Railways, Buses Won’t Accept Old Notes From Friday Midnight
Demonetisation rocks Parliament on Day 18 of the Winter Session.
Demonetisation Round Up
- Authorities seize over Rs 100 crore from 44 bank accounts in New Delhi.
- Government launches DigiShala, a TV channel, and a website, Cashless India, to educate people about demonetisation.
- A girl committed suicide when she was unable to withdraw money for her college fees.
- Supreme Court questioned the Central government on the rationale behind introducing demonetisation.
- Both Rajya Sabha and Lok Sabha were adjourned till Wednesday amid chaos over demonetisation
NIA Convicts Two People For Smuggling High Quality Indian Currency Notes
NIA Special Court on Friday convicted two persons for their involvement in smuggling and circulation of High Quality Indian Currency Notes. The quantum of punishment is likely to be pronounced by the NIA Special Court on 14 December 2016.
Indian Railways, Buses and Metros to No Longer Accept Old Rs 500 Notes
Indian Railways, metro counters and government bus ticketing counters will no longer accept old notes of Rs 500 starting midnight on 9 December.
Additionally, the CBI arrested K Sudheer Babu, an officer of the Indian Postal Service (IPoS) over alleged fraudulent cash exchange, reportedly.
Over Rs 100 Crore Found in 44 Bank Accounts in Delhi
Over Rs 100 crore was found in 44 bank accounts that didn’t follow KYC (Know Your Customer) norms at the Chandni Chowk branch of Axis Bank.
A sum of over Rs 450 crore has been deposited into different accounts of the branch since 8 November. Authorities are currently questioning bank officials.
Amount as High as Rs 76 Lakh Found in Raids
Police arrested four people in Surat, Gujarat, and recovered Rs 76 lakh from them in new currency notes. Investigations are currently underway.
In a separate incident in Haryana, another Rs 10 lakh were seized in new currency notes. The search operations began on Thursday night in Gurugram.
Govt Introduces TV Channel, Website to Educate People About Demonetisation
The government, on Friday, launched a television channel called DigiShala to educate people about demonetisation and digital transactions.
The channel was launched at 3 pm by Union Minister of Electronics and IT, Ravi Shankar Prasad and MoS Electronics and IT, PP Chaudhary.
The channel was accompanied with a website called Cashless India ,which went live on Friday afternoon.
SBI Branch Vandalised in UP
A crowd vandalised an SBI branch in Moradabad, Uttar Pradesh.
The crowd was reportedly annoyed by the non-availability of cash.
Rs 85 Lakh Cash in Rs 2,000 Notes Seized From One Person
The crime branch of city police seized Rs 85 lakh cash in Rs 2,000 notes from a person at Matunga in central Mumbai on Friday, police said.
The cash was seized by unit 5 of the crime branch from Babasaheb Ambedkar road in the afternoon, Mumbai Police spokesperson Ashok Dudhe said.
A probe is underway in this regard, the officer added.
Car Rams Into ATM Queue, Hurts 12
Twelve people were injured after a car, allegedly being driven by a drunk driver, rammed into a queue outside an ATM in Solapur district, Maharashtra on Friday, police said.
The injured have been admitted into a nearby hospital, where the condition of three is stated to be serious, police said.
The incident happened around 11 am at Atarnagar on the Solapur-Bijapur road, they said.
The car driver, who was allegedly in an inebriated state, was beaten up by the crowd and handed over to police.
Unable to Withdraw Money for Fees, Girl Commits Suicide
Bindu Kumari , a resident of Jamshedpur, Jharkhand, committed suicide on Friday after she failed to withdraw money for her college fees. She had to deposit Rs 35,000 as the fee installment, a sum she already had in her account. However, Bindu was not allowed to withdraw more than Rs 5,000.
Who Made the Policy, SC Asks Centre
Questioning the rationale behind the policy of demonetisation and the secrecy right up to its announcement, the Supreme Court asked the government:
The bench of Chief Justice TS Thakur, AM Khanwilkar and DY Chandrachud also directed the Centre to list a definitive plan to reduce the hardships being faced by people after the currency ban was imposed.
Rajya Sabha Adjourned
Rajya Sabha reassembled at 2:30 pm, but was soon adjourned till 11 am on Wednesday. Since there was no quorum, i.e less than a tenth of the House’s total strength was present, it had to be adjourned.
Lok Sabha Adjourned Till Wednesday
Amid chaos and slogans, the Speaker adjourned Lok Sabha proceedings until 14 December, next Wednesday.
Rajya Sabha Adjourned till 2:30 pm
Amid chaos over demonetisation and loud slogans of protest, Rajya Sabha was adjourned till 2:30 pm.
