Chief Statistician TCA Anant on Friday said India’s economic growth is estimated to slow to 7.1 percent in the current fiscal year ending compared to 7.6 percent last year 2015-2016. “The figures for November were available and examined but it was felt in view of the policy of denotification of[Read More…]
Tag: Demonetisation
RBI to soon release a specific number of scrapped notes
RBI today said it is squaring invalid currency with physical cash balance and will soon release a specific number, eliminating accounting errors/ possible double counts. The Reserve Banks clarifies that the ban of old Rs 500/1,000 comes in justification with several reports estimating that over 95 per cent of the[Read More…]
We will end this year with higher revenues, says FM Arun Jaitley
Finance Minister Arun Jaitley on Wednesday said that direct and indirect tax will surpass Budget estimate of Rs 16.3 lakh crore by March-end. Arun Jaitley holds Budget consultations with Finance Ministers of all states, UTs to hear their expectations from the budget 2016-17. “We will end this year with higher[Read More…]
Demonetisation chaos: Woman becomes topless at RBI gate
A woman, who was unable to get a few junked currency notes exchange, became topless in front of RBI regional office. Women along with her kid arrived in the bank to exchange junked currency notes on Wednesday, allegedly turned away by guards after repeated requests. In protest, she sat in[Read More…]
Investments in India fall by over 50% post demonetisation: Reports
Post demonetisation, new investments in the Indian economy fell by as much as 50% in the last quarter of 2016, compared to the average figure of the previous nine quarters, data released by Centre for Monitoring Indian Economy (CMIE) suggests. New investment proposals of only Rs 1.25 lakh crore were[Read More…]
Normalcy in banking system by February-end or March: SBI Chairperson
State Bank of India (SBI) Chairperson Arundhati Bhattacharya on Monday said she saw normalcy return to the banking system by end-February or March, with uptake in credit growth. She was referring to the events following the demonetisation of Rs 500 and Rs 1,000 currency notes, which put enormous pressure on[Read More…]
Demonetisation: NRIs need to show old notes to customs at airport
Indian nationals in abroad and NRIs can deposit up to Rs 25,000 of the demonetised currency during the 3-6 month grace period, but only if they show the junked notes to Customs officials at the airport and get declaration form stamped. The declaration will have to be submitted at specified[Read More…]
SBI slashes interest rate on home loans
State Bank of India has slashed interest rates on home loan starting from January 1 2017, by reducing the marginal cost of funds based lending rate (MCLR) by 90 basis points across all maturities. The home loans reduction varies for gender and amount. Home loans are linked to one-year MCLR[Read More…]
54 days after demonetisation:PM Modi’s mega sop to lure the poor, farmers, traders
Prime Minister Narendra Modi on Saturday said that the government would give the rebate of three and four percent on interest rates to the people who seek loans to build their houses in 2017. “To make the people of the middle class and the poor to buy or build their[Read More…]
RBI increases cash withdrawal limit to Rs 4500 from Jan 1
The central bank of India RBI has decided to escalate the cash withdrawal cap from ATMs to Rs 4,500 per day from the present Rs 2,500 from January 1. However, there is no alteration in the weekly withdrawal limits that stays at Rs 24,000. “On a review of the position,[Read More…]
To enable more digital payments, BSNL plans to lease about 15,000 point of sale machines
In a bid to enable more customers to use digital methods of bill payment, state-run BSNL is planning on leasing around 15000 point of sale machines. The telecommunications company sees digital transactions accounting for up to 40% of all bill payments by March 2017 – nearly double of current levels.[Read More…]
Rs 10,000 fine for holding onto old notes
Holding more than 10 demonetised notes of Rs 500 or Rs 1000 will now be punishable with a minimum of Rs 10,000 fine, the government has said on Thursday. This comes a day after after the initial ruling had said that there would be a fine of Rs 50,000 and 4 years[Read More…]
Impact on GDP not as bad as predicted: Jaitley on note ban
Claiming that critics were proved wrong on note ban, Finance Minister Arun Jaitley on Thursday said that impact ofdemonetisation on GDP so far not as bad as predicted. “Critics were proved wrong. There could have been adverse impact of demonetisation on GDP for quarter or so, but it is not[Read More…]
