Cash crisis worsens after individuals get wages credited in bank accounts

For most Indians, this pay day is going to be unlike any other. The reason being the cash crunch due to the demonetisation of Rs 500 and Rs 1,000 notes.

Pay day LIVE: Cash crunch intensifies after people get salaries credited in bank accounts

Dec 1, 2016


Toll collection to resume tonight

The Ministry of Road Transport and Highways announced that the toll collection at all the toll plazas on national Highways will resume from midnight of 2 December. 

Old currency notes will be accepted until the midnight of 15 December for the purchase of FASTags and tolls exceeding Rs 200.



Pay day intensifies cash crunch

(Updates begin for 1 December.)

As soon as the salaries were credited, millions of employees began queuing up outside banks and ATMs across the country to withdraw cash to meet their monthly needs and pay their domestic helps, drivers and clear their monthly grocery and other bills.

Since the supply of notes from currency chests has failed to keep pace with the demand for cash after 86 percent of currency in circulation was declared illegal on 8 November, the chaos worsened on the payday as more households needed cash than earlier.

People were seen in bigger numbers waiting to withdraw money. Many were annoyed by the rush and the arbitrary withdrawal limits set by banks. And the situation could get worse in the coming days as more number of people will receive salaries.

Read the full report here.


Request Opposition to allow discussion to take place: Govt

"I request Congress and other Opposition parties to allow discussion to take place in the House, already 10 to 11 days have been wasted," ANI quoted Ananth Kumar as saying. "We want the discussion to take place; want to hear the Opposition. PM is ready to intervene in both the Houses."


Stormy session probably ahead in Parliament

Delhi: Opposition leaders' meeting underway in the Parliament #Demonetisation


Chidambaram predicts massive fallout of demonetisation

According to CNN-News18, former Finance Minister and Congress leader P Chidambaram has said that jobs will disappear and investments will take a hit.


Govt steps up printing of new Rs 500 notes

(Updates begin for 30 November)

Sources have told CNN-News18 that the central government has stepped up the printing of the new Rs 500 notes. The news channel also reported that the shortage in Rs 500 notes will be over by the end of December.

Meanwhile, 39,000 SBI ATMs have been re-calibrated.


Navjot Kaur Sidhu attends Congress press conference against demonetisation


Congress leader and wife of cricketer-turned-politician Navjot Singh Sidhu, Navjot Kaur Sidhu, who until recently was a BJP member shared the podium with party spokesperson Randeep Surjewala, who took jibes at the BJP government over demonetisation. Pargat Singh, was also present at the event. 


Navjot Kaur Sidhu and Pargat Singh were also formally inducted into the Congress party at the same press conference.


Demonetisation has created a colossal sense of insecurity: Congress


The Congress party in a press conference said that the move to demonetise higher currency notes has created a colossal sense f insecurity and fear in the nation. Congress spokesperson Randeep Surjewala said that it is not only mismanagement at a colossal level but also questioned where did the BJP hid its money.


'Black money flourishing'

Arvind Kejriwal on Monday said that the black money, counterfeit notes have increase since the note ban. He alleged that the BJP has saved its black money but forced the citizens to face hardships. He said the Centre should make it clear when people can withdraw money without the existing rules. He also said the PM Narendra Modi should face questions in Parliament. 


Delhi: PMO officials take initiative to train staff about mobile banking and cashless transactions.


Protest in Maharashtra 


Dubbing the BJP-led government at the Centre as "anti-poor", Maharashtra Pradesh Congress Committee (MPCC) president Ashok Chavan said his party
will raise in Parliament and state legislature the issue of hardships being faced by people due to demonetisation.

The winter session of Maharashtra Legislature begins in Nagpur from 5 December. "The BJP government at the Centre is anti-poor. Nine
farmers have committed suicide recently, still the government has no shame," he alleged.

Chavan claimed the morcha was a a "success" as the "common man participated in large numbers".




Black money is in real estate, share markets, securities, bullion market: Anand Sharma, Congress


Mamata makes dramatic claim

Today, I am taking pledge that either I’ll die or live but will remove PM Modi from Indian politics: Mamata Banerjee


The increase in cash reserve ratio by RBI is part by liquidity management strategy: Shaktikanta Das, Economic Affairs Secy


Demonetisation has paralysed our economy;when the colour of new notes will fade, what is the use? How'll it stop fake currency: RS Surjewala


Congress, Left parties protest in Telangana

Congress and the Left parties organised protests in Hyderabad and other places in Telangana as part of the 'Aakrosh Diwas' called by them to highlight the hardships faced by people following the Centre's demonetisation move.

"This protest is to highlight the great inconvenience people are facing even 20 days after the decision (of demonetising Rs 500 and Rs 1000 notes) was announced," Reddy told reporters. — PTI


Congress in Arunachal Pradesh demands enquiry on black money stashes abroad

The Congress in Arunachal Pradesh joined the nation-wide protest against demonetisation and demanded an enquiry by a Parliamentary Standing Committee on the black money stashed abroad.

