Prime Minister Narendra Modi’s demonetisation move has affected people from all walks of life, including the Indian soldiers as they are deployed in remote areas and finding it difficult to exchange or deposit the scrapped notes. Consequently, the Indian Army is planning to request the government to allow more time[Read More…]
Tag: Demonetisation
Government proposes amendment to I-T Act: 4-year lock-in, 50% tax for unaccounted deposits
Central government proposes to introduce an amendment to the Income Tax Act in the Parliament that will enable it to levy a 50 percent tax on unaccounted bank deposits made using the banned currency notes up to December 30 along with a 4-year lock-in period for half of the remaining[Read More…]
Demonetisation: Exchange of banned currencies to continue at RBI counters
The Reserve Bank of India on Friday said that the exchange of banned Rs 500 and Rs 1000 notes will continue at RBI counters subjected to the limit of Rs 2000 per person. “The Reserve Bank of India advises members of public that exchange of banknotes in Rs 500 and[Read More…]
Paytm rolls back app-based PoS service, cites security reasons
Paytm has rolled back its app-based PoS (Point of Sale) service on Thursday temporarily citing security reasons. “Post our launch, we have had several discussions with stakeholders on how we can make this process even more secure”, Paytm said in a blog post. “Based on some suggestions from the industry,[Read More…]
Demonetisation: Places where you can still use old ₹ 500 notes till December 15
Central government has stopped the exchange of demonetised notes over the bank counter from Friday. The old notes can now only be deposited in a person’s bank account and then the person can withdrew valid currency through cheques or ATMs. Government has extended the use of old 500 rupee notes[Read More…]
Government announces new rules for demonetised currency
Announcing new rules for old currency notes, the Finance Ministry on Thursday said that there will be no over the counter exchange of old ₹500 and ₹1,000 notes after midnight of November 24. The government added that old ₹1,000 notes will no longer be accepted for transactions under exempted categories[Read More…]
Nepal bans Indian new ₹500 and ₹2000 currency notes
Adding to the woes of Nepalese citizens who are facing problems in exchanging banned Indian currency, the Nepal Rashtra Bank has banned the use of the newly-issued ₹500 and ₹2000 notes. The country’s central bank said that the new Indian currency cannot be exchanged until the Reserve Bank of India[Read More…]
Suspension of toll collection on highways extended till Dec 2
The government on Thursday extended the suspension of toll collection on national highways till December 2 midnight. This is the third time the government has extended the suspension timeline. The government had first announced the toll suspension news early in November as a major relief to commuters after ₹500 and[Read More…]
Free mobiles to aid cashless transactions: AP govt
Andhra Pradesh Chief Minister N Chandrababu Naidu has planned a move that he claims would help in this time of demonetisation chaos. The Andhra Pradesh government is planning to distribute free mobile phones to enable economically-backward people to undertake cashless transactions in the wake of the ongoing currency crisis. “Everybody[Read More…]
SP lawmaker Akshay Yadav throws paper at LS Speaker, let off with warning
Samajwadi Party leader Akshay Yadav was censured on Thursday after he threw bits of paper at Speaker Sumitra Mahajan as opposition parties continued their protests against the notes ban when the parliament convened. An angry Mahajan adjourned the house. Shortly after the Lok Sabha met for the day, opposition members[Read More…]
When the ‘most educated’ politician speaks, shouldn’t the PM listen?
