Fearing a jump in footfalls to deposit or withdraw cash following the demonetisation of Rs 500 and 1,000 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.

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Rs 500 and Rs 1000 denominations are equal to piece of paper from tonight midnight (8 November 2016).

"You have 50 days to return the old notes of Rs 500 and Rs 1,000 to your respective bank from 10 November 2016 to 30 December 2016. The banks, however, will have a cap on how much cash can be withdrawn — Rs 10,000 daily and Rs 20,000 weekly."

New Rs 2,000 note that will be soon issued

New Rs 2,000 note that will be soon issued

"And no one should blame me if I take tough decisions after the 30th. This money belongs to the country’s poor. No one has the right to loot this. This is my commitment. I am working with full force and will continue the effort," he had said.

Apparently, Prime Minister Narendra Modi had given a fair warning to all the black money hoarders in this interview with CNN-News18 in September this year. Replying to a question on if he intended to carry forward his tough line on curbing black money, Modi had urged those with undeclared wealth to take advantage of the disclosure scheme before the deadline of September 30 and return to into the mainstream.

A lawyer by profession, Kamboj said that he understands the legal consequences of doing any such thing. "I know I can land up in big trouble if I do something so foolish. What Kejriwal is doing is nothing more than dirty politics. He will see what will happen to him in Punjab."

“There were various news reports about the probable introduction of new notes. What was new in that?” Kamboj added.

Rubbishing Kejriwal's claims, Kejriwal said: “I had only written that new notes would soon be introduced. But nowhere I had talked about or even mentioned banning of the old notes.”

Delhi CM Arvind Kejriwal on Saturday alleged that BJP had informed its 'friends' beforehand about its decision to demonetise Rs 500 and Rs 1,000 currency notes, to help them fix their black money.

Firstpost reporter Amitesh Singh spoke to Sanjeev Kamboj, co-convener of BJP's law and legal affairs department in Punjab, who had tweeted the picture of Rs 2,000 notes on 6 November.

Only tweeted about new notes, not ban on Rs 500, Rs 1,000: BJP leader Sanjeev Kamboj tells Firstpost

The step is being taken after it was observed that same people have been withdrawing money, again and again, misusing the facility and not giving a chance to others to exchange their money. ​

The government has decided to use indelible ink to mark people who exchange cash over the counter in the banks.

Indelible ink to be used to mark people who exchange cash in the banks: Economic Affairs Secretary Shaktikanta Das

Are you willing to give PM Modi 50 days to make good on his promise?

"Government should allow old Rs 500 notes to remain in circulation along with the new notes. Also, Rs 100/50/10 notes must be made easily available. Rs 1,000 notes may be withdrawn when circulation improves by 30 December, or at your discretion. No need for anymore faltu, action-less announcements. Sometimes blunders lead to more more blunders," says the West Bengal Chief Minister.

In a series of tweets on Friday, Mamata Banerjee said that there are ways that the government can restore normalcy and help people.

"Such tax evasion activities can be made subject to income tax and penalty," ANI reported. The ministry added that thos who allow their accounts to be misused will be prosecuted."However, genuine people having their own household savings in cash and depositing the same will not be questioned," the ministry was quoted as saying by ANI.

Announcing that small deposits made in banks of artisans, workers, housewives will not be questioned by Income Tax Department, the finance ministry said that there are reports that a few people were "using other's accounts to convert their black money into new denomination notes."

The Opposition parties are not wrong — this could have been planned better and the government is not giving us all the facts. The truth is the government did have a plan. Not for recalibration — for which it has come under severe attack — but for the preemptive calibration of ATMs. If this plan had run its course, it could have considerably smoothened the currency exchange at ATMs. But the plan ground to a halt even before it took off. But more on that later.

And the answer is yes and no.

An entire population of 1.25 billion is living in misery, craving something they already have: A strange contradiction of shortage in abundance. The only question that everyone is asking is: Did Prime Minister Narendra Modi send a country into war against black money without planning?