Joining the 'Akrosh Diwas' protest against demonetisation, Arunachal Pradesh Congress Committee (APCC) asked the Centre to enhance the withdrawal limit of cash from ATMs and banks to ease public inconveniences.

Thousands of Congress workers holding placards organised joined the protest at Indira Gandhi Park in Itanagar and unequivocally denounced Prime Minister Narendra Modi's move as "a political move being sold as a fight against corruption".

Addressing the gathering, former Chief Minister Nabam Tuki said that the NDA government's demonetisation move came at a time when the country was passing through a crucial phase.

"The BJP is trying to create intolerance and want to make the country economically weak. The prime minister took a hurried decision for which people are forced to suffer in remote and inaccessible areas where there are no facilities of banks and ATMs," Tuki said. - PTI


PM acting like God: Mamata Banerjee

PM suddenly came up with this decision acting like God; Never asked who needs Rs 500/1000 and made the #DeMonetisation move: WB CM

Bazaar, cinema, Jatra (theatre) - everything got affected, but he (PM) didn’t care about the common people: Mamata Banerjee #DeMonetisation


Strike called by Left parties fails to evoke much response in Bengal

The state-wide 12 hour strike called by the Left parties to protest demonetisation failed to evoke much response in Bengal.

Government and private buses, trams and other private vehicles were seen plying on the road while most of the shops and markets were open.

Train services of Eastern Railway in Sealdah and Howrah sections, besides Metro Rail services were also normal, Railway sources said.

"So far there has been no incident. The situation is peaceful and normal", ADG (Law and Order) Anuj Sharma told PTI.

The strike call by the Left Front has been opposed by the ruling TMC in West Bengal.

Transport Minister and senior Trinamool Congress leader Suvendu Adhikari said his department is plying 3000 more buses to maintain normalcy.

"It seems the people have rejected the strike call. The people of Bengal very well know that strike does not serve any purpose. If you want to oppose anti-people decision you have to hit the streets," TMC secretary general Partha Chatterjee told PTI.

The Left Front claimed that the strike is going on peacefully and accused ruling TMC of trying to unleash violence at certain places. - PTI


What happened is an illegality: Congress

"He is speaking everyday on this issue, trying to mislead people," Congress leader Anand Sharma told Times Now. "How are new currency notes with the terrorists?" he said.

"Today, people have no access to their money. What has happened is an illegality," he said. "The prime minister must apologise because he has said that those opposing demonetisation have black money. Who is he to say that?" he added.


Kolkata: WB CM Mamata Banerjee takes part in TMC protest march #DeMonetisation


Congress protests in Mumbai

#DeMonetisation: Congress workers take out 'Jan Akrosh Rally' in Mumbai.


Sitaram Yechury joins protest

"How will the farmers and labourers in our country stay alive?" CPI(M) general secretary Sitaram Yechury said as he joined the Left protest at Jantar Mantar, New Delhi.

He also alleged that Modi had failed to keep his promises of bringing back black money.

"You are taking action against farmers and common people. This will not have any effect on black money. They say this will reduce corruption? The corruption caused by Rs 1,000 note will now take place because of the Rs 2,000 note," he said.

"This will not stop terrorism because the funding for terrorism goes abroad," Yechury further said. "Are you trying to tell the people that Narendra Modi will take decisions in their lives?" Yechury said.


Kolkata: TMC leaders and workers take out protest march #DeMonetisation


Mamata Banerjee leads rally in Kolkata

According to reports, Bengal Chief Minister Mamata Banerjee has now joined the protests against demonetisation.


Don't doubt our integrity: Rajnath Singh in Lok Sabha

"If you have a complaint on implementation then we are ready to debate,don't doubt our integrity," ANI quoted Home Minister Rajnath Singh as saying. "The prime minister will join the debate anbd intervene when it is necessary," he further said.

If you have a complaint on implementation then we are ready to debate,don't doubt our integrity: HM Rajnath Singh in LS #DeMonetisation


More than 70 people have died: Congress in Lok Sabha

More than 70 people have died, and more than 1000 people have been injured: Mallikarjun Kharge,Congress in LS #DeMonetisation


We are not demanding like TMC to keep the black money; We're demanding to relieve miseries of common people: Left Front chairman Biman Bose


A cashless village

ICICI Bank adopted Akodara village in 2015. It has now virtually gone cashless using digital technology. Jotsnaben Patel, a teacher says, “Here most local financial transactions happen via mobile banking, card payments and net banking instead of cash. It’s India’s first digital and cashless village.”

Read the full report here.


Kolkata (WB): Left parties, including CPM and CPI, stage a protest over #DeMonetisation


Demonetisation issue continues to disrupt Parliament proceedings

Follow live updates on the Parliament proceedings here.


Government will take strict action against those who mislead the poor and try to amass Benami property through the poor.


