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=== Political ===
=== Political ===
In the past, the [[Bharatiya Janata Party]] (BJP) had strongly opposed demonetisation. BJP spokesperson [[Meenakshi Lekhi]] had said in 2014 that "The aam aurats and the aadmis, those who are illiterate and have no access to banking facilities, will be the ones to be hit by such diversionary measures."<ref>{{cite web|url=http://www.hindustantimes.com/india-news/the-measure-is-anti-poor-when-bjp-opposed-demonetisation-during-upa-govt/story-1HSYEYCaX3SaIsRS6q2rhJ.html|title=The measure is 'anti-poor': When BJP opposed demonetisation during UPA govt|date=12 November 2016|work=Hindustan Times|accessdate=12 November 2016|author=Kumar Uttam}}</ref><ref>{{cite web|url=http://www.huffingtonpost.in/2016/11/11/bjp-had-a-very-different-view-on-demonetisation-in-2014/|title=BJP Had A Very Different View on Demonetisation in 2014|date=11 November 2016|publisher=Huffingtonpost.in|author=Betwa Sharma|accessdate=12 November 2016}}</ref><ref>{{cite web|url=http://indianexpress.com/article/india/india-news-india/demonetisation-bjp-aap-currency-ban-4370935/|title=Explain opposition to similar move by UPA: AAP to BJP on demonetisation|date=12 November 2016|work=The Indian Express|accessdate=12 November 2016}}</ref><ref>{{cite web|url=http://blogs.timesofindia.indiatimes.com/sanjeev-singh-blog/how-bjp-had-termed-demonetisation-as-anti-poor-in-2014/|title=How BJP had termed demonetisation as 'anti-poor' in 2014|work=The Times of India|author=|accessdate=12 November 2016}}</ref> This was before Prime Minister Narendra Modi launched [[Jan Dhan Yojana]] to include the poor into the banking system. However, now Government claims that 99.5% of the population is covered by Banking facilities thanks to popular measures taken by Shri Narendra Modi i.e. Jan Dhan Yojna.
In the past, the [[Bharatiya Janata Party]] (BJP) had strongly opposed demonetisation. BJP spokesperson [[Meenakshi Lekhi]] had said in 2014 that "The aam aurats and the aadmis, those who are illiterate and have no access to banking facilities, will be the ones to be hit by such diversionary measures."<ref>{{cite web|url=http://www.hindustantimes.com/india-news/the-measure-is-anti-poor-when-bjp-opposed-demonetisation-during-upa-govt/story-1HSYEYCaX3SaIsRS6q2rhJ.html|title=The measure is 'anti-poor': When BJP opposed demonetisation during UPA govt|date=12 November 2016|work=Hindustan Times|accessdate=12 November 2016|author=Kumar Uttam}}</ref><ref>{{cite web|url=http://www.huffingtonpost.in/2016/11/11/bjp-had-a-very-different-view-on-demonetisation-in-2014/|title=BJP Had A Very Different View on Demonetisation in 2014|date=11 November 2016|publisher=Huffingtonpost.in|author=Betwa Sharma|accessdate=12 November 2016}}</ref><ref>{{cite web|url=http://indianexpress.com/article/india/india-news-india/demonetisation-bjp-aap-currency-ban-4370935/|title=Explain opposition to similar move by UPA: AAP to BJP on demonetisation|date=12 November 2016|work=The Indian Express|accessdate=12 November 2016}}</ref><ref>{{cite web|url=http://blogs.timesofindia.indiatimes.com/sanjeev-singh-blog/how-bjp-had-termed-demonetisation-as-anti-poor-in-2014/|title=How BJP had termed demonetisation as 'anti-poor' in 2014|work=The Times of India|author=|accessdate=12 November 2016}}</ref> This was before Prime Minister Narendra Modi launched [[Jan Dhan Yojana]] to include the poor into the banking system.


