PM Narendra Modi on Tuesday announced scrapping of Rs 500 and Rs 1,000 notes. The surprise move triggered panic reactions. Stay with us for live updates LIVE UPDATES : 20 mins ago
Banks to remain open for public on Saturday, November 12 and Sunday, November 13: RBI It is a pro-poor step; huge step towards making India a cashless economy
Government has also taken steps to provide financial inclusion and social security to the people, the government brought transparency: Venkaiah Naidu
26 mins ago
On all counts apart from corruption, this will bring down inflation will diminish parallel economy, land prices will be reduced: Venkaiah Naidu
36 mins ago
I&B Minister Venkaiah Naidu addresses the media over govt's decision to scrap Rs 500/1000 notes
43 mins ago
Lot of black money will be forced into banking system with demonetisation move: Jaitley
Toll plazas to accept demonetised notes till Nov 11
The government today allowed toll plazas' operators to accept the demonetised currency notes of Rs 500 and Rs 1,000 denomination till the midnight of November 11.
According to the Ministry of Road Transport and Highways, the National Highways Authority of India (NHAI) has instructed all the operators to accept the currency notes of Rs 500 and Rs 1,000 denominations.
The ministry added that orders have been issued to avoid difficulties that may be faced by the highway users following the demonetisation of the Rs 500 and Rs 1,000 notes by the Finance Ministry from midnight Tuesday.
05:14 PM (IST)
There is no co-relation of this decision to that of elections but if this makes election costs cheap, it is good: Arun Jaitley
05:12 PM (IST)
There is a sense of satisfaction among honest tax payers to what is happening: Arun Jaitley
05:07 PM (IST)
I just want to say its a highly exaggerated figure which has been mentioned, once the entire note is printed, cost of it will be known: Arun Jaitely
05:02 PM (IST)
Arun Jaitley responds to Rahul Gandhi's question
05:01 PM (IST)
Government and revenue department monitoring the situation; Reports are very exaggerated and those indulging in this running high risk: Arun Jaitley on money conversion
04:58 PM (IST)
There is no comparison between this decision and the one taken in 1978; today the scenario of economy is very different: Arun Jaitley
04:55 PM (IST)
This move will take India towards cashless economy; It doesn’t merely nudge the economy in that direction, but significantly pushes it. States will also benefit from this: Arun Jaitley
04:49 PM (IST)
There might a little inconvenience in replacement, to minimise that government took decision to give a window of 72 hours to people: Arun Jaitley
04:49 PM (IST)
This one decision will change the course of the way people spend and keep their money
04:48 PM (IST)
Jaitley on govt's decision to scrap Rs 500/1000 notes
04:47 PM (IST)
Setback to parallel black money economy because a lot of currency operating outside system will now have to get in to banking system: Arun Jaitley
04:45 PM (IST)
Government is taking steps to end black money in India
04:44 PM (IST)
People who have not disclosed their wealth will be strictly penalised: Arun Jaitley
04:42 PM (IST)
Government is working step by step to boost economic growth of the country: Jaitley
04:41 PM (IST)
Cancellation of legal tender of Rs 500/1000 was long overdue. It curbs counterfeit and black money. Only holders of crime money will suffer: Arun Jaitley
04:41 PM (IST)
Finance minister Arun Jaitley addresses the media over government's decision to scrap Rs 500/1000 notes
04:07 PM (IST)
I don't understand why Rs 2000 notes have been introduced when Rs 500/1000 have been demonetised?
04:06 PM (IST)
I don't encourage or support unaccounted wealth or income, but there’s a non-monetised economy, you can't call it black money
04:06 PM (IST)
We agree the objectives are sound, but will have to wait and see whether or not they are achieved
04:05 PM (IST)
The test will be how quickly the old notes will be replaced by new when they are legally tendered in banks
04:05 PM (IST)
Government had demonetised high-value currency before in 1978 and it failed
04:04 PM (IST)
Replacement of new notes with old notes must be done expeditiously with minimal problem to the poor, middle class people: P Chidambaram
04:04 PM (IST)
If the purpose of the decision is to curb menace of black money then it deserves our support: P Chidambaram
Congress vice president Rahul Gandhi on Wednesday asserted that ordinary people in the nation have been thrown into chaos, and asked Prime Minster Narendra Modi as to how replacing 1000 Rupee notes with 2000 Rupee notes makes black money hoarding harder.
