The whereabouts of Mahinda Rajapaksa is being speculated since his resignation on Monday.
RBI clarified that all pre-2005 notes continue to remain legal
"The window (for NRIs) is open till June 30 in which people can deposit cash. And after adding all these, we will give out the number," Mundra said.
Jaitley said that when cash is deposited in the banks, it loses anonymity and can be identified with its owner.
The finance minister also hinted that not all of the Rs 15.44 lakh crore worth of currency junked will be remonetised through issuance of new notes as he said digital currency will fill the gap.
RBI to withdraw all pre-2005 notes; move seen as effort to unearth black money.
The sudden move to demonetise Rs 500 and Rs 1,000 currency notes is not new. Rs 1,000 and higher denomination notes were first demonetised in January 1946 and again in 1978.
If RBI has to replace the entire stock of Rs 1,000 and Rs 500 notes with Rs 100 ones, the cost would be more than Rs 10,000 crore.
RBI to withdraw pre-2005 notes: Here's how to recognise the new from the old.
The government on Thursday proposed to tighten the norms for taxation of cryptocurrencies by disallowing set off of any losses with gains from other virtual digital assets. As per the amendments to the Finance Bill, 2022, circulated among the Lok Sabha members, the ministry proposes to remove the word 'other' from section relating to set off of losses from gains in virtual digital assets. This would mean that loss from the transfer of virtual digital assets (VDA) will not be allowed to be set off against the income arising from the transfer of another VDA.
This is the fifth time RBI extended the deadline.
Jaitley said the Rs 500 and Rs 1,000 notes returned to currency chests of the RBI amounted to Rs 12.44 lakh crore
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.
The central bank had earlier estimated the value of old Rs 500 and Rs 1,000 notes received, as on June 30, 2017, at Rs 15.28 trillion.
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.
Both prime ministers believed in crafting schemes to help the common man. Modi used quite effectively the instruments Dr Singh introduced. In assessing Modi's success with many schemes, Dr Singh's fundamental work should not be ignored, points out A K Bhattacharya.
While India managed to seal the fake currency's Pakistan and Nepal route into India to a large extent, Inter Services Intelligence-sponsored operatives have furthered their activities by shifting base to Thailand.
It is difficult to reconcile the GDP numbers with other economic indicators.
Urjit Patel said said the process of remonetisation was on and estimation of costs was a complex exercise.
Congress says the notification required to be issued under the RBI Act for printing new currency has not been issued.
A high level group constituted by the Reserve Bank of India has recommended enhancing security features on currency notes and installation of notes-sorting machines among other steps to counter the rise in circulation of fake notes.
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.
Successful demonetisation will help in raising revenues on sustained basis as more and more people will come under the tax net, says a World Bank report.
86.69 per cent of available stock of currency notes is being taken away from circulation and less than one-fourth of these are being replenished by newly printed Rs 2,000 notes
'How does one square up the fact that despite the infusion of money at election time there was no price rise?' 'It is time the new government ordered an external audit of the RBI to find out the truth,' says Col Anil Athale.
the RBI will need to fulfil its April 4 pledge to avoid liquidity shortages.
Terming Prime Minister Narendra Modi's decision to demonetise high value currency notes as "startling and bold", Chinese official media has said it is "far from enough" and India may "look at ideas" from China's crackdown against corruption which has shown "efficiency".
'In the total of black wealth, only 1% or less than 1% constitute cash.' 'So, even if cash is completely weaned out, it impacts only 1% of the black wealth.'
The trigger for the action is understood to be the huge spike being registered in the value of bitcoins and other virtual currencies in the recent past.
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.
The RBI has issued certain guidelines to detect counterfeit notes. Some of the common ways to detect fake are Watermark, Security Thread, Colour and Fluorescence.
For every one million currency notes, there are eight fake notes floating in the country. While the percentage of fake notes may still be 0.001, the government is concerned as their circulation has grown in alarming quantities over the past few years.
Jaitley said note ban has compelled people to deposit money into bank accounts.
Pre-2005 banknotes are being withdrawn from circulation since January 2014 by RBI and a large percentage of these notes have already been withdrawn
'The RBI is not releasing Rs 2,000 notes for the last 10 days; probably they have stopped printing it.'
This skew is a reflection of the highly unequal distribution of income, wealth and economic transactions and needs to be corrected, says A Seshan.
The government is understood to be mulling an ordinance to impose penalties on anyone possessing the junked Rs 500 and Rs 1000 notes beyond December 30 when the deadline to deposit them in banks expires.
The Modi government's decision to demonetise Rs 500 and Rs 1,000 banknotes will drive up interest in the bullion market
The taxman carried out a total of 677 search, survey and enquiry operations