==Televised address==
==Televised address==

Revision as of 11:03, 24 November 2016

A store displaying the demonetisation message: "Withdrawal of legal tender status for ₹500 and ₹1000 notes", at the cash counter

The demonetisation of ₹500 and ₹1000 banknotes was a step taken by the Government of India on 8 November 2016, ceasing the usage of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series as a form of legal tender in India from 9 November 2016.[1]

The announcement was made by the Prime Minister of India Narendra Modi in an unscheduled live televised address to the nation at 20:15 Indian Standard Time (IST) the same day.[2][3] In the announcement, Modi declared use of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series as invalid from midnight of the same day and announced the issuance of new ₹500 and ₹2000 banknotes of the Mahatma Gandhi New Series in exchange for the old banknotes.

The banknote denominations of ₹100, ₹50, ₹20, ₹10 and ₹5 of the Mahatma Gandhi Series continued to remain as legal tender and were unaffected by the policy. The demonetisation was done in an effort to stop counterfeiting of the current banknotes allegedly used for funding terrorism, as well as a crack down on black money in the country.[4][5] The move is also aimed at reducing corruption, drug menace and smuggling.[6][7]

Background

Economic

Similar demonetisation of banknote denominations have been taken in the past. In January 1946, banknotes of 1000 and 10000 rupee were withdrawn and new notes of 1000, 5000 and 10000 rupee were introduced in 1954. The Janata Party coalition government had again demonetised banknotes of 1000, 5000 and 10000 rupee on 16 January 1978 as a means to curb counterfeit money and black money.[8]

In 2012, the Central Board of Direct Taxes had recommended against demonetisation, saying in a report that "demonetisation may not be a solution for tackling black money or economy, which is largely held in the form of benami properties, bullion and jewellery".[9][10] According to data from income tax probes, black money holders keep only 6% or less of their ill-gotten wealth as cash, hence targeting this cash may not be a successful strategy.[11]

On 28 October 2016 the total banknotes in circulation in India was ₹17.77 lakh crore (US$210 billion). In terms of value, the annual report of Reserve Bank of India (RBI) of 31 March 2016 stated that total bank notes in circulation valued to ₹16.42 lakh crore (US$200 billion) of which nearly 86% (around ₹14.18 lakh crore (US$170 billion)) was ₹500 and ₹1000 banknotes. In terms of volume, the report stated that 24% (around 22.03 billion) of the total 90266 million banknotes were in circulation.[12]

Political

In the past, the Bharatiya Janata Party (BJP) had strongly opposed demonetisation. BJP spokesperson Meenakshi Lekhi had said in 2014 that "The aam aurats and the aadmis, those who are illiterate and have no access to banking facilities, will be the ones to be hit by such diversionary measures."[13][14][15][16] This was before Prime Minister Narendra Modi launched Jan Dhan Yojana to include the poor into the banking system.

Televised address

On 8 November 2016, an announcement was made by the Prime Minister of India Narendra Modi in an unscheduled live televised address to the nation at 20:15 IST.[2][3] In the announcement, Modi declared circulation of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series as invalid effective from the midnight of the same day, and announced the issuance of new ₹500 and ₹2000 banknotes of the Mahatma Gandhi New Series in exchange for the old banknotes.

After the official announcement by Prime Minister Modi, the Governor of the Reserve Bank of India, Urjit Patel, and Economic Affairs secretary, Shaktikanta Das explained in a press conference that while the supply of notes of all denominations had increased by 40% between 2011 and 2016, the ₹500 and ₹1000 banknotes increased by 76% and 109% respectively in this period owing to forgery. This forged cash was then used to fund terrorist activities against India. As a result the decision to eliminate the notes had been taken.[17]

Patel also informed that the decision had been made about six months ago, and the printing of new banknotes of denomination ₹500 and ₹2000 had already started. However, only the top members of the government, security agencies and the central bank were aware of the move. But media had reported in October 2016 about introduction of ₹2000 denomination well before the official announcement by RBI. This statement has led to much debate, because the Reserve Bank governor six months before the announcement was Raghuram Rajan, while the new banknotes have the signature of the newly appointed governor, Urjit Patel.[18][19]

Exchanging old notes

People gathered at ATM of Axis Bank in Mehsana, Gujarat to withdraw cash following deposit of demonetised currency notes in bank on 15 November 2016.

