Demonetisation of currency: Events as they unfolded on November 10, 2016

New Delhi: In a big relief for common man, banks re-opened on Thursday to dispense new notes in exchange for old Rs 500 and Rs 1,000 notes that are no longer legal tender.

Long queues were seen outside bank branches everywhere as individuals lined up for exchanging old currency and collecting smaller denomination notes. 

Following are the updates:

The Income Tax department conducts multiple surveys in Delhi, Mumbai and other cities in the wake of reports of alleged profiteering and subsequent tax evasion by traders by converting withdrawn currency notes in an illegal manner.

Similar scenes were witnessed in cities like Mumbai, Kolkata, Bhopal etc where people lined up outside banks to exchange scrapped notes after Centre's announcement to withdraw Rs 500 and 1000 notes.

In Delhi, people queue up outside banks in Khan Market to exchange scrapped notes after Govt announcement to withdraw Rs 500,1000 notes.

Centre accepts Maharashtra govt's request to allow Rs 500, 1000 notes for payment of govt dues like electricity, water, property bills.

I expected a different level of ethics from them: Jaitley

I’m certainly disappointed with TMC and Left: FM

FM Arun Jaitley's direct attack on Congress, says ‘not surprised at the reaction of Congress party’

Asking people to deal in cheque, digital money and not in cash is a financial emergency? asks FM

Bulk of India is welcoming it, says Finance Minister Arun Jaitley

It will bring ethics, cleanliness and in every sense help the economy: FM

A well thought out decision, says Finance Minister Arun Jaitley.

Congress-led Opposition demands roll back of demonetisation decision.

We want BJP govt to pull back this ban on currency for few days and let people arrange something. We are with the government: Mulayam Singh Yadav.

BJP promised to bring back black money in their election campaigns, but after getting public pressure they ban Rs 500 and Rs 1000 notes: Mulayam Singh Yadav

Centre has spread anarchy in entire country, common man is not even able to buy daily products, says SP chief Mulayam Singh Yadav.

Over 3000 paramilitary and police personnel, quick reaction teams deployed in Delhi for security in banks, reports PTI.

New currency notes yet to reach Kashmir and Tripura, reports

Congress party has always fought against corruption; can't understand the time of this demonetisation; several people will be affected: Azad

No political party is against ending black money. But this decision was rushed and premature: Ghulam Nabi Azad of Congress

Demonetisation is good for the country, says Madras HC.

Madras HC dismisses petition seeking stay on demonetisation of currency by Centre.

Modi govt has imposed undeclared economic emergency in the country: BSP chief Mayawati

BSP chief Mayawati slams PM Modi for his move to demonitise high denomination notes.

Banks release Rs 2000 notes. Here is the first look.

Left groups protest against Centre's demonetisation move in Chennai, say reports.

Banks are refusing to exchange notes without ID Proof, says reports.

No limit on depositing money if KYC norms are updated.

Huge crowd gathered outside PNB bank, Sansad Marg to exchange scrapped notes after Govt announcement to withdraw Rs 500, 1000 notes.

For Gold purchase and sell people need to show their PAN card: Jaitley

Centre wants to be heard before Supreme Court passes any order on pleas against demonetisation

We understand need for emergency cash: Jaitley

Trying to ensure requisite replacement currency is available with people at the earliest; no need for people to rush: Finance Minister Arun Jaitley

Instead of seeing it as a reduction of wealth, it must be seen as transfer of unaccounted wealth: CEA Arvind Subramanian.

In UP, people queue up outside banks in Lucknow to exchange scrapped notes after Govt announcement to withdraw Rs 500, 1000 notes.

In West Bengal's Siliguri, huge crowd gathered outside banks as it reopens for the first time after Govt withdraws Rs 500, 1000 notes.

It is a good decision taken by govt, we're providing full support to customers & have advised same to every branch: Arundhati Bhattacharya.

Customers can withdraw Rs 4000 from ATM’s and Rs 10000 from bank counter and can deposit any amount: Arundhati Bhattacharya, MD, SBI.

