Updated on Feb 27, 2017 04:03:02

 

 

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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,...

27-Jan-2017 Chennai

Demonetisation affected repayment of auto loans : Fitch Ratings

Global credit rating agency Fitch Ratings on Friday said repayment of Indian auto loans got affected by demonetisation and it would take a couple of months for collections to come back to normal levels.In a statement, Fitch said: "Demonetisation appears to...

25-Jan-2017 Mumbai

Note ban will hit property sales by 20-30% this year : Fitch

Disruptions caused by demonetisation and the general caution on the part of buyers will hit property sales in India by at least 20-30 per cent in 2017, Fitch Ratings said in its latest report."We expect home prices also to decline this year because demand for residential...

23-Jan-2017 Mumbai

Demonetisation: Farm to loom, textiles totter

Bhiwandi & Ahmedabad: Since the turn of the century, Bhiwandi -- once called the Manchester of Asia -- has wilted against competition from Bangladesh and Vietnam. Bhiwandi holds more than a sixth of India's 6.5 million power looms -- machines that manufacture...

22-Jan-2017 New Delhi

'Note ban has caused Rs 20,000-50,000 per acre loss to farmers'

India's cash-driven agri sector continues to reel under the effects of demonetisation, with farmers growing fruits and vegetables suffering "huge losses", say farm leaders who want the Union budget to "compensate" them for these losses.Amid reports of farmers...

21-Jan-2017 Jaipur

'Demonetisation conducted in a poor way in India'

The Indian government conducted the demonetisation exercise in a poor way and it is not sure if the measure was taken for the right reasons, says renowned South Korean development economist Ha-Joon Chang."I am not against monetary reforms.. but demonetisation...

19-Jan-2017 New Delhi

Demonetisation : Nepal central bank in touch with RBI

Following the Indian government's demonetisation move, Nepal's central bank has been in touch with the Reserve Bank of India (RBI) for collection and deposit of old series Indian banknotes of Rs 500 and Rs 1,000, a senior official said on Thursday."The Nepal Rastra...

18-Jan-2017 New Delhi

Congress demands RBI Governor's resignation, gheraos RBI offices

The Congress on Wednesday held nation-wide protests against "poor implementation" of demonetisation and gheraoed RBI offices in different state capitals demanding restoration of the apex bank's autonomy and resignation of RBI Governor Urjit Patel.In Mumbai,...

18-Jan-2017 Mumbai/Nagpur (Maharashtra)

Congress protest note ban outside RBI office, demand governor quit

Staging a vociferous countrywide protests against demonetisation on Wednesday, the Congress demanded the resignation of Reserve Bank of India (RBI) Governor Urjit Patel even as police baton-charged them in Nagpur.Leading a protest march to the RBI headquarters...

18-Jan-2017 New Delhi

Congress workers gherao RBI office to protest demonetisation

Hundreds of Congress party protesters gheraoed the RBI office here on Wednesday with slogans denouncing demonetisation and the Centre's role in "destruction of the RBI's autonomy".The agitators vented their anger against the BJP-led government for "expropriation...

18-Jan-2017 Bhubaneswar

Demonetisation hits Odisha's revenues, likely to impact budge

Even as the Odisha government has started the consultation process for preparing the budget for fiscal 2017-18 beginning April 1, the impact of demonetisation on revenues and slowed economic activities are likely to make the task difficult.Take the collection...

18-Jan-2017

Demonetisation effect : Too many vegetables, too little money

Sunil Kumar, a 31-year-old farmer in Tondala village, Kolar district, 85 km east of Bengaluru, lost Rs 300,000 in November when tomato prices crashed due to the demonetisation earlier that month and the excess supply of vegetables.Kumar, who cultivates tomatoes...

15-Jan-2017 New Delhi

Demonetisation fallout : ATM makers get a big boost in new orders

The government's November 8move last year to demonetise higher-denomination currencies was said to be aimed at tackling the issues of black money and counterfeit notes. But it has also uncovered the skewed ratio of ATM machines, as compared to the population,...

12-Jan-2017 New Delhi

India's factory output up at 5.7%, retail inflation falls to 3.41%

India's factory output rose 5.7 per cent in November, the first month of the government's demonetisation drive, while retail inflation declined to 3.41 per cent in December from 3.63 per cent in the month before, official data showed on Thursday. Welcoming the...

