Demonetisation by the numbers as of 29 November
New Delhi: Twenty-one days after the Narendra Modi government decided to ban Rs500 and Rs1,000 currency notes, cash shortages persists across the country. Since 8 November, when the PM announced his decision, the government has tweaked rules related to cash withdrawal and deposits at banks multiple times to help the people and to plug the gaps.
Here are the numbers that will help you stay updated with the latest norms in the ongoing demonetisation drive:
• Rs500 –The use of old Rs500 notes is now allowed only at petrol pumps, government hospitals, and some other public utilities that too until 15 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.
• 50% – The approximate amount of tax that a declarant will pay on his undisclosed income. Under the income disclosure scheme proposed by the government, the declarant can declare his undisclosed income, pay a tax of 30% and penalty of 10% on the undisclosed income and a surcharge called ‘Pradhan Mantri Garib Kalyan Cess’ of 33% on the tax, all of which totals up to around 50%.
• 82.5% – The government proposes a tax burden of more than 80% in case the assessee does not declare the illegal income, along with and a stringent penalty in cases where such income has been unearthed through a search operation.
• 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.
• 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.
• 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.
• Rs27,532 crore – The amount deposited in Jan Dhan Yojana accounts since demonetisation. The total deposits was around Rs45,000 crore in the first week of November, surging by 39-49% in the first week and 11-23% in the second. In the two months prior to the announcement, the biggest surge it saw was 1.6%.
• Rs8.44 trillion – the amount deposited or exchanged at banks between 10 November to 27 November, against an estimated Rs16 trillion of these notes in circulation, according to data available with the RBI.