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No more currency exchange except at RBI counters; More updates

We're a little slow today, but here's the lowdown on what the government has announced regarding demonetization since last evening: 1. No over the counter exchange of old Rs 500 and Rs 1000 notes after midnight yesterday. Oddly enough, despite the queues, the government notice says that "It has been observed that over the counter exchange of the old currency notes of Rs 500 and Rs 1000 denomination has shown a declining trend." The government sees this as a means of getting people to deposit their old Rs 500 and Rs 1000 notes in their bank accounts, and is hoping that "This will encourage people who are still unbanked, to open new bank accounts." The issue with this is that those who don't have a bank account will have to get one opened (and it's not a smooth, quick process), then deposit their money, and then withdraw it. What will they do till then? This is contrary to what the Prime Minister Narendra Modi had said when demonetization was first announced: 8. From 10th November till 24th November the limit for such exchange will be four thousand rupees. From 25th November till 30th December, the limit will be increased. Additionally, the notes can still be exchanged at RBI counters: The Reserve Bank of India advises members of public that exchange of banknotes in Rs 500 and Rs 1000 denominations, whose legal tender status has been withdrawn, will continue to be available at the counters of the Reserve Bank upto the current…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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