Demonetisation by the numbers as of 2 December
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New Delhi: Prime Minister Narendra Modi’s government on Thursday revised the list of exempted places for the use of old Rs500 notes, stopping their use at fuel stations and for the purchase of airline tickets. In addition, these notes cannot be used at highway toll booths. However, the old Rs500 notes will still be used at government hospitals and several other public utilities until 15 December.
Last week, the government had stopped over the counter exchange of Rs 500 and Rs1000 notes from 25 November. People now can only deposit notes in their accounts and then withdraw new currency either through cheques/withdrawal slips or ATMs. But, they can still exchange their old Rs500, Rs1,000 currency notes at the Reserve Bank of India (RBI).
PM Modi’s surprise announcement on 8 November to ban Rs500 and Rs1,000 currency notes has not only resulted in long queues at banks and ATMs, but also created a lot of confusion. Here is a set of numbers to help you understand the dynamics of demonetisation:
• Rs500 –The use of old Rs500 notes is now allowed only at government hospitals, and some other public utilities that too until 15 December. It cannot be used for the purchase of airline tickets and automobile fuel with effect from 3 December.
• Rs1,000 – No longer accepted at petrol pumps, government hospitals, and other exempted public utilities as of 25 November. The Rs1,000 note can now only be deposited to a bank account or exchanged at the RBI.
• 60 – The number of days the Reserve Bank of India (RBI) has provided for repayment of housing, car, farm and other loans worth up to Rs 1 crore with old currency notes.
• 90% – At least 90% of India’s 2.2 lakh automated teller machines (ATMs) have now been calibrated to dispense the new Rs500 and Rs2,000 notes, reports Mint.
• 834 – The number of mobile ATMs deployed across India mainly making rounds of hospitals, fruit and vegetable markets and old- age homes.
• Rs2,000 – The daily cash withdrawal limit per savings account for customers on any bank ATM. It is the limit on exchange of old currency notes from bank branches.
• Rs2,500 – The daily cash withdrawal limit per current account for customers on any bank ATM.
• Rs10,000 – The cash amount given to government employees belonging to Group-C on Monday as advance of their salary for the month of November.
• Rs20,000 – The limit set by the RBI for semi-closed Prepaid Payment Instruments (PPIs) (such as Paytm and other e-wallets) to Rs20,000 to facilitate digital transactions for small merchants.
• Rs24,000 – The weekly cash withdrawal limit per savings account for customers either through single or multiple transactions done on ATMs or through cheque/withdrawal slips at bank counters. It does not include online purchase or net banking transactions where the standard bank terms and conditions apply.
• Rs50,000 – The weekly cash withdrawal for current account customers either through single or multiple transactions done on ATMs or through cheque/withdrawal slips at bank counters.
• Rs2.5 lakh – The withdrawal limit for a single account for a family for weddings.
• Rs21,000 crore – The amount the government for district central cooperative banks (DCCBs) through NABARD to provide loans to farmers to meet their credit requirements during the winter crop season.
• Rs1.2 trillion – The amount SBI has received in deposits as of 23 November, according to SBI chairperson Arundahti Bhattacharya.
• Rs 4.3 trillion – the amount banks have deposited with RBI as of 23 November under the liquidity adjustment facility, which is a monetary policy allowing banks to borrow or lend money to the RBI with government securities as collateral.
• 23 billion – The number of worthless bank notes post demonetisation. The government move will suck out 86% of India’s currency in circulation.