PM Modi likely to address nation on New Year eve, may talk about demonetisation
In a bid to reach out to the people across the country after the completion of 50 days of the much criticised demonetisation move, Prime Minister Narendra Modi will address the nation on New Year eve through public broadcaster Doordarshan, Hindustan Times reported. According to media reports, Modi will talk[Read More…]
Demonetisation: RBI grants additional 30 days for loan repayment
In further relief to people hit by demonetisation, the Reserve Bank of India has relaxed the norms for bad loan classification for small scale borrowers by giving an additional 30 days to repay the loan. RBI said that lenders can now wait for 90 more days before classifying a loan[Read More…]
Violent clashes in WB, Mamata in Delhi to corner PM over demonetisation
A small town, Dhulagarh in West Bengal has been under panic since Dec 13, following violent clashes broke between two communities. Interestingly, West Bengal CM Mamata Banerjee, has not spoken even a single word about the incident. Though the incident has not reported by media houses but Banerjee, has hogged[Read More…]
IT department sends notice to AAP over hidden donations
The Income Tax department has issued a notice to Arvind Kejriwal-led Aam Aadmi Party, citing discrepancies in the donors’ list submitted to tax officials and what had been put up on the party website. Terming the notice as “malicious”, AAP alleged that the BJP-led NDA government is harassing the party[Read More…]
Old notes of Rs 500 and Rs 1000 will fetch you Rs 550 and Rs 1,100 in Kolkata
At a time when people are facing problems across the country due to note ban, the banned currencies are selling at a premium in the serpentine bylanes of trading hub Burrabazar at central Kolkata. As per reports in TOI, Old notes of Rs 500 and Rs 1000 will fetch you[Read More…]
Woman approaches PMO after finding Rs 100 cr in Jan-Dhan account
After finding nearly Rs 100 crore in her Jan-Dhan account in a Meerut branch of a state-run bank, a woman on Monday approached the PMO’s intervention after the bank officials did not attend to her complaint and kept asking her to come some other time. In the complaint, Sheetal Yadav[Read More…]
Demonetisation: Cracks in Opposition parties; Mamata to attend meeting
Bengal Chief Minister Mamata Banerjee arrived in Delhi on Monday to be present at a meeting of opposition parties and a joint press conference on Tuesday along with Congress, DMK, RJD and other parties. Mamata, who is leading the fight against demonetisation, will be part of the joint opposition meeting,[Read More…]
Possession of old notes may invite fine of over ₹50000 after Dec 30
The Modi government is planning to bring a fresh law under which possessing, sending or receiving an amount of over ₹10,000 in scrapped ₹500 and ₹1,000-rupee notes will be a punishable offence. The maximum number of scrapped notes that a person will be permissible to have of any denomination, is[Read More…]
Modi defends demonetisation rule changes; vows to fight against benami property
Prime Minister Narendra Modi defended the frequent changes to the rules governing demonetisation as ‘a sign of a responsive government’. Modi was responding to critics who have been arguing over the repeated rule changes carried out by the government ever since the scrapping of the 500 and 1000- rupee notes.[Read More…]
Mann Ki Baat: Modi announces two schemes to encourage digital payments
In his last ‘Mann ki Baat’ of the year on Christmas day, Prime Minister Narendra Modi announced the launch of two schemes — Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana- to encourage digital banking. Modi announced a “Christmas gift” for those people making digit payments. Under the Lucky Grahak Yojana[Read More…]
Aadhar payment app to do away with card system on Dec 25
The government is set on launching an ‘Aadhaar Payment App’ on December 25 to do away with plastic card and the point of sales machine (POS) that seem to have done little in times of demonetisation, reports Economic Times. The move is designed so that plastic cards can be done[Read More…]
Demonetisation: Tea garden payment deadlock continues; WB Tea Board reaches out to RBI
The government decision to demonetise high value currency notes has created troubles for the tea garden workers. Following government’s move the wages of the workers were hampered in West Bengal, Tamil Nadu, Kerala and Karnataka. In this regard, the government had asked banks in the tea-growing states to open accounts[Read More…]