A single party does not have monopoly on fight against corruption: Shiv Sena

Kisi ek party ki monopoly nahi hai bhrashtachar khatam karne ki, sabhi deshbhakt hain: Sanjay Raut,Shiv Sena #DeMonetisation


Enter Rahul Gandhi

Delhi: Rahul Gandhi protesting in front of the Mahatma Gandhi statue at the Parliament complex #DeMonetisation.

Opposition including DMK, CPM, Congress and RJD protesting in front of Gandhi statue in Parliament #DeMonetisation


Demonetisation historic move: Mehbooba Mufti

Ye mamooli faisla nahi hai,kuch din dikkat hogi logon ko lekin ye mulk ke liye historical saabit hoga: J&K CM Mehbooba Mufti #DeMonetisation


MK Stalin, DMK workers taken into preventive custody in Chennai: ANI


Congress workers detained in Jammu

Jammu: Congress workers held a #JanAkrosh rally, detained by Police. #DeMonetisation


Congratulated PM Modi for demonetisation decision: Mehbooba Mufti

"I have congratulated PM Modi for demonetisation decision," ANI quoted Jammu and Kashmir Chief Minister Mehbooba Mufti as saying.


Details of the strike called by LDF govt in Kerala

The 12-hour strike called by the CPI(M)-led LDF government in Kerala, as part of the nationwide agitation by opposition parties against demonetisation and the resultant crisis being faced by the cooperative sector in the state, began on Monday morning.

In the early hours of the strike which started at 6 am, autorickshaws were seen plying in some places, providing some relief to people.

Police vehicles were used to transport railway passengers and patients coming from far off places to the Regional Cancer Centre here.

Kerala State Road Transport Corporation (KSRTC) and private buses are keeping off roads in most places.

Some Sabarimala pilgrims who arrived at Kottayam by train complained that they were unable to leave for the Ayyappa temple as buses were not plying.

"We have been waiting for hours. Though some private taxis are available, we cannot afford them as the fares are exorbitant," a man from Andhra Pradesh said.

The tourism sector and vehicles of Sabarimala pilgrims have been exempted from the strike.

Keeping in mind the peak tourist season, the government had decided to exempt tourists from the strike. It has issued instructions to all departments concerned, including police to take all possible steps to ensure that the tourism sector was not hit by the strike.

Tourism Minister Kadakampally Surendran had also requested for exemption of tourists and tourist vehicles from the strike. - PTI


Shutdown in Tripura due to Left parties' protest

Life crippled in Left ruled Tripura as a Left Front sponsored 12-hour shutdown observed in the northeastern state to protest against demonetisation of higher currency notes by the BJP led central government.

The dawn-to-dusk strike was called by the Communist Party of India-Marxist led Left Front as part of the Left parties' all India agitation against the demonetisation of Rs 500 and 1,000 currency notes.

Government and semi-government, private offices, banks, educational institutions, shops and business establishments were remained closed due to the strike.

All types of vehicles, except security forces, remained off the roads.

Aircrafts in-between Agartala, Guwahati, Kolkata and New Delhi have been plied as usual.

Train services between Tripura and rest of the country were affected as the Left party workers blocked several trains in different locations in the state.

"There is no untoward incident reported from anywhere in the state. The shut down remained peaceful across the state," police spokesman Uttam Kumar Bhowmik told IANS.


TMC hand in gloves in BJP: Left

According to CNN-News18, Left parties are holding protests in Kolkata against demonetisation. They also claimed that TMC was, in fact, hand in gloves with BJP and BJP was not going after black money hoarders.


Prime minister does not have courage to face Parliament: Mayawati

"We are protesting for the welfare of the nation. We had decided that every party will protest in its own way," said BSP chief Mayawati on the protests in parts of the country.

"Some parties called for Bharat bandh while others called for Akrosh Divas," she said. "Even though our party is not involved in these two protests, our party is still against the demonetisation decision," she added.

"The prime minister does not have the courage to face the Parliament," Mayawati said.

BJP is saying opposition has called for #BharatBandh, but in reality PM through his #DeMonetisation move already did this: Mayawati


Akrosh Divas uproar hits Parliament

"Since the prime minister took the demonetisation decision, the akrosh among the people has led to the Jan Akrosh Divas across the country," said Ghulam Nabi Azad in the Rajya Sabha.

Union minister Venkaiah Naidu asked members to follow the proper procedure in the House.

Soon after that, Opposition members stormed the Well of the Rajya Sabha.


This oppn protest is against 125 crore people of the country who have whole heartedly supported #DeMonetisation : Jitendra Singh,MoS,PMO


Anger not against 'Notebandi' but against 'Nakebandi': Naqvi

“Aakrosh” (anger) is not against “Notebandi” but against “Nakebandi” (blockade) of black money….


Opposition meeting ends 


Parties will demand apology from PM for his remarks against opposition, reports ANI.



