The humble Rs 100 bill had several takers on an otherwise normal weekday evening in the financial capital tonight, even as police had to be deployed outside ATMs to control the crowd waiting eagerly to get their hands on the banknote.
Prime Minister Narendra Modi on Tuesday announced demonetisation of Rs 1000 and Rs 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.
There was a panic run on ATMs across the Indian capital as Prime Minister Narendra Modi declared that Rs 500 and Rs 1,000 notes won`t be legal tender from midnight Tuesday.
RBI Governor Urjit Patel while addressing a press briefing said that this step will help to put an end to the circulation of fake money and that they have increased the production of the new currency.
Announcing the discontinuation of existing Rs 1000 and Rs 500 notes with effect from midnight tonight, the government has outlined following steps to make it easier for citizens for the transition:
Rs 500 and Rs 1000 notes will cease to be legal tender from midnight tonight.
Bankers and industry leaders Tuesday welcomed the move to demonetise the Rs 500 and Rs 1,000 notes as "a bold and revolutionary" step, and affirmed their commitment to smoothen the transition.
Banks across the nation will be closed on Wednesday and ATMs are likely to be non-functional as the government makes move to replace the Rs 500 and Rs 1000 notes with new Rs 500 and Rs 2000 notes.
The Reserve Bank of India on Tuesday unveiled the new Rs 500 and Rs 2000 notes and said these new notes will be launched in the market from November 10.
Zee Media Bureau
New Delhi: The Reserve Bank of India is all set to issue a new Rs 500 and Rs 2000 notes very soon.
The Reserve Bank of India will soon issue a Rs 2000 notes following the scrapping of Rs 500 and Rs 1000 notes by the government on Tuesday.
State-owned Bank of Baroda on Saturday reduced the marginal cost of fund (MCLR) based interest rates by 0.10 percentage point across different tenors with effect from November 7.
Central government employees are feeling let down by the political authority of the country for denying them their due in terms of better monthly salary and allowances.
Matching up to the cheapest home loans provided by SBI, Indiabulls Housing Finance (IBHFL) Friday slashed the lending rate for housing to 9.15 percent, bringing EMI down to Rs 815 per Rs 1 lakh.
Setting up a tempo for other lenders to follow, HDFC and private sector lender ICICI Bank on Thursday cut home loan rate by 0.15 percent.
While a sin tax of 40 percent was imposed on soft drinks, tobacco products and Pan Masala, a 65 percent tax was imposed on SUVs.
Private sector lender ICICI Bank on Thursday announced a cut in home loan rate by 0.15 percent for new borrowers, joining the rate cut initiated by bigger rival SBI.
In an ambitious expansion plan involving its ATM network, the State Bank Of India will install 7,070 NCR SelfServ 22e Automated Teller Machines across India over the next seven years, an official said.