"What is the difficulty? " the bench asked Rohatgi. The AG explained the situation by stating that after printing, the currency has to be moved to thousands of centres across the country and ATMs have to be re-calibrated. "There is no shortage of funds," he said.

At the outset, the bench questioned the relief measures undertaken by the Centre by saying, "Last time you said there will be relief for people in the coming days but you have squeezed the exchange limit to Rs 2,000 only."

"It's a political attempt in the court. I have seen your (Sibal's) press conference also. You are not appearing for a political party, but for an advocate. You are turning the apex court into a political platform," Rohatgi said.

The Attorney General (AG) Mukul Rohatgi in his response, said there is no dispute, but the queues are getting shorter and even suggested that the Chief Justice of India can go out during lunch and himself look at the queue. "Kindly go in the lunch time," the AG told the bench and took objection to senior advocate Kapil Sibal, appearing for a private party, for allegedly exaggerating the situation.

"We have also come to know that corruption through new notes has already started. Such reports are surfacing in newspapers and especially on the social media," he said, claiming the goal of unearthing black money and weeding out fake currency notes will not be achieved.

On the Centre's stand that demonetisation will check corruption, Akhilesh said cases of graft involving new currency notes are already making news in some parts of the country.

Talking to reporters in Lucknow on Friday after presiding over a Cabinet meeting, Akhilesh Yadav said, "The meeting was of the opinion that farmers should get relaxation in use of Rs 500 and Rs 1,000 notes...cooperative banks to which farmers are directly linked should get relaxation as money is not promptly reaching bank branches."

SC made the remarks as Attorney General (AG) Mukul Rohatgi submitted that any matter relating to challenge to the demonetisation issue be heard by the apex court only.

"Some measures are required. See the kind of problems people are facing. People have to go to the high court. If we shut them from going to the high court, how can we know the magnitude of the problem. People going to different courts indicates the magnitude of the problem," the bench said.

"It is a serious issue which requires consideration," a bench comprising Chief Justice T S Thakur and Justice A R Dave said, while asking the parties to be ready with data and other issues in writing. The apex court also refused Centre's request to put on hold petitions pending in various high courts challenging the decision to demonetise.

Coming down heavily on the Narendra Modi government for not taking the issue seriously, the Supreme Court on Friday questioned the move to reduce the exchange limit of old notes from Rs 4,500 to Rs 2,000. The apex court added that the situation was serious and there are possibilities of riots breaking out.

"We are not against demonetisation. We are against the hardships being faced by poor people due to mismanagement in implementing this scheme," Ravat said, when he was detained and taken away by police.

Those who have been detained include Vadodara Congress president Prashant Patel and General Secretary of Gujarat Congress Narendra Ravat.

In Vadodara, at least 100 Congress workers were detained from different parts for trying to block the roads. While two Congress workers were detained for setting fire to tyres on Ahmedabad-Vadodara highway on the city outskirts, around 100 have been detained for blocking an internal city road at Dandiya Bazar area.

Slamming the Centre over faulty implementation of the demonetisation drive, Mayawati said that the government has unleashed an Economic Emergency on the nation and the party does not care how people of the nation are suffering.

Just like Samajwadi Party, BJP is digging its own grave before Uttar Pradesh elections: Mayawati

He then said that India trusts its citizens who will make the country emerge successful after "this test of fire".

"But I see your support. Despite so many attempts to dissuade you, you have understood this move for the welfare of this nation," said the Prime Minister. "The entire world is watching this move. Every economist is analysing this move. The world is watching whether 1.25 crore Indians, despite difficulties, will achieve success."

"But for 70 years, we have been tolerating the disease of corruption and black money. The cure to that disease cannot be simple," he said.

"When I had taken this decision, I had said that this is full of difficulties. And the implementation of this decision was also bound to be difficult. I knew about the kind of difficulties people would have to face," Modi said. "I knew that it will definitely take 50 days to come out of the effect [of demonetisation]," he added.

"A lot of people have asked me to talk more about the currency ban," said the Prime Minister, as he began talking about demonetisation.