Rahul Gandhi Slams PM
Speaking to the media, Congress Vice President Rahul Gandhi asked why the government was scared to discuss demonetisation. He said the Prime Minister is going around giving speeches around the country, but is afraid to appear in Parliament.
He added that the government was running from debate:
Serpentine Bank Queues Claim Another
A 50-year-old man died after he collapsed while standing in a queue outside a bank in Shamli district, police said. The incident took place on Thursday, when Inam Ahmed, a tuberculosis patient, went to the bank to withdraw money.
He collapsed in the queue outside the bank and died on the spot, police said.
The deceased's wife Rabia Begum said that he was undergoing treatment at a nearby state-run community health centre.
Slogans of ‘Kisan Virodhi Sarkar’; RS, LS Adjourned
Rajya Sabha has been adjourned until 12 pm amid slogans of “kisan virodhi yeh sarkar, nahi chalegi, nahi chalegi (this anti-farmer government will not do)”.
Lok Sabha was adjourned for the second time in the day, even as the agenda was to formally discuss demonetisation.
PM Likely to Attend Parl on Wednesday
While Parliament remains up in arms over demonetisation, demanding that the Prime Minister make an appearance, reports suggest the PM may speak in Parliament on Wednesday.
Rajya Sabha on Zero Import Duty on Wheat
CPI(M) General Secretary raised the issue of zero import duty on wheat put in place by the government. In light of demonetisation, Yechury said the government was afraid of food riots and has therefore implemented this new rule. He argued that the farmer is the worst hit by the policy. BSP supremo also agreed with Yechury’s argument.
Congress’ Jairam Ramesh argued that if wheat’s buffer stock is high, what was the need to reduce import duties to zero?
Ramesh added that farmers have no cash to buy pesticides or fertilisers after demonetisation. But now the government is telling them wheat can easily be imported instead.
What to Expect in Parliament Today
Rajya Sabha: The issues discussed will likely be the same as yesterday. New papers will be laid.
Lok Sabha: Likely discussion on demonetisation, but without voting. Lok Sabha however adjourned till 11:30 soon after starting.
Note Ban Round Up
A month after Prime Minister Narendra Modi announced his policy of demonetisation, the storm has not died down. As people find ways around the note ban and struggle to tide over expenses, here’s a roundup of the implications of the ban.
- In a scathing letter, former Prime Minister, former Finance Minister and former RBI Governor called demonetisation a “mammoth tragedy.” Singh said the move would only cause injury to honest Indians who earn wages in cash, but black money hoarders will get away easily. (The Hindu)
- A month after demonetisation Finance Minister Arun Jaitley announced discounts on online payments for fuel, rail tickets and insurance. The government also waived service tax for payments up to Rs 2,000 made through cards and decided to do away with transaction fee for payment to Central government departments and PSUs. (PTI)
- On Thursday, over Rs 40 lakh was seized from a car in Madhya Pradesh with a fancy number plate, bearing the registration number MP04 BC 2505. The number plate also read ‘President of anti-corruption society’. The new currency notes, stuffed in a black cloth bag, were mostly in higher denominations. (The Indian Express)
- Contrary to what the RBI Governor claims, the crisis of demonetisation may take close to six months to resolve. According to reliable sources, all the four currency printing presses together have been printing notes worth Rs 6,300 crore everyday. If things stay as they are, it will require non-stop work for 175 days to reach the magic figure of Rs 11 lakh crore. (The Quint)
- The note ban and consequent cash crunch has affected Samajwadi Party and Bahujan Samaj Party’s plans to use single-engine helicopters for their election campaign in Uttar Pradesh. (Economic Times)
- The security threads used in the new Rs 2,000 and Rs 500 notes are “generic” and were supplied by two foreign companies – one Italian and the other American-Swedish. They may not be as foolproof as the one supplied by a British firm, which held a patent for the variant the Security Printing and Minting Company of India Ltd had used earlier. (The Quint)
- New Delhi’s high-end escort agencies as well as brothels in red light districts have resorted to the digital economy to carry out business. Agents have reportedly provided sim cards to sex works so they have access to e-wallets. (India Today)
- The Income Tax department has chanced upon a network in Mumbai that had been converting old currency into new legal tender for a commission of 35 percent. The I-T department has seized Rs 29.5 lakh from one of the culprits. (Livemint)
- A month after demonetisation, PM Narendra Modi thanked people for participating in this “yagna against terrorism, corruption and black money.” The Opposition meanwhile continued its protest and maintained a “black day.” (Times of India)
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