In order to encourage digital transaction, Indian government is now pushing to popularise Aadhaar Pay which ensures financial transactions by just using fingerprint. The officals confirm that this sort of transaction is secure and there is barely any loops of misuse. This service is exclusively to cater the rural population of India.[Read More…]
Tag: Demonetisation
Demonetisation done despite RBI concerns
Finance Ministry says no fake currency was seized from Nov 8 to Dec 30
The primary motif of demonetisation according to PM Modi was the elimination of fake notes and black money which eventually result in financing terrorist actvities. After weeks of banning notes, the Finance Ministry has come up with a verdict supporting the decision of scapping notes. According to the Finance Ministry,[Read More…]
Demonetisation majorly cuts down Delhi governments’ revenue targets
The note-ban rule announced by the Central government on November 8 last year may leave the Delhi government dry during the upcoming of the budget season. India Today reports reveal that Delhi’s already poor revenue collection went a stack down during December The overall reduction in revenue collection during December[Read More…]
Surat businessman arrested for laundering money using 1000 fake IDs
The Enforcement Directorate has arrested Surat-based financer Kishore Bhajiawala on money laundering charges. He is accused of illegal conversion of ₹ 1 crore old notes into new, using 1,000 fake IDs. As per reports, “Jignesh Kishorebhai Bhajiawala (41) is under arrest as per provisions of the Prevention of Money Laundering[Read More…]
‘RBI is awfully short of cash’ says former SBI chairperson Pratip Chaudhuri
In an exclusive interview to Firstpost, Pratip Chaudhuri, the former chairman of SBI claimed that The Reserve Bank of India (RBI) has been “lying on the face” to the public about the cash situation of India. As per Firspost reports, Chaudhuri said, the central bank should have been more honest[Read More…]
Demonetisation briefing: Manmohan Singh saved Patel from grilling by MPs
Former Prime Minister Manmohan Singh saved RBI Governor Urjit Patel on Wednesday from the possible grilling by a parliamentary committee over the demonetisation issue. While Patel was struggling with the tough questions by MPs, Singh intervened and said that the central bank and the Governor’s position as an institution should[Read More…]
DDA Housing Scheme with 12,000 flats on offer likely to be launched in Feb
After a month of delay, Delhi Development Authority’s new Housing Scheme with 12,000 flats on offer is now likely to be launched next month. The scheme was earlier expected to be launched around January 26. “We had a January target but people were reeling under the immediate impact of demonetisation[Read More…]
UN says demonetisation is not a long-term threat to India
The UN does not see a demonetisation as a long-term threat to India’s economy. Although it will have a short-term effect due to shrinking consumer spending, as per an official monitoring the global economy. The UN World Economic Situation and Prospects Report released on Tuesday forecasts 7.6 percent growth rate[Read More…]
Wholesale inflation rises to 3.39% in December post demonetisation
Wholesale inflation on Monday rose to 3.39 per cent in December 2016, mainly due to rise in prices of manufactured items, even as food articles turned cheaper. The wholesale price index-based inflation, reflecting the annual rate of price rise, in November stood at 3.15 per cent. In December 2015, the[Read More…]
Ganga Sagar mela faces repercussions of demonetisation
Ganga Sagar mela is facing the after effects of demonetisation. The famous Ganga Sagar mela, which witnesses lakhs of deities coming every year seem to have lost its number of pilgrims this year. Not only is this fair considered auspicious but also is one of the most awaited religious fairs[Read More…]
Demonetisation effect! Card transactions rose by 90%, says study
Card based transactions has risen up to 90 per cent of total sales in third quarter of 2016-17 post demonetisation, India Ratings and Research (Ind- Ra) on Friday said. “Contrary to the popular belief, organised fashion retailers (departmental stores) have bucked the impact of demonetisation. “…most of these departmental stores[Read More…]
PM Modi wants dollars but $17 billion flew out of India in Oct-Nov
PM Modi wanted the non-residential Indians to contribute in dollars to build the nation. However NRIs have taken a step back by withdrawing the net $17 billion from Indian banks in October and November. As a result, the rupee stoops to its historic low of `68.855 against the dollar in[Read More…]