The Reserve Bank of India laid down a detailed procedure for the exchange of the demonetised banknotes with new ₹500 and ₹2000 banknotes of the Mahatma Gandhi New Series and ₹100 banknotes of the preceding Mahatma Gandhi Series.[1] Following are the key points:

Long queue in front of SBI ATM at Paravur near the city of Kollam in Kerala, 19th November 2016.
  • Citizens will have until 30 December 2016 to tender their old banknotes at any office of the RBI or any bank branch and credit the value into their respective bank accounts.[1]
  • Cash withdrawals from bank accounts were restricted to ₹10,000 per day and ₹20,000 per week per account from 10 to 13 November 2016.[1] This limit was increased to ₹24,000 per week from 14 November.[20][21]
  • For immediate cash needs, the old banknotes can be exchanged for the new ₹500 and ₹2000 banknotes as well as ₹100 banknotes over the counter of bank branches by filling up a requisition form along with a valid ID proof.[1] This exchange is restricted to once per person.
    • Initially, the limit was fixed at ₹4000 per person from 8 to 13 November 2016.
    • This limit was increased to ₹4500 per person from 14 to 17 November 2016.[20][21]
    • The limit was reduced to ₹2000 per person from 18 November 2016.[22]
  • Initially, all ATMs were dispensing banknotes of only ₹50 and ₹100 denominations and cash withdrawals from ATMs were restricted to ₹2000 per day.[23] From 14 November onwards, ATMs recalibrated to dispense new ₹500 and ₹2000 notes will allow a maximum withdrawal of ₹2,500 per day, while other ATMs dispensing banknotes of only ₹50 and ₹100 denominations will allow a maximum withdrawal of ₹2000 per day.[20][21]

However, exceptions were given to petrol, CNG and gas stations, government hospitals, railway and airline booking counters, state-government recognised dairies and ration stores, and crematoriums to accept the old ₹500 and ₹1000 banknotes until 11 November 2016, which was later extended to 14 November 2016 and once again to 24 November 2016.[24][25] International airports were also instructed to facilitate an exchange of notes amounting to a total value of ₹5000 for foreign tourists and out-bound passengers.[26]

Under the revised guidelines issued on 17 November 2016, families will be able to withdraw ₹250,000 for weddings from one account provided it was KYC compliant. The rules were also been changed for farmers who are permitted to withdraw ₹25,000 per week from their accounts.[22][27]

Prior leakage of information

Several exact details pertaining to the decision to demonetise the notes had been published on 1 April 2016 in a Gujarati newspaper called Akila, including for instance, that there would be around 2 months' time to exchange banned notes, and that new notes in the ₹2000 denomination would be issued.[28][29] The editor of the newspaper claimed that it was only an April fools day prank.[30]

A fortnight before the official announcement, a news report in Hindi daily Dainik Jagran quoting RBI sources mentioned about the coming release of new 2000 rupee note and alongside withdrawal of prevailing 500 and 1000 rupee notes when it is released. [31] [32]

A businessman reportedly admitted in an interview, that he had received prior warning of the impending demonetisation from a source in the government, and that he had sufficient time to convert most of his money into smaller denominations.[33]

The chairman of the State Bank of India had also openly spoken in April 2016 about the possibility of demonetisation of ₹500 and ₹1000 notes.[34]

Allegations and claims

The Communist Party of India (Marxist) (CPI ( M)) alleged that the BJP unit in West Bengal had advance knowledge about the impending announcement, and deposited money just before the announcement.[35][36] Aam Aadmi Party leader Arvind Kejriwal also claimed that there had been some leakage regarding the move.[37][38] Kejriwal questioned how Sanjeev Kamboj, a BJP leader in Punjab, posted about the ₹2000 notes days before the official announcement, and alleged that a sudden spike in bank deposits between July and September 2016 was also due to information leakage.[39]

A BJP MLA from Rajasthan, Bhawani Singh Rajawat, claimed in a video that 'Ambani and Adani' were informed about the demonetisation, and made arrangements. However, he later said that it was an off-the-record conversation, and officially denied the comments.[40][41]

Reactions

Support

The decision met with mixed reactions Several bankers like Arundhati Bhattacharya (Chairperson of State Bank of India), Chanda Kochhar (MD & CEO of ICICI Bank) and Deepak Parekh (Chairman of HDFC) appreciated the move in the sense that it would help curb black money.[42] Businessmen Anand Mahindra (Mahindra Group), Sajjan Jindal (JSW Group), Kunal Bahl (Snapdeal and FreeCharge) also supported the move adding that it would also accelerate e-commerce.[42] Infosys founder N. R. Narayana Murthy praised the move.[43][44]