Opposition meeting ends, parties to demand apology from PM for his remarks against opposition #DeMonetisation : Sources


Lukewarm response to anti-demonetisation strike in Bengal


Trains, flights operated on schedule, most vehicles were on the roads, markets and shops did normal business.


Schools and colleges functioned, even though attendance was less than usual. Offices and business establishments functioned normally throughout the state.


Kolkata's Metro services were normal, autorickshaws and taxis were on the roads, and only a few private buses did not ply.


With inputs from IANS


Only those hiding black money were against demonetisation: BJP


President of Puducherry unit of BJP, V Saminathan in a release said that those who were honestly paying income tax were all praise for Prime Minister Narendra Modi's initiatives. "Only those hiding black money were up in arms against it," he alleged.


With inputs from PTI


In Nagpur, BJP offers sweets and flowers



Nagpur: BJP's 'Jan Abhaar Divas' to counter Congress's #janakroshdiwas, offer sweets and flowers to people working #Maharashtra


Why is Opposition running away from debate in Parliament? asks Govt

"Opposition should debate in both Houses of the Parliament, we are ready. Why are they running away?" ANI quoted Ananth Kumar as saying.


Visuals of Congress rally in Patna

Patna: Congress #janakroshdiwas rally against #DeMonetisation


Trains halted in Bihar

Several trains were halted in Bihar as the Left parties and others on Monday began a nationwide shutdown to protest demonetisation, police said.

The supporters and workers of the Left parties including the CPI, CPI-M, CPI(ML) and other parties stopped over a dozen long route trains at Patna, Gaya, Jehanabad, Bhagalpur and Muzaffarpur railway stations.

"Several trains were halted to enforce shutdown," a police officer said. Roads were also blocked at various places across the state.

Read full report here.


Initially they supported #DeMonetisation,but surprisingly today Odisha Govt has shut down schools and colleges: Dharmendra Pradhan,Union Min


Left Parties protest in Bengal

The state-wide 12-hour strike called by the Left Parties to protest the demonetisation of Rs 1000 and Rs 500 notes began in West Bengal, with normal life visibly unaffected in the first few hours.

Government buses and other private vehicles were seen plying on the road.

"So far there has been no major incident, except a few small ones in the districts," a senior police official said.

The strike call by the Left Front has been opposed by the ruling TMC in West Bengal.

"We oppose bandhs. We will take out a protest march (against demonetisation) on Monday," state Chief Minister Mamata Banerjee had said.

The TMC said it was against putting people to more hardship when they are "already facing a lot of problems owing to the scarcity of cash". - PTI


DMK workers protest in Chennai

Chennai: DMK workers protest against #DeMonetisation


All opposition parties united except for JD(U): SP

All the opposition is united, except for JDU which is maintaining a dual stand: Naresh Agarwal,SP MP #DeMonetisation #wintersession


Most parties had not called for Bharat bandh due to huge cost involved

According to NDTV, most parties had not called for a Bharat bandh because of the huge costs involved, which according to FICCI, could be Rs 13,000 crore per day.


CPI(ML) workers in Darbhanga stop train in Bihar

Bihar: CPI(ML) workers in Darbhanga stop train in protest against #DeMonetisation (earlier visuals)


Protests reported from various parts of the country

Allahabad: Samajwadi party workers protest against #DeMonetisation

Left parties 12 hour bandh call: Bandh observed in Thiruvananthapuram #DeMonetisation


Didn't call for Bharat Bandh: Congress

(Updates begin for 28 November)

We have not called for #BharatBandh , as it causes inconvenience to people, we called for Jan akrosh divas: GN Azad,Congress #DeMonetisation


Modi asks youth to help create a 'less-cash society'

(Updates for 27 November)

Prime Minister Narendra Modi on Sunday talked about the demonetisation of Rs 500 and Rs 1,000 notes on the radio programme 'Mann Ki Baat' and appealed to the people of India to help him create a "less-cash society".

"A lot of people have asked me to talk more about the currency ban," said the Prime Minister, as he began talking about demonetisation.

"When I had taken this decision, I had said that this is full of difficulties. And the implementation of this decision was also bound to be difficult. I knew about the kind of difficulties people would have to face," Modi said. "I knew that it will definitely take 50 days to come out of the effect [of demonetisation]," he added.

"But for 70 years, we have been tolerating the disease of corruption and black money. The cure to that disease cannot be simple," he said.

"But I see your support. Despite so many attempts to dissuade you, you have understood this move for the welfare of this nation," said the Prime Minister. "The entire world is watching this move. Every economist is analysing this move. The world is watching whether 1.25 crore Indians, despite difficulties, will achieve success."

He then said that India trusts its citizens who will make the country emerge successful after "this test of fire".

Read the full report here.


