People trying to withdraw their salaries this week are as predicted, stuck with long lines and empty ATMs, with money supply in the banking system a fifth of its usual capacity. The All India Bank Employees’ Association has sought police protection at bank branches for the next 10 days, as they expect queues full of annoyed customers. While the demonetization move remains popular and the PM has high approval ratings, an alternate circulation of old notes is emerging in old markets such as Janpath, where retailers say they have no choice but to accept old currency notes after sales fell up to 80%. Economists are expecting the impact of the move to continue for several quarters, with at least some downside for GDP growth in the coming months. 

The government has appointed a panel of ministers across party lines to steer India's economy towards more cashless and digital transactions over the next one year. The panel is led by Andhra CM Chandrababu Naidu. It has also been tasked with "communicating" the benefits of a digital economy to people across the country.

PM Modi has also launched an Amazon-like marketplace for all government purchases, to make such purchases fully digital and reduce corruption in public spending. The marketplace has been live since August, and sells products from laptops and mobile phones to cement.

Stock in spotlight: Tata Power, which has cut losses at its Mundra plant, reported a profit of Rs. 336 crore for the September quarter, compared to last year's quarter when it lost Rs. 96 crore. The company has gained from high coal prices. 

Photo of the day: Queue management, as a bank employee in Dharavi distributes tokens to people standing in line. Danish Siddiqui/Reuters