Finance Minister Arun Jaitley said that demonetisation would clean the complete economic system, increase the size of economy and revenue base. He mentioned the demonetisation along with the upcoming Goods and Services Tax (GST) as "an attempt to change the spending habit and lifestyle."[45]

The Indian National Congress spokesperson Randeep Surjewala welcomed the move but remained sceptical on the consequences that would follow.[46] Chief Minister of Bihar Nitish Kumar supported the move.[47][48][49] The demonetisation also got support from Chief Minister of Andhra Pradesh Nara Chandrababu Naidu.[50][51][52] Former Chief Election Commissioner of India S. Y. Quraishi said demonetisation could lead to long term electoral reforms.[53] Indian social activist Anna Hazare hailed demonetisation as a revolutionary step.[54][55][56] The President of India Pranab Mukherjee welcomed the demonetisation move by calling it bold step.[57][58][59][60] The opinion of the masses varied both ways on micro-blogs and social media sites like Twitter.[61] In general, the move to demonetise and try to hinder black money was appreciated, but the manner in which it was carried out by causing hardships to common people was criticised.[62]

By and large, international response was positive which saw the move as a bold crackdown on corruption.[63][64][65] International Monetary Fund (IMF) issued a statement supporting Modi's efforts to fight corruption by the demonetisation policy.[63]

Chinese state media Global Times praised the move and termed it as "fierce fight against black money and corruption."[64] Former Prime Minister of Finland and Vice-President of European Commission Jyrki Katainen welcomed the demonetisation move stressing that bringing transparency will strengthen Indian economy.[66][67] BBC's South Asia Correspondent Justin Rowlatt in his article praised the move for its secrecy and success and elaborated on reason behind demonetisation.[68]Tim Worstall termed the demonetisation as welcome macroeconomic effect in his article in Forbes magazine.[69] Swedish Minister of Enterprise Mikael Damberg supported the move by calling it bold decision.[65]

Singapore-based paper The Independent published a laudatory article on the move titled "Modi does a Lee Kuan Yew to stamp out corruption in India." Lee Kuan Yew was the Singaporean Prime Minister and is considered the architect of modern Singapore. "From making up his mind to rolling it out, a new Lee Kuan Yew is born in India. It will be reflected in the legacy of this Prime Minister," the article said.[70]

Criticism

On 8 November 2016, Chief Minister of West Bengal Mamata Banerjee called the new declaration "drama".[71] A Public Interest Litigation (PIL) was filed in Madras High Court by M Seeni Ahamed, General Secretary of the Indian National League, to scrap the decision. The High Court dismissed the PIL stating that it could not interfere in monetary policies of the government.[72] Similar PILs were also filed in the Supreme Court of India.[73] Supreme Court of India gave judgement that Government is free to change policy, taking into consideration the prevalent socio-economic conditions and that the courts have only a limited role to play.[74] Former World Bank Chief Economist, Kaushik Basu, said that the 'damage' is likely to be much greater than any possible benefits.[75][76]

Prabhat Patnaik, a former professor of economics at the Jawaharlal Nehru University, Delhi called the move 'witless' and 'anti-people'. He criticised the simple way in which black money was assumed as "a hoard of cash", saying that it would have little effect in eliminating "black activities" while "causing much hardship to common people."[77]

Opposition

A Congress-led opposition, which includes 13 political parties, opposed the current government on the demonetisation issue in the Winter Session of Parliament on 16 November 2016. The Chief Minister of West Bengal Mamata Banerjee also met the President Pranab Mukherjee to oppose the demonetisation.[78][79][80][81][82][83] The debate on demonetisation is known to be initiated by Indian National Congress[84] and Anand Sharma in Rajya Sabha on 16 November 2016,[85][86] while Mamata Banerjee is known to be the first to oppose the current government on the demonetisation.[87]

