2 years ago, this very day, the Prime Minister, Narendra Modi, in a nation-wide televised address, announced demonetisation. An activity that in his own words, made the Rs 500 and Rs 1,000 notes just another piece of paper. Modi cited curbing black money and corruption as the major reason to[Read More…]
Tag: Black Money
SC seeks response from Centre, EC on curbing black money in polls
New Delhi: The Supreme Court on Friday sought a response from the Centre, Election Commission and others on a public interest plea seeking “expeditious and stringent” steps to curb bribery and black money in the election process. Besides the Centre and the Election Commission, the bench of Chief Justice Ranjan[Read More…]
Congress accuses govt of working for corporates, mismanaging economy
The Congress on Thursday accused the Central government of working for corporates and mismanaging the economy and asked how much black money had been unearthed in the past over three years. Participating in a discussion on supplementary demands for grants (second batch) for 2017-18 in the Lok Sabha, Congress leader[Read More…]
Under PMGKY, 21,000 people disclose black money worth Rs 4,900 cr: Official
Black money worth Rs 4,900 crore was disclosed by 21,000 people under the Pradhan Mantri Garib Kalyan Yojna (PMGKY), the stash money declaration window announced by the government post demonetisation, an official said on Thursday. A top government official told PTI that the government has collected a tax of Rs[Read More…]
Modi brings Swiss Prez on board against black money
In what could be called as a small win for Prime Minister Narendra Modi in his fight against black money, Swiss President Doris Leuthard assured him that once the law is cleared by the Swiss parliament, automatic exchange of information on black money will begin by 2019. The Swiss parliament[Read More…]
Post demonetisation drive, police seizes fake currency from BJP leader’s house
While BJP’s one of the main agenda is to drive away ‘black-money’ from the country which is why PM Modi chose to ban currencies overnight, Kerala Police seized fake currency notes and printing machines from the house of a BJP local leader at Sree Narayanapuram near Kodungallur in the district.[Read More…]
Congress files complaint to EC against Yeddyurappa
CBI books two SBI officers for illegal currency conversion
‘It costs Rs 2.87 and Rs 3.77 to print new currency notes’
ED seized Rs 7.3 crore, 5.5 kg gold post demonetisation: Centre
Rs 7.3 crore in currency and 5.5 kg gold have been seized by Enforcement Directorate (ED) during search operations post demonetisation, the government said on Tuesday. 18 persons were arrested and 17 other where identified in relation with the alleged money laundering activities following demonetisation move, Finance Minister Arun Jaitley[Read More…]
Bank staff colluded to exchange old notes worth Rs 71.5 cr: Centre
I-T dept to send SMSes, emails to 18 lakh suspicious cash depositors
18 lakh people, who made suspicious cash deposits post demonetisation, have been identified by the Income Tax department. I-T department will send emails and SMSes seeking explanation about their source of funds. Those who deposited over Rs 5 lakh will also come under the I-T scanner. These people will have[Read More…]
Black money could be Rs 3 lakh crore or Rs 7.3 lakh crore, says Economic Survey
The Economic Survey, tabled in Parliament on Tuesday, said that the amount of potential black money in the system could be Rs 3 lakh crore or Rs 7.3 lakh crore. The survey has used assumption of soil rates- rate at which notes are considered to be too damaged to use[Read More…]
Crores of illegal cash seized from Congress leader
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…]
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…]
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…]
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…]
50 days will give relief for 50 years, says Amit Shah
BJP President Amit Shah on Saturday said that government understand people’s difficulty due to demonetisation of higher currency notes, but these 50 days will provide relief from black money for the coming 50 years. Prime Minister Narendra Modi had sought 50 days to ease the hardship. “We know line is[Read More…]
I-T investigating source of Rs 2.6 crore siezed from Delhi law firm
Joint Commissioner of Delhi Police Ravindra Yadav on Sunday said the Income Tax (IT) Department is investigating the source of Rs 2.60 crore amount seized in new Rs 2000 notes from a law firm in South Delhi’s Greater Kailash area on Saturday night. “Income Tax Department is inquiring the source[Read More…]
Large volumes of cash big source of corruption, black money: PM Modi
Prime Minister Narendra Modi on Friday appealed to the people to “lead the change” towards cashless transactions to lay the strong foundations of an India where there is no place for corruption and black money. “In 21st century India, there is no place for corruption. Corruption slows down growth and[Read More…]
An Ordinary Person’s Guide to PMLA
On the evening of 8th November, when the PM announced demonetization of the currency notes of 500 and 1000 denomenations, amongst several arguments on why of this news, was an intention to shock black money hoarders. I innocently assumed then that for the benefit of poor Jan Dhan Yojna account[Read More…]
More than half of the demonetised notes deposited: Where is black money?
Black money was the main reason given by the government for demonetising high value notes. The estimates showed the amount of black money is around ₹ 3 lakh crore to ₹ 5 lakh crore. This figure was not anticipated to be deposited in the banks. But the cash deposited in[Read More…]
RBI limits Jan Dhan account withdrawal to ₹ 10,000 per month
Reserve Bank of India has issued a notification which limits the Jan Dhan account holders to withdraw only ₹10,000 a month, as a temporary measure to avoid money laundering. “With a view to protect the innocent farmers and rural account holders of PMJDY from activities of money launders and legal[Read More…]
Rs 40 crore deposited in banned notes at Axis bank: I-T cells search bank premises, residences
Amid currency ban, the income tax ( I-T) department has conducted a search at the Kashmere Gate branch of Axis bank in New Delhi and found that around Rs 40 crore was deposited in banned currency notes since demonetisation. The I-T department also conducted search operation at the residence of[Read More…]