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Must Read-2 > Demonetisation

 

08-Nov-2017 Gandhinagar

Demonetisation, GST broke textile hub Surat's legs : Rahul Gandhi

Hitting out at the Narendra Modi government, Congress Vice President Rahul Gandhi on Wednesday said demonetization and the GST rollout have "broken the legs" of Surat, as he observed a "black day" in the textile and diamond hub of the country.The Gandhi scion...

08-Nov-2017 Kolkata

Babul Supriyo slams Trinamool for black Twitter DP

Union Minister of State for Heavy Industries and Public Enterprises Babul Supriyo on Wednesday slammed the Trinamool Congress for turning its Twitter profile picture black in protest against demonetisation."There is nothing to say about leaders and political...

08-Nov-2017 Kolkata

Demonetisation a miracle, not scam: Jayant Sinha

Rejecting West Bengal Chief Minister Mamata Banerjee's comments on demonetisation, Union Minister Jayant Sinha on Wednesday said the note ban announced on November 8 last year was a "miracle and not a scam"."In Bengal, under the leadership of Mamata Banerjee,...

08-Nov-2017 New Delhi

Jury still out on note ban: Some hail, others wail

Exactly a year ago, Prime Minister Narendra Modi dramatically scrapped high value currency notes in a decision that jolted the economy and divided opinions on a major policy like never before. While the jury is still out on the note ban, which cost India two...

08-Nov-2017 New Delhi

Delhi Congress forms human chain against demonetisation

Hundreds of Congress workers on Wednesday formed a human chain here as part of their party's observance of November 8 as 'black day' on the first anniversary of the demonetisation of high value currency notes.Congress workers dressed in black shirts and pants,...

08-Nov-2017 Agartala

Demonetisation hit poor, common people hardest : CPI-M

Demonetisation of high-denomination notes hit the poor and common people hard as the BJP government at the Centre deceived Indians by unilaterally scrapping Rs 500 and Rs 1,000 notes last year, the CPI-M said here on Wednesday."Decision to demonetise Rs 500 and Rs...

08-Nov-2017 New Delhi

Demonetisation a tragedy for Gandhis : Smriti Irani

Union Minister Smriti Irani on Wednesday attacked the family of Congress President Sonia Gandhi by dubbing it a "family synonymous with graft" and said demonetisation was a tragedy for the family."Demonetisation (on November 8, 2016) certainly came as a tragedy...

08-Nov-2017 Bhubaneswar

A year on, demonetised notes find way into temples

A year after demonetisation, scrapped Rs 500 and Rs 1,000 notes continue to find their way into donation boxes at some temples in Odisha.Unable to dump their old currency notes, devotees are dropping the demonetised notes in donation boxes at Jagannath...

08-Nov-2017 Mumbai

Protests in Maharashtra on first anniversary of demonetisation

All major opposition parties, social organisations, farmer groups, mediapersons, NGOs, civil society activists and individuals organised massive protests across Mumbai and other parts of Maharashtra on Wednesday to mark the first anniversary of demonetisation,...

08-Nov-2017

Demonetisation failed litmus test as most banned notes returned

The litmus test for the success of any demonetisation is the amount of cash that does not return to the banking system. For long, economists and observers were intrigued by the refusal of the RBI to share data on SBNs (Specified Bank Notes) returned to banks...

07-Nov-2017 New Delhi

Demonetisation not one-stop solution to end corruption : Arun Jaitley

Defending the governments decision to demonetise high value currency last year, Finance Minister Arun Jaitley on Tuesday said that demonetisation cannot be a one-stop solution to cleanse all corruption, but it did give a "new direction" to economic and financial...

07-Nov-2017

Demonetisation: Most reactionary and illogical policy ever

'Demonetisation'-- the withdrawal of legal tender status of notes of denomination Rs 500 and Rs 1,000 -- announced by India's Prime Minister Narendra Modi over a televised address on 8 November 2016 will go down in history as one of the most reactionary and illogical economic...

06-Nov-2017 New Delhi

Sharp decline, quick recovery defined Indian smartphone market

The first three quarters of 2016 were going just great and smartphone players had raked in super profits right up to Diwali -- then demonetisation caught them by surprise, as it did others.The note ban hit manufacturers across the spectrum -- especially...

05-Nov-2017 New Delhi/Hyderabad/Bengaluru/Kolkata

Was demonetisation pain worth it, asks common man

Large companies and bankers, employees and customers, as well as small and medium enterprises have all vented their anger at the demonetisation announced by the government on November 8 last year.But the common man and woman have not been heard enough, though...

02-Nov-2017 Kolkata/Chennai

Bank employees shouldered worst impact of demonetisation: Unions

As bank customers suffered by waiting in long queues to withdraw their money from November onwards last year, another group of people -- bank employees -- endured the hardship of extended work hours and customer anger.The employees, say bank unions, bore...

