Page 7 - 2000 Notes News Today

Most private banks asked non-account holders to provide proofs. SBI had clarified in an official note to its branches that no form or slip would be required while exchanging or depositing Rs 2,000 notes.

Minor arguments and confusion aside, it was regular folk who queued up in bank branches to turn in their big notes of small amounts in various places in the city

The withdrawal of Rs 2000 notes is creating panic. Some are rushing to buy luxury watches and gold; others are donating to temples and spending on mangoes and food delivery

While addressing a press conference on the issue of Rs 2000 notes, West Bengal Congress president Adhir Chowdhury said: "...he is not Modi but pagla Modi. People called him pagala Modi."

The gold market in India is seeing a spurt in sales and it can thank the RBI for it. The central bank’s decision to withdraw the Rs 2000 note from circulation by 30 September has prompted people to buy more gold – with most stores reporting a 20 per cent rise in purchases

In his first public comments after the Friday announcement on the withdrawal, Das said this will have a “very, very marginal” impact on the economy since the Rs 2,000 notes comprise 10.8 per cent of the currency in circulation.

In preparations banks will have dedicated counters for the exchange of the high denomination notes, enough inventory to offer change and people to manage queues.

For exchanging Rs 2,000 banknotes, all banks will facilitate the exchange up to a limit of Rs 20,000 at a time

He also added that PM Modi was not in favour of currency notes being printed outside the country.

Lawyer Ashwini Kumar Upadhyay contended in his plea that notifications by RBI and SBI in this regard are arbitrary, irrational and offend Articles 14 of the Constitution of India.