With the deadline for using old ₹500 and ₹1000 notes for utilities and railway reservation ending tonight, an increase in the chaos, which has been seen at various places for the last 15 days, is expected. However, if sources to believed, the government may give extension to the usage of[Read More…]
After the announcement of demonetisation move by the government, some industries and its workers are going through a tough time. In fact, a large number of people have already lost their jobs as production gets hit, especially in labour-intensive sectors such as textiles, garments, leather and jewellery. Around 4 lakh[Read More…]
Finance Minister, Arun Jaitley on Tuesday said that the government will announce more steps to ease the cash crunch in rural areas. “The situation is normalising in the urban areas. In the next few days, the focus will be on the rural areas so that farmers have enough funds because[Read More…]
D Thomas Franco, senior vice president of the All India Bank Officers Confederation, has called for the resignation of Reserve Bank of India governor Urjit Patel. He said that Urjit Patel should take the moral responsibility of the havoc created in country due to unplanned decision of demonetisation, which resulted[Read More…]
With people being reluctant to shell out the cash they stood hours in line for, digital payments company Paytm said on Monday it witnessed over seven million transactions worth Rs 120 crore on Saturday. Paytm has crossed $5 billion GMV sales, four months ahead of its target, reports PTI. Gross[Read More…]
The Narendra Modi-led government claims that the demonetisation move is aimed at dealing with the menace of domestic black money but the party has failed to implement study of a task force constituted by it to retrieve the black money. Instead of implementing recommendations of its own task force, the[Read More…]
Putting all speculations to rest, Union Finance Minister Arun Jaitley on Thursday ruled out roll-back of the demonetisation move that came into effect last week. In an interview, Arun Jaitley said there was no shortage of currency in the country to deal with the millions lined up outside banks and[Read More…]
The government on Thursday announced that the central government employees up to Group ‘C’ now can draw salary advance up to ₹10,000 in cash that’ll be adjusted against their November salaries. Economic Affairs Secretary Shaktikanta Das said Finance Minister Arun Jaitley in his Budget speech stated that interim provisions have[Read More…]
Following the government’s decision to mark bank users’ fingers using hard-to-remove ink to stop multiple visits to exchange currency, ‘Indelible ink removal’ was trending on Google. With motive to reduce the crowd at banks to exchange the demonetization, the Economic affairs secretary Shaktikanta Das, on Nov 15, said banks will[Read More…]
As the country reels under demonetisation effect, people in Assam are compelled to use Bhutanese currency, exchanged against de-valued notes of ₹500 and ₹1000. Local television reports showed areas near the Bhutan border in Kokrajhar district where Bhutanese currency is being used for transaction. While Bhutan currency is used in[Read More…]
India’s largest public sector bank SBI cleaned up its balance sheet by writing off loans worth Rs 7016 crore owed to it by more than 60 of its top 100 defaulters. 63 accounts have been fully written off, 31 have been partially return off and six of them have been[Read More…]
Former global managing director of McKinsey and Co and Goldman Sachs board member Rajat Gupta returned to India last week after completing his two-year prison term in the US. Jailed in June 2014 in Devens, Massachusetts, Gupta was freed after receiving credit for good behavior against his 30-month sentence, according[Read More…]
Following its demonetisation decision on Nov 8, government claims that the inconvenience is temporary but harsh reality is that the decision has taken toll on people. Ironically, Prime Minister Modi also claimed that his demonetisation decision was somewhat ‘kadak’ (strong) linking it to his ‘chaiwallah’ background. “When I was young,[Read More…]
Government on Monday said parking charges at airports across country are being waived till the midnight of November 21, as people continue to face difficulties in tendering change following the demonetisation of Rs 500 and Rs 1,000 notes. The directive would be applicable on both Airports Authority of India (AAI)[Read More…]
A 45-year-old farmer allegedly committed suicide as he was apparently upset over not being able to get his high-denomination notes exchanged for fresh ones due to serpentine queues in banks. The farmer Ravi Pradhan’s wife Pushplata claimed that he was in urgent need of money to help their two sons[Read More…]
Lashing out at Congress and other parties for criticizing government’s decision to demonetise Rs ₹ 500 and ₹ 1000 notes, PM Modi said his decision is a little “karak” (strong). He was drawing an analogy with his early days as a tea vendor. Prime Minister said “My decision is a[Read More…]
Around ₹ 3 lakh crore of old ₹ 500 and ₹ 1000 notes were deposited in banks post demonetisation while ₹ 50,000 crore has been dispensed to public, Finance Ministry said. The banking system has handled about 18 crore transactions during the period, it said on Sunday, adding that issuance[Read More…]
Cash-strapped people started making beeline outside ATMs from early morning on Monday but with limited success as most of cash vending machines are running dry and banks remained closed in many parts of the country due to Guru Nanak Jayanthi. Scuffle and heated exchanges were reported from ATMs and banks[Read More…]
In view of demonetization, the government has extended working hours of banks and claimed that inconvenience is temporary but the condition on the ground is worst as cash-strapped people looted ration stores, pelted stones on banks and some of them collapsed out of exhaustion and stress across the country. Following[Read More…]
Putting speculations to rest, an official on Friday said no new security features has been added to newly designed currency note ₹ 2000 . “Since the decision to introduce the new notes was taken only six months ago, there was no time to alter the security features. Only the design[Read More…]
With government’s decision to scrap Rs 500 and Rs 1000 currency, the Fake Indian Currency Notes (FICN) trade across the border with Bangladesh has taken a huge hit in the last two days. Activity of the FICN traders operating in the border areas has been negligible in the last two[Read More…]
The government’s decision to scrap Rs 500 and Rs 1000 currency has left many high and dry as Assembly elections are barely few months away. Though the parties are tight-lipped on the issue but normally they keep aside a substantial amount of unaccounted funds for the poll campaign. The role[Read More…]
Refuting all of Cyrus Mistry’s accusations, Tata Sons today said that they did not expected such devious moves by him. In a statement on Thursday, Tata Sons , accused Cyrus Mistry for the poor performance of the Tata group entities, declining dividends and misusing public relations to manipulate the media.[Read More…]
In a bid to deal with the rush of people expected to queue up at branches to exchange now-invalid currency notes of Rs 500 and Rs 1000, the RBI has announced that banks will remain open on coming Saturday and Sunday. “Banks will remain open for public on Saturday, November[Read More…]
Donald Trump’s dumbfounding victory over Hillary Clinton in the US elections has sent shockwaves across the world. Many countries are now re-evaluating their stand with the US and what the shock result means to them. India too is now gearing up with plans and probabilities of Trump’s move to the[Read More…]
