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Business News » India News

Demonetisation: A timeline of flip-flops since November 8

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Demonetisation: A timeline of flip-flops since November 8
A man counts 100 rupee banknotes after withdrawing them from a mobile ATM van. Image Source: Reuters

Prime Minister Narendra Modi shocked the country on November 8 by abolishing 500 and 1,000 rupee notes, which accounted for 86% of the cash in circulation. The move was aimed at cracking down on the shadow economy, but has brought India`s cash economy to a virtual standstill.

The government and the Reserve Bank of India have since taken a slew of measures to ease the pain from its measures. They are detailed below in chronological. 

November 26
- RBI says banks need to temporarily transfer deposits between September 16 and November 11 under CRR.

November 25
- RBI expands basket of securities that can be accepted for collateral under money market ops
- RBI says old currency notes can be exchanged at RBI branches
- RBI says tourists can exchange foreign currency worth up to INR 5,000 per week till December 15

November 24
- Govt stops over the counter exchange of old banknotes; can only be deposited
- Govt to ensure adequate cash supply for pensioners, armed forces personnel
- Allows certain payments in old 500 rupees notes including at tolls, hospitals for limited time 

November 23
- India govt says will offer Rs 210 billion in farm credit to farmers

November 22
- RBI sets balance kept in prepaid wallets, cards (PPIs) at 20,000 rupees from 10,000 til December 30
- Merchants can transfer up to 50,000 rupees from PPIs to banks til December 30 
- Monthly limits on transactions via PPIs raised to 20,000 rupees for 10,000 til December 30
- RBI asks state-run Nabard to disburse up to 230 bln rupees for crop loans

November 21
- RBI allows cash withdrawal of up to 250,000 rupees for wedding-related expenses. 
- RBI allows farmers to withdraw up to 25,000 rupees a week from their loan, deposit accounts.
- RBI gives small borrowers 60 more days before loans of up to Rs 10 million are marked substandard.
- Govt allows farmers to purchase seeds from state-run outlets with old 500 rupee notes.

November 18
- RBI sets limit of cash withdrawal at card swiping machines at Rs 2,000 per day 

November 17 
- Govt allows farmers to withdraw up to 25,000 rupees a week against the crop loans.
- Govt extends time limit for farmer to pay crop insurance premiums by 14 days.
- Cuts limit for over-the-counter exchange of old bills at banks to 2,000 rupees from 4,500.

November 15
- Govt says banks must use indelible ink to ensure people change cash only once

November 14
- Extends deadline for payments in old notes including for petrol for limited time 

November 13 
- RBI raises cap on weekly cash withdrawals from banks to 24,000 rupees from 20,000
- Removes per-day withdrawal limit cap of 10,000 rupees 
- Raises limit for over-the-counter exchange of old bills at banks to 4,500 rupees from 4,000
- Waives ATM fees for all transactions by savings bank customers til December 30
- Govt increases withdrawal limits at recalibrated ATMs to 2,500 rupees/day from 2,000 rupees

November 11
- Extends deadline for payments in old notes including for petrol for limited time.

November 8
- India abolishes 500, 1,000 rupee notes in fight against `black money.`
- 500, 1000 rupee notes must be tendered into banks, RBI by December 30.
- Caps exchange of old bills over-the-counter at banks at 4,000 rupees.
- Caps cash withdrawals from bank accounts at 10,000 rupees per day till November 24.
- Caps cash withdrawals from bank accounts at 20,000 rupees per week till November 24.
- Caps cash withdrawals from ATMs at 2,000 rupees per day per card till November 18.
- Caps cash withdrawals from ATMs at 4,000 rupees per day per card from November 19.
- Allows certain payments in old notes including for petrol for limited time 

(Compiled by Rafael Nam and Swati Bhat)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
banknotesDemonetisationATM withdrawalsRBIReserve Bank of IndiaPM ModiNarendra ModiCurrency BanOld Currencies
Written By: Reuters
Updated: Mon, Nov 28, 2016
01:19 pm
Reuters
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