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

'Slowdown due to demonetisation effect': MoS Finance Anurag Thakur heckled at auto industry event

Jasbir Singh of GS Auto Ludhiana interrupted the junior finance minister's address, saying "This is the delayed effect of demonetisation. People don't have money!"

RBI’s presses print more notes than in pre-demonetisation period

In other words, despite the Modi government’s emphasis on digital payments and a less-cash economy, the official printing presses are churning out more currency notes than before, both in volume and value terms.

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Delhi: Bank officials convicted of pocketing money during demonetisation

Special CBI Judge Raj Kumar Chauhan held that the accused conspired to commit criminal breach of trust and falsification of bank records by making fictitious and false entries.

Checklist to be made for verifying taxpayers who made suspicious deposits during demonetisation

The checklist would gather information regarding a taxpayer’s compliance in filing regular income tax returns, total income and percentage of cash deposit to gross total income.

What compulsion behind changing currency notes, Bombay High Court asks RBI

Chief Justice Nandrajog asked the counsel appearing for RBI why was there a complusion to change the notes.

Death of enterprise

The Indian economy’s crisis is not of GDP growth, but a drying up of animal spirits

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Downturn in Business since Demonetisation: Rise in labour, power price singe Surat mills, 16 shut

Now the price hike in raw materials like colours and dyes, that is estimated at 20 per cent to 30 per cent per kilogram, has added to the woes. The mill owners have not raised the production cost to remain in the challenging market.

Noteban to be removed from new textbooks, says Rajasthan minister

The portion on demonetisation was introduced by the previous BJP state government in the political science book of Class 12 in 2017. The textbook had termed the central government’s decision to demonetise notes of Rs 500 and Rs 1,000 as “historic” and an “operation to clean black money”.

In Varanasi, weavers' woes — post-noteban and GST — not a poll issue

Owners of handloom units in Varanasi complain that by introducing GST, the government has "cleverly increased taxes in the garb of making taxation efficient and systematic" while harping on issues that have little to do with real problems this election season.

Income tax e-filers drop by over 6.6 lakh in FY19: Official data

According to statistics put out on Income Tax Department's e-filing website, income tax e-filings in FY 2018-19 was 6.68 crore, down from 6.74 crore in the previous fiscal. E-filers in FY 2016-17 were 5.28 crore.

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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Rahul Gandhi Has A New Avatar!

As the poll fever rises ahead of the Himachal Pradesh and Gujarat Assembly elections, Congress vice-president Rahul Gandhi has intensified his attack against the Prime Minister Narendra Modi-led NDA government at the Centre. Ever since he delivered his speech at the University of Berkley in the US, Rahul Gandhi, who is likely to take over as […]

Demonetisation: RBI recovers almost all banned notes

The Reserve Bank of India (RBI) Wednesday disclosed that almost 99 per cent of Rs 500 and Rs 1,000 currency notes which were withdrawn from circulation on November 8, 2016 has returned to the central bank, confirming what the government’s critics had been pointing out about the weak economic rationale for demonetisation. This also raises […]

Nitish Kumar Underlining "Maximum Opposition Unity" Was The Need Of The Hour In The Month Of Feb

Making a clarion call for opposition unity, Bihar Chief Minister Nitish Kumar said it was the need of the hour. Participating in a panel discussion during the launch of former finance minister and senior Congress leader P Chidambaram’s book “Fearless in Opposition” as part of the Express Book Series along with Rupa, he said, “It is time […]

Rs 1,000 Notes To Be Back In A New Avatar: Here's All You Need To Know

A senior government official has told The Indian Express that the RBI and the government have firmed up plans to launch a new series of Rs 1,000 notes shortly to replace the earlier note of similar denomination that was withdrawn from circulation following the November 8 demonetisation announcement. The official said the RBI has already […]

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