The government's ban on high-value notes is expected to come as a shot in the arm for financial savings in the long term as households may cut down allocation for physical assets such as gold and property, says a Morgan Stanley
The nation's largest lender SBI today said it is gearing up to make available "adequate number" of Rs 100 notes at all its ATMs and branches within the next two days to help reduce the inconvenience to the public after the government last night scrapped Rs 500 and Rs 1,000 banknotes.
The decision was taken after National Highways Authority of India chairman Raghav Chandra took up the matter with the Prime Minister's Office after being flooded by calls from states over the grim situation at toll plazas.
The decision to scrap Rs 500 and Rs 1000 currency notes was taken to create a "corruption-free" India, Prime Minister Narendra Modi said as a number of personalities from film and other fraternities welcomed the step.
01:29 PM (IST)
Gold zooms Rs 900 to hit three-year high of Rs 31,750 per ten gram in the national capital.
12:53 PM (IST)
A bold, innovative move. Honest tax payers have nothing to worry about: Soli Sorabjee
12:46 PM (IST)
12:37 PM (IST)
Gold surges Rs 750 to hit 6-week high of Rs 31,600 per 10 gram on black money crackdown and US election trends.
12:26 PM (IST)
This is no immunity scheme. All deposits of old Rs 500, Rs 1000 notes in bank accounts will be subject to tax laws: Arun Jaitley
12:24 PM (IST)
People with black money are worried
12:24 PM (IST)
12:22 PM (IST)
Official transactions will increase direct & indirect tax collections. People can deposit whatever cash they have. If the amount is undisclosed, country's law will apply to it
12:21 PM (IST)
Replacement Currency to be in market in 3-4 weeks
12:20 PM (IST)
It pays to be honest: Arun Jaitley on withdrawal of Rs500 and Rs1000 notes
12:18 PM (IST)
For economy to be robust, it should be cashless: Arun Jaitley
In a relief to daily commuters, the government on Wednesday extended the use of Rs 500 and 1,000 currency notes at metro railway stations till Saturday.
12:13 PM (IST)
All toll plazas on highways will accept Rs 500 and Rs 1,000 note till Nov 11 midnight, NHAI chairman Raghav Chandra
12:12 PM (IST)
12:12 PM (IST)
Delhi Metro to accept old-high denomination notes till Saturday
In relief to daily commuters, the government today extended the use of old-high denomination currency notes of Rs 500 and 1,000 at metro railway stations till Saturday. The government had yesterday, after withdrawing all Rs 500 and Rs 1,000 banknotes in circulation, announced that the old high denomination currency would continue to be accepted for next 72 hours at certain public utilities.
11:56 AM (IST)
We welcome and support the step taken by PM Modi. This eventually end the process of black money & fake currency which is being circulated from our neighbouring countries
Raman Singh, Chhattisgarh CM
11:24 AM (IST)
Pakistan prints Indian currency more than they print their own. This currency ban by PM Modi will curb terror funding. Only a visionary leader like PM Modi could have done this, this will directly impact terrorism as they work on hawala money
Nirmal Singh, J&K deputy chief minister
11:23 AM (IST)
11:20 AM (IST)
We support the decision taken by PM Modi and appeal entire country to participate in this initiative
While the Reserve Bank of India on Tuesday night said the withdrawn Rs 500 and Rs 1,000 currency notes could be deposited in cash deposits machines and cash recyclers, consumers may not be able to do so for the next two days, according to banking sources.