Prime Minister Narendra Modi on Sunday talked about the demonetisation of Rs 500 and Rs 1,000 notes on the radio programme 'Mann Ki Baat' and appealed to the people of India to help him create a "less-cash society".

Sources have told CNN-News18 that the central government has stepped up the printing of the new Rs 500 notes. The news channel also reported that the shortage in Rs 500 notes will be over by the end of December.

Old Rs 500 notes at petrol pumps and for airline tickets will be accepted till 2 December as against 15 December announced earlier, reports PTI.

Exactly a month ago, Prime Minister Narendra Modi announced scrapping of high denomination notes of Rs 500 and Rs 1,000. On Thursday, Opposition parties and Members of Parliament protested outside the Parliament House.

Modi said, "The government's decision has several gains for farmers, traders, labourers, who are the economic backbone of our nation. I always said that the government's measure will bring a degree of inconvenience but this short term pain will pave way for long term gains. No longer will the progress and prosperity of rural India be curtailed by corruption and black money. Our villages must get their due. We also have a historic opportunity to embrace increased cashless payments and integrate latest technology in economic transactions."

In a series of tweets, Prime Minister Narendra Modi said that the government never denied that the demonetisation drive will not be inconvenient, but "this short term pain will pave way for long term gains."

I always said that the Government's measure will bring a degree of inconvenience: Modi

Slamming the government, West Bengal Chief Minister on her Facebook page slammed the move and said, "One month of harassment, pain, hopelessness, financial insecurity and utter chaos."

Leading members of Opposition took to social media to speak on demonetisation. 8 December marks one month since the Modi government scrapped high-denomination notes and introduced the new Rs 500 and Rs 2,000 notes.

The Opposition parties will meet with BJP leaders as well at around 12 pm on Thursday to discuss demonetisation.

The Bharatiya Janata Party has announced that it will hold a party meet at 9.30 am on Thursday. According to CNN-News18, the party meet will discuss demonetisation and will be broadcast live. Prime Minister Narendra Modi will be addressing the nation as well, the news channel said.

PM said Congress had chance to clean the system in 1971, but it didnt | ANI

'It's a pity that this opposition party, who fought against the Congres both inside the Congress and outside the Congress are ready to work with Congress. Trinamool Congress, CPI (M) are with Congress. Even DMK who had taken talaq from Congress are rallying behind it. They don't even know what their leader is going to talk about. The congress regime was filled with scams. They will have to explain it to the people," he added.

'It's ironic to see that government is fighting corruption, and the opposition is opposing it. Many people are shaken because vested interests are shaken. They are trying to create panic in the public. And therefore, they are trying to tarnish Prime Minster's image,' Venkaiah Naidu said.

It's ironic that parties which opposed Congress are now supporting it: Venkaiah Naidu

Unlike Gandhi, who in a letter dated 24 August, 1974, to all chief ministers, sought ‘selective action’ against ‘bigger people’ that could be publicised to counter the perception in the public mind and in Parliament, Modi and his officers were well prepared in advance to scrutinise the shades of unaccounted stash in the country, even if that meant severe criticism of his government.

Modi is not Indira Gandhi and 2016 is not 1974 when TA Pai, the then Union Minister for heavy industry told Gandhi: "Currency has no complexion and it is neither white nor black." (Declassified black money files of prime minister’s office, no 37 (465)/74 PMS).

When Prime Minister Narendra Modi, in a televised address on 8 November, told the nation that the existing Rs 500 and 1,000 notes can no longer be used for transactions and they are now mere pieces of papers, he very well knew that a huge number of zero-balance accounts were going to witness sudden activity from the very next morning.

Narendra Modi did what Indira suggested was not for her to do

This means that these notes will not be acceptable for transactions from midnight onwards. The 500 and 1,000 rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper.

To break the grip of corruption and black money, we have decided that the 500 rupee and 1,000 rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016.

As (Narendra) Modi gets ready to address the nation on 31 December in a stock-taking speech, sober watchers of the game may find no nail-biting finish or clear winner. We might need to use something resembling the Duckworth-Lewis method that cricket scorers use when rains or disruptions mar a match.

