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<ul><li>The last <keyword id="30067" type="General" weightage="40" keywordseo="rbi" source="Orion">RBI</keyword> update says that 93% of the ₹2,000 notes are back with the central bank.</li><li>The ₹2,000 notes were first introduced during the <keyword id="3315394" type="General" weightage="50" keywordseo="demonetisation" source="Orion">demonetisation</keyword> exercise.</li><li>The deadline to deposit the notes is on September 30, 2023.</li></ul> With a couple of weeks to go before the deadline to deposit ₹2,000 banknotes, e-commerce giant Amazon has said that it has discontinued accepting them. Till now, many retailers along with e-commerce players, petrol pumps and even jewellers had generously started accepting these notes after RBI withdrew them in May, without banning them. However, with the festive season upon us, fewer and fewer retailers will be accepting the mega note at shops and stores and most people with residual notes will have to hit banking channels to deposit them. As of now, 93% of these notes accounting to ₹3.32 lakh crore are back with banks, said the latest RBI update on it, released in early September. “Consequently, the value of ₹2,000 banknotes in circulation as at the close of business on August 31, 2023 stood at ₹24,000 crore,” read RBI’s statement. Most of these notes had ended up with banks, which made the banking regulator come up with a temporary measure to mop up excess liquidity from the banks in its August 10 credit policy meeting update. The RBI said that scheduled banks shall maintain an incremental cash reserve ratio (I-CRR) of 10%. The new measure had come into effect the fortnight starting August 12, and the RBI has already decided to <a href="https://www.newindianexpress.com/business/2023/sep/09/rbi-to-withdraw-incremental-crr-in-phases-by-october-7-2613205.html">withdraw ICRR in a phased manner</a>. The RBI first introduced the 2000 rupee note as part of the demonetisation exercise on November 8, 2016. Currently, this is the highest currency note in circulation. The note was introduced as the ₹500 and ₹1,000 notes were withdrawn from the system to boost currency circulation. Now, with the circulation problem a thing of the past, the note has been withdrawn. Some history of updates 2017: The Indian central bank added a new security feature -- a fluorescent strip that glows green under ultraviolet light. 2018: RBI changed the design of the note with a portrait of Mahatma Gandhi on the front and a map of India on the back. 2019: Another security feature was added: a tactile strip that can be felt by people with visual impairments.

As the deposit deadline approaches, ₹2,000 notes fade from the system

If you were abroad when Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> announced <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> and are now having a tough to deposit old notes, you have to get a proof now. 
 
The RBI said you will have to get stamped documents from the airport to prove that you were abroad. 
 
People who thronged RBI to deposit old notes were facing a hard time. RBI, then, displayed a notice stating old notes will not be accepted from anyone except those who were not in the country after 500 and 1,000 notes were banned. 
 Meanwhile, as per a Bloomberg report, 97% of the banned cash has been deposited in the banks, a claim which Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> has not affirmed or declined. 
 
Many people are protesting outside RBI and its branches that have refused to accept old notes now. 
 
"People in large number have already exchanged. Only a few are left...we don't go by... Whatever reason, the RBI has fixed their own criteria. At least, I will respect that criteria," said Jaitley. 
 
People who were out of India from November 9 to December 30 have been given a three-month grace period till March 31 to deposit the banned notes, Non Resident Indians have six months till June 30. 
 Meanwhile, President <keyword id="6359124" type="PERSON" weightage="20" keywordseo="Pranab-Mukherjee">Pranab Mukherjee</keyword> said notes ban may lead to temporary slowdown of the economy.

