Congress vice president Rahul Gandhi on Wednesday hits at government and PM Modi after accusing the government of not allowing him to speak in the Parliament on demonetisation. He said he wanted to speak on many issues and it was to be seen if the government allows it. Rahul Gandhi[Read More…]
Tag: Demonetisation
Govt may make direct and indirect tax more reasonable: Arun Jaitley on demonetisation
Finance Minister Arun Jaitley on Tuesday hinted at lower direct and indirect tax rates in the future as demonetisation resulted in higher tax revenues coming into the system from unaccounted wealth. “So much money… operating as loose cash has today come into the banking system,” he said. “It has to[Read More…]
Venezuela follows India’s footsteps by demonetising its largest currency note
Joining the league of war on cash, Venezuelan government has declared it would demonetise the nation’s higher denomination notes shortly to beat mafia hoardings. “There has been a scam and smuggling of the one hundred bills on the border with Colombia. We have tried the diplomatic way to deal with[Read More…]
Demonetisation biggest scam of the year; worse than natural calamity: P Chidambaram
Former Finance Minister P Chidambaram on Tuesday termed the demonetisation move as the “biggest scam of the year” and demanded a probe on the move. “This is the biggest scam of the year and must be investigated,” Chidambaram said in his address to reporters in Nagpur. “Every bank says there[Read More…]
Demonetisation: BJP to distribute one laddoo to each family for standing in queues
Prime Minister Narendra Modi recently linked the move of demonetisation to a Hindu ‘yagna’ or sacrifice. “I salute the people of India for wholeheartedly participating in this ongoing Yagna against corruption, terrorism and black money,” he had said. Now, BJP leaders in Delhi have decided to offer a laddoo to[Read More…]
Rs 2000 notes to be phased out in 4-5 years, says S Gurumurthy
Here is a bad news for people thinking of hoarding the new Rs 2000 currency notes. At a time when the opposition is attacking the government for introducing the Rs 2000 currency notes after demonetisation, a view has emerged that the new high denomination note may not have a long[Read More…]
Cashless in bad weather and poor network; how will India manage?
A month after demonetisation, one thing is becoming increasingly clear — the note ban has made little or no dent in the fortunes of the rich. Only the poor and hardworking have suffered. Small businesses are grappling to stay afloat while thousands look at losing their livelihood come the New[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…]
Cashless foreigner allowed to eat without paying at Kerala restaurant
In a sweet gesture, a 40-year-old foreigner ate at a restaurant in Kerala and didn’t pay because he was cashless. He was caught but let off because the eatery staff realised their guest had no other option. Khader Kunju, a restaurant owner here since 1989, said the incident occurred on[Read More…]
Decided to print plastic currency notes, government tells Parliament
The government on Friday informed Parliament that a decision has been taken to print plastic currency notes and procurement of material has started. “It has been decided to print banknotes based on plastic or polymer substrate. The process of procurement has been initiated,” Minister of State for Finance Arjun Ram[Read More…]
If demonetisation fails, then I am to blame: PM Modi told cabinet
Although the move of demonetizations appeared to be taken in haste, Prime Minister Narendra Modi had sensibly selected a reliable bureaucrat for launching his radical policy to abolish 86 percent of the cash from India’s economy overnight. As per an international news agency, Hasmukh Adhia, the bureaucrat – not much[Read More…]
List measures taken to ease inconvenience over cash crunch, SC to govt
The Supreme Court on Friday raised tough questions on demonetisation and asked what measures are being taken by the government to reduce inconvenience to people. The apex court also asked the Attorney General to frame basic question of law in demonetisation case which have to be argued. On the context[Read More…]
Cheaper fuel, train tickets on digital transaction, says Arun Jaitley
To promote cashless transaction, Finance Minister Arun Jaitley on Thursday announced various discounts on digital payments on purchase of fuel and train tickets. Petrol, diesel purchases Arun Jaitley announced a 0.75 per cent discount on purchases of petrol and diesel (at Central Government Petroleum PSUs) using credit or debit cards,[Read More…]
