Demonetisation

In a surprise move, the Central government has demonetised Rs 500 and Rs 1,000 currency notes. The move is aimed at fighting black money. Ever since the policy came into effect, people have queued up outside ATMs and banks to withdraw notes or exchange old currencies. The opposition has slammed the government with Trinamool's Mamata Banerjee calling for a rollback. Demonetisation has led to a logjam in Parliament. Demonetisation is a radical monetary step in which a currency unit’s status

as a legal tender is declared invalid. This is usually done whenever there is a change of national currency, replacing the old unit with a new one. In India, it was first implemented in 1946 when the Reserve Bank of India demonetised the then circulated Rs 1,000 and Rs 10,000 notes.

Demonetisation News

Not statehood but infrastructure, job creation top on Puducherry voters' minds

One of the seven union territories in India, Puducherry, will be electing its lone representative on April 18. In the past, Congress has won 9 out of the 13 Lok Sabha elections.

In Agra shoe bazaar, lingering pinch of GST, note ban

"They successfully portrayed us as tax evaders and were themselves well-prepared to handle the new system. The Narendra Modi government has forced the cyclewallah, who cannot afford to employ chartered accountants, to compete with the carwallah," says Sharvan Singh.

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To end the glut of coins, govt mulls privatisation of distribution, exports

Minutes of meetings of the C&C Division accessed by The Sunday Express reveal that the RBI’s representatives have been giving an alarming picture of the coin glut but have, however, assured that whatever quantity of coins have been indented by them will now be lifted.

Gujarat High Court quashes FIR against trader who deposited Rs 1.49 crore worth old notes in 2016

Viral Shah was booked under IPC sections 120 (B) (Punishment of criminal conspiracy), 417 (Punishment for cheating) and 420 (Cheating and dishonestly inducing delivery of property) and Section 13 (b), read with 13 (1) (d), of the Prevention of Corruption Act.

Gujarat court issues summons to Rahul Gandhi, Surjewala in criminal defamation case

The Ahmedabad District Cooperative Bank (ADCB) and its chairman Ajay Patel had filed separate criminal defamation cases against Gandhi and Surjewala for their remarks on the bank in connection with an RTI filed on demonetisation.

88 lakh taxpayers didn’t file returns in year of noteban, 10-fold jump over previous year

The spike in stop filers, according to officials, could be due to loss of jobs or drop in income due to fall in economic activity following demonetization of Rs 500 and Rs 1,000 notes.

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88 lakh missing tax filers in year of noteban: I-T denies, facts don’t

Stop filers are individuals who filed returns in earlier years but did not do so in the current year even though they are liable to do so.

Swept away by demonetisation, this women's collective struggles to find its feet

Susheela Majhi, secretary of Ama Sangathan, a tribal women's movement-turned-organisation, says after the noteban they could sell some brooms only locally while the inter-state sale came to a standstill.

TMC manifesto released: Mamata promises simplified GST, probe into note ban

TMC supremo Mamata Banerjee also stated that she will work hard to solve the Kashmir issue and if needed will stay there to interact with the people to understand their problems.

Behind Opposition's sting video: London firm, Romanian director, and one Catherine

The Opposition released a sting video showing an alleged BJP functionary purportedly exchanging scrapped notes after demonetisation on a commission of 40 per cent.

Demonetisation Videos

‘Think of it the other way, not about govt raiding RBI, but how RBI could have behaved differently’

In this edition of the Idea Exchange, Former Chief Economic Adviser Arvind Subramanian talks about demonitisation, defends GST, explains the reasons why growth has not been robust and reflects back on his tenure as Chief Economic Adviser of India.

The Agrarian Unrest Part 1: This could be the Narendra Modi government’s biggest problem

Thousands of farmers from across the country have taken to the streets. ‘Dilli chalo’ is their slogan. What do they want? And is agrarian distress this government’s biggest problem? Harish Damodaran explains.

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Why a leader is aligning with someone is more important that who aligns with who; Mamata Banerjee has a major role: Amit Mitra, Bengal Finance Minister

Bengal FM Amit Mitra talks about demonetisation, the problems with GST, failing Centre-state relations, the need for protecting and building institutions such as the RBI and CBI, investments in the state, and what the BJP “doesn’t get about Bengal".

Express Eye for Detail Ep 12: Two years of demonetisation, the Diwali mess and Faizabad renamed as Ayodhya

Two years on, The Indian Express learns that RBI did not approve of demonetisation and more about the week’s top stories in Express Eye for Detail episode 12.

How demonetisation and GST hit MSMEs: News in Numbers

Two years on, we look at how demonetisation (and GST) had an adverse impact on micro, small and medium enterprises or MSMEs. Here are some of the concerns that MSMEs are dealing with.

Demonetisation, a success? Is it still a question: News in Numbers

The shortage of cash, decline in GDP, loss to small businesses and daily-wage workers - was it all worth it if most of the demonetised money is back in the system?

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