There's a news flash...again

It takes months of advertisement for any company to popularise its product among the masses; whether it is selling a digestive ‘churan’ or a residential flat. Another matter that for such an important decision of demonetisation of 500 and 1000 rupee notes the government doesn’t seem to realise what exactly it is looking for.

Agreed that the news travels faster than light in this era of facebook, Twitter and 24-hour news channels, but the fact that it took full seven days for the clarification to come to convey that photocopies of IDs are not required for exchange of notes says it all.

Let’s go on a merry-go-round. Take care while reading so as not to suffer concussion.

* The government announced that new notes of Rs 500 and Rs 2000 to hit the market on November 10 when banks reopen—Rs 500 note was nowhere to be seen. A new Rs 1,000 note to come later in a few months

* Up to Rs 4000 to be exchanged over the counter from banks; daily cap of Rs 2,000 set on ATM withdrawals per card, to be extended to Rs 4,000 after November 19; daily bank withdrawal set at Rs 10,000 with Rs 20,000 for a week.

* No clarification on where all these old notes could be used. Confusion reigns with thousands stranded on national highways and metro stations.

* Government waives off toll on national highways till November 14. Delhi metro starts accepting old notes, so do gas agencies and electricity companies.

* These exemptions further extended till November 24.

* Cap of Rs 50,000 for deposits into Jan Dhan accounts

* It comes to light that all the ATMs need to be recalibrated so that the new notes can fit in. With 3000 engineers taking care of 2.5 lakh ATMs spread across the country, people stare at a way too longer wait.

* Daily limit to exchange notes from banks raised to Rs 4,500. ATM limits raised to Rs 2,500 per day, though many people claim ATM machines were dispensing only Rs 2,000

* The limit for weekly withdrawal set at Rs 24,000; that for current accounts operational for last 3 months raised to Rs 50,000 weekly.

* Per day ATM withdrawal limit of Rs 4,000 which was to come into effect from November 19 withdrawn

* With queues not thinning, government announces inking those coming for exchanging notes.

* Government again revises limit to exchange notes; brings it down to Rs 2,000.

* Finance Minister says there are no plans to reintroduce Rs 1,000 note

* Farmers to be able withdraw up to Rs. 25,000 a week against loans sanctioned to them to buy seeds and fertilizers and credited to their accounts

* Rs. 25,000 a week could be drawn from payment that farmers receive for agricultural produce in form of cheques.

* Families where a marriage is taking place allowed to be able to withdraw Rs 2.5 lakh from a single account after giving a declaration

* Traders in vegetable wholesale markets allowed to withdraw Rs. 50,000 a week to pay for expenses like wages

* The time limit for the payment of insurance premium on crop loan extended by 15 days

* Select petrol pumps to provide Rs 2000 after swiping your debit card

Vivek@outlookindia.com