On 16 November 2016, Chief Minister of West Bengal Mamata Banerjee led a rainbow delegation comprising political parties of Trinamool Congress, Aam Aadmi Party, BJP ally Shiv Sena, Patidar Anamat Andolan Samiti (of Hardik Patel) and National Conference to Rashtrapati Bhawan to protest against the decision to withdraw ₹500 and ₹1000 banknotes. A memorandum was submitted to the President of India Pranab Mukherjee demanding rollback of the decision.[88] Outside the Parliament in a rally the same day, Saugata Roy, a member of parliament from the opposition Trinamool Congress Party, commented, "People are in utter distress, especially the informal sector is totally disrupted. Poor people, daily wage earners, they're all facing difficulty"[89]

In the demonetisation debate on the first day of the Winter Session of Parliament at the Rajya Sabha, on 16 November 2016, Pramod Tiwari from the Indian National Congress, accused Narendra Modi for the demonetisation and compared Narendra Modi to Mussolini, Hitler and Qadhafi, while Prem Chand Gupta questioned a statement of Modi from the unscheduled TV broadcast on 8 November, "If it was planned 10 months ago, how did RBI Governor Urjit Patel sign on new note?". While on the other side, Praful Patel criticised the demonetisation by stating "the government was not even prepared to recalibrate the ATMs while announcing the move. People's suffering unimaginable. Nobody is questioning the government's intention, but you are unprepared to execute the move". Later, the former Chief Minister of Uttar Pradesh Mayawati stated the situiation to "a financial emergency", by saying "It looks as if Bharat has shut down." Also, Sitaram Yechury from Communist Party of India, questioned the current government on the demonetisation move by stating "only 6% of black money in India is in cash to drive his point that demonetisation won't curb illicit wealth."[90]

On 17 November 2016, in a rally against demonetisation of ₹500 and ₹1000 notes, led by the Chief Minister of Delhi Arvind Kejriwal and his West Bengal counterpart Mamata Banerjee at Azadpur Mandi, the biggest vegetable and fruits wholesale hub in the national capital, Arvind Kejriwal demanded the withdraw of demonetisation in 3 days, or else there would be a rebellion, he said. Mamata Banerjee also stated "I give the government 3 day ultimatum, fix things or withdraw the demonetisation scheme".[91]

In the demonetisation debate on the second and third day of the Winter Session of Parliament at the Rajya Sabha, on 17 and 18 November 2016, the opposition and the current government clashed over the demonetisation issue, bringing the house to continuous halts.[92]

Aftermath

Cash rush

Queue at an ATM for ₹100 banknotes in Howrah, on 8 November 2016, 22:23 (IST)
People queue outside a private bank to deposit and exchange old ₹500 and ₹1000 banknotes in Kolkata on 10 November 2016.

The scarcity of cash due to demonetisation led to chaos, and most people holding old banknotes, faced difficulties to exchange them as endless lines outside banks and ATMs across India, became a daily routine for millions of people waiting to deposit or exchange the ₹500 and ₹1000 banknotes since 9 November. [89][93][94][95] The CMD of Punjab National Bank said that panic after demonetization started fading on 19 November 2016.[96] ATMs were running out of cash after a few hours of being functional, and around half the ATMs in the country were non-functional.[93] Sporadic violence was reported in New Delhi, but there were no reports of any grievous injury,[97] people attacked bank premises and ATMs,[98][99][100][101][102][103] and a ration shop was looted in Madhya Pradesh after the shop owner refused to accept ₹500 banknotes.[104][105][106][107] Several people died while standing in queues to exchange their old banknotes. One person died as he fell down from the building. One farmer died after standing in queue for two hours.[108][109][110][111][112][113] one death is being attributed to lack of medical help due to refusal of old banknotes by hospitals. Action was taken against the hospital refusing old bank notes.[114][115][116] The attributed death toll was 25, till 15 November 2016.[117][118][119] In an interview, Arvind Kejriwal lashed out at a reporter who asked him to justify his claim on 19 November that 55 deaths were linked to demonetisation.[120]

Effects on Economy

Stock market

As a combined effect of demonetisation and US presidential election, the share market indices dropped to an around six-month low in the week following the announcement. The day after the demonetisation announcement, BSE SENSEX crashed nearly 1,689 points and NIFTY 50 plunged by over 541 points.[121] By the end of the intraday trading section on 15 November 2016, the BSE SENSEX index was lower by 565 points and the NIFTY 50 index was below 8100 intraday.[122]