Were you abroad when demonetisation happened? Get proof from the airport

The Indian Government is pushing people towards <a href="http://www.businessinsider.in/searchresult.cms?query=cashless+transactions&amp;sortorder=effectivedate">cashless transactions</a> and selling <a href="http://www.businessinsider.in/searchresult.cms?query=digital+economy&amp;sortorder=effectivedate">digital economy</a> dreams. But, one thing that it requires to achieve this is the <a href="http://www.businessinsider.in/searchresult.cms?query=pos+machines&amp;sortorder=effectivedate">Point of Sales (PoS) machines</a>, or the swipe machines, which is a concern now. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=finance+minister+arun+jaitley&amp;sortorder=effectivedate">Finance Minister Arun </a><a href="http://www.businessinsider.in/searchresult.cms?query=finance+minister+arun+jaitley&amp;sortorder=effectivedate">Jaitley</a>'s plans to get an additional 10 lakh PoS machines installed in India by March for <keyword id="6445679" type="UNKNOWN" weightage="20" keywordseo="cashless-transactions">cashless transactions</keyword>, however, the banks say the target is not attainable. 
 
"If we have to attain the target, we have to deploy somewhere around 30,000 terminals per week. We used to do 6,000 terminals in a month, which we have increased to almost 10,000 per week - scaling it up to 30,000 is not possible at this juncture,” a senior official with one of the large banks told ET. 
 
Banks say there are other issues also involved such as customer and merchant knowledge, manpower, training, etc. 
 
Besides, the government’s the target of deploying 20 lakh Aadhaar-enabled terminals by September is also blurry. 
 
The country had more than 15 lakh PoS terminals as of October 2016, according to data with the <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">Reserve Bank of India</a>. 
 
The government's target means an increase of 67%. Bankers said there are huge operational challenges to both manufacturing and installation of terminals at such a scale.

Indian Govt wants to go cashless but it is attainable within deadline? Find out

Since the announcement of <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetization</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=paytm&amp;sortorder=effectivedate">Paytm</a> has been raking in money like never before. One of the biggest beneficiaries of demonetization has been <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword> as people have moved to cashless payments owing to cash crunch. 
 
Within 12 days, Paytm has witnessed over 7 million transactions worth Rs 120 crore a day. 
 
The mobile wallet is now four months ahead of its target and crossed $5 billion <a href="http://www.businessinsider.in/searchresult.cms?query=gmv&amp;sortorder=effectivedate">GMV sales</a>. 
 
Gross Merchandise Value (GMV), which is an industry term for estimating the total worth of goods sold through a digital platform, for Paytm was $3 billion last year. 
 
"Paytm is registering over 7 million transactions worth Rs 120 crore in a day as millions of consumers and merchants across the country try mobile payments on the Paytm payment platform for the first time," said Sudhanshu Gupta, Vice President, Paytm. 
 
The company is currently doing more transactions than the combined average daily usage of credit and debit cards in India, he added. 
<a href="http://www.businessinsider.in/searchresult.cms?query=digital+wallets&amp;sortorder=effectivedate">Mobile wallet</a> companies including Paytm have seen manifold growth in transactions and new users coming on board with people turning to digital platforms as serpentine queues outside ATMs continuing to hassle cash-strapped public. 
 
"Offline transactions now contribute to over 65 per cent of the overall business from 15 per cent about six months ago. We are also working on expanding our merchant network by 150,000 additional merchants," he said. 
 
Paytm has over 150 million mobile wallet users currently. 
 
Mobile payment transaction value in India is also likely to register over 150 per cent CAGR and cross Rs 2,000 trillion by FY 2021-22 from just over Rs 8 trillion as of FY 2015-16, the study titled Indian M-wallet market said.

Thanks to demonetization, Paytm is making Rs 120 crore per day; achieves target before deadline, crosses $5 billion GMV

The Prime Minister Narendra Modi-led Indian government stopped exchange of old Rs 500 and Rs 1000 notes in bank counters and has only allowed the exchange to happen at the counter of the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>). 
 
The government extended the deadline of exemptions till December 15, which means petrol pumps, state-run hospitals will continue to accept the old notes till then. You can also pay your water and electricity bills till December 15 with old banknotes. 
 