11:07 AM (IST)
11:05 AM (IST)
10:43 AM (IST)
Will help economy in long run: Bihar CM Nitish Kumar
10:40 AM (IST)
Publicise cost of demonetization: Left tells Modi
Calling the government decision to demonetize higher denomination notes as a "gimmick", the CPM on Wednesday demanded the cost of withdrawing currency notes to be made public. "This demonetization is attempted as a gimmick to divert attention from serious social and political failures of this government in the past 2.5 years," CPI-M General Secretary Sitaram Yechury tweeted. "What is the cost of withdrawing currency notes and replacing them with Rs 2,000 notes? Also, its economic and social costs must be made public," he said, dubbing the move to be another "jumla"."What are the estimates of black money that will be curbed by this move? Government should make the figures public," said the leader of the Communist Party of India-Marxist.
10:37 AM (IST)
RBI to closely monitor fresh notes that would be issued: Finance Secretary Ashok Lavasa
10:29 AM (IST)
New high-security Rs 500 and Rs 2000 currency notes to be available in ATMs from November 11, says Finance Secretary Ashok Lavasa
09:56 AM (IST)
Real estate shares tumble 20% in early trade
Realty stocks plunged up to 20% in early trade on Wednesday with scrips of Unitech and DLF taking a major hit following the government's measures to clamp down on the black money menace. Deep in the red, S&P BSE Realty index was lower by nearly 11 per cent at 1,314.97 points in the first hour of trading. In initial trade, Unitech tumbled nearly 20 per cent while DLF dropped over 13 per cent before making a slight recovery. While Unitech was trading at Rs 4.75, DLF was down at Rs 126. Among other scrips, Prestige Estates Projects too shed 17 per cent to Rs 153.25, Sobha Developers declined over 11 per cent to Rs 240 and Godrej Properties slumped 7 per cent to Rs 333.
There were serpentine queues at fuel stations in Chennai as they continued to accept Rs 1,000 and Rs 500 currency notes which are no more legal tenders. However, most petrol stations wanted the customers either to give change or fill fuel for the full amount given – mostly Rs 500.
09:54 AM (IST)
Rupee dives 23 paise on black money crack down, US poll trend
Rupee plummeted by 23 paise to 66.85 against the US dollar in early trade today on the government's surprise move to ban Rs 500 and Rs 1,000 currency notes in a bid to curb black money. Besides, an early trend suggesting Republican Donald Trump's lead in US presidential election also influenced the trading sentiment.
09:47 AM (IST)
Rs 7 lakh crore gone in one clean sweep as BSE Sensex slump 1,000 points
The Sensex and the Nifty opened sharply lower on Wednesday as a combination of factors — the government decision to withdraw Rs 1,000 and Rs 500 notes and increasing probability of Donald Trump winning the US Presidential election — spooked investors who feared a tough and uncertain time again for the economy and the market.
08:58 AM (IST)
Scrapping of Rs 500, 1000 notes will deal body blow to terror financing: FICCI
FICCI president Harshavardhan Neotia said the move will have debilitating impact on the parallel economy in the country as well as deal a body blow to terror financing. "This is an extremely bold move by the Prime Minister and will have a debilitating impact on the parallel economy in the country as well as deal a body blow to terror financing. FICCI completely supports this move of the government and complements it for its continuous and comprehensive measures to deal with the issue of black money in the country," Neotia said.
08:42 AM (IST)
Demonetization of Rs 500 and 1000 currency welcome, says JD(U)
The Centre's decision to do away with Rs 500 and Rs 1000 currency notes from midnight Tuesday to fight against black money was welcomed by the Janata Dal United JD (U) on Wednesday. It hoped that this step would curtail the counterfeit currency economy in the country. JD (U) leader Pawan Varma told ANI, however, that the blueprint has to be studied and an assessment has to be made on both the substantive measures taken and its implementation and what inconvenience it may cause on the citizen. "However, certain issues comes to my mind on a tentative basis, the first is that the cause of the black money in our country is the nexus between politics and unaccounted money. Now, so long as you don't initiate electoral reforms to short-circuit that nexus, somehow the black marketers in our country are ingenious than laws. And politics and politicians are complicit in this.....I am yet not clear as to how the new currency that has been introduced will not be also counterfeited," he said.