01-Nov-2017 Chennai

Negative impact of demonetisation on economy transitory

The adverse impact of demonetisation on the Indian economy would be transitory, according to global and domestic credit rating agencies.However, the current slowdown could partially be attributed to implementation of the Goods and Services Tax (GST) introduced...

28-Oct-2017 Chandigarh

Punjab farmers still reeling under after-effects of Nov 8 decision

 The 'Green Revolution' state is yet to recover from the after-effects of the note ban decision.The announcement by the Narendra Modi government was sudden and it could not have come at a worse time for farmers in Punjab and neighbouring Haryana as the paddy...

27-Oct-2017 Mumbai

Dark night for realty sector, light still seems elusive

It was a year when India's realty sector was shaken to its foundation. A majority of the big, medium and small realtors across the country suffered from a severe liquidity crunch, stalled projects, elusive investors and buyers and a near-blanket stay on...

23-Oct-2017 New Delhi

Demonetisation: Economy shaken, GDP hurt, trust in govt undermined

While the immediate impact of demonetisation was seen in the long queues outside ATMs and felt through acute cash shortage, its anniversary is an appropriate vantage point to assess the less visible and generalised effect on the economy of what was easily...

22-Oct-2017

Demonetisation: Modi government shoots itself in the foot

Much of the efforts of the Bharatiya Janata Party (BJP) leaders to explain away the current economic slowdown as the result of "technical" glitches, as party president Amit Shah tried to do, or as teething troubles of demonetisation and the Goods and Services...

06-Oct-2017 New Delhi

Two lakh shell firms deposited, withdrew Rs 4,550 cr post note ban

Two lakh suspicious companies had done account operations and post-demonetisation transactions depositing and withdrawing over Rs 4,550 crore, the government said on Friday, claiming a major breakthrough in the fight against black money and shell companies...

18-Sep-2017 New Delhi

Arun Jaitley lists three gains from note ban

Increase in volume of digital transactions, widening of tax base and squeezed circulation of high denomination currency were the real measures of success of demonetisation, Finance Minister Arun Jaitley said on Monday.The success of the November 2016 note ban...

03-Sep-2017 New Delhi

It may take ATMs three months to dispense Rs 200 notes

While the RBI launched the 200-rupee note a week ago, it may take up to three months for ATMs to start dispensing the new denomination currency as it will involve a huge exercise of recalibration.Some banks have even asked the ATM companies to begin testing...

02-Sep-2017

Demonetisation may have hurt more than it helped

It will take time for the economists to figure out whether the fall in the growth rate to 5.7 per cent is the result of the disruption caused by demonetisation and the Goods and Services Tax (GST), but most of the common people will see a connection between...

13-Aug-2017 New Delhi

Post note ban, why were new Rs 500 notes late in coming?

Two days after the demonetisation on November 8 last year, the new 2,000-rupee note hit the market in good numbers but the new 500-rupee note took a long time in coming, putting millions of people in difficulty for days on end.Have you ever wondered why...

02-Aug-2017 New Delhi

Denomination curbed anti-India activists

“As per reports of agencies, the demonetization of bank notes of Rs.500 and Rs.1000 denomination resulted in significant positive impact on most theatres of violence in the country including stone pelting incidents in J&K. Since illegally held cash forms...

09-Jun-2017 Bengaluru

Six held in Bengaluru with Rs 2.8 cr in demonetised notes

Six people, including an advocate and an engineer, were held here with demonetised currency notes of the face value of Rs 2.8 crore, police said on Friday."Based on tip-off, police intercepted an autorickshaw at BBMP playground in Vijaya Bank Layout in south...

06-Jun-2017 Bengaluru

15 held in Bengaluru, Rs 5.75 crore in scrapped notes seized

Fifteen persons were arrested from Bengaluru on Tuesday and demonetised currency totalling Rs 5.75 crore was seized from them, police said on Tuesday.This followed the search of a car parked in front of a hotel at Basavanagudi on a tip, Deputy Commissioner of...

01-Jun-2017 Mumbai

Demonetisation hits government IT spending

There will be a 2 per cent drop in the Indian government's IT spending this year due to demonetisation and a drop in industrial production, market research firm Gartner said on Thursday.The government is forecast to spend $7.8 billion on IT in 2017 -- a 7.5...

14-Apr-2017 Bengaluru

Banned notes worth Rs 30 cr seized in Bengaluru

Demonetised currency notes worth Rs 30 crore were seized from a former corporator's house in the city's western suburb, police said on Friday."We found the illegal cash in the house of ex-corporator Nagaraj, 54, during a search conducted on a court warrant in a...

