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…]
Tag: Demonetisation
The small fishes are dying while the crocodiles are enjoying: Yechury on demonetisation
Rajya Sabha on Wednesday witnessed a strong debate on government’s demonetisation scheme. Anand Sharma ,Congress deputy leader in Rajya Sabha ,led the opposition’ charge. “86% of the currency in the markets was 500/1000 notes, was scrapped by just one announcement. Was it all black?” Sharma asked. CPI(M) leader Sitaram Yechury[Read More…]
Hardship because of demonetisation may continue for a month: Rajnath Singh
Union Home Minister Rajnath Singh on Wednesday said the hardship arising out of demonetisation may continue for around a month. He described the move as the first step towards achieving economic and social freedom. Speaking at a rally in Haryana, Singh asked the people to bear with the difficulties for[Read More…]
ATM now means ‘Aayega Tab Milega’, says Mamata
After leading a march of opposition parties to Rashtrapati Bhawan on Wednesday, West Bengal Chief Minister Mamata Banerjee said now common people have to wait for cash to arrive in ATMs, which was initially meant to dispense cash whenever a user needed it. “Initially ATM meant ‘All time Money’ now[Read More…]
Goa government employees demand salary in cash
Goa government employees have demanded that their salary for the current month be paid in cash rather than be deposited in bank accounts, considering the difficulties faced to withdraw money. Goa Government Employees Association (GGEA), in a written communication to Chief Minister Laxmikant Parsekar, said, “to make the withdrawal of[Read More…]
Naxals force elderly to convert unaccounted money in Jharkhand
With a motive to evade scrutiny, Naxals in Jharkhand are forcing elderly people to exchange their unaccounted money after demonetisation of ₹1,000 and ₹ 500 notes. As per reports, in Latehar district, one of the most Naxal-affected areas in Jharkhand, the left-wing extremists, who have extorted crores of rupees by[Read More…]
Noteworthy or not-worthy? A design critique of the new Rs. 2,000 note
India has a brand new currency note – a ₹2,000 note – the highest denomination in circulation currently. The new currency note was introduced in the backdrop of a massive disruption of India’s Financial System – with the demonetisation of existing ₹ 500 and ₹ 1,000 currency notes, which formed[Read More…]
Demonetisation: Death toll rises to 33, hospital casualties tops list
A week has passed since Prime Minister Narendra Modi decided to ban old ₹500 and ₹1,000 notes, the death toll has reached 33. Citizens across the country have been inconvenienced since the announcement. Punjab Four days before his daughter’s wedding, Sukhdev Singh died of heart attack in Tarn Taran, Punjab.[Read More…]
SBI writes off loans, Kingfisher and 62 other loans not on balance sheet
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…]
Demonetisation: Narendra Modi’s mother visits bank to exchange notes
Prime Minister Narendra Modi’s mother, Heeraben, visited a bank at her village in Gandhinagar to exchange the old notes on Tuesday afternoon. She was accompanied by her relatives. She entered the bank premises in a wheel chair, filled the mandatory form, put her thumb impression on the form and exchanged[Read More…]
Demonetisation takes toll on cash-strapped people
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…]
A policy is good as its implementation : Ashok Khemka
In the wake of the centre’s move to demonetise Rs 500 and Rs 1000 notes and the chaos created by the unplanned decision, Senior IAS officer Ashok Khemka has criticised the government for poorly implementing the policy. Khemka tweeted “A policy is good as its implementation. Objectives of removing old[Read More…]
No respite from long queues at banks, ATMs as cash crunch continues
Serpentine queues were visible since Tuesday morning outisde ATMs to withdraw valid currency notes from vending machines and exchange demonetised bills. While banks remained closed on Monday on account of Guru Nanak Jayanti in many parts of the country, cash-starved customers again were disappointed on Tuesday with most of the[Read More…]
Cong, 7 oppn parties meet to formulate joint strategy
Seeking to corner the government in Parliament on the demonetisation issue, major opposition parties, including arch rivals TMC and CPI(M), on Monday held deliberations to finalise a common strategy alleging that the decision was a “scripted scam” which was leaked to the ruling BJP much in advance. The meeting, held[Read More…]
Parking fee at Airports waived for a week: Govt
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…]
Kolkata hospitals reach out patients facing cash crunch
With the cash crunch presenting a serious problem to patients in making payments to the medical facilities for treatment received, most Kolkata hospitals in the city have come forward to help them by accepting cheques and debit or credit cards. Some hospitals in the city are also accepting undertaking in[Read More…]
Demonetisation chaos: Kerala church opens donation box to help people
Five days after the utopian plan of demonetisation, Centre seems to turn a blind eye towards the common man’s suffering and was busy in melodrama and boasting about black money seizure. People all over the country have been standing in long queues in the process of converting the ‘paper’ into[Read More…]
My decision is Karak (strong): PM
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…]
Teary-eyed PM Modi says wait till Dec 30, punish me if problems later
Prime Minister Narendra Modi on Sunday said that his government will carry on with the fight against black money, targetting those who held benami properties in the country. He was speaking about the demonetisation of high-denomination bank notes at a function organised by the Goa government. He added that he[Read More…]
Don’t be anxious, enough cash available: Reserve Bank of India
Assuring the citizens, the Reserve Bank on Sunday said enough cash is available at banks and people need not be anxious and make repeated trips to branches and ATMs to hoard money. “The Reserve Bank assures members of the public that enough cash in small denominations is also available at[Read More…]
Gujarat newspaper’s April Fools’ prank over ban on notes comes true
An April Fools’ Day prank carried as news item by a local daily in Gujarat saying the government will ban ₹500, ₹1,000 notes has returned to haunt them. The paper has been flooded with calls ever since the government demonetised them. The daily, Akila, is now at pains explaining that[Read More…]
From buying milk to biscuits, this village goes ‘digital’ amid notes chaos
When the whole nation is witnessing serpentine queues outside bank ATMs to exchange defunct currency notes, Manilal Prajapati, 45, is without a care in the world, as reported in the Hindustan Times. A cable operator in the village of Akodara, some 90kms from Ahmedabad, Prajapati on Friday bought wheat flour[Read More…]
Demonetisation: People loot ration stores, pelt stones on banks, collapse
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…]
Demonetisation: Discomfort for the rich, misery for the poor
The demonetisation drive has definitely shaken up the nation from its stupor. It’s a bother for the rich and affluent. Does it dent their black money? Perhaps. But they have found ways to circumvent the demonetisation by finding newer ways to turn their black money to white. Armed with political[Read More…]
Railways to accept demonetised notes till November 14
The Indian Railways extended the use of demonetised Rs 500 and Rs 1000 notes for ticketing, on-board catering and refund of tickets till Nov 14. “The use of demonetised currency notes of Rs 500 and Rs 1000 denomination was extended up to November 14 tonight, and all concerned in the[Read More…]