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After Effect of Demonetization

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New Delhi: With Prime Minister Narendra Modi’s doing away with Rs 500 and Rs 1000 from Tuesday midnight huge impact  on the working class, small and rural business in the short term has been seen.

India-China to Work together on Fake notes: India and China will very soon set up Two Joint Working Groups (JWG) to deal with the Fake Indian Currency Notes (FICN) and the setting up a 24*7 hotline to exchange information related to terror and organized crimes. It was discussed by a Chinese delegation led by Vice-Minister of Public Security Fu Zhenghua and an Indian delegation led by Union Home Secretary Rajiv Mehrishi in Delhi on Wednesday.

No GPS Tracking Chip in New Rs 2000 notes: The Rs 2000 notes which has begun circulating from Wednesday, does not have any GPS tracking chip, Reserve Bank of India (RBI) confirmed it on Wednesday rubbishing reports of rumors.

Earlier rumors regarding embedding of a NGC (Nano GPS Chip) in all the Rs. 2000 notes had viralled both offline and online media. It was said the new Rs 2000 has been designed using stno-chip-in-rs-2000ate of the art indigenous nano technology in which a NGC was embedded keeping in mind to eradicate the black money issues. It would track the exact amount of money stored at a certain location.

Plea in SC against Government decision:  On Wednesday a plea was filed in the Supreme Court seeking quashing of government’s decision of demonetisation of Rs 500 and Rs 1000 notes. The petition was filed by advocate Sangam Lal Pandey on grounds that it infringed on citizen’s right to life and to trade among others. The PIL is likely listed for an early hearing.

Challenging ban on Rs 500 and Rs 1000 notes lawyers file plea in Bombay HC:  Two senior advocates Jamshed Mistry and Jabbar singh have moved the Bombay High Court On Wednesday  urging to take suo moto cognizance of the government’s decision to discontinue the circulation of Rs 500 and Rs 1000 notes.

Long queues outside banks:  Banks re-opened on Thursday to dispense new notes in exchange for old Rs 500 and Rs 1000 notes.long-queues-outside-atm-after-demonitisation

Long queues were seen outside all bank branches as well as post office across the country.
People lined up for exchanging their old currency and collecting smaller denomination notes.

Amid all the confusion and shock people have panicked over the situation.  “Nobody will face questions or harassment for small deposits”, Finance Minister Arun Jaitely said On Thursday while inaugurating the two-day Economic Editors Conference in Delhi.

 

Sacks Full of burnt Rs 500 and 1000 notes in UP: A day after PM announced to discontinued of Rs 500 and Rs 1000 notes  to curb black money , sacks full of burnt notes were found in Bareilly, Uttar Pradesh. burnt-currency-notes-bareillyAs per the police the notes appeared to have been cut, damaged and then burnt.

 

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