Transportation

Major highway toll junctions on the Gujarat and Delhi-Mumbai highways also saw long queues as toll plaza operators refused the old banknotes. Nitin Gadkari, the Minister of Transport, subsequently announced a suspension of toll collections on all national highways across India until midnight of 11 November, later extended until 14 November and again until midnight of 18 November.[123][124]

Agriculture

Banking

In the first four days after the announcement of the step, about 3 trillion rupees in the form of old ₹500 and ₹1000 banknotes had been deposited in the banking system and about 500 billion rupees had been dispensed via withdrawals from bank accounts, ATMs as well as exchanges over the bank counters. Within these four days, the banking system has handled about 180 million transactions.[20] The State Bank of India reported to have received more than ₹300 billion in bank deposit in first two days after demonetisation.[125][126][127] A spike in the usage of debit card and credit card post demonetisation was also reported.[128]

In Malda, a district believed to be a transit-point for fake Indian currencies,[129] a large sum of cash deposits in dormant accounts were also reported. According to The Economic Times, more than 80 percent of fake currency in India originates from Malda district in West Bengal.[130]

Business

By the second week after demonetisation of ₹500 and ₹1000 banknotes, cigarette sales across India witnessed a fall of 30-40%,[131] while E-commerce companies saw up to a 30% decline in cash on delivery (COD) orders.[132][133] Several e-commerce companies hailed the demonetisation decision as an impetus to an increase in digital payments. They believe that it would lead to a decline in COD returns which is expected to cut down their costs.[134]

The demand for point of sales (POS) or card swipe machines has increased.[135] E-payment options like PayTM and PayUMoney has also seen a rise.[136] According to data of Pine Labs, the demand for its POS machines doubled after the decision. Further it states that the debit card transactions rose by 108% and credit card transactions by 60% on 9 November 2016.[135]

Income tax raids and cash seizures

The Finance Ministry instructed all revenue intelligence agencies to join the crackdown on forex traders, hawala operators and jewellers besides tracking movement of demonetised currency notes.[137]

Income Tax departments raided various illegal tax-evasive businesses in Delhi, Mumbai, Chandigarh, Ludhiana and other cities that traded with demonetised currency.[138] The Enforcement Directorate issued several FEMA notices to forex and gold traders.[137] It also raided several forex establishments making back dated entries.[139] Large sum of cash were seized in different parts of the country.[140][141][142][143][144] In Chhattisgarh liquid cash worth of ₹4.4 million was seized.[145]

Effect on illegal activities

The move also reportedly crippled Communist guerrilla groups (Naxalites) financing through money laundering.[146][147] On 10 November the police arrested a petrol pump owner at Ranchi when he reportedly tried to deposit ₹2.5 million, belonging to a person affiliated with the banned Communist Party of India.[148] According to Chhattisgarh Police demonetisation has affected the Naxalite activities. It is reported that insurgents have stashed more than ₹70 billion in the Bastar region.[147][149][150] Mumbai Police reported a setback to Hawala operations.[151][152] Hawala dealers in Kerala were also affected.[153] The Jammu and Kashmir Police reported the effect of demonetisation on hawala transactions of separatists.[154][155]

Evasion

A jewellery store in a shopping mall with a notice "We accept ₹500 and ₹1000 notes", even after they were no longer valid banknotes.

Gold purchases

In Gujarat, Delhi and many other major cities, sales of gold increased on 9 November, with an increased 20 to 30% premium surging the price as much as ₹45,000 from the ruling price of ₹31,900 per 10 grams (0.35 oz).[156][157]

Dumping

A bag of burnt notes was found in Uttar Pradesh following demonetisation.[158][159] Old ₹500 and ₹1000 notes were also found floating in the Ganga river near Mirzapur.[160]

Donations

Authorities of Sri Jalakanteswarar temple at Vellore discovered cash worth ₹4.4 million from the temple Hundi.[161]

Multiple bank transactions

There have also been reports of people circumventing the restrictions imposed on exchange transactions and also attempting to convert black money into white by making multiple transactions at different bank branches.[162] People were also getting rid of large amounts of banned currency by sending people in groups to exchange their money at banks.[163] In response, the government announced that it would start marking customers with indelible ink. This was in addition to other measures proposed to ensure that the exchange transactions are carried out only once by each person.[164][165][166] On 17 November, the government reduced the exchange amount to ₹2000 to discourage attempts to convert black money into legitimate money.[22]