When so many people are suffering, how can it be a good decision? asks Mayawati


BSP understands the suffering of the people: Mayawati


Bringing up Modi's absence in Parliament, Mayawati said that the prime minister is scared to face the Opposition. "Why does he cry everytime? He does that for public sympathy. We (BSP and opposing parties) will keep fighting for the Indian public and Indians are regretting their 2014 mandate. However, the prime minister is not affected by that emotion," Mayawati says. 

PM Modi ka baar baar emotional hona, aansu bahana, ye public ko blackmail karna nahi hua toh kya hua?: Mayawati


Congress is on ventilator in Uttar Pradesh: Mayawati


Just like Samajwadi Party, BJP is digging its own grave before Uttar Pradesh elections: Mayawati


Slamming the Centre over faulty implementation of the demonetisation drive, Mayawati said that the government has unleashed an Economic Emergency on the nation and the party does not care how people of the nation are suffering. 

PM Narendra Modi is scared to address the Opposition in the House over the #demonetisation issue: BSP Chief Mayawati

#DeMonetisation move has brought nothing but economic emergency, common people are suffering: BSP Chief Mayawati

UP ke Assembly chunaav me BJP ko khatra ab sirf BSP se hai; SP, Congress, jo ki abhi oxygen par hi chal rahi hai, unse nahi hai: Mayawati


Decision to demonetise is a selfish move: Mayawati

Addressing the media on Saturday, BSP chief Mayawati lambasted the Narendra Modi government over the decision to demonetise the currency notes Rs 500 and Rs 1,000. The BSP chief tore into the Centre and said that the move was extremely immature and not well-thought out. 


"The prime minister's move to demonetise was taken for political gains. All the promises made by Modi during the 2014 Lok Sabha elections have been forgotten. There is mayhem in the country but BJP does not care about that."

The demonetisation decision was taken by the Centre for political gains: BSP Chief Mayawati


Demonetisation will make economy safe, vibrant: RSS


Justifying the demonetisation move, RSS said it is a step taken in the national interest with "honest intention" of initiating transparent monetary practices that will make the country's economy safe and vibrant. Head of RSS' communications department Manmohan Vaidya said that "all anti-national, separatist and terrorist activities in the country seem to have come to a sudden halt, resulting in restoration of normalcy in Kashmir Valley after a long time".

"It is obvious that the common people have to face difficulties initially as this is a drastic step towards financial integrity and accountability in the country with the aim of making our economy safe and vibrant," he said.




U'khand HC seeks Centre's reply on cooperative banks not accepting old notes


The Uttarakhand High Court sought a reply from the Centre for not allowing cooperative banks to accept deposits of banned high value currency notes saying this was causing problems to farmers who were mostly customers of such banks.


Hearing a PIL filed by advocate Neeraj Tiwari on Friday, questioning the government on non acceptance of scrapped notes by district cooperative banks, a division bench comprising Chief Justice K M Joseph and Justice Alok Singh asked the Centre to file a reply by Tuesday.


The PIL contended that no transactions can be made in the accounts of district cooperative bank account holders as a result of which farmers were facing problems. It was pleaded that after demonetisation, scrapped notes were banned to be deposited in district cooperative banks.


Vadodra: 100 Congress workers detained for blocking roads


In Vadodara, at least 100 Congress workers were detained from different parts for trying to block the roads. While two Congress workers were detained for setting fire to tyres on Ahmedabad-Vadodara highway on the city outskirts, around 100 have been detained for blocking an internal city road at Dandiya Bazar area.


Those who have been detained include Vadodara Congress president Prashant Patel and General Secretary of Gujarat Congress Narendra Ravat.


"We are not against demonetisation. We are against the hardships being faced by poor people due to mismanagement in implementing this scheme," Ravat said, when he was detained and taken away by police.


136 Congress workers, 44 women, detained


In Ahmedabad, 136 Congressmen, including 44 women workers, were detained for stopping the state transport buses at the city's main bus depot in Geeta Mandir area. "We had deployed large number of force to stop the agitators from blocking the buses at Geeta Mandir. During evening, we have detained 136 Congress workers for trying to stop the buses. We have released them afterwords," Assistant Commissioner of Police (K division), Chintan Teraiya, said.


Talking to reporters, city Congress chief Chetan Raval slammed the Centre over the "unavailability of cash". "The situation is worsening by the day, as people are unable to withdraw their own money from banks and ATMs. Despite standing in queue for hours, people are going home empty handed. This protest is to highlight the issue of mismanagement by the government," Raval, who led the protest, said.


Congress' rail and bus roko stir in Gujarat


Gujarat Congress on Friday had held "rail and bus roko" agitation across the state to protest the Centre's demonetisation move and the cash crunch. The call for the agitation was given by Gujarat Congress two days ago, alleging that the Narendra Modi government had failed to address the issue of shortage of cash.


Responding to the call, large number of Congress workers and leaders, including those from the party's student wing NSUI, today blocked roads in cities like Ahmedabad, Rajkot, Jamnagar, Surat, Vadodara, Chhota Udepur, Limdi, Morbi, Himmatnagar, Mehsana, Valsad, Bardoli, Dahod and many other parts of the state.