12-Jan-2017 Guwahati

Rs 9 lakh cr already back in system post demonetisation: SBI chairman

State Bank of India (SBI) chairman Arundhati Bhattacharya on Thursday said that about Rs 9 lakh crore of close to Rs. 13 lakh crore, which was out of the economic system, has already come back post demonetisation."Much of the money that was in system has come...

11-Jan-2017 Washington

Demonetisation: WB cuts Indian GDP growth for fiscal to 7%

In its first projection on India post the demonetisation of high value currency, the World Bank has lowered the country's GDP growth estimate for this fiscal to 7 per cent, from the 7.6 per cent estimate made in June last year. US firm Fitch Ratings has...

11-Jan-2017 Washington

Demonetisation : WB cuts Indian GDP growth for fiscal to 7%

In its first projection on India post-demonetisation, the World Bank has lowered the country's GDP growth estimate for this fiscal to 7 per cent, from its earlier estimate of 7.6 per cent made in June last year."Growth in India is estimated to reach 7 per...

11-Jan-2017 Thiruvananthapuram

CPI-M to 'hang' Modi over failure of demonetisation

The Communist Party of India (Marxist) will hold a special programme in 14 district headquarters in the state where Prime Minister Narendra Modi would face a mock trial and would be hanged.Soon after Modi announced the spiking of Rs 500 and Rs 1,000 notes...

10-Jan-2017 New Delhi

On Day 2 of anti-Modi stir, Trinamool blames PM for 120 deaths

On the second day of the nationwide protest demanding ouster of the Prime Minister over demonetisation and 'vendetta politics', the Mamata Banerjee-led Trinamool Congress on Tuesday held Narendra Modi responsible for over 120 deaths in the country due to...

10-Jan-2017 New Delhi

Note Ban: 10% currency won't come back: Niti Aayog's Debroy

While the Reserve Bank of India (RBI) is still reconciling the quantum of demonetised currency that has been returned to banks by the December 30, 2016 deadline, NITI Aayog Member Bibek Debroy feels about 10 per cent of such notes won't return to the system."Even...

09-Jan-2017 Kolkata/New Delhi

Trinamool launches nationwide protest to seek Modi's ouster

Upping the ante against BJP-led central government over demonetisation and "vendetta politics", the Mamata Banerjee-led Trinamool Congress on Monday launched a three-day countrywide protest demanding removal of Prime Minister Narendra Modi.The Trinamool staged...

09-Jan-2017 Kolkata

Trinamool launches nationwide protest seeking Modi's ouster

Flaying the Centre over demonetisation, the Mamata Banerjee-led Trinamool Congress on Monday launched a three-day countrywide protest demanding removal of Prime Minister Narendra Modi to "save the country".Terming as "flop show" Modi's November 8 decision of...

08-Jan-2017 New Delhi

Rs 4,807 cr black income detected, Rs 112 cr of new notes seized

Following the demonetisation of high-value currency announced on November 8, India's Income Tax Department has detected undisclosed income of over Rs 4,807 crore and seized new notes worth Rs 112 crore, an official source here said on Sunday.Since the demonetisation...

06-Jan-2017 Kathmandu

RBI to give Nepal Rs 1 bn in 100-rupee notes

The Reserve Bank of India (RBI) has agreed to provide Rs 1 billion to the Nepal Rastra Bank (NRB) after its request that the country was facing a shortage of INR 100 denomination banknotes.The NRB's plan to import Rs 100 denomination notes was delayed due...

06-Jan-2017 Ghaziabad

Three held for fraudulent transfer of money in Ghaziabad

The Ghaziabad police has arrested three persons in connection with the fraudulent transfer of Rs 10 lakh from an automobile firm's account to a jeweller's account, a senior police officer said on Friday.The State Bank of India branch in Ghaziabad had allegedly...

06-Jan-2017 Kolkata

Note ban can cut growth by 1 or 2 per cent : Montek Singh Ahluwalia

Demonetisation could cut economic growth by 1 or 2 per cent in the current fiscal, former Deputy Chairman of erstwhile Planning Commission Montek Singh Ahluwalia said on Friday.Ahluwalia also urged the government to immediately try to put the economy back over the...

06-Jan-2017 Thiruvananthapuram

Sabarimala temple too feels demonetisation heat

While the number of pilgrims visiting the famed Sabarimala temple this season has increased by about 50 lakh this season, collections have only marginally gone up as compared to previous years.But the one good thing is that devotees have not dumped the spiked...

