While some criticise the government, others, despite the inconvenience, hail demonetisation as revolutionary.
Singh, 80, had floated the PLC last year after quitting the Congress following his unceremonious exit as chief minister, but his party failed to win any seat in the state assembly polls.
"Post demonetisation, during November 9, 2016, to January 10, 2017, more than 1,100 searches and surveys were conducted and more than 5,100 notices were issued by the income tax department for verification of suspicious high-value cash deposits," Finance Minister Arun Jaitley said in a written reply in the Lok Sabha on Friday.
The number of Rs 2,000 currency notes in circulation has come down from 33,632 lakh pieces at end-March 2018 to 32,910 lakh pieces at end-March 2019 and further to 27,398 lakh pieces at end-March 2020.
A look at the current contenders International Bank Note Society's Banknote of the Year
To stop repeat money exchangers thronging banks with invalid currency notes, banks have started applying indelible ink mark on the right hand index finger of customers in the select metro cities.
'Those who should have been affected benefitted from demonetisation.' 'And the vast majority who should not have been affected lost out.' 'That is the ultimate result of demonetisation.'
In a first, a special National Investigation Agency court in Mumbai sentenced six accused in a 2009 fake currency case to life imprisonment, terming the possession and circulation of Indian counterfeit notes as an "act of terrorism".
Sources said the government was keen to tax all unaccounted money deposited in bank accounts after it allowed the banned currency to be deposited in bank accounts during a 50-day window from November 10 to December 30.
In Reserve Bank offices, 59 CVPS machines are used and each machine is operated by a set of five persons under a supervisor who supervises a cluster of machines
Breaking his silence over the demonetisation issue, RBI Governor Urjit Patel on Sunday said the central bank is monitoring the situation on a daily basis and taking all necessary actions to "ease the genuine pain of citizens" with a clear intent to normalise the things as early as possible.
Uncertainties on account of COVID-19 pandemic have increased the demand for currency notes not only in India but across the globe, official sources said, dismissing the criticism that demonetisation has failed to reduce cash in the economy. Government sources said that growth of the digital payments system post-demonetisation will ultimately curb the dependence on cash. Official data points out a jump in digital payments through different modes, including plastic cards, net banking and Unified Payments Interface (UPI).
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The Financial Intelligence Unit (FIU), the federal economic snoop agency under the Union finance ministry, sent 289 legal requests to its counterparts across the globe during 2018-19 as compared to 177 in 2017-18 and 138 in 2016-17.
Financial Intelligence Unit detects over Rs 7,800 cr blackmoney.
'Ultimately if your aim is that you need to be able to deal with a security situation, you need to deal with a black money situation, you need to deal with a counterfeiting situation then, to that extent, I think everyone will need to able to tolerate a little bit of inconvenience.'
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
A Congress-led opposition on Tuesday came together seeking to pin down the government on the demonetisation issue in the winter session of Parliament beginning tomorrow but a consenses eluded on Trinamoll Congress's proposed march to Rashtrapati Bhawan for meeting the President.
Launching a scathing attack on Prime Minister Narendra Modi, Opposition parties on Wednesday alleged that selective leak of information on demonetisation of 500 and 1000 rupee notes to 'friends of BJP' and demanded making public the names of those who had bought gold and foreign exchange of over Rs 1 crore since April.
Jaitley said note ban has compelled people to deposit money into bank accounts.
Junking of old Rs 500 and Rs 1000 notes, he said, will help the world's fastest growing major economy to move towards less cash economy and digital payments that will help shore up tax revenues and check evasions.
The Reserve Bank of India on Thursday said banknotes in circulation witnessed higher than average increase during 2020-21, on account of precautionary holding of cash by people due to the COVID-19 pandemic, and its prolonged continuance. The value and volume of banknotes in circulation increased by 16.8 per cent and 7.2 per cent, respectively, during 2020-21, as against an increase of 14.7 per cent and 6.6 per cent, respectively, witnessed during 2019-20, said the RBI annual report. In value terms, the share of Rs 500 and Rs 2,000 banknotes together accounted for 85.7 per cent of the total value of banknotes in circulation as on March 31, 2021, as against 83.4 per cent as on March 31, 2020.
If the high security notes introduced in 2015 were kept in the system, the pain due to demonetisation can be ameliorated to a certain extent. But unfortunately, such thought process have no place in the hasty demonetisation decision.
Advocating the move, home ministry officials said most of the developed countries change the security features of their currency notes every 3-4 years and therefore, it is absolutely necessary for India to follow this policy.
India has requested Malaysian authorities to hand over evidence against an arrested accused who was part of a conspiracy to plan and carry out terror strikes allegedly at the behest of ISI on the US and Israeli consulates in the southern part of this country.
Only Rs 16,050 crore out of the Rs 15.44 lakh crore of the old high denomination notes have not returned.
A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in Parliament shortly.
'The more harder India pushes its nationalism on to its population, the further away we send Kashmiris.' 'We should understand that the unrest in that state cannot be solved by demonetisation. There are much deeper causes,' says Aakar Patel.
'It sounds hollow when the military -- the last bastion meant to secure India within the State of India -- is itself not found secure on the third day of the Pathankot strike, in spite of so-called definitive intelligence inputs and preparations,' says Lieutenant General Anil Chait (retd), former chief of the Integrated Defence Staff.
They are the first to be declared terrorists under the new anti-law, a home ministry official said.
'People are tense. The morale of the perpetrators of the Kaliachak attack is very high.' 'People there fear that if the arsonists there could burn the police station today, they can burn the courts tomorrow; they will burn the collectorate.'
The National Investigation Agency has taken over the probe into the case of alleged hatching of a plot by Pakistan-based terror group to carry out suicide attacks on the US and Israeli consulates in South India.
According to an Amnesty report, at least 1,032 people were executed in the world, other than China, of which 87 per cent took place in just four countries -- Iran, Saudi Arabia, Iraq and Pakistan.
It's five months after 8/11. But this is not the first time that India's currency of the time faced the axe. The Mughals, after invading a territory, would effect the demonetisation of the local currency with the aim to cripple the economy of the land.
A united Opposition is expected to move amendments to the motion of thanks for the President's address on how note ban was a mess.
Gandhi alleged that demonetisation is the biggest scam in history of India.
He claimed 50 per cent of the country's black money was going to BJP's coffers.
A scrutiny of the PM's statements in the last 12 weeks lays bare a stunning lack of homework for a policy that has affected each of the 1.25 billion people of India.
The current limit of Rs 24,000 per week has been raised to Rs 50,000 for savings accounts.
Indian embassies in the Gulf region have advised Non-Resident Indians staying in the region not to carry large amount of Indian currency when travelling to India.
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