At several places, such as Rajkot, Himmatnagar, Nadiad, Surat and Bharuch, protesters also stopped trains by squatting on the tracks or climbing onto the locomotives, prompting the police to detain them. According to police, hundreds of protesters were detained across the state by police for trying to stop buses as well as trains.


-- PTI


Liquidity issues to stay for three months: Niti Aayog's Panagariya


Niti Aayog vice-chairman Arvind Panagariya acknowledged that the demonetisation move will impact economic activity and growth due to lack of liquidity in the system which could be in short supply for three months. "In the short run, you have a liquidity crunch. It is going to impact economic activity and it is also happening. The problem is being gradually solved, liquidity is being put into the system back and at the pace at which we're going, I imagine that might be maximum a quarter during which this shortage will stay," he said at an Asia Society event in Mumbai


Stating that the liquidity situation is better now than it was a fortnight ago after Prime Minister Narendra Modi announced the surprise move to scrap Rs 500 and Rs 1,000 notes, Panagariya said the last month within the quarter will see a small shortage of liquidity.


Speaking a day after former prime minister Manmohan Singh's statement about impact of up to 2 percentage points on growth, Panagariya said, "I think it's a matter of a quarter and how much impact on the growth rate that happens in this quarter is anybody's estimate."


Practical snags in plan but good for common man: Amar Singh 


To allegations that the government was not well prepared and no adequate time was given before implementing the decision, Amar Singh said, had they been given time, the objective of the decision would have been defeated as entire black money would have adjusted.


"Though, there are some practical snags in this plan, but if it succeeds, people would have their entire black money wasted and they would be prompted in future to pay the taxes," he said, adding that this would lead to an economic equilibrium in the society and reduction in real estate prices. 


Meanwhile, speaking in Varanasi, Singh said he is "not against the demonetisation scheme" but is "pained" to the see the common people suffering (from it).


"I am not against this scheme, but the government's failure in making proper arrangement before implementing it has only brought sufferings in the lives of common people which has pained everyone of us," he said.


"The middle class people are the worst affected," he claimed and urged the Centre to come up with a measure to relieve the sufferings of the people. 


Amar Singh hails demonetisation move


While the senior leadership of Samajwadi Party (Chief Minister Akhilesh Yadav, party supremo Mulayam Singh Yadav) has been extremely critical of Narendra Modi government's demonetisation drive, party leader Amar Singh said PM Modi's decision was a bold one and needs suggestion for effective implementation.


"I am not from BJP, but would definitely say that the decision was a bold one and feel that instead of criticising it, the need was to give suggestions to achieve the desired results," Singh, who arrived here to attend a private function, told reporters at the Jodhpur civil airport.


He also said that suggestions should be given to Modi so that the trouble, whatsoever, the common man was facing, could be solved.


Amar Singh hails demonetisation move


While the senior leadership of Samajwadi Party (Chief Minister Akhilesh Yadav, party supremo Mulayam Singh Yadav) has been extremely critical of Narendra Modi government's demonetisation drive, party leader Amar Singh said PM Modi's decision was a bold one and needs suggestion for effective implementation.


"I am not from BJP, but would definitely say that the decision was a bold one and feel that instead of criticising it, the need was to give suggestions to achieve the desired results," Singh, who arrived here to attend a private function, told reporters at the Jodhpur civil airport.


He also said that suggestions should be given to Modi so that the trouble, whatsoever, the common man was facing, could be solved.


In times of demonetisation, Modi in Bhatinda extols the virtues of mobile phones


Prime Minister Narendra Modi is in Bhatinda to lay the foundation for AIIMS.

Your mobile phone can be turned into your bank and wallet; Today’s tech can help you use it for purchasing things, making payments: PM


Want Pakistan to fight against black money, fake currency: PM

Speaking while the foundation laying ceremony of a new AIIMs centre in Bhatinda, Prime Minister Narendra Modi said that he wants the people of Pakistan to fight against black money and fake currency. 




#DeMonetisation : Congress workers stage a 'rail roko' protest in Surat (Gujarat).


Watch: Modi slams those criticising government's preparedness

#WATCH: PM on demonetisation: Those criticising don't have problem with Govt's unpreparedness but that Govt didn't give them time to prepare


 PM Modi may push for back channel talks with Opposition to end impasse


With the Parliament Winter Session on the verge of becomin a near washout, the Prime Minister is mulling to reach out to the Opposition, according to CNN-News18.


Amid raging protests by the Opposition in both the Houses of the Parliament, Prime Minister Narendra Modi may push for back channel talks to negotiate with the opposition parties to let the House function. The TV channel further reported that the government may finally give in to the Opposition's key demand of a statement from PM Modi in the House.


