The post demonetized economy has seen the government and the central bank dishing out new regulations like candies. The only difference here is that it hasn’t always managed to bring cheer to the people.
Prime Minister Narendra Modi asked the people to give him 50 days from November 8 for the aftermath of demontization to ebb, with December 30 also being the deadline for depositing or exchanging the now de-legalised high denomination notes. With a day to go for the December 30 deadline, lets take a look at the latest slew of new announcements the government and Reserve Bank of India have made.
Helpline for digital payments
Telecom operators, Nasscom, and NITI Aayog will be setting up a helpline dedicated to address all the queries related to digital payments. The announcement was made by NITI Aayog Vice Chairman Arvind Panagariya, who said that the IT industry body Nasscom, telecom operators and the government think tank are creating the helpline to address all the queries of the public regarding digital payments.
The helpline number: 14444 Read more
Fine for hoarding old currency
The Union Cabinet cleared an ordinance on Wednesday which now makes hoarding the demonetized Rs 500 and Rs 1,000 notes after March 2017, a criminal offence, punishable by law.
According to the ‘Specified Bank Notes Cessation of Liabilities Ordinance’, old notes hoarders could face a jail term and a monetary fine for holding more than 10 notes of the demonetized notes. Read more
30 days more to pay off debt
The Reserve Bank of India has decided to give borrowers additional 30 days to pay off their home, car and personal loans if the dues are payable between November 8 and December 31. This is over an above the 60 days that were already granted to the borrowers in a bid to ensure their loans aren’t classified as bad loans amid the tight liquidity condition. Read more
The government announced two schemes — one for consumers and one for merchants — where lucky customers and merchants will be incentivised for using cashless, digital methods of payments. These winners will be picked on a daily, weekly, and monthly basis in a lottery-like system. Transactions made through USSD, AEPS, UPI and RuPay card would be eligible for the draw. The scheme for the customers is called Lucky Grahak Yojana while the one for the merchants is known as Digi-Dhan Vyapar Yojana. In 100 days, the scheme will give out rewards to the tune of Rs 360 crore. Read more