05-Jan-2017 Sheopur (Madhya Pradesh)

Mahatma Gandhi missing from Rs 2,000 notes withdrawn from MP bank

Out shopping with some money he managed to withdraw from his bank in this Madhya Pradesh district, a farmer was shocked when shopkeepers returned the Rs 2,000 note saying it was a fake since it had no picture of Mahatma Gandhi on it.However, the State Bank...

05-Jan-2017 New Delhi

Demonetisation to have positive impact on GDP in long run : Arun Jaitley

Union Finance Minister Arun Jaitley on Thursday said that the government's initiatives, including demonetisation, to eliminate the shadow economy and tax evasion will positively impact the GDP and fiscal consolidation of the country in the long term."The government's...

05-Jan-2017 New Delhi

Note ban may slow down economy : Pranab Mukherjee

Demonetisation may lead to a temporary slowdown of the economy, President Pranab Mukherjee said on Thursday."Demonetisation, which immobilizing black money and fighting corruption, may lead to temporary slowdown of the economy," the President said in an address on...

05-Jan-2017 Mumbai

Estimates of demonetised notes back with banks may be incorrect : RBI

Reacting to media reports about the quantum of demonetised currency that has been returned to the banks by the December 30 deadline, the Reserve Bank of India on Thursday said such estimates may not be correct.The RBI said the aggregating of accounting entries...

04-Jan-2017 New Delhi

32 demonetisation violation cases lodged till date : CBI

The CBI on Wednesday said it has so far registered 32 cases of violation of demonetisation and detected over Rs 200 crore across India during its probe against gross anomalies in banking sectors after the demonetisation announcement.Out of 32, three to four...

04-Jan-2017

Black money cannot be glibly wished away

I remember standing for hours in the queue to withdraw my own cash, and then being told that I would not even get a tenth of what I had been promised. I remember coming away with dignity, saying that my sacrifice was for the greater long-term good of the...

03-Jan-2017 Mumbai

RBI admits to cash crunch in rural areas

Admitting to the cash crunch prevailing in rural areas, the RBI on Tuesday asked commercial banks to send at least 40 per cent of the currency meant for circulation to their rural branches."The bank notes, being supplied to rural areas, at present, are not commensurate...

03-Jan-2017 Lucknow

Mayawati slams Narendra Modi over demonetisation

BSP chief Mayawati on Tuesday targeted Prime Minister Narendra Modi again over demonetisation, saying it continued to cause misery even after the end of the 50-day period.Addressing the media here, the former Uttar Pradesh Chief Minister also asked the Prime...

02-Jan-2017 New Delhi

I-T department to verify large deposits post-demonetisation

With the vast data on post-demonetisation deposits before it, the Income Tax Department has said it is already on the job of verifying the account details and notices will soon be sent to those identified with irregularities."That process (verification) is...

02-Jan-2017 Chennai

Small auto firms overtake big companies in growth in December

Small automobile companies logged volume growth in general as compared to major players in the industry whose sales dipped in December as seen from the numbers announced by the companies.However, one major company that has bucked the negative sales trend is...

02-Jan-2017 Mumbai

Demonetisation provokes manufacturing decline in December : PMI

The government's demonetisation move provoked a downturn in Indian manufacturing growth in December, the first such contraction in a year, as per key macro-economic data.According to the Nikkei Markit India Manufacturing Purchasing Managers' Index (PMI)...

02-Jan-2017 Mumbai

See normalcy in banking system by February-end : SBI Chairperson

After a New Year gift of 0.9 percentage point cut in lending rates, 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.Her reference...

01-Jan-2017 New Delhi

Demonetisation fallout: Jan Dhan deposits rise over 50%

Deposits in Jan Dhan accounts have grown by more than 50 per cent since the demonetisation announcement on November 8, an official statement said on Sunday."As on December 21, deposits worth Rs 71,557.90 crore had been mobilsed under the Pradhan Mantri Jan Dhan...

31-Dec-2016 Mumbai

'Demonetisation will result in behavioural change'

Demonetisation of high value currency will bring "a behavioural change" in the economy and the pain due to cash crunch will be a non-event by 2018, said Mohnish Pabrai, Managing Partner at Pabrai Investment Funds and Dhandho Holdings."Indians will adapt to an economy...

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