On Wednesday, the Prime Minister was finally in attendance of the proceedings of the Lower House, but he did not participate in the debate. Modi may attend the Rajya Sabha tomorrow and issue a statement in the House.


#EXCLUSIVE | @Paytm CEO @vijayshekhar speaks out on #demonetisation, says note ban ushering in golden period. India ready for digital deals

#EXCLUSIVE | 'No revolution happens overnight. I applaud PM Modi 's bold move': @Paytm CEO @vijayshekhar to CNN-News18 on #demonetisation


We are not against #DeMonetisation, but just against the way they implemented it: Amar Singh


Rs 21,000 crore deposited in Jan Dhan accounts 


Reports suggest that Rs 21,000 crore has been deposited in Jan Dhan accounts since demonetisation of high value currency notes was announced. Most of these deposits have been made in West Bengal and Karnataka. Government will probe into these sudden deposits. 

Govt Sources: 21000 crore money deposited in Jan Dhan accounts ever since demonetisation scheme was announced #CashCrisis

#UPDATE | Govt will be monitoring these sudden deposits in Jan Dhan accounts: Govt Sources tell @maryashakil #CashCrisis #Demonetisation


Spokesperson of @AamAadmiParty @raghav_chadha slams Modi Govt for his Tughlaqi decision of #Demonitisation at Jantar Mantar


Driver of a van carrying cash to an ATM flees away with Rs 1 crore 37 lakhs in KG Road (Bangalore). Investigation underway


Govt asks Nabard to disburse Rs 21,000 crore to cash-starved farmers


The government has allowed Nabard to disburse Rs 21,000 crore to cash-starved farmers, helping them sow winter crops like wheat ahead of the sowing season, Economic Affairs Secretary Shaktikanta Das said today.


The government's demonetisation move, which swept away 86 percent of currency in circulation, has badly hit farmers leaving them without cash just ahead of the sowing season.


Das said the National Bank for Agriculture and Rural Development (Nabard) will disburse the money to farm cooperatives for onward payments to farmers.


"NABARD, for the facility of agricultural operations in the current rabi season and especially for the benefit of farmers, has sanctioned a special limit of Rs 21,000 crore to district central cooperative banks," he told reporters here. 


More than 40 percent small and marginal farmers get crop loans from cooperative institutions, he said.


The move is aimed at easing liquidity crisis facing farmers who were left with very little cash to buy seeds and fertilisers for winter crops due to restrictions placed on bank withdrawals post demonetisation.  - PTI


Paan shop owner gets 'fake' Rs 2,000 note


Days after the Centre introduced the Rs 2,000 note after its demonetisation move, a paan shop owner here on Wednesday claimed that he received a "fake" note of the denomination from an unknown customer.


Vansh Barot, who runs the Anand Paan Shop in Bodakdev locality here, went to the RBI regional office, to deposit the note along with an application as directed by bank officials, in order to get rid of the "fake currency" in his possession. 


Barot said he accepted the note from an unknown customer on either Friday or Saturday as he had to purchase supplies for his shop.


"I happily accepted it without doubting its authenticity, especially considering that the note has certain features of original note such as Gandhi watermark and
security thread, which makes it resemble like an original note at first glance," he said.


"I took the note thinking that there is no possibility of anyone giving me a fake currency at this juncture. The note bore such close resemblance to the original note, that I had little doubt about its authenticity," he added.


Barot realised the note was fake when a supplier he went to raised an alarm after examining the note.


"When I place it against the original note, I could see the difference very clearly. The paper quality of fake note is poor, and even its size is slightly smaller than the original note," he claimed.


"When I took it to two banks to ascertain that it is fake, bankers there did not clearly told me whether the note is fake. Certain that the note is fake, I took it to a branch of another public sector bank where a senior official on Monday confirmed it is a fake," he added.  – PTI


'Protests will continue'


The protests will continue till this problem is solved. Fight will continue till the common man, traders, farmers, labourers get money, said Mamata Banerjee at Jantar Mantar. 


This is feudal landlord system brought by this government, where poor are snatched off their earnings: Mamata Banerjee #DeMonetisation


Government has lost all the credibility, and if credentials are lost everything is lost: Mamata Banerjee


This protest is not about election, govt should understand that whatever they did is affecting normal people: Mamata Banerjee


Mamata hits out at Modi

Mamata Banerjee said that Modi came to power with the promise of 'acche dine, but in the next election, nobody will support the BJP. She added that the current govt has lost its credibility. 


When our country's economy was moving at a steady rate, govt brought in #Demonitization that really shuffled our country: Mamata Banerjee


Most of industries are on standstill, labour & working class is not getting their daily wages and not able to eat anything: Mamata Banerjee


'There is only decision, no action'


Mamata Banerjee at Jantar Mantar said that farmers, traders, tea garden workers and workers at the jute industry workers have been hit by the demonetisation move. Shops are closed, even shopping malls are closed.