There is no need to panic; Govt is trying to make available all resources as per demands: Arjun Meghwal, MoS Finance.

People queue up in large numbers outside Reserve Bank of India to exchange banned Rs 500, 1000 notes

We are standing here for last two hours, bank officials are creating nuisance and not allowing us to enter inside: Customer

Chaos outside a bank in Patna after people queue up in huge numbers to deposit/exchange Rs 500, 1000 notes.

Bank officials are co-operating and helping us. The new notes are really good but I hope that I find change for Rs 2000 now: Customer.

In Nagpur, people throng banks as it reopens for first time after Govt withdraws Rs 500,1000 notes.

Long queues outside banks in Jhandewalan to exchange scrapped notes after Govt announced to withdraw Rs 500, 1000 notes.

People queue up outside banks in Hyderabad to deposit/exchange Rs 500,1000 notes.

In Delhi, banks open early at 8 am today, extend working hours to ensure no inconvenience is caused to customers, Rs 2000 notes now available.

Customers lined up outside banks in Chennai to exchange scrapped notes after Centre's announcement to withdraw Rs 500, 1000 notes.

In pic- A customer receives Rs 2000 currency notes upon withdrawal.

However, as per the government's announcement, individuals can only collect up to Rs 4,000 – the current entitlement – hence several banks have issued informal advisory asking people to have patience in depositing their old currency notes and collecting the new ones. 

The advisory from banks despite several efforts taken by the Centre and the RBI to ensure hassle free transactions when the banks open. 

A ToI report claimed that apex banks including the State Bank of India and HDFC Bank have hired services of some retired banking officials to help them deal with the "unprecedented rush" to deposit and exchange notes.

Anticipating a huge rush, the Reserve Bank of India has asked banks to remain open for business over the weekend to draw out nearly 13 lakh crore of demonetised notes by December.

The nation's largest lender State Bank of India (SBI) has announced an extension in banking hours, till 6 pm today.

Each of its branches will be having a dedicated 'exchange counter' to change the currency notes.

Some other banks such as ICICI Bank said that their "busy" branches would remain open for 12 hours starting 8 am. 

Others are preparing to stay open till around 7 pm.

Delhi Police makes special arrangements for smooth banking today

Meanwhile, the Delhi Police have also made adequate arrangements to ensure law and order and smooth demonetisation process in the national capital.

Following specific arrangements have been made apart from the general arrangements:

- Police arrangements at all banks ensuring safety and facilitating government demonetising policy.

- Police arrangements at ATMs.

- Police arrangements at all petrol pumps ensuring due law and order.

- Kendriya Bhandar, Safal centres, Pharmacies, Hospitals, Mother dairies etc. also have to be covered with adequate police coverage.

- Banks have been requested to put up proper notice covering scheme details at all bank gates assuring people requesting to keep patience and cooperate.

- Apart from police deployment, patrolling staff will also be covering all vulnerable premises.

- Police arrangements will commence from 9 am. 

-Maximum staff have been mobilised from all units of Delhi Police. 

-All senior officers including DCPs and Joint CPs will be closely supervising the arrangements ensuring incident free day.

-The Reserve Bank of India (RBI) will launch new Rs. 500 and Rs. 2,000 currency notes from today.

Fearing a jump in footfalls to deposit or withdraw cash following the demonetisation of 500 rupees and 1,000 rupees banknotes, banks will remain open this Saturday and Sunday and its staff will do overtime till 9 pm for the next three days to clear the rush.

In a tweet, Economic Affairs Secretary Shaktikanta Das said for public convenience, banks will remain open on coming Saturday and Sunday. 

Banks also announced a slew of measures, including extension of banking hours, doing away with ATM charges and expanding credit limits to handle the expected huge rush to tender now defunct 500 rupee and 1000 rupee notes.

The Reserve Bank also came out with an order instructing all the banks to be open for business on the coming weekend, including Sunday.

With ANI inputs