Demonetisation is Case of Total Collapse, Says Chidambaram
Demonetised notes can be exchanged at designated RBI counters till 31 March 2017.
- P Chidambaram called demonetisation “single biggest case of total mismanagement” on Friday
- Prime Minister Modi launched a mobile application, BHIM, at the DigiDhan Mela to carry out digital transactions earlier in the day
- The 50-day deadline to deposit old Rs 500 and Rs 1,000 notes ends today
- Currency notes can still be exchanged at designated RBI counters till 31 March 2017
- Prime Minister Narendra Modi is likely to address the nation on 31 December and roll out a massive campaign on New Year’s Eve, reportedly
Jaitley Briefs Media, Asks it to Stop Showing Old Pictures of Queues
Arun Jaitley, the current Finance Minister, addressed a press conference on Friday and said that the situation has now normalised. He also asked the media to stop showing images of queues before 10 December.
Jaitley also commented on the government’s crackdown on black money and said:
Demonetisation was Single Biggest Case of Total Mismanagement: Chidambaram
Addressing a press conference after the launch of BHIM, former Union Finance Minister P Chidambaram slammed demonetisation and called it “the single biggest case of total mismanagement, administrative collapse and widespread corruption”
He also said that contrary to the policies and decisions of the previous RBI governors, Urjit Patel’s decision to go ahead with the currency ban should be lauded.
Additionally, referring to the issue of terrorism in Jammu and Kashmir, he said that terrorism can be funded by the new currency just as well and that the death toll of security personnel in the region has only doubled since 2015.
Internet Will Not Be Needed Soon to Carry out Transactions, Just Thumbprints Will Do: PM Modi
Stating that BHIM will be "the world's biggest wonder", PM Modi said that soon an internet connection would not be required to use the application.
He added that technology is not a toy for the educated and the rich. It’s in fact a boon for the poor and the underprivileged.
The Indian leader also lauded the media for helping the government empower the poor with its schemes.
1 Crore, 29 Lakh Indians Trained in Digital Payments in 20 Days: Union Minister RS Prasad
PM Modi Launches Digital Payment App, Demonstrates How to Use
On Friday afternoon, the Prime Minister launched a new mobile application at the DigiDhan Mela at Talkatora Stadium. Called BHIM, Bharat Interface for Money, it was used by Narendra Modi on-stage to carry out a transaction. It can be downloaded from Google Play on android devices.
Additionally, Tihar Jail was declared a cashless institute at the event.
The Prime Minister also conducted lucky draw for 'Lucky Grahak Yojana' and 'Digi Dhan Vyapar Yojana'.
Jaipur: Jewellers, Traders, Shopkeepers Reel Under Note Ban
In Jaipur, jewellers, traders and shopkeepers are reeling under demonetisation. With some voices asking for the cap on withdrawal to be lifted, others said the policy was implemented at the worst time. Listen to what they have to say:
Varanasi: In Modi’s Own Constituency, Discontentment Continues
In Modiji’s own Lok Sabha constituency, disgruntlement continues. The serpentine queues continue to inconvenience people.
West Bengal: People Willing to Bear Unease For ‘Greater Good’
In Asansol, West Bengal, people seem to have taken the note ban in their stride. They speak of inconvenience, but are willing to bear it for the ‘greater good of the country.’ Listen to what they have to say.
Economist Ajay Shah on the Economic Impact of Demonetisation
How will the Indian economy adjust to the aftermath of demonetisation in 2017, BloombergQuint’s Ira Duggal asks economist Ajay Shah.
Shah believes that it will take a few more months before the economy recovers from the cash shock that was brought about by the note ban announcement.
Bhopal: Cashless Economy a Distant Dream
People in Bhopal admit that they have been inconvenienced, but add that the situation is limping back to normalcy. However, they are of the opinion that a thriving cashless economy is still a long way off. Here’s how Bhopal is reacting to the 50-day deadline.
Banking Expert Nilesh Shah Talks Demonetisation
We are live with Nilesh Shah, MD, Kotak Mahindra Asset Management. He talks about the upcoming budget, tax exemptions and whether demonetisation has been risky business.
Chennai: Cash Free, Crowd Free ATMs
The Quint’s reporter travels to several ATMs and here’s what the situation is like:
Mumbai: Shopkeepers Bear the Brunt
Demonetisation has been difficult for shopkeepers in Mumbai. Some shopkeepers told The Quint that they were unable to afford rent for their stores.
Here’s what the situation looks like right now:
Noida: Disgruntled Customers Outside Banks
The Quint’s reporter Badsha is live from outside a bank in Noida. Here’s what the situation looks like:
Indore: ‘Commendable Move By Modiji’
In Indore, The Quint encountered more content voices. Bank customers say the move was commendable and the situation seems to have stabilised. Take a look at how Indore is dealing with the note ban.
PM May Roll Out Massive Campaign On New Year’s Eve
Prime Minister Narendra Modi is likely to address the nation on 31 December, a day after the 50-day period to deposit demonetised notes expires.
“Prime Minister Narendra Modi is likely to address the nation before dawn of the New Year,” sources say.
However, it’s still unclear as to whether the Prime Minister would address the nation on Friday or Saturday. According to sources, Prime Minister Narendra Modi will roll out a massive campaign on New Year’s Eve.
50-Day Deadline Ends Today
The 50-day deadline to deposit the old Rs 500 or Rs 1,000 notes in banks comes to an end today but the cash crunch and queues before ATMs are likely to continue for some more time as currency printing presses have failed to meet the huge demand for new bills.
People will still have time to exchange demonetised currency notes at designated RBI counters till 31 March after giving valid reasons as to why they did not deposit the notes by 30 December.
The government and the RBI have not specified when the withdrawal and deposit restrictions will be withdrawn. Finance Secretary Ashok Lavasa had said the withdrawal cap would be reviewed after 30 December.
Also Read: An Update or Two Everyday! Here Are All 68 Changes Since Note Ban
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