Old Notes

Based on source information, the CBI had carried out a surprise check in the Civil Lines branch of State Bank of India in Uttar Pradesh's Bareilly on January 2.

No estimates of undeposited black money in old notes: Govt

There is no official estimate of black money held in scrapped Rs 500 and Rs 1,000 notes that have been left undeposited with banks during the demonetisation period.

Cashless payments space may get a new player in WhatsApp: Here's why

Facebook-owned messaging app WhatsApp could soon make a foray into digital payment services starting with India and is looking to hire a digital transactions head for the country.

RBI refuses to answer why it didn't allow exchange of old notes till Mar 31

The Reserve Bank of India (RBI) has refused to answer the question under the Right to Information (RTI) Act claiming the query does not come under the definition of "information" as per the transparency law.

SBI will be global player after merger with associates: Jaitley

SBI will be a global player, controlling 25 percent of the Indian banking industry, after the merger with its associate and subsidiary units, Finance Minister Jaitley said in an exclusive interview to CNBC-TV18.

LS passes bill to make possession of old notes punishable

The Lok Sabha today passed a bill which makes holding of more than 10 old notes of Rs 500/1000 denomination punishable with a minimum fine of Rs 10,000, with the government saying the aim was to check parallel economy using the scrapped notes.

PIOs, NRIs feel heat of demonetisation; wait in RBI queues

After residents, NRIs and People of India Origin (PIO) are now braving long queues to exchange the old Rs 500/1000 notes at 5 designated RBI branches across the country but because of stringent conditions several of them have had to return disappointed.

Lokayukta Police deposits Rs 1.61 cr in old notes as FDs

Lokayukta Police has converted Rs 1.61 crores, seized in now banned Rs 500 and Rs 1,000 denomination notes in the last 10 years, into fixed deposits as per court a Madhya Pradesh High Court order.

Spectre of default, credit pain may tail banks next year too

The withdrawal of high-value cash will also hit the bottom line of banks that have been busy exchanging old notes and issuing valid currency at the cost of credit growth and loan recovery.

60 lakh depositors put Rs 7 lakh cr in banks since Nov 8

As many as 60 lakh individuals and firms have made large deposits totalling an astonishing Rs 7 lakh crore in old notes, top government officials said today while warning that every penny of tax will be extracted as the black money does not become white by merely putting it in banks.

Pay 50% tax on deposit of junk currency or suffer penalty: Adhia

Offering one last chance to black money holders, the government today said they have time until March-end to come clean by paying 50 per cent tax on bank deposits of junk currencies made post demonetisation.

SC with govt on old notes issue; rejects extension of exemptions

The Supreme Court today refused to tinker with the move to do away with the use of now-defunct high-value currency notes for public utilities, in government hospitals and for rail tickets but referred to a Constitution Bench the issue of validity of the government's demonetisation decision.

COMMENT: When govt comes hunting for villains, banks will be easy prey

Over the weekend the Finance Ministry sent a strange missive to public sector banks and to the Indian Banks Association telling them to strictly segregate deposits coming in the form of new and old notes and reflect it correctly in the customer's counterfoil and in their books.

Follow due diligence for activating dormant A/Cs: RBI to banks

With people thronging banks for depositing old notes in dormant accounts, the Reserve Bank today asked banks to strictly follow customer due diligence guidelines while allowing operations in such accounts.

Roughly Rs 12.6 lk cr of old notes deposited with banks: Report

Initially, the government was expecting that at least Rs 3 lakh crore of cash in old notes would not be deposited in banks due to fear of scrutiny by tax authorities.

Farmer bodies want govt to allow old notes for agri input buy

Farmer associations today demanded that the government should allow use of the banned 500 and 1,000 rupee notes to buy seeds and fertiliser till December 30, saying peasants are short of cash and have no takers for their crop.