08:11 AM (IST)
Derek O'Brien on scrapping of Rs 500 and 1000 notes
08:06 AM (IST)
De-recognition of Rs. 500, 1000 notes will curtail parallel economy: Chanda Kochhar
Chanda Kochhar, the managing director and chief executive officer of ICICI Bank, has welcomed the government's decision to derecognize Rs 1000 and 500 notes beginning November 9, saying it is perhaps the most significant move ever taken to curtail the parallel economy. While speaking to ANI, Kochhar said the move will give a sharp boost to all formal channels of payment which in turn will help the formal economy to grow.
07:59 AM (IST)
Black money is in foreign banks, properties: All India Bank Employees Association
The withdrawal of 500 and 1,000 rupee notes from circulation will not help in fighting black money as it is stashed away in foreign banks, foreign currency, gold or in the form of other assets, a top leader of the All India Bank Employees Association said. "Everyone knows that black money is mostly in foreign currency, in foreign banks, in gold or in properties and less in cash. Hence, this steps alone is not going to help in unearthing black money," AIBEA's general secretary CH Venkatachalam said.
Cash management and transportation companies are at a loss as to how they will meet the demand for transporting large volumes of Rs 100 currency notes to bank branches and transport back Rs 500 and Rs 1000 notes from bank branches to the RBI-recognised currency chests.
The primary market, where one buys a house in a project directly from a developer, will not be directly impacted by the measure. But market players said that the impact on the secondary market is set to hit the overall sentiment, which has remained subdued for the past few years.
Bankers are still trying to figure out how to handle the flood of currency that will float into their branches in the remaining days of the week. Many banks have drawn up plans to order note counting machines.
The government's move to scrap Rs 500 and Rs 1,000 notes is expected to deal a major blow to political parties fattening their coffers with cash contributions in anticipation of high stakes electoral battles in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.
03:46 AM (IST)
All cash withdrawals at all ATMs to be free of charge till Dec 30: RBI
Mamata hits out at Modi, demands withdrawal of decision
Describing the Centre's decision of scrapping Rs 1,000 and Rs 500 currency notes as "heartless and ill-conceived" which will lead to a "financial chaos", West Bengal Chief Minister Mamata Banerjee demanded immediate withdrawal of the "draconian decision".
Banerjee accused the Modi government of "scripting a drama to divert the attention from its failure to bring back black money from abroad".
11:27 PM (IST), Nov 08
We have handled demonetisation earlier and will do so again. Tomorrow banks will remain closed in order to withdraw these notes from counters and ATMs. We will strive to restock ATMs at the earliest and make them operational. Government has given enough exemptions to ensure urgent needs are met.
State Bank of India (SBI) Chairman, Arundhati Bhattacharya
10:44 PM (IST), Nov 08
Panic strikes Lucknow ATM. Police deployed
SSP Lucknow Manzil Saini said that instructions have been issued to station officers and police-outpost in charges to keep a vigil on the ATM booths, petrol-pumps, markets under their jurisdiction.
10:37 PM (IST), Nov 08
It is perhaps most significant move ever taken to curtail the parallel economy
Chanda Kochhar, CEO and MD of ICICI bank
10:35 PM (IST), Nov 08
Would like to congratulate PM Modi on making such a good decision, on black money
Yoga guru Baba Ramdev
10:33 PM (IST), Nov 08
All change exhausted
A board put up by a petrol pump in Mumbai
10:30 PM (IST), Nov 08
Queue in front of petrol pump
A petrol pump at Majiwada in Mumbai
10:27 PM (IST), Nov 08
Hurry to withdraw cash
Crowd outside an ATM in New Alipore
10:24 PM (IST), Nov 08
10:23 PM (IST), Nov 08
10:01 PM (IST), Nov 08
Queue outside an ATM in Uttar Pradesh
09:53 PM (IST), Nov 08
On one hand Modiji is saying middle class people use notes of Rs 10 to Rs 100. So they will not be affected. They why are you issuing new notes of Rs 2,000?
Randeep Surjewala, Congress spokesperson
09:41 PM (IST), Nov 08
The matter was under consultation for a long time: Shaktikanta Das during the press brief
09:40 PM (IST), Nov 08
The new notes are braille-compliant: RBI
09:40 PM (IST), Nov 08
There are many new security features on the new notes, It won't be easy to make counterfeits: RBI