1000-rupee notes out of circulation in an attempt to stop black market activity. However, those notes composed about 85 percent of the money in circulation. Therefore, they had a huge cash crunch.
Last I read, they are coming out with a new type of 500-rupee note and a 2000-rupee note and the banks are retrofitting their ATMs to handle them.
slave labor.
India is actually replacing the old notes with a new type of 500-rupee note and a 2000-rupee note, so I’m not sure if India is trying to go all-electronic. I’m pretty sure that a lot of people in India don’t even have a bank account.
See #29.
OK. But this does not mean there is not a ‘war on cash’ in order to force a digital currency on Western nations.
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