What is demonetisation When did the Indian government decide to Demonetise the 500 and 1000 rupee notes?

On 8 November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series. People seeking to exchange their banknotes had to stand in lengthy queues, and several deaths were linked to the rush to exchange cash. …

How did Paytm benefit from demonetisation?

Paytm certainly has come a long way since pre-demonetisation era. Just during the week of demonetisation, The Alibaba-Softbank backed company started seeing a 200 percent increase in downloads and 10 fold increase in the addition of money in the wallet right on the night of demonetisation.

How much money did RBI get after demonetisation?

The central bank said people had returned Rs 15.28 lakh crore of the Rs 15.44 lakh crore banned currency, or 98.96 per cent of the scrapped Rs 500 and Rs 1,000 notes, to the banking system.

Under which law notes of Rs 500 and 1000 were Demonetised Was it illegal?

It is clear that section 26(2) of the RBI Act empowers the government to demonetise, that is, to declare any series of notes as illegal tender. Therefore, that part of the notification which merely declares that “Rs. 500 and Rs. 1000” notes cease to be legal tender is permissible under section 26(2).

What are the opportunities for Paytm?

Paytm Consumer services makes our lives simpler and more convenient. Pay bills, make bookings for customers or sell financial services you can earn commission on the transactions

• Movies.
• Flights.
• Gold Loan.
• Bank.

Is keeping old 500 notes illegal?

If some mistake happens during the printing of a currency note then the note becomes invaluable. The old Rs 500 notes, which is now banned, have been categorized as ‘rare Indian currency’. If you eare in possession of old Rs 500 note you should check its serial number.

Is keeping old 500 Note illegal?

The government on Friday introduced in Lok Sabha a bill that provides for holding, transfer and receiving of old Rs 500 and Rs 1000 currency notes a criminal offence, punishable with a minimum fine of Rs 10,000. It also prohibits the holding, transferring or receiving of these notes from December 31, 2016.