New Delhi: As banks open after a long weekend of three days on Tuesday, long serpentine queues of the people waiting to withdraw cash are being reported from across the country. More than a month after the Narendra Modi government announced its decision to ban old Rs500, Rs1,000 currency notes to curb black money and counterfeit bills and shift India towards a cashless economy, the woes of the public does not seem to be ending as hope is turning into despair for many. The Modi government’s dilly-dallying on cash withdrawal and deposit rules since 8 November has also added to the confusion.

Here are updates and highlights as of 13 December of the government’s demonetisation drive:

Opposition parties will meet on Wednesday to decide their strategy in Parliament as the government has expressed readiness for a debate on demonetisation and the Congress has issued a whip to its MPs to be present in both Houses. I&B Minister M Venkaiah Naidu said Prime Minister Narendra Modi will be present in Parliament for the remaining three days of the winter session and accused the Opposition of “changing goalpost" to disrupt functioning of both the Houses.

Finance minister Arun Jaitley on Tuesday hinted at lower direct and indirect tax rates in the future as demonetisation results in higher tax revenues from unaccounted wealth coming into system. Bank credit plunges by Rs61,000 crore in fortnight after note ban, according to RBI data.

RBI deputy governor R. Gandhi: “Rs12.44 trillion collected at banks in demonetised notes as of 13 December. Public requested to freely use notes they have rather than holding them. Banks have issued Rs4.61 trillion to public since 8-9 November through ATMs and bank counters. RBI has issued 21.8 billion pieces of banknotes of various denominations since demonetisation," reports PTI.

RBI Deputy Governor SS Mundra: “Notice issued to all banks for data checking. Suspended junior official allegedly involved in laundering," reports PTI.

RBI official arrested by CBI in Bengaluru. “The agency has arrested an RBI official from Bengaluru for helping convert banned currency notes," a CBI official told PTI , adding the arrest was made last week. “Two other private persons have also been arrested," the official said. The RBI official was involved in a case where he tried to exchange 1.50 crore of untaxed money, the official added.

Union finance minister Arun Jaitley: “Despite transient problems, we are rapidly remonetising. The Reserve Bank of India (RBI) to inject significant amount of currency in coming days," quoted PTI.

India had 215,039 ATMs at the end of June 2016. This was 182,687 at the end of December 2014, and 205,328 at the end of 2015, which is a growth of over 12%.

People can now avail 0.75% discount on use of debit/credit cards, e-wallets and prepaid loyalty cards at public sector undertakings petrol pumps. The buyer will get the discount sum as a cash back which will be credited to their account within three days after the transaction.

The Enforcement Directorate (ED) has arrested seven alleged middlemen and seized Rs93 lakh in new currency in Karnataka as part of its money laundering probe.

Meanwhile, the political divide between the ruling and opposition parties continues with the former Union minister P. Chidambaram lashing at the Modi government.

Rahul Gandhi: “PM Narendra Modi waged a war against poor on 8 November."

P. Chidambaram: “It may take seven months to replace notes after demonetisation. Demonetisation is the worst attack on the poor, PM should go out and see for himself the real picture before ATMs. RBI should publish the minutes of meeting on 8 November, let country know who were the directors who attended the meeting," reports PTI.

Demonetisation has affected the economy and raised fears of a slowdown:

India’s economic growth may slip to 5.5-6% in the current quarter as demonetisation is expected to hurt production during November-December, says a Bank of America Merrill Lynch report.

The Asian Development Bank (ADB) on Tuesday became the first multilateral agency to reduce India’s growth forecast for the current fiscal 2016-17 to 7% from 7.4% estimated earlier in the backdrop of government’s decision to demonetise Rs500 and Rs1,000 currency notes.

Earlier, Fitch Ratings has already downgraded India’s growth forecast to 6.9% in 2016-17 from earlier estimate of 7.4% while Morgan Stanley has reduced its projection to 7.3% from 7.6% for the same period.

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