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
The corporate sector took production cuts, conducted inventory management and reduced staff to meet challenges following the govt's note ban decision
In a hard-hitting editorial, the US daily further stated that while 'many Indians have said that they are willing to tolerate some pain, their patience won't last if the cash crunch continues'.
"You can download mobile applications provided by banks on your phones and I want to urge political leaders, teachers, youth to give training to people on mobile banking," Modi said.
An analysis for the first eight months of CY18 shows that the value of RuPay and UPI transactions constitute 65.2 per cent of all transactions done through debit and credit cards, in value terms, across retail outlets by the end of August.
The Indian Mujahideen earlier relied on extortions and arms smuggling but has now realised that donations are a better and safer way to collect funds for its operations, reports Vicky Nanjappa.
In a major anti-terror operation, the Mumbai police have arrested two men suspected to be linked with terror outfit Hizbul Mujahideen and allegedly involved in circulation of fake Indian currency, police said on Tuesday.
'I want the prime minister to be punished because he put our country in difficulties as he took this decision without Cabinet approval.' 'When he had already ordered the printing of new currency notes on May 19, 2016, why did he tell lies to the country?'
Available evidence suggests that we are on the way to a very costly failure of the current demonetisation scheme, says M R Narayana.
Do you know what kind of currency notes are illegal?
Although 90 per cent of the currency chests are with the public sector banks, they account for reporting a mere 10 per cent of counterfeit notes.
For withdrawals through cheque, the weekly cap has been hiked to Rs 24,000 from Rs 20,000
The government could carry out the demonetisation exercise over periodic intervals along with its surprise element, says Soumya Kanti Ghosh.
The Jammu and Kashmir administration on Wednesday sacked police constable Tawseef Ahmed Mir, who has been accused of actively working for Hizbul Mujahideen and trying to kill two of his colleagues, and four more employees for alleged links with terror groups.
The PIL, which could be listed for hearing during the week, termed Tuesday's notification of department of economic affairs and the finance ministry as "dictatorial" claiming it did not grant reasonable time to citizens for exchanging the specified bank notes to legitimate notes to avoid "large scale mayhem, life-threating difficulties".
Even if RBI partially replaces the stock of the high value notes, RBI will have to incur thousands of crores of rupees in cost, say economists.
'There are a lot of positive things these reforms are bringing about and it is only a matter of some quarters before the growth rate picks up momentum.' 'Until then we need to be a little bit patient.'
India's Test skipper Virat Kohli described Modi government's demonetisation move as the greatest in the country's political history.
Police seized 100 fake notes of old Rs 500 denomination from Burhanuddin, who first claimed to be a Mumbai resident.
The biggest achievement of demonetisation is that it has brought about a social revolution against black money and corruption, says Sukumar Mukhopadhyay.
On his first official visit after becoming the prime minister of Nepal, Baburam Bhattarai on Saturday said all "misunderstandings" have been "dispelled" and a "new chapter" has been opened up in Indo-Nepal ties. The Nepalese prime minister also assured New Delhi of developing a mechanism to check the Fake Currency Notes circulation on Indo-Nepal border.
The theory that all banned notes will come back into the system may not be true. Anup Roy finds out.
Demonetisation should be judged to have delivered some immediate gain if at least around Rs 2 trillion gets immobilised.
Standing committee on finance to also focus on RBI autonomy and citizen's rights.
A Reserve Bank panel has decided against the inclusion of any other national leader's image on banknotes saying that no other personality could better represent the ethos of India than Mahatma Gandhi.
"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.
Any forced attempt to achieve anything, however lofty the goal, will result in distortions and undesired outcomes, say Anshuman Gupta and Karunakar Jha.
'The current crisis is a result of a clash between a coercive attempt by the government to justify demonetisation and rising digital transactions against the market and the economy fighting the unexpected pressure from atop.'
The Reserve Bank on Thursday said its surplus (profit) for the FY'14 fiscal declined 14.75 per cent to Rs 52,679 crore (Rs 526.79 billion) as its interest income from investments in foreign sovereign bonds declined during the year even as its investments increased.
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.
Details of identity and residence will not be required for exchange of notes between April 1 and June 30.
Devangshu Datta predicts the good, the bad and the ugly of currency trends for the coming year.
A representative of the Confederation of ATM Industry said ATM players were not consulted about the move and they received the news via media platforms.
The central bank might ensure that the new series of banknotes with more robust security features be introduced as early as possible.
He also made it clear that the pre-2005 notes will continue to be legal tender.
New 100 rupee currency notes with inset letter 'G' in both numbering panels will be in circulation shortly.\n\n
The current limit of Rs 24,000 per week has been raised to Rs 50,000 for savings accounts.
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.
'It is common knowledge that cash is anonymous.' 'When demonetisation was implemented, one of the intended objectives was to put identity on the cash holdings in the economy.' 'With the return of Rs 15.28 lakh crore in the formal banking system, the almost entire cash holding of the economy now has an address.' 'It is no more anonymous,' says Arun Jaitley.
