wordpress blog stats
Connect with us

Hi, what are you looking for?

How digital payments will be affected with Rs 500 and Rs 1000 notes being killed

Download MediaNama's free Digital Payments in India report  In a surprise move, Prime Minister Narendra Modi announced, effective today, all currency denominations of Rs 500 and Rs 1000 will no longer be considered as legal tenders to make transactions and will be phased out. In place of them the Reserve Bank of India will be circulating new Rs 2000 and Rs 500 notes. Some important information for everyone note: The RBI said that this was necessitated to tackle counterfeit notes, and nullify black money hoarded in cash and curb funding of terrorism with fake notes. From 10th November 2016, the value of these notes can be tendered at any office of the RBI, bank branch and post office and the amount will be credited into their bank accounts. For immediate cash needs, these notes of value upto Rs 4,000 per person can be exchanged for cash over the counter of these bank branches. ATMs and other cash machines will remain shut on 9th November 2016 to facilitate recalibration. When ready, they will be reactivated and cash drawals from ATM and other machines will be restricted to ₹ 2,000 per day. Non-cash methods of transactions such as cheques, NEFT, IMPS and RTGS will not be affected and people are allowed to transact through them. However, cash withdrawals from bank accounts, over the bank counters, will be restricted to a limited amount of ₹ 10,000 per week. This is has massive ramifications for the digital payments as India is still an economy which…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

New bill narrows focus over predecessors that went heavy on data sovereignty, localisation and compliance. What explains this change?

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