Although the exchange has stopped at the bank counters, you can only deposit old banknotes till Dec 31. The current limit of withdrawal of upto Rs. 24,000 per week per bank account remains unchanged. 
 
You can withdraw upto Rs. 2,500 a day per card from the ATMs. 
 
The RBI has doubled the limit on digital transactions through e-wallets like Paytm to Rs. 20,000 per month.

Demonetisation: You can exchange old notes only at RBI counter till Dec 31

It is the first week of January, 2017 and the deadline to deposit old notes of Rs 500 and Rs 1000 has gone long past. But the queues outside RBI offices across the country show no sign of clearing up. Towards the end of December, the Narendra Modi government also came out with an ordinance that made possession or transaction of old currency illegal. The 50-day period from November 8 to December 30 saw frequent changes in rules and regulations, withdrawal and deposit limits. Even the relaxation to exchange invalid notes given to Non Resident Indians (NRIs) and Indians who were abroad came at the last minute after a lot of confusion. 
 
Initially, Prime Minister Modi in his November 8 speech had promised the citizens that they will be given adequate options even post December 30. 
 
This explains why many say they feel cheated as they relied on the Prime Minister’s assurances that genuine cases will be considered even after the deadline. But why they chose to not use the 50-day period remains often unanswered. 
 
A lady who got frustrated after failed attempts to exchange Rs 5,000 at RBI’s Delhi office for the past three days, protested by stripping in front of the bank. 
 
Our rounds at the RBI headquarters in Mumbai showed the situation was not any different as people were tensed and frustrated. Around 50 – 60 people had gathered near the entrance. Most were not aware of the change in rule that only NRIs could exchange the invalid currency at RBI branches post December 30th. They were also angry over not being able to communicate with the RBI officials for proper information. 
The officials appeared once in a while on the other side of the entrance and let the NRIs in while the rest were barred by the security personnel. Some were also under the impression that people with a passport can exchange currencies and not aware of the clause of ‘NRIs’ and ‘Indians who were abroad during the 50 days’. One shouted in anger, “Khali foreigner logon keliye, Indian keheke fayada kya hain?” 
 
But as much as one feels empathy for those who are left with invalid notes, some of the reasons given for not exchanging the notes are quite strange. However, the fact that they came to exchange small amounts does show that most of them are genuine cases. 
 
1. Cow offering: A person from Powai came with Rs. 2,500 with the money he collected from ‘gaay ka dabba’ or the offerings given to cows which are considered sacred. 
 
2. Money found inside a folded saree: A beautician from Bandra found Rs. 20,000 kept inside a folded saree in her cupboard while cleaning her house on New Year. 
 
3. Piggy bank treasure: An architecture student from Saboo Siddik College, Byculla said she found Rs 2,500 from her piggy bank when she opened it to gather money for her college picnic. When she approached Punjab National bank, they asked her to go to RBI. 
 
4. Saved it from alcoholic son: Vijaya a housewife from Thane had come to deposit the pension amount of her mother –in – law. The latter had hid an amount of Rs. 7,000 in the demonetised notes from her alcoholic son, but could not find it until recently. 
 
5. Forgotten wedding gift: A couple from Marine Lines found an envelope with Rs. 3,000 which was a blessing cover they received on their wedding in December 2015. 
 
6. Senior citizen’s memory failed her: A 78 year old lady from Vapi came with her daughter to RBI Mumbai. Her daughter said that she was losing memory and had forgotten about Rs. 5,000 pension amount kept in the cupboard. Upon finding it, she travelled all the way from Vapi, Gujarat to her daughter’s place in central Mumbai. 
 
7. Money found under the bed: A senior citizen from Kurla had brought an amount of Rs 5,500 which he found from under the bed of his wife who is bedridden. He said he did not know that only NRIs can deposit money after December 30. 
 
There were also people like two sisters who had come to exchange Rs 1,000 which they found recently, but were relaxed even if it could not be exchanged. However, the majority of the people we met were those who could not bear the loss of their hard earned money. 
 