Demonetisation effect! Industrial production grows by 5.7% in November 2016
Defying reports of slowdown post demonetisation, industrial production in November grew by 5.7 per cent compared to a contraction of 3.4 per cent in the same month a year ago. Factory output measured in terms of Index of Industrial Production (IIP) got a push in November 2016 due to better[Read More…]
Sugar price rises with demand from stockists
Sugar price across the country hit the highest in seven years following higher physical demand from stockists and lower production rate. The benchmark Sugar M 30 variety closed on Tuesday at Rs 39.35 per kg. The price has jumped by over 3 per cent in the last 10-days, Business Standard[Read More…]
Things have gone bad to worse: Manmohan Singh on demonetisation
Former Prime Minister Manmohan Singh on Wednesday said that demonetisation has hurt the country very badly and things have gone bad to worst. “Demonetisation has hurt the country very badly. Things have gone from bad to worse in the past few months. Some say the GDP can be as low[Read More…]
BJP has begun campaign to weed out black money from politics: Amit Shah
BJP has already started campaign to weed out black money from politics and bring major electoral reforms under the leadership of Prime Minister Narendra Modi, party chief Amit Shah said on Tuesday. “After attack on black money through demonetisation, some thinkers and experts asked Modiji what about bringing an electoral[Read More…]
3-4 lakh cr of black money placed in banks post demonetisation
The government on Tuesday found that an estimated ₹3-4 lakh crore of tax-evaded income could have been deposited during the 50-day window provided to get rid of junked ₹500 and ₹1,000 notes. A senior official said Income Tax Department has been asked to scrutinise details and send notices to depositors[Read More…]
Modi babu responsible for 120 deaths over demonetisation: Mamata
Lashing out at PM Modi, West Bengal Chief Minister Mamata Banerjee on Tuesday held him responsible for over 120 deaths following demonetisation. “Modi babu, you are totally arrogant. You are responsible for 120+ deaths (of) demonetisation victims,” she tweeted. Modi babu, you are totally arrogant. You are responsible for 120+[Read More…]
Bihar leaders spar over demonetisation in public
Bihar’s IT minister Ashok Choudhary and Union minister Radha Mohan Singh sparred over demonetisation in public at the Digi Dhan Mela. The Digi Dhan Mela organised by the state information-technology department under the aegis of Niti Aayog to create awareness about cashless transactions. Choudhary tore into Singh’s claims once he[Read More…]
Rs 14 lakh crore in old notes deposited and only Rs 75,000 crore out
According to Indian Express, an information available to the Reserve Bank of India (RBI) says that post demonetisation about ₹ 14 lakh crore in demonetised currency have been deposited with banks, so far. Which is also an indication that the notes that got extinguished was much lower than expected. However[Read More…]
35% job losses, 50% drop in revenue due to demonetisation: Study
Demonetisation has caused 35 percent job losses and 50 percent decline in revenue of micro-small scale industries, an Indian Express report quoting the All India Manufacturers’ Organisation (AIMO) said on Monday. The job losses and revenue dip was estimated in the first 34 days of demonetisation decision, the report added.[Read More…]
Overseas Indians made invaluable contribution to economy: PM Modi
Underlining the role played by overseas Indians in the country’s development, Prime Minister Narendra Modi on Sunday said they have made an invaluable contribution to the Indian economy by investing over 69 billion US dollars. “For me, FDI has two definitions — one is ‘Foreign Direct Investment’ and the other[Read More…]
Demonetisation to further stall GDP growth, says P Chidambaram
Former Union Finance Minister P Chidambaram on Saturday said demonetisation will further hit the economy with the country’s GDP growth being projected to slow down to 7.1 per cent. Attacking the NDA government over the scrapping of high value notes, the senior Congress leader said the statistics have ‘exposed’ its[Read More…]
Surgical strikes, demonetisation changed the way world looks at India: Amit Shah
BJP president Amit Shah on Friday said that cross-border surgical strikes and demonetisation have changed the perception of the country about the party and that of other countries about India. “After the cowardly attacks in Uri, the country was expectantly looking at the BJP government at the Centre in the[Read More…]