One Year Of Demonetisation

The Reserve Bank of India (RBI) on Monday said 97.87 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,581 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, has declined to Rs 7,581 crore at the close of business on June 28, 2024. "Thus, 97.87 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned," the central bank said in a statement. The facility for deposit and/or exchange of the Rs 2000 banknotes was available at all bank branches in the country till October 7, 2023. The facility for the exchange of the Rs 2000 banknotes has been available at the 19 issue offices of the Reserve Bank since May 19, 2023. From October 9, 2023, RBI issue offices are also accept

This in a nutshell is the political fallout of demonetisation notwithstanding the claims of the BJP that it has been a masterstroke

Immediate impact aside, will it increase use of non-cash transactions?

Many workers opened bank accounts after demonetisation but with no jobs, there's no money to put in

Anil Bokil, the man who had proposed the demonetisation idea to Prime Minister Narendra Modi is averse to use of the word to describe the exercise; he prefers to call it 'note ban'

A year after the Modi govt's decision to demonetise high-value currency, this Business Standard ebook takes a comprehensive look at how various stakeholders of the economy have been impacted

The benchmark stock indices overcame the initial shock to deliver robust returns in the first year after the announcement of the note-ban move

Debroy said demonetisation should not be looked at only from an economic perspective

Debit/credit cards emerged as the most preferred mode with 54 per cent respondents saying they paid using cards

Bank unions, however, expressed their anguish on the anniversary of demonetisation

Demonetised and new currency worth crores and a large number of incriminating documents have been recovered so far: CBI

The litmus test for the success of any demonetisation is the amount of cash that does not return to the banking system

The Congress is observing it as a black day because the party is rooted deep in corruption, says BJP

Rahul Gandhi tweeted: Even a single tear is a danger for govt, you have not seen eyes turning into an ocean

The Trinamool Congress had earlier announced that it would observe 'Black Day' on November 8

Digital payments has increased compared with pre-demonetisation level, but by varying extents each month

Congress spokesperson Manish Doshi confirmed the proposed visit and the programme of the party vice president

The Congress, on its website, also put out an article on demonetisation, dubbing it as a 'Modi-Made Disaster'

For some, a friendly banker meant a shorter wait; the privileged ones managed things from the comfort of their homes or offices

Manmohan Singh said if anyone benefited demonetisation, GST, it was China whose imports to India grew by 23% in just 1 year