Many countries advised the return the high-denomination notes to the central bank for destruction, but these continued to be legal tender. This and the introduction of a new Rs 2,000 note in India are the two major differences between Indian demonetisation and those of other countries.
'I feel now we have a leader who is non-corruptible.' 'But he needs time as corruption is deep-rooted in our society, and people have no shame about being corrupt.' 'It will take at least 7 years to make some changes.'
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
As per Indian tax laws, bonus in kind paid to the employees could be considered as salary income in the hands of the employees.
'There is an insistence that the government bring about reforms if India is to succeed. The fact is that many nations have done reforms, but are not Great Powers,' says Aakar Patel.
Perhaps India needs to implement these for Achhe Din to happen.
Whatever the critics may say, the numbers suggest that India continues to be a favourite destination for foreign investors.
Modi government needs to focus more.
Ahead of the assembly elections next year, the BJP has been wallowing in a welter of ideas that has resurrected the debate on populism versus pragmatism, as it has to pander to two important but incompatible constituencies, of the freebie consuming masses and Bengaluru's heavy hitters craving for even roads, pristine lakes and unbroken power supply, reports Radhika Ramaseshan.
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
Indian-American business leaders meet to discuss ways to make this initiative a success.
Law Minister Ravishankar Prasad tells Rediff.com that the government have decided to repeal 36 obsolete laws immediately, but many more will be added to this list in the coming months. The minister also informs that this exercise was undertaken on the instructions of Prime Minister Narendra Modi who had flagged the issue soon after he took charge. Rediff.com contributor Anita Katyal reports.
Since 2000, India has had three serious droughts.
If companies get into trouble, the loan becomes a non-performing asset and "we very much want these assets to be back on track," Raghuram Rajan said.
To look for lessons from Nehru's life to find a way out of the Congress' quagmire is probably futile, says Rahul Jacob
Indian Prime Minister Narendra Modi who envisioned Make In India last September was at his eloquent best as he made a fervent plea to global businesses to come Make In India.
Inflation and asset prices have eroded the value of money.
Govt must introduce automated investment scheme for poor.
A moderate GST rate obviates the need for the two-rate structure.
Low consumer demand, a slide in investments and troubles in the banking sector should prompt the government to recalibrate taxes and expenditure. It is also important to ramp up spending on health care and education, says CII president Sumit Mazumder.
'In the last one year, it looks like there were bad things that didn't take place, and there were good things that didn't take place,' says Rajeev Srinivasan.
Some feel that Tata Steel has put these assets on the block only after exhausting all the options.
'There is a trade in goods, a lot of tariff.'
Sandeep Shanbhag, a chartered accountant and director of Wonderland Consultants, a tax and financial advisory firm, discussed the impact of Budget proposals in a chat with Rediff.com's readers.
Shikha Verma explains how child insurance plans can help you achieve your child's financial dreams.
Most top industrialists rate PM's first 100 days in office as 'good', primarily due to his intentions, not concrete policy measures.
'I think investors see a lot of positives happening in India now.'
States' demand of compensation from Centre for loss of tax revenue not on agenda.
Harsh Roongta, Mahesh Padmanabhan, Anil Rego answer the most sought after questions on Budget Day.
Pranab Mukherjee's book The Dramatic Decade: The Indira Gandhi Years takes the readers through the economic and social unrest of the period leading up to the emergency, rise and fall of leaders, many splits within the Congress, while promising to offer more in the next two volumes of the trilogy, says Nivedita Mookerji.
The challenge is to convince productive sectors that a lower general rate would benefit all and remove the prevalent system of favours targeted towards narrow industry and service sector groups.
Advocate Prashant Bhushan, who is one of the petitioners in the black money case, makes a case for the revelation of all the names of account holders that the government has submitted to the Supreme Court.
The rules will affect Indian companies that take most decisions about their foreign subsidiaries.
A major criticism of the new law is that it can become an instrument of abuse as it confers the tax enforcement authorities with strong discretionary powers, says Paranjoy Guha Thakurta.
Indeed, Prime Minister Narendra Modi, who as Gujarat chief minister was considered close to certain business groups and industrialists, has hardly been seen with any Indian business head.
Any attempt to defang Islamic State must first cut off its main sources of funding, especially its revenue from oil sales, extortion and crime, ransom payments, and support from foreign donors. This will also be need to be backed up by efficient forces on the ground.
Unless the judges factor in the ungovernability of technologies and their beneficial owners, present and future Presidents, prime ministers, judges, legislators and officials handling sensitive assignments may become redundant with reference to their age-old roles for securing 'national resources and assets', warns Dr Gopal Krishna.
There could be a strong incentive for tax payers to avoid the higher tax burden.
It is time to take a few macroeconomic risks to kick start the growth.
