Demonetization reaches half-way mark, cash-crunch still on
RBI data revealed that so far Rs.8.44 trillion in old notes has been exchanged at banks, against an estimate of Rs.16 trillion in old notes in circulation.
The RBI also said that printing of Rs.500 notes has been doubled in an effort to calm the cash-crunch.
RBI estimates that 30 lakh new bank accounts were opened after demonetization, 11.8 lakh in SBI alone.
01 Dec 2016
RBI cuts validity of old Rs.500 notes
The RBI in a sudden move has reduced the validity of old Rs.500 notes to be used in petrol pumps and to buy airline tickets.
RBI had earlier stipulated that old Rs.500 notes could be used at petrol stations and airports until 15 December, but has reduced it till 2 December now.
The move was made as over 50% of demonetized notes were returned.
12 Dec 2016
Demonetization: Centre, RBI spar over SBS accounts freeze
Rajnath Singh slammed the RBI for freezing 52,000 accounts in the State Bank of Sikkim calling it a roadblock to the implementation of demonetization; RBI contends that SBS is not covered under the Banking Regulation Act.
A former CRPF soldier committed suicide allegedly due to inconveniences after the demonetization scheme.
Meanwhile, the government launched a 24-hour free-to-air TV channel to educate masses about digital-banking.
20 Dec 2016
RBI's stocked currency will last beyond December: Jaitley
According to Finance Minister Arun Jaitley, the Reserve Bank of India was fully prepared to face currency shortages post demonetization; it has enough currency to last "far beyond 30th December."
He said that RBI maintained its currency stock through both advanced and current printing level.
About currency presently in circulation, Jaitley said figures will be made public after accurate calculation post 30th December.
24 Dec 2016
Printing of 500-rupee notes increases threefold
500-rupee notes printed daily at the Currency Note Press (CNP) in Nashik saw a threefold increase as steps are being taken to meet shortage of newly introduced currency.
According to sources, 10 million pieces of Rs.500 notes are printed per day as compared to 3.5 million pieces per day in November.
CNP sent its biggest consignment of currency notes after the demonetization announcement.
28 Dec 2016
90% demonetized notes returned, Modi defends move
Sources said that over 90% of the demonetized notes have been returned to banks; PM Modi defended the demonetizationscheme, saying the move destroyed "terrorism, drug mafia, human trafficking and underworld."
He added that few sections were unhappy with the move as it affected their illicit income.
He also said the common man was alright with bearing slight hardships for the greater good.