As time to submit demonetised notes comes to a close today, people queue up outside RBI offices across India

The government is also planning to come out with an Ordinance making possession of old Rs 500/1,000 notes beyond a specified limit for numismatic purposes illegal and punishable.

People, however, will still have time to exchange the currency notes at designated RBI counters till 31 March after giving valid reasons for not depositing defunct notes in their accounts by 30 December.

The 50-day deadline to deposit the old Rs 500/1,000 notes in banks comes to an end today, but the cash crunch and queues before ATMs are likely to continue for some more time as currency printing presses have failed to meet the huge demand for new bills.

Prime Minister Narendra Modi is expected to address the nation on Saturday after his self-imposed deadline of 50-days for the situation to return to normal ends. While some people are hoping for an extension in the deadline, the government maintained it had no plans to do so.

The deadline to deposit old Rs 500 and Rs 1,000 notes in banks ends today. From next week onward, those still holding the scrapped currency can deposit it only with the Reserve Bank of India till 31 March, 2017. After 31 March, holding demonetised notes would be illegal and could invite hefty fines and even jail, according to an ordinance passed by the Union Cabinet on Wednesday.

Post #DeMonetisation Govt. to roll out massive campaign. PM's address to the nation on Dec 31st will be beginning of this campaign: Sources

PM Modi could launch massive campaign in his address on New Year

Meanwhile, the RBI's image seems to have been dented significantly during the period. Post the announcement, the action mostly happened in Delhi and the central bank was relegated to the background. Moreover, the frequent rule changes, mostly dictated by the political bosses in Delhi, unfairly affected the central bank's image.

The man who is complaining the most is the one who is affected and that is not the ‘common man’, believes Bijoor. He places Modi’s popularity on a ratio of 80:20 with 80 percent having welcomed the bold move of the PM.

The common man is in the mood to forgive the prime minister as he realises that demonetisation is a big task that irritants like more than 60 policy flip-flops after the announcement of the scheme can be ‘tolerated’, says Harish Bijoor, chief executive officer of brand and business strategy firm Harish Bijoor Consults Inc.

The brand Modi might have received a good boost after the demonetisation drive, however, the brand RBI, the monetary authority in charge of the Indian currency, may have taken a huge drubbing, brand experts told Firstpost's Sulekha Nair .

The cash crunch in cities seems to be easing. Just for a lark i went to 5-10 different ATMs on diff days and all yielded cash Queues shorter

(Cont) to deposit the same in any Issue Office of Reserve Bank or a currency chest on December 31, 2016 itself: RBI

SBNs (Specified bank notes) cannot form part of banks’ cash balances from the close of business as on December 31, 2016: RBI

Specified bank notes (SBNs) cannot form part of banks' cash balances from the close of business as on 31 December, 2016 to deposit the same in any Issue Office of Reserve Bank or a currency chest on 31 December, 2016 itself, RBI said.

Bihar: Tattered demonetised notes of Rs 500 found by locals in Gopalganj. Police on the spot for further investigation #DeMonetisation pic.twitter.com/QmYMDbFRsF

As time to submit demonetised notes comes to a close today, people queue up outside Reserve Bank of India's Kolkata branch #DeMonetisation pic.twitter.com/Ct3HHxhoMP

Delhi: Today being the last day to submit demonetised notes, people seen queuing up outside RBI #DeMonetisation pic.twitter.com/LjhkeRdacC

As time to submit demonetised notes comes to a close today, people queue up outside RBI offices across India

Fearing a jump in footfalls to deposit or withdraw cash following the demonetisation of Rs 500 and 1,000 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.

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 Rs 500 and 1000 notes.

Bankers have also been advised not to take additional leaves for the next one month, during which the government has asked holders of over 22 billion currency notes that are no longer legal tender, to deposit them in bank accounts.

For public convenience, banks will remain open on coming Saturday and Sunday, Economic Affairs Secretary Shaktikanta Das tweeted.