Railway bookings

As soon as the demonetisation was announced, it was observed by the Indian Railways authorities that large number of people started booking tickets particularly in classes 1A and 2A for the longest distance possible, to get rid of unaccounted cash. A senior official said, "On November 13, 42.7 million passengers were nationally booked across all classes. Of these, only 1,209 were 1A and 16,999 for 2A. It is a sharp dip from the number of passengers booked on November 9, when 27,237 passengers had booked tickets in 1A and 69,950 in 2A."[167]

The Railways Ministry and the Railway Board responded swiftly and decided that: cancellation and refund of tickets of value ₹10,000 and above will not be allowed by any means involving cash. The payment can only be through cheque/electronic payment. Tickets above ₹10,000 can be refunded by filing ticket deposit receipt only on surrendering the original ticket. A copy of the PAN card must be submitted for any cash transaction above ₹50,000. The official claimed that since the Railway Board on 10 November imposed a number of restrictions to book and cancel tickets, the number of people booking 1A and 2A tickets came down.[167][168]

Municipal and local taxes

The use of the demonetised notes had been allowed by the government for the payment of municipal and local body taxes. This led to people using the banned ₹500 and ₹1000 notes to pay large amounts of outstanding taxes, and also advance taxes. As a result, revenue collections of the local authorities have jumped due to the demonetisation.[169]

See also

References

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  2. ^ a b Bhatt, Abhinav (8 November 2016). "Watch PM Modi's Entire Speech on Discontinuing 500, 1000 Rupee Notes". NDTV India. Retrieved 8 November 2016.
  3. ^ a b "Demonetisation of Rs. 500 and Rs. 1000 notes: RBI explains". The Hindu. 8 November 2016. Retrieved 10 November 2016.
  4. ^ "Here is what PM Modi said about the new Rs 500, Rs 2000 notes and black money". India Today. 8 November 2016. Retrieved 9 November 2016.
  5. ^ "Notes out of circulation". The Times of India. 8 November 2016.
  6. ^ "Corruption fight". first post. 12 November 2016.
  7. ^ "BJP policy". The Times of India. 10 November 2016.
  8. ^ Gopika Gopakumar, Vishwanath Nair (8 November 2016). "Rs 500, Rs 1000 notes may be back, if history is a guide". Live Mint. Retrieved 9 November 2016.
  9. ^ "At least 4 months needed to replace demonetised notes, not 50 days: Here's why". The Indian Express. 14 November 2016.
  10. ^ http://dor.gov.in/sites/upload_files/revenue/files/Measures_Tackle_BlackMoney.pdf
  11. ^ Appu Esthose Suresh (12 November 2016). "Why govt's demonetisation move may fail to win the war against black money". Hindustan Times. Retrieved 12 November 2016.
  12. ^ Damodaran, Harish (9 November 2016). "Are banks equipped to replace 2,300 crore pieces of Rs 500 and Rs 1,000 notes?". The Indian Express. Retrieved 9 November 2016.
  13. ^ Kumar Uttam (12 November 2016). "The measure is 'anti-poor': When BJP opposed demonetisation during UPA govt". Hindustan Times. Retrieved 12 November 2016.
  14. ^ Betwa Sharma (11 November 2016). "BJP Had A Very Different View on Demonetisation in 2014". Huffingtonpost.in. Retrieved 12 November 2016.
  15. ^ "Explain opposition to similar move by UPA: AAP to BJP on demonetisation". The Indian Express. 12 November 2016. Retrieved 12 November 2016.
  16. ^ "How BJP had termed demonetisation as 'anti-poor' in 2014". The Times of India. Retrieved 12 November 2016.
  17. ^ "Why Were the Notes Scrapped? RBI Chief, Economic Affairs Secy Explain". News 18. 8 November 2016. Retrieved 9 November 2016.
  18. ^ Sridhar, G Naga; Vageesh, NS (21 October 2016). "Coming soon to your wallet: ₹2,000 notes". Business Line.
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