WB CM Mamata Banerjee: BJP will get a reply for demonetisation in the upcoming elections #CashCrisis


Mamata Banerjee at Jantar Mantar


Mamata Banerjee speaks at the Jantar Mantar. She hits out at the Narendra Modi govt and said that the other parties have the right to protest. "We will see how many votes Modi gets in the upcoming polls," she said and added that he will not have public support. 


PIL against demonetisation: HC declines immediate relief


The Delhi High Court on Wednesday refused to pass any interim order on a PIL seeking a direction to the Centre to remove the cap on daily withdrawal of money deposited by the public in banks before demonetisation of Rs 500 and Rs 1,000 currency notes.



#CashCrisis | @AamAadmiParty joins TMC protest, Raghav Chaddha reaches Jantar Mantar


Anand Sharma: PM's Nov 8 announcement is a violation of RBI Act #CashCrisis

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For most Indians, the salary day this month is going to be unlike any other. The reason being the unabated cash crunch due to the demonetisation of Rs 500 and Rs 1,000 notes announced on 8 November.

After the demonetisation, which ceased the legal tender status of the notes and also introduced new Rs 2,000 and Rs 500 notes, there has been severe shortage of smaller denomination notes that has resulted in long queues at banks and ATMs. Banks and the RBI have also rationed the cash supply in order to meet the demand. Customers can withdraw only Rs 24,000 a week from a bank and Rs 2,500 from an ATM. However, there are further restrictions to banks are not possessing enough cash. For instance, as there are no Rs 500 notes available yet, you can withdraw only Rs 2000 from an ATM. Also it is difficult to get change for Rs 2,000 note.

Representational image. PTI

With the salary withdrawal, which is a regular occurrence at the beginning of every month, expected to start any time now, there are concerns that the situation is going to worsen. So how do you deal with a month on a tight leash unable to access your own money freely?

First things first. This is a month where you won't find it easy making payments or getting people to accept online payments. So factor that difficulty in. But this would only be a beginner's problem. A month later, things should be better. Or so is the expectation.

Anil Rego, CEO & Founder, Right Horizons; and Pankaj Mathpal, Managing Director, Optima Money Manager Pvt Ltd suggest ways to deal with cash crunch better:

Here we go:

Making cashless transactions: Use a combination of mobile wallets, debit and credit cards to make your life easier. Conserve cash as much as possible. That means prune your expenses. Go eating out much less and entertaining folks even lesser. Everyone will understand. Cash crunch is universal in the country. Use cards and mobile wallets wherever possible. If you are able to do that more, most of your expenses will come down considerably. And also your stress levels.

Pay groceries by card: If your kiranawallah does not accept card payments, too bad for him. Go to the supermarket or any other store that does. Your local grocer will realise that there if he or she doesn't go cashless it will result in huge business loss. Next month, if not now, he will be prepared for cashless transactions.

Help your household help: You could help your household help by buying provisions, etc so that she can tide over the month without cash. Most of them have bank accounts which is rarely used and you can help them by showing them how to access cash by using card for payments. Pay by cheque or electronic transfer in the account of your domestic help. If your household help does not have a bank account, assist her in opening a zero-balance account under Jan Dhan Yojana. That will be a permanent solution.

Bank transactions prove the credit worthiness of a person and it will help the domestic helps in raising loan, if they need anytime in future. If you tell this to them they will accept cheque payment easily. Most of the domestic helps use smart phone nowadays. Educate them on the benefits of e-wallet and help them to download the app on their mobile. You can easily transfer money into the e-wallets. You can also pay through Unified Payment Interface (UPI) in the account of your domestic help. There is no registration needed. You can use UPI for utility bills too.

Sign up for ECS facility: Sign up for electronic clearing system and it will deduct the bill amounts directly from your account. You could pay your telephone bills through ECS. You need to give an authorisation to automatically debit the bills. Newspaper hawkers shouldn't be a problem either as they accept payment through cheque or electronic transfer in their accounts as they further pay to the newspaper agency. Every newspaper hawker is expected to have a bank account. If they don't accept cheques, that means their intention is to evade tax on their income.

Use mobile wallets for travel expenses: Use Paytm or any mobile wallet while using autorickshaws. Most of them accept it now. Using taxi aggregators like Ola and Uber should not be an issue. They accept online transactions. You could also download their apps to make payments easier.

Do not go to bank (unless it is absolutely necessary): You could try and avoid going to the bank as much as possible to withdraw cash. If you can do digital transfers, do that sit tight. Let those who is dire need of cash go to the bank. This will reduce the crowd at the banks and ATMs and make their life easier.

You can easily tide over a month with as little as Rs 26,000 as cash in hand if you use online modes of payments as mentioned above. You will have to pay for that cup of tea or coffee if it is a small outlet that does not accept online mode of payment. More importantly, going cashless will leave a digital trail of your expenses and you can keep a tab on your monthly budget and splurge or prune accordingly your wants and needs.