Demonetisation: ‘RIP’ 500 and 1000 notes

The final journey of the old currency notes of Rs 500 and Rs 1000 has just begun as from November 24 these notes will not be accepted. Post demonetisation of these currency notes, which constituted around 85 per cent of total currencies, a situation of liquidity crunch prevailed. The demonetisation move, which was announced by PM Narendra Modi on Nov. 8, stipulated that the old currency notes would be accepted from Nov. 10 in Government authorised medicals, public and private hospitals, petrol pumps, tickets counters of railways, bus and airlines, for paying taxes and utilities bills. But from the mid-night of Nov. 24, these old notes will not be accepted as a means of exchange. However, one can still go and deposit the old notes in banks till December 31.

Meanwhile, the opposition parties are all set to corner the Modi government on the issue. PM Narendra Modi is expected to clarify his government's stand on the issue in the parliament. Former PM Manmohan Singh has urged the Centre to take note of the grievances of the people.