Demonetising 86% of the notes in circulation was never going to be an easy job. And, in a country of 1.2 bn people, there will always be late comers. But considering that such a massive exercise was pushed to be completed within 50-days, maybe the government should consider some leniency and a fresh window with exchange limits for those who were left out in the process. After all, this was an exercise to flush out black money hoarders and not the economically deprived. 
 
(The article is authored by Sneha Alexander. This article first appeared in <a href="http://www.boomlive.in/cow-offering-hidden-in-saree-7-reasons-given-at-rbi-by-latecomers/">boomlive.in</a>)

‘Cow Offering’, ‘Hidden In Saree’: 7 reasons given at RBI by latecomers

The nation awaited Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s address on the eve of New Year with suspense and drama being built around the event. The speech also assumed significance as this was probably the first time any Prime Minister was addressing the country on New Year’s Eve. But if one expected transparency about numbers that could justify the pain the country has been put through from November 8, it was missing from the PM speech. A lot has been written about the announcements regarding welfare for urban and rural housing, farmers, senior citizens and pregnant women. But here are 5 things we would have liked to hear from the Prime Minister. 
 
Devoid of supporting facts and figures and an excess of welfare promises, it seemed to be an appeasing / damage control address to the poor, farmers, small scale industries, pregnant women and elderly who were severely affected by the serpentine queues in the banks. 
 
So, what was missing in his speech? 
 1. The whole exercise of demonetising Rs 15.44 lakh crore, 86% of the total currency in circulation was to flush out <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword>. Or so, the government wanted us to believe. Rs 4-5 lakh cr was expected to stay out of the banking system as black money hoarders were likely to find it difficult to deposit in the face of stringent RBI norms. But the government was in for a rude shock. The RBI’s last release on December 10 said that Rs 13 lakh cr has returned to the system. In the next 20 days, reports suggest that more than Rs 14 lakh crore could have come back as deposits.But if one expected Prime Minister Modi to be transparent and release those numbers in his New Year speech, there was disappointment. 
 
 2. It was widely reported, some as sources attributed to finance ministry and other government ministries, that there will be a windfall to the poor in form of cash deposits to Jan Dhan accounts. While in his earlier speeches, he mentioned the success of Jan Dhan accounts and the soaring deposits, he chose to stay silent this time – a sign that the government has little to gain from the <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> exercise and hence cannot deposit any excess funds arising out of extinguishing legal tender. 
 
 
3. On November 8, PM Modi sought 50 days for demonetisation and said that the problems will ease post that. While queues have eased at bank branches, the crisis of liquidity continues. Though banks are now allowing withdrawals of Rs 4500 from ATMs, there was no word from the PM on how long it will take to bring liquidity back to pre-November 8 levels. ‘My effort is to take the banking system to normalcy as fast as possible in the New Year’ is all that Modi could manage to offer.Economists point out that the remonetisation of notes have not crossed even 50% of the total demonetised notes of Rs 15.44 lakh cr. That probably explains why the PM decided not to give any fresh deadline which he cannot meet. 
 
 4. PM Modi called out to all political parties. “I urge all parties and leaders to move away from a “holier than thou approach,” to come together in prioritising transparency, and take firm steps to free politics of black money and <keyword id="46183" type="UNKNOWN" weightage="20" keywordseo="Corruption">corruption</keyword>,” said Modi. One expected that in line with his bold image of taking tough decisions, he will announce that his party has decided to take active steps in declaring all sources of funding. This would include utilising technology and apps like PayTm to encourage more cashless donations. Political parties also avail of the legal loophole of declaring more donations in cash below Rs 20,000 and one expected the BJP under Modi to take proactive steps in transparency. But we are yet to hear that from the PM.Also, while he called out rogue banking employees for engaging with black money hoarders, there were no words of regret on several BJP workers being caught with large stash of cash. Read this, this and this. 
 
