Long queues have formed at ATMs across the country, as banks struggle to meet demand for new notes from Indians caught by surprise at demonitization. By 11 am ATMs had run out of cash in most places across major cities. This is despite the limit of Rs.2,000 imposed by RBI till the 18th of November. Many ATMs are currently dispensing only Rs. 100 notes as the machine platforms get reconfigured to carry the new size Rs. 2000 notes. 

Modi's Japan visit has sparked annoyance among the Chinese, with the Chinese government warning that 'India needs to be careful of neighbor concerns' when aligning with Japan. Modi visited Japan to sign a nuclear deal and strengthen ties amid China's growing assertiveness in the region and Trump's election, which throws existing alignments between US and the world into doubt. Japan is also hoping to sign more high-speed rail deals with India after winning the first billion dollar deal last year. China and Japan have been competing for rail contracts across Asia - China beat out Japan for Indonesia's high speed rail project last year, and the two are currently competing for a rail link contract that connects Singapore and Malaysia. 

Delhi's smog has put several billion dollars of new investment into the capital at risk according to Assocham, with companies reviewing their plans and considering re-routing the funds to other Indian cities. The local government has taken steps to reduce traffic congestion and withdrawing the licenses of diesel vehicles older than 15 years. But local groups are insisting that these steps are not enough - without a crackdown on waste burning and pollution in the city, Delhi is at risk for a repeat event.

Stock in spotlight: Idea Cellular has seen the largest drop from its 52 week high among largecaps, and the December quarter results are unlikely to lift the stock with continued competition from Reliance Jio. The company is seeing a drop in voice revenue per minute and lackluster data growth despite a cut in prices. 

Photo of the day: Customers wait in line with their IDs to deposit Rs. 500 and Rs. 1000 rupee notes at a bank in Amritsar. AFP/Narinder Nanu