Former Prime Minister Dr Manmohan Singh on Thursday launched a scathing attack on the currency ban decision of his successor Narendra Modi. He labelled the decision “a monumental management failure”. Dr Singh, a renowned economist, opened the debate in the Rajya Sabha on demonetisation on behalf of his party. Here’s[Read More…]
Bihar: Dialysis centre refuses to accept old notes; woman dies in hospital
A woman who was battling kidney failure became a latest victim of demonetisation as she died in a government hospital in Bihar after the hospital staff refused to accept payments in old notes for dialysis on Wednesday. Prime Minister Narendra Modi while announcing demonetisation of high denomination notes on November[Read More…]
Choas expected as demonetised notes no more legal tender from tonight; Govt may give extension
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…]
Demonetisation a monumental mistake, organised loot and legalised plunder: Manmohan Singh
Former Prime Minister Manmohan Singh on Thursday called the demonetisation move as a ‘monumental management failure and a case of organised loot and legalised plunder’ by the Narendra Modi government. He remarked that demonetisation move would reduce the Gross Domestic Product growth of the country by 2 percent or more.[Read More…]
Mayawati hits out at PM, says demonetisation survey is fake, sponsored
BSP chief Mayawati on Thursday attacked Prime Minister Narendra Modi by calling his survey on demonetisation as “fake and sponsored” and dared him to dissolve the Lok Sabha and face elections. “The survey of Modiji is fake and sponsored. If he has guts then he should dissolve the Lok Sabha[Read More…]
PM Modi is a saint, everyone else a black marketeer: Mamata Banerjee
West Bengal Chief Minister Mamata Banerjee, backed by JD-U, SP, NCP and AAP, held a demonstration against demonetisation and ramped up attack on Prime Minister Narendra Modi, alleging the country was not safe in his hands. Addressing the gathering at Jantar Mantar, Banerjee alleged that abolition of high-value currency notes[Read More…]
Demonetisation chaos: Recalibration of ATMs to take 10 more days in WB
Recalibration of all ATMs across West Bengal would take another 10 days and so far only 30 per cent of these have been modified for new currency notes, the state government was on Wednesday informed by RBI and other bank officials. After a review meeting with RBI and senior bank[Read More…]
Transporters faces brunt of demonetisation, 70% trucks off roads
Transporters across the country are at the receiving end post the ban on old currency notes. They are facing the brunt of demonetization as they are cash-strapped which has kept their vehicles off roads. With the government’s curbs on withdrawal of money and exchange of old ₹500 and ₹1,000 notes, the motor[Read More…]
Plywood industry now uses old Rs 500, Rs 1000 notes to make hardboard and soft boards!
The surprise move of demonetisation announced by Prime Minister Narendra Modi on November 8 had made 23 billion currency notes worthless. The pile of the stacked notes would be 300 times the height of Mount Everest. Getting rid of the junked notes, amounting to 86% of the currency in circulation,[Read More…]
JK issue beyond economics, law & order, needs political solution: Omar
Former Jammu and Kashmir Chief Minister Omar Abdullah on Wednesday said Kashmir is a “political issue” and needs a “political solution” for heralding lasting peace in the state. “For arriving at a solution, New Delhi must open channels of dialogue with all stakeholders,” he said while addressing a public rally[Read More…]
Child dies as father waits at bank; no cash for fee, teen hangs self in UP
In a tragic incident, a three-year-old girl died in a bank in Uttar Pradesh on Monday as her labourer father waited in a line to withdraw money for her treatment while a college student allegedly hanged himself after returning empty-handed the fourth time, police said. The government’s surprise decision to[Read More…]
No transaction charges on debit card payments, says government
The government on Wednesday said no transaction charges will be levied on debit cards till December 31. All public sector banks and some private sector ones have agreed to waive the transaction cost for all payments made through debit cards, Economic Affairs Secretary Shaktikanta Das told reporters in New Delhi.[Read More…]
Demonetisation chaos: Four -year old child dies in bank premises while father waits in bank queue
A four-year old died on a bank’s premises while her father was waiting in a queue in front of an ATM for her treatment in Banda in Uttar Pradesh. Dharmendra Varma had been trying for few days to withdraw money from the ATM for his daughter’s treatment, PTI reported. Dharmendra’s[Read More…]
Government will announce more steps to ease cash crunch: Jaitley
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…]
PM seeks views of people on demonetisation
Prime Minister Narendra Modi on Tuesday asked the people to directly convey their views to him on demonetisation via his App. He asked the public to participate in a survey where a number of questions have been posed with regard to scrapping of old ₹ 500 and ₹ 1000 currency[Read More…]