Note Ban

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Demonetisation destroyed economy, only helped a few crony capitalists, alleges Rahul Gandhi
Politics

Demonetisation destroyed economy, only helped a few crony capitalists, alleges Rahul Gandhi

Gandhi and the Congress have been alleging that demonetisation was not in the interest of the people and had adverse effects on the economy

44,000 jobs lost in Maharashtra in demonetisation year, says state Economic Survey; document red flags reducing number of industries
India

44,000 jobs lost in Maharashtra in demonetisation year, says state Economic Survey; document red flags reducing number of industries

Some 44,000 jobs were lost in Maharashtra in 2016-17, the fiscal year when the decision of demonetisation was announced by the Centre, according to the state's Economic Survey.

Demonetisation helped in reducing incremental growth in currency notes by Rs 3 lakh cr: Nirmala Sitharaman
Business

Demonetisation helped in reducing incremental growth in currency notes by Rs 3 lakh cr: Nirmala Sitharaman

The government on Tuesday said demonetisation followed by digitalisation has succeeded in reducing incremental growth in currency in circulation by over Rs 3 lakh crore

Currency in circulation rises to Rs 21 lakh cr as on March 2019: Union Minister Anurag Thakur
Business

Currency in circulation rises to Rs 21 lakh cr as on March 2019: Union Minister Anurag Thakur

Currency in circulation peaked to over Rs 21 lakh crore at the end of March 2019, having dipped to a mere Rs 13 lakh crore at the end of fiscal 2016-17, Parliament was informed on Monday

Demonetisation 3rd anniversary: Banning high-value notes failed to meet objectives, but digitisation may check black money generation
Business

Demonetisation 3rd anniversary: Banning high-value notes failed to meet objectives, but digitisation may check black money generation

The defenders argued that demonetisation would help digitise the economy and make future black money generation difficult as there would be an audit trail all the time.

Three years of demonetisation: Core problems note ban sought to address remain; pain outweighs gains
Business

Three years of demonetisation: Core problems note ban sought to address remain; pain outweighs gains

Digital payments spiked during the demonetisation and in the immediate months after that. Since then digital transactions have one up substantially, but so is the use of cash too.

Digital economy? RBI says currency in circulation soars 17% to Rs 21.1 lakh cr in FY19
Business

Digital economy? RBI says currency in circulation soars 17% to Rs 21.1 lakh cr in FY19

Despite the many an effort to shift to digital payments and usher in a digital payment economy, the currency in circulation has jumped by a hefty 17 percent to Rs 21.10 lakh crore as of March 2019, the Reserve Bank said in its annual report for 2019

Rahul Gandhi's campaign of 'love' against PM confuses Congress cadre, brings campaign to grinding halt
Politics

Rahul Gandhi's campaign of 'love' against PM confuses Congress cadre, brings campaign to grinding halt

If Rahul Gandhi has done anything successfully in this election, it is that he has spread his own confusion through the rank and file with great efficacy.

'Dismantled idea of Narendra Modi': Rahul Gandhi goes after PM, press and EC in combative New Delhi press conference
Politics

'Dismantled idea of Narendra Modi': Rahul Gandhi goes after PM, press and EC in combative New Delhi press conference

Congress president Rahul Gandhi, at a combative press conference in New Delhi on Friday, slammed Prime Minister Narendra Modi, the press and the Election Commission

Tax filing falls 1% in FY19 despite govt focus to broaden base; indicates overall slowdown: Report
Business

Tax filing falls 1% in FY19 despite govt focus to broaden base; indicates overall slowdown: Report

The report said tax collections are not giving 'much comfort', and just corroborate the fact that a number of activity indicators have been signaling a slowdown in parts of the economy.

Uday Kotak warns of more liquidity squeeze in next two quarters muddying waters for financial sector again
Business

Uday Kotak warns of more liquidity squeeze in next two quarters muddying waters for financial sector again

The next six months are crucial for the financial sector, Uday Kotak, the executive vice-chairman of Kotak Mahindra Bank said, adding the fear this time is the financial sector impacting both itself as well as the real sector.

Narendra Modi to News18: Demonetisation was needed to speed up formalisation of economy, move boosted growth
Business

Narendra Modi to News18: Demonetisation was needed to speed up formalisation of economy, move boosted growth

Modi said that it’s a matter of pride for the country that global agencies like World Bank and IMF have unanimously hailed India as the fastest growing major economy in the world

Demonetisation: RBI board met just two-and-a-half hours before Narendra Modi announced note ban, warned of impact on economy
Business

Demonetisation: RBI board met just two-and-a-half hours before Narendra Modi announced note ban, warned of impact on economy

The minutes of the board meeting, recorded the presence of the then RBI Governor Urjit Patel and the then economic Affairs Secretary Shaktikanta Das

RBI says no data available on demonetised Rs 500, Rs 1,000 notes used at petrol pumps
Business

RBI says no data available on demonetised Rs 500, Rs 1,000 notes used at petrol pumps

The RBI in reply to an RTI query said it has no data on the old 500 and 1,000 rupee notes used to pay for utility bills such as fuel at petrol pumps -- payments that are anonymous and are believed to have formed a good part of the demonetised currency that returned to the banking system

Demonetisation: Income Tax Department begins final assessment of 87,000 suspicious deposit cases
Business

Demonetisation: Income Tax Department begins final assessment of 87,000 suspicious deposit cases

The Income Tax Department has launched the final assessment of 87,000 cases in the country for making suspicious deposits post demonetisation, as the taxman has been authorised to exercise the 'best judgement' protocol, the CBDT has said

Economy suffered due to demonetisation, says Nobel laureate Amartya Sen, terms it 'biggest magic'
Business

Economy suffered due to demonetisation, says Nobel laureate Amartya Sen, terms it 'biggest magic'

Amartya Sen said the Indian economy suffered due to the government's decision to ban high-value currency notes in November 2016

Central Information Commission pulls up RBI for non-disclosure of demonetisation records
Business

Central Information Commission pulls up RBI for non-disclosure of demonetisation records

The Central Information Commission has pulled up the Reserve Bank of India for "perfunctory handling" of an RTI application seeking records of its board meetings where the issue of demonetisation was deliberated, and issued a show-cause notice to its Central Public Information Officer

Wrong to use cash as indicator of jump in economic activity, rural economy still depressed: SBI
Business

Wrong to use cash as indicator of jump in economic activity, rural economy still depressed: SBI

It is "erroneous" to come to a conclusion of heightened economic activity using the jump in currency in circulation (CIC), the economic research wing of SBI said on Thursday

Prakash Javadekar’s claim and defence on India’s unemployment problem rings hollow from the word go
Business

Prakash Javadekar’s claim and defence on India’s unemployment problem rings hollow from the word go

By playing down the unemployment problem, Javadekar hasn’t done nothing but what is expected of him