Congress leader Rahul Gandhi alleged that Modi's move was aimed at helping a few of his 'crony capitalist friends' and had 'destroyed' the Indian economy, prompting a strong response from the BJP which said the exercise was an 'attack' on corruption and black money that were rampant during the 'lost decade' of the Congress-led United Progressive Alliance government.
Standing committee on finance to also focus on RBI autonomy and citizen's rights.
'People are trying to save money because of uncertainty and insecurity.'
A WGC survey says that there is no dearth of gold demand, but there is lack of trust among prospective gold buyers, not only in India but globally.
'The choice of chief minister after the win is a pointer to what issues really mattered at the polls.' 'Perhaps, demonetisation was an electoral side issue -- a reflection of the disconnect between commentators in the cities and the realities on the ground,' says Somasekhar Sundaresan.
Now the numerals in both the number panels of these banknotes will be in ascending size from left to right
Factors that can push growth include softer interest rates, increased banking sector liquidity, higher rural consumption, salary hikes for state government employees and greater traction in public capex
As per a notification issued on Wednesday, banks, co-operative banks and post offices will have to report to the tax department cash deposits exceeding Rs 50,000 in a single day or aggregating to more than Rs 2.5 lakh during the period November 9, to December 30, 2016.
Only cash deposits of over Rs 250,000 in bank accounts will be scrutinised by the tax department and in case of mismatch with I-T returns, tax plus 200 per cent penalty would be levied
The Congress, which described the note ban decision as the "biggest scam" and "the largest government-abetted money laundering scheme", has asked all its state units to organise protests, processions and marches to mark the day.
'My election slogan will be 'kaam bolta hai.' 'Those who have lined up outside the banks will also line up on voting day and vote against the BJP.'
He said it may take up to 3 weeks for all the 2 lakh cash vending ATMs to operate normally as each one has to be calibrated individually to dispense new sized notes of Rs 2000 and Rs 500 besides lower denomination currency of Rs 100.
India's growth, he said, remains resilient with low inflation, fiscal prudence and low current account deficit, talking about robust structural reform measures.
The prime minister and president stated their intention to expand defence co-operation to bolster national, regional and global security.
Here's the full text of Prime Minister Narendra Modi's address to the nation where he announced the demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight on November 8-9.
'An army general is not supposed to speak on political issues.' 'He should be keeping away from politics.'
The longer it takes for RBI and the government to stabilise monetary conditions in the economy, the more severe and long lasting will be the damage caused to various sectors of the economy, especially to the informal sector, says Rajeswari Sengupta. Rajeswari Sengupta discusses the impact of this move on money supply, output and prices, in the short- and medium-term.
Declaring demonetisation a complete failure may turn out to be hasty, argues economist Ashok K Lahiri.
Unfazed by the absence of leaders of the Left, the Janata Dal-United, the Samajwadi Party and the Bahujan Samaj Party, Congress leader Rahul Gandhi and Trinamool Congress chief Mamata Banerjee along with some regional parties on Tuesday sought to put up a united face raising the pitch against demonetisation by demanding the resignation of Prime Minister Narendra Modi.
Well then, what did DeMo achieve? As predicted by most economists, the volume of transactions fell, economic activity was adversely impacted, and some sectors (which were more dependent on cash transactions) witnessed greater disruption than others, says Rahul Khullar.
'We expect growth to increase in 2017, after this brief period associated with the change in notes.'
Here's what Headley told the court on Thursday:
Any forced attempt to achieve anything, however lofty the goal, will result in distortions and undesired outcomes, say Anshuman Gupta and Karunakar Jha.
'It won't be easy to undo the damage that has been done to the economy by the lockdown and the solution will not come from two minute presentations,' observes Aakar Patel.
Government will probe the findings in a book on the 26/11 Mumbai terror attacks which claims that a "super- agent" code-named 'Honey Bee' in the Indian establishment had helped Pakistan's ISI in identifying the landing site for the terrorists.
'By demonetising higher denominations of currency notes, we have taken out the vehicle for corruption.' 'But the motive is still there.'
In an online chat with readers, Investment Advisor Harsh Roongta answered their queries on the ban on Rs 500 and Rs 1000 notes.
'During the transition process, we have some control over the withdrawals.' 'In terms of your wealth, the money in your deposit account is where it is.'
SBI plunged over 3% after posting a 34.57% fall in net profit to Rs 2,538 crore for the quarter ended September 2016 on rise in provisions for non-performing loans.
The patience, discipline, and resolve displayed by 125 crore Indians, will play a critical role in shaping the future of the nation for years to come, the PM said.
'My party men discouraged me from visiting Kaliachak because all kind of people were part of the mob and they feared that someone could shoot at me.' 'Criminals were involved in burning the police station and then attacking Baliadanga to give it a communal colour.'
Modi took on the opposition parties, especially the Congress, saying it is the corrupt who are sleepless now.
'Our first great challenge is to create 12 million new jobs each year, to make the demographic dividend an economic dividend.' 'We are nowhere near that,' points out Mohan Guruswamy.
Shah claimed that BJP was sensitive to the problems being faced by people queuing up outside the banks and ATMs but said they must realise that the step had hurt 'those sleeping over hoards of black money three thousand times more than the people on the streets'.
RBI Governor Raghuram Rajan, who today surprised markets with a rate hike, defended the move saying a rate cut would not have impacted either banks or borrowers and that bringing down retail prices is the key to sustainable growth.
Pakistani-American terrorist David Coleman Headley on Thursday exposed how Inter-Services Intelligence and Lashkar-e-Tayiba majorly funded terror operations in India.
The government on Monday proposed income tax benefits for people making payments through credit or debit cards and doing away with transaction charges on purchase of petrol, gas and rail tickets with plastic money.
In the fourth of a six-part series Sahil Makkar finds out how badly Jalandhar's sports goods industry was hit by the note ban and the price it continues to pay.
Attacking the note ban move, Yechury said the PM's assertion that it will impact terror funding has not yielded any result.
Minister for External Affairs Salman Khurshid speaks about the importance of the fourth edition of the India-US Strategic Dialogue, which he co-chaired with United States Secretary of State John Kerry in New Delhi
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