 
5. Finally, we did not hear the Prime Minister utter the word ‘Mitron’ in his speech. 
 
(The author of this article is Sneha Alexander. The article was first published in <a href="http://www.boomlive.in/5-things-wanted-hear-pm-modis-new-year-speech/">www.boomlive.in</a>)

5 things we wanted to hear from PM Modi’s New Year speech

Due to the huge amount of cash that has been deposited post <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> and the constant nudging by the government, banks are poised to slash interest rates in the next few days. This move comes along as the banks are moving in lockstep with the administration to lift the spirits of borrowers that has been lowered down by demonetisation and the 50 days sought by <keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword> come to an end. 
 
Bankers also feel that the reduction in lending rates could be accompanied by a steeper cut in deposit rates. Large commercial banks currently pay about 7% for one-year deposits and charge 8.90% for loans of the same tenor. A senior bank official said the government has sought to persuade banks to lower rates on the grounds that the cost of deposits had dropped due to demonetisation and the benefits should be passed on to customers to boost consumption. 
 
"Investment sentiments are low and the government is under tremendous pressure from the Opposition to showcase that the demonetisation exercise has paid off. Secondly, the common man is hoping that after going through agony for 50 da ys, he should gthe benefits of demonetisation. Therefore, the government is in dialogue with banks on measures that can be taken to boost investments," a senior bank official, told ET. 
 
Modi announced that Rs 500 and Rs 1,000 notes would cease to be legal tender on November 8, in effect cancelling about 86% of the currency in circulation as part of his government's campaign against black money. He had said the situation would return to normal in 50 days. 
 
Large banks are scheduled to hold meetings of their asset-liability committees, which decide interest rates on loans and deposits, on Friday and Saturday . In the past, banks have lowered lending rates, or the marginal cost of lending rates (MCLR), by increments of 5 and 10 basis points in the process of transmitting monetary policy cuts. A basis point is 0.01percentage point. 
 
"Our sense is that a few lar ge banks will announce a steeper cut this weekend due to huge flow of deposits and poor credit demand," a bank chief who did not want to be named, referring to the deposits of demonetised notes, told ET. 
 
Reserve Bank of India data show bank credit rose 1.2% to Rs 73 lakh crore in the fiscal year to date -April 1 to December 9 -much slower than the 6.2% rise to Rs 69.6 lakh crore in same period a year ago. Deposits rose 13.6% to Rs 105.9 lakh crore compared with a 7% rise to Rs 91.8 lakh crore in the year earlier. 
 
The chiefs of large commercial banks will also meet on Friday -the deadline for depositing Rs 500 and Rs 1,000 notes in banks -to discuss other measures that can be taken to boost investment including possible infrastructure loan plans besides rate reduction.

Banks to slash interest rates; home loans to go down

Government today said sufficient cash is available with RBI and banks, and it is not considering extending the deadline of December 30 for deposit of invalid Rs 500 and Rs 1,000 notes. 
 The statement was made in the <keyword id="48510" type="ORGANIZATION" weightage="20" keywordseo="Rajya-Sabha">Rajya Sabha</keyword> even as people queued up at banks to deposit old high value notes and withdraw new cash. "There is sufficient cash available with the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> and banks. Circulation of notes in respect of Rs 100 has already been increased," Minister of State for <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Arjun Ram Meghwal said in a written reply. 
 
Also Read: <a href="http://www.businessinsider.in/Modi-starts-a-mobile-banking-workshop-for-PMO-officials/articleshow/55669778.cms">In pursuit of cashless economy, Modi kickstarts a mobile banking workshop for PMO officials</a> 
 
On whether the December 30 deadline will be extended, he said, "No such proposal for extension of deadline beyond December 30, 2016, is presently under consideration of the government." 
 
To cater to the requirements of rural areas, banks have been advised to supply notes of smaller denominations (Rs 100 and less), Meghwal added. 
 
As on November 8, the day demonetisation was announced, there were 1,716.50 crore pieces of Rs 500 and 685.80 crore Rs 1,000 notes in circulation. 
 
