Note ban and after

It has been 100 days since Modi announced the scrapping of 86% of India’s currency in circulation. A look at the events that followed

NOV 8

PM announced withdrawal of ~500 and ~1,000 notes. ATM withdrawal limit set at ,2,000, old notes worth ,4,000 allowed to be exchanged

NOV 13

Cash exchange limit over counter raised to ,4,500, ATM withdrawal to ,2,500 per day

NOV 24

Old notes can be deposited but can’t be exchanged at banks; ,1,000 notes can’t be used, ,500 can be used to pay for fuel, mobile recharge

DEC 8 Finance minister Arun Jaitley

announced steps to boost e-transactions, including a 0.75% discount on digital payments for fuel purchase

DEC 19

Deposits above ,5,000 in scrapped notes can be made only once till December 30. Customers have to explain to banks why they did not deposit their old notes earlier

DEC 30

Deposit of old currency notes not allowed at the banks. They can be exchanged at RBI offices across the country

JAN 20 RBI governor Urjit Patel

appears before parliamentary panel, says RBI taking steps to bring down transaction cost on payments

JAN 30

Decision to ease limits on ATM withdrawals from Feb 1 taken. Curbs on branch withdrawals from current, cash credit and overdraft accounts done away with

FEB 2

~4.17 lakh crore of suspicious cash was deposited by about 18 lakh people post demonetisation, says Central Board of Direct Taxes (CBDT) chairman Sushil Chandra

FEB 7

Prime Minister Narendra Modi defends his demonetisation move in the Parliament, says timing of the decision was “best”

FEB 8

RBI announces easing of withdrawals from bank branches from ~24,000 to ~50,000 from Feb 20; March 13, all restrictions stand withdrawn