03-Apr-2017 Kolkata

BSF seizes fake Rs 2000 notes in Bengal

The Border Security Force has seized Fake Indian Currency Notes of face value of Rs 4 lakh in Rs 2,000 denomination in two areas of northern West Bengal since Sunday, an official release said.Acting on a specific information, BSF personnel, under Border...

31-Mar-2017 New Delhi

Chaos as crowds throng RBI to exchange old currency

Hundreds thronged the RBI here with old demonetised notes to grab new ones on the last day of official exchange on Friday but most people returned home disappointed.Bank officials and security personnel turned away many because the facility was only for those...

05-Mar-2017 New Delhi

'Note ban will lead to even lower solar tariffs'

With solar power tariffs falling below Rs 3 per unit in auctions last month, a major player in the solar rooftop space says they are on course to fall further given that the recent demonetisation measure has come as a boost to industry because of the availability...

28-Feb-2017 New Delhi

Note ban pulls down Q3 GDP growth in India to 7%

Reflecting a marginal impact of the November 8 demonetisation measure, India's GDP for the third quarter ended December, estimated at Rs 30.28 lakh crore, recorded a growth of 7 per cent, compared with 7.3 per cent in the second quarter, official data showed on...

27-Feb-2017 Chennai

'Demonetisation affected automobile sales in north and west'

The withdrawal of old 500 and 1,000 rupee notes affected automobile sales in north and west India but the sales in southern region were not, said a Kotak Institutional Equities report.In a report released on Monday, Kotak Institutional Equities said that...

14-Feb-2017 Shahjahanpur

Demonetisation may hurt BJP in UP's Shahjahanpur

Suresh Khanna, the BJP candidate from Uttar Pradeshs Shahjahanpur, is seeking his eighth consecutive election victory in this urban constituency but the going may not be easy for him.There is an unabated resentment over demonetisation amid possible polarisation...

14-Feb-2017 Arun Jaitley

Demonetisation to purge system of prevalent ills : Arun Jaitley

Union Finance Minister Arun Jaitley on Tuesday defended the November 8 demonetisation, saying the Centre took the decision with a larger objective of cleansing the system of excessive cash.The scrapping of the high-value currency notes was taken with the larger...

14-Feb-2017 Lucknow

Battle for UP causes collateral damage

Uttar Pradesh's revenue has taken a big hit -- first due to demonetisation and now because most government employees are out on election duty.Officials in the concerned departments fear that the revenue targets for the current fiscal might take a knock of...

10-Feb-2017 New Delhi

India's December factory output falls post-note ban

A month after the government went in for demonetisation, India's factory output contracted by (-)0.4 per cent during December, official data showed on Friday.The factory output, as per the Index of Industrial Production (IIP), had risen by 5.7 per cent...

09-Feb-2017 New Delhi

'No decision yet on taxing cash transactions above Rs 50,000'

The government has not taken any decision with regard to introducing a tax on bank transactions, though it has received a set of recommendations from the Committee of Chief Ministers, Economic Affairs Secretary Shaktikanta Das said on Thursday."The government...

08-Feb-2017 Mumbai

RBI maintains status quo on key lending rate

India's central bank on Wednesday kept key lending rates unchanged, saying it awaits more data on inflation trends and on the impact of demonetisation on economic growth, even as it shifted its monetary policy stance from accommodative to neutral citing inflationary...

07-Feb-2017 New York

Demonetisation woes due to bank officers' role : Arvind Panagariya

In implementing demonetisation what did not go as planned was that "a lot of bank officials really played it in the way that they should not have played it" and it was on a scale not anticipated, according to Arvind Panagariya, Vice Chairman of Niti Aayog.He...

07-Feb-2017 New York

Eliminate customs duty on gold to curb smuggling : Arvind Panagariya

Niti Aayog Vice Chairman Arvind Panagariya says that he would suggest eliminating customs duty on gold to curb smuggling and thereby reduce its potential as a vehicle for parking black money.The current customs duty on gold is excessive and this leads to...

31-Jan-2017 New Delhi

Black money holders also hit by note-ban : Economic Survey

Examining the government's recent demonetisation measure to combat black money, the Economic Survey for 2017 presented on Tuesday said though India's lower middle class and rural population may have been the worst hit by move, black money holders also suffered...

31-Jan-2017 Chennai

Demonetisation to impact banks' asset quality : Fitch

The demonetisation of high value currencies (Rs 500 and Rs 1,000) and the subsequent cash crunch is expected to push back the asset quality recovery of Indian banks, said Fitch Ratings.Fitch also said stressed-asset ratio for Indian bank predicted to increase...

30-Jan-2017 New Delhi

Current Account curbs go, ATMs to follow

In response to the Election Commissions (EC) request to enhance the cash withdrawal limit for nominated candidates in the five poll-bound states from Rs 24,000 to Rs 2 lakh per week, the RBI on Monday ended all curbs on withdrawals from Current Accounts,...

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