To another question, Minister of State for Finance Santosh Kumar Gangwar said RBI advises banks from time to time to enhance security arrangements at their branches and ATMs. 
 
This include coverage of ATM sites by CCTVs and ensuring adequate training of security staff posted there. 
 
Banks have also been advised to review and strengthen the security arrangements in their branches/ATMs to deal with instances of robberies and risk perceptions emerging from such incidents.

Govt’s December 31st deadline for old note deposit may not be extended

Mumbai, The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) on Friday said nearly 97.62 per cent of the Rs 2,000 bank notes have returned to the banking system, and only about Rs 8,470 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. "The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 8,470 crore at the close of business on February 29, 2024," the RBI said in a statement. Thus, 97.62 per cent of the Rs 2,000 banknotes in circulation as of May 19, 2023, have since been returned, it added. "The Rs 2,000 banknotes continue to be legal tender," the RBI added. People can deposit and/or exchange Rs 2,000 bank notes at the 19 RBI offices across the country. People can also send Rs 2,000 bank notes through <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> Post from any post office to any of the <keyword id="20026757" type="General" weightage="20" keywordseo="rbi-issue-offices" source="keywords">RBI Issue Offices</keyword> for credit to their bank accounts in India. Public and entities holding such notes were initially asked to either exchange or deposit them in bank accounts by September 30, 2023. The deadline was later extended to October 7, 2023. Deposit and exchange services at bank branches were discontinued on October 7, 2023. Starting October 8, 2023, individuals have been provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 offices of the RBI. The 19 RBI offices depositing/exchanging the bank notes are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, <keyword id="20790999" type="General" weightage="20" keywordseo="patna-and-thiruvananthapuram" source="keywords">Patna and Thiruvananthapuram</keyword>. The Rs 2,000 bank notes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1,000 and Rs 500 bank notes.

As much as ₹8,470 crore worth ₹2,000 notes still with public: RBI

Mumbai, Mar 18 () Following the coronavirus outbreak, the gems and jewellery sector in the country has come to a standstill with retailers managing to do only 20-25 per cent business due to fewer footfalls amid fear of the virus' spread, according to an industry body. "There is virtually no footfalls in jewellery stores and retailers are doing only 20-25 per cent business across the country," All India Gem And Jewellery Domestic Council chairman Anantha Padmanaban told here. He further noted that there is panic among people due to the outbreak of coronavirus (COVID-19). Besides, as a precautionary measure the government has shut malls, theatres and other crowded places. People are mostly venturing out to buy essential commodities. Meanwhile, the number of deaths around the world linked to the new coronavirus has reached nearly 8,000. In India, the number of novel coronavirus cases has risen to 147 on Wednesday, with 10 fresh cases reported from various parts of the country, according to the Health Ministry. Padmanaban further noted that considering this is the last month of this fiscal there is mounting pressure to meet all the tax-related deadlines. "There are a lot of tax related work, including advance tax, GST, demonetisation note to be submitted to the Income Tax department, which is adding up to the lack of business," he said. According to Lala Jugal Kishore Jewellers Director Tanya Rastogi "Indian gems and jewellery industry is predominantly wedding driven. But due to coronavirus most such events are being cancelled. That has driven the wedding shopping to a halt." Kumar Jain, owner of the Umedmal Tilokchand (UT) Zaveri jewellery store said the Zaveri Bazar in Mumbai has come to a standstill despite the ongoing wedding season. "There are marriage dates till July, and the business was picking up for the season. However, after the outbreak of COVID-19 things have come to a standstill and there are almost no footfalls in retail stores," he said. Things are expected to return to normal by the end of March, jewellers believe. Anmol Jewellers founder Ishu Datwani said, there has been a 60-70 per cent drop in footfalls and business is slow due to the coronavirus pandemic. "We are taking all necessary precautions and safety measures to ensure everyone's safety and well-being," he added. SM DRRDRR

Jewellery industry lose shine as corona scare grips people

Why was not the conversion of old currency notes allowed till March 31, 2017 for Indians as assured by Prime Minister Narendra Modi in his speech on November 8 announcing demonetisation? 
 
