RBI directs 40% notes to rural areas

The 50-day exercise ended on December 30, but the cash supply situation is yet to ease in certain pockets. 

As a result, the government has not lifted the withdrawal ceiling of Rs 24,000 per week. 

On observing that bank notes being supplied to rural areas is not commensurate with the local requirements, some steps have already been initiated, RBI said in a notification. 

With a view to ensuring at least 40 per cent bank notes are supplied to rural areas and mitigating the issue in a more enduring manner, the banks maintaining currency chests are advised various steps, including liberal issuance of the existing stock of other denomination notes below Rs 100. 

‘Modi’s speech shows he has accepted defeat’ 

A day after Prime Minister Narendra Modi urged the electorate in Uttar Pradesh not to vote on caste considerations, BSP Chief Mayawati said he appears to have accepted defeat and rejected the charge of being a “casteist party”. 

She also attacked PM Modi on demonetisation, alleging that he did it to divert the people’s attention as “he had failed to fulfill even a quarter of his poll promises”, including bringing back black money stashed abroad.