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.

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Return overtime compensation: SBI to staff of former associate banks

By: ENS Economic Bureau | Mumbai | Updated: July 17, 2018 at 12:53 am

In an internal circular to its zonal offices, SBI has said the associate banks should have settled the compensation before the merger and the parent SBI is not liable to pay up the overtime money to the former employees of associate banks.

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IAF raised bills of Rs 29.41 crore to ferry currency notes post-demonetisation, reveals RTI

By: PTI | New Delhi | Updated: July 8, 2018 at 4:40 pm

According to the response provided by the IAF, its frontline transport aircraft, the C-17 and the C-130J Super Hercules, undertook 91 sorties to transport bundles of currency from security printing presses and mints to various destinations across the country.

Demonetised currency seized in Thane, three held

By: PTI | Thane | Updated: July 4, 2018 at 1:26 pm

Acting on a tip-off, the police kept a watch at a garden near Parsik Reti Bunder in the district’s Kalwa town on June 30 and spotted the three people who had apparently come there to dispose of the scrapped notes.

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PM Modi did ‘lethal surgical strike’ by not providing jobs, implementing GST: Jignesh Mevani

By: PTI | Ahmedabad | Updated: July 3, 2018 at 1:28 pm

Demonetisation and implementation of the GST were bigger “surgical strikes” than what was carried out by the Army in Pakistan-occupied Kashmir, Mevani alleged.

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Post-note ban, ‘kala dhan’ became ‘jan dhan’: MoS Finance Shiv Pratap Shukla

By: PTI | Mumbai | Updated: June 16, 2018 at 1:31 am

Facing criticism over the 2016 demonetisation drive, the Union government on Friday said benefits of the note ban are being reaped now as hoarded cash is being put to productive use.

CIC asks Finance Ministry about total black money collected post-demonetisation

Hyderabad: 7 held for trying to exchange Rs 1 cr worth demonetised notes

By: PTI | Hyderabad | Updated: June 15, 2018 at 1:14 am

Seven people, who allegedly tried to exchange demonetised currency and scrapped notes with a face value of over Rs one crore, were arrested in Hyderabad on Thursday, police said.

Draft report on note ban divides House panel, BJP members say it is biased

Written by Pradeep Kaushal | New Delhi | Updated: June 13, 2018 at 5:36 am

BJP members Kirit Somaiya and Nishikant Dubey, sources said, called it a “biased” draft report.

GST collection in FY18 at Rs 7.41 lakh crore

First in 19 months: Bank credit grows in double digits

Written by Sandeep Singh | New Delhi | Updated: June 12, 2018 at 2:11 am

The RBI data shows that the credit demand for services sector jumped 20.7 per cent in April and the demand for personal loans rose 19.1 per cent.

Fifth column: Lies that help Modi

Written by Tavleen Singh | Updated: June 10, 2018 at 2:32 am

Modi has made mistakes in the past four years. He has failed to take India in a new economic direction. He wasted time on demonetisation and wasted money on huge, useless Congress welfare schemes like MNREGA. And, he failed to change our ‘socialist’ political culture.

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Across the aisle: Governments hide, people seek

Written by P Chidambaram | Updated: June 10, 2018 at 2:15 am

The mood of the nation is despondent. In the RBI’s survey (May 2018), 48 per cent of respondents felt that the economic situation had worsened in the last one year. In some sectors, like agriculture, despondency has turned into anger. Among some sections of the people, like Dalits and unemployed youth, despondency has turned into despair.