The Reserve Bank of India (RBI) has refused to answer the question under the Right to Information (RTI) Act claiming the query does not come under the definition of "information" as per the transparency law. 
 
The Prime Minister in his speech on November 8, 2016, announcing demonetisation, had assured countrymen that they could convert the notes of Rs 1,000 and Rs 500 till March 31. 
 
Later, it was decided that the window till March 31 will be kept only for Non-Resident Indians who constitute a major support base for the ruling BJP. 
 
The issue about the time limit for converting old currency notes is also being heard by the Supreme Court where Attorney General Mukul Rohatgi has reportedly submitted that the law will prevail over the words of the Prime Minister. 
 
In its response, the RBI refused to share file notings on the decision to limit currency conversion window till March 31 only for NRIs saying it would be against the economic interests of the state. 
 
The applicant had sought reasons, as "recorded" in the files of the RBI, behind the decision to not allow conversion of currency till March 31 for Indians as assured by the PM. 
 
"The question is in the nature of seeking reasons or justification from CPIO which is not defined as information as per Section 2(f) of the RTI Act," the response form Suman Ray, Central Public Information Officer, said. 
 
The Supreme Court has clarified the issue in one of its noted judgements saying if opinion or advice is available in the records of the public authority, it will come under the definition of the "information" under the RTI Act. 
 
Former Information Commissioner Shailesh Gandhi said that section 8(2) of the RTI Act allows disclosure of information, even if it is exempted, if it is in larger public interest. 
 
The RTI Act defines "information" as "any material in any form" held by or under the control of a public authority. 
 
The definition covers "any material in any form, including records, documents, memos, emails, opinions, advices, press releases, circulars, orders, logbooks, contracts, reports, papers, samples, models, data material held in any electronic form and information relating to any private body which can be accessed by a public authority under any other law for the time being in force". 
 
The bankers' bank has stonewalled almost every RTI query pertaining to demonetisation citing one or the other reason. 
 
It had refused to respond if the views of Finance Minister Arun Jaitley or Chief Economic Advisor were taken before demonetisation was announced, it had also refused to disclose reasons behind the sudden move, among others. 
 
It had also refused to allow access to minutes of the meetings held to decide on the issue of demonetisation of Rs 1,000 and Rs 500 notes. 
 
After the deadline to exchange the scrapped notes expired on December 30, 2016, the government issued an ordinance saying only those who were abroad, the armed forces personnel posted in remote areas, or others who could give valid reasons for not being able to deposit the cancelled notes, can do so till March 31.

You Searched For "demonetisation deadline" and got 12 results

As the deposit deadline approaches, ₹2,000 notes fade from the system

BI India Bureau

Were you abroad when demonetisation happened? Get proof from the airport

BI India Bureau

Indian Govt wants to go cashless but it is attainable within deadline? Find out

BI India Bureau

Thanks to demonetization, Paytm is making Rs 120 crore per day; achieves target before deadline, crosses $5 billion GMV

BI India Bureau

Demonetisation: You can exchange old notes only at RBI counter till Dec 31

BI India Bureau

‘Cow Offering’, ‘Hidden In Saree’: 7 reasons given at RBI by latecomers

Guest Author

5 things we wanted to hear from PM Modi’s New Year speech

Guest Author

Banks to slash interest rates; home loans to go down

BI India Bureau

Govt’s December 31st deadline for old note deposit may not be extended

PTI

As much as ₹8,470 crore worth ₹2,000 notes still with public: RBI

PTI

Jewellery industry lose shine as corona scare grips people

PTI

Now RBI refuses to give explanation on why people weren’t allowed to exchange old notes till March 31

BI India Bureau

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