Foreign diplomats to get money from banks on a priority basis
The government has acted upon the complaints by several embassies that their diplomats were running short on cash after demonetisation. Banks have now been instructed to allow foreign diplomats to withdraw money on a priority basis. “The finance ministry is being asked to issue directives to banks to allow embassy[Read More…]
Nandan Nilekani roped in to usher PM Modi’s digital payments drive
Nandan Nilekani, a high-profile Congress member, has been roped in by Prime Minister Narendra Modi to join a committee to map a path to digital payments. Newsd was the first outlet to report that Nilekani was being mooted for a role as ‘digital advisor’ by the BJP government. Also read: Newsd[Read More…]
Paytm means ‘Pay To Modi’, Rahul Gandhi calls demonetisation a foolish decision
Opposition leaders on Thursday observed a ‘Black Day’ in Parliament premises to mark one month of the announcement of demonetisation, with Rahul Gandhi launching a scathing attack on Prime Minister Narendra Modi, saying his “foolish decision” has “devastated” the country. Leading the protest, Gandhi accused Modi of shying away from[Read More…]
Extra credits for students backing cashless economy
University Grants Commission has sent a circular to higher educational institutions, asking them to encourage students to join the centre’s cashless economy campaign by educating the common man on different modes of digital payments. Students participating in government’s cashless economy campaign will be rewarded with extra credits from December 12,[Read More…]
Demonetisation is a scam worth Rs 8 lakh crore: Arvind Kejriwal
Delhi chief minister Arvind Kejriwal on Wednesday said that the Narendra Modi government’s demonetisation move was a scam worth Rs 8 lakh crore, done to write off bad loans worth this amount. “There is a different reason and intention behind it. What was the real reason behind demonetisation. According to[Read More…]
When will people debate on foreign policies?
In a republic, it is important to understand the public debates on issues like foreign policy. “Ye jo public hai sab jaanti hai” is a popular song of Bollywood movie called ‘Roti’. Does public know everything if yes, then why the public is not vocal on the issues of foreign policy? Is it[Read More…]
Expect all demonetised money to come back to system: Revenue Secretary
Contrary to reports anticipating a windfall gain for the government, Revenue Secretary Hasmukh Adhia has said that the government expects the entire scrapped currency notes of Rs 500 and Rs 1,000 to come back to the banking system, following which the tax authorities will trace transactions and tax black money[Read More…]
Despite cash crunch, RBI leaves repo interest rate unchanged
Despite the possibility of growth being impacted due to the crippling cash crunch since the currency ban, the Reserve Bank of India (RBI) on Wednesday left the main repo interest rate unchanged at 6.25 per cent, to keep inflation in check. The repo rate is the interest rate at which[Read More…]
Russia protesting cash shortage for diplomats post demonetisation
Russia is set to lodge a diplomatic protest against the note ban by the Indian government, which the country says has left its diplomats struggling for cash in Delhi, reported NDTV. Russian Government sources have told NDTV that Ambassador Alexander Kadakin is waiting for a reply to his letter to[Read More…]
Demonetisation chaos: Woman set herself ablaze, dies
A 45 year old daily wage labourer, who set herself ablaze in Aligarh after allegedly failing to exchange old notes, died at a hospital in New Delhi. Razia was a resident of Shahjamal locality in Delhi Gate area in Aligarh. According to her family, she immolated herself on the evening[Read More…]
Demonetisation: Indian services output shrinks
Indian services activity contracted in November dragged demand lower after dmonetisation , a private survey showed on Monday. The Nikkei India Services Business Activity Index slumped to 46.7 in November from October’s 54.5, data compiled by IHS Markit show. This is the first contraction since June 2015 and the sharpest[Read More…]
Jan Dhan money must go to poor, says PM Narendra Modi
Prime Minister Narendra Modi on Saturday said he is working on a formula on how to send the corrupt to jail, who deposited their money in Jan Dhan accounts of poor after demonetisation and ensure this money goes to the poor households. Responding to criticism over long queues outside banks[Read More…]