The Reserve Bank also came out with an order instructing all the banks to be open for business on the coming weekend, including Sunday. RBI also said ATMs will remain shut tomorrow as well.

The nation's largest lender State Bank of India was among the first to announce an extension in banking hours, till 6 pm tomorrow and also said each of its branches will be having a dedicated 'exchange counter' to change the currency notes.

ICICI Bank Managing Director and CEO Chanda Kochhar said the bank's branches will be open till 8 pm on Thursday and Friday. The bank also introduced a slew of relaxations on the electronic payments or withdrawals front.

All charges pertaining to cash deposit into one's accounts will be waived till 30 November and the fees for

transacting at ATMs will also be scrapped till 31 December, ICICI Bank said in a statement.

It has also doubled the daily usage limit of debit cards for use at merchant ends as well as online transactions.

Axis Bank has also waived cash handling charges, and done away with the five free transactions a month limit on its own ATMs and extended banking hours, its president Rajiv Anand told PTI.

While making the announcement to discontinue Rs 500 and 1,000 banknotes yesterday, the government had also announced closure of bank branches and ATMs today. It also announced the launch of newer notes of Rs 500 and Rs 2,000 from 10 November.

People holding to the older notes will be very keen to do away with them and also get the newer series banknotes of higher denomination when the bank branches reopen tomorrow. ICICI Bank said it is ensuring that Rs 2000 and the existing notes of Rs 100 notes are available at its 'main branches' from tomorrow.

It also announced an expansion of up to 20 per cent in the credit limits for 'worthy' customers using its credit cards.

Anand said there is no need for the customers to panic and appealed them to defer their visits to branches, pointing out that there is a 50-day limit to change the older notes.

Anand said the bank also expects a significant jump in alternate channels like the newly introduced UPI, points of sale terminals and mobile and online banking because of the RBI moves.

Kotak Mahindra Bank joint managing director Dipak Gupta said apart from the cultural change in adopting digital faster, we should also see a surge in activation of new bank accounts.

In the biggest-ever move to curb black money, and crime funding Prime Minister Narendra Modi had last night announced that Rs 500 and Rs 1,000 bank notes would become illegal tenders from last midnight and massively curbed cash withdrawals through ATMs and from bank counters.

"In order to meet the anticipated heavy demand from members of the public to conduct their banking transactions, it has been decided that banks shall remain open for public transactions on Saturday, 12 November, and Sunday, 13 November, 2016," RBI said in a statement.

Banks are advised to keep all their branches open on 12 and 13 November, 2016, as regular working days for

transacting all business, it said.

RBI also asked banks to give due publicity to the availability of banking services on these days.

As per the normal schedule, the coming Saturday being the second would have been an holiday, but keeping in view the expected rush at the branches, it was decided otherwise. It is, however, not clear whether post offices would be open or not on the weekend. There are about 1.25 lakh post offices across the country.

At the same time, the government and RBI are yet to take a call on keeping banks open on Monday, 14 November, which is a holiday.

There are about 149 scheduled commercial banks, including 56 regional rural banks, with branch network of about 1.30 lakh across the country. Besides, the cooperative banks have also been asked to take deposit and exchange the old with the new one.

The first demonetisation happened under the British rule in 1946 and the first one after the Independence on 16-17 January, 1978 when the Morarji Desai government demonetised bank notes of Rs 1000, 5000 and 10,000 notes.

The news triggered panic and people started queueing up at all ATMs or CDMs to either withdraw money or deposit Rs 500 and Rs 1,000 notes.

The banned Rs 500 and Rs 1000 notes account for over 86 per cent of the total Rs 16.42 lakh crore value of bank notes in circulation as of 31 March, 2016, according to Reserve Bank's latest annual report.

For convenience of customers, Financial Services Secretary Anjuly Chib Duggal said banks will be working extra hours.

Meanwhile, SBI said all branches will remain open tomorrow with extended business hours up to 6 pm.

Kochhar said branch timings will be extended by two hours on 10-11 November and branches at prominent locations will remain open from 8 am to 8 pm.

Many other banks like HSBC and PNB has also announced extension of working hours.