A government can't just take away public money, and the RBI can't extinguish its liability. 'The RBI has to honour the value any time a person with legal and taxed money lays claim on the value.'
Despite the onset of wedding season, the situation in apparel retail market remained unchanged and saw sharp decline in sales
According to the chief minister, the common man, small traders and daily labourers are the worst sufferers of the demonetisation scheme.
'The lack of opportunities here remains the biggest worry.' 'We have seen investment summits, but if you look around, much of it is only on paper and not on the ground.'
Senior Congress spokesperson Ghulam Nabi Azad said the claim made by the prime minister on Tuesday of Rs three lakh crore getting into the banking system post-demonetisation, is in clear contrast to what the RBI has said.
The PIL filed by Delhi-based lawyer Vivek Narayan Sharma has termed the notification of DEA as "dictatorial" claiming it did not grant reasonable time to citizens for exchanging the specified bank notes
He further said that demonetisation 'yagna' is aimed at benefitting the rich.
Finance Minister Arun Jaitley witll spearhead the campaign with BJP President Amit Shah as its chief strategist.
The Reserve Bank of India (RBI) on Thursday said 97.76 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,961 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation.
Former Prime Minister Dr Manmohan Singh on Thursday termed Narendra Modi administration's scheme to abolish 500 and 1,000-rupee notes as "a monumental management failure".
Expecting fireworks in both Houses during the Winter Session of Parliament starting from Wednesday -- with the opposition planning to target the government on several issues, including demonetisation -- the Bharatiya Janata Party Parliamentary Party Executive will go into a huddle on Monday to chalk out strategy to counter the opposition which is divided over how to take on the government on the issue.
Olympic bronze-medallist boxer and Rajya Sabha MP M C Mary Kom supported the government's decision to demonetise 500 and 1000 rupee notes, saying the move will stall the juggernaut of corruption.
Jaitley said future transactions would be substantially digital as India moves towards a less-cash society
'The word 'ally' in a coalition is misleading because it suggests someone who is always for you and with you. This is incorrect.' 'They are always for themselves and sometimes with you,' explains Aakar Patel.
Cottage industries across India have suffered heavily because of the note ban. In the second of a six-part series, Sanjay Jog travels to Bhiwandi to examine how the power loom industry here is coping five weeks on.
Unincorporated enterprises in the manufacturing sector lost nearly 1.8 million establishments and shed 5.4 million jobs between July 2015-June 2016 and October 2022-September 2023, an analysis of the fact sheet on 'Annual Survey of Unincorporated Sector Enterprises (ASUSE)' and the comparable 73rd round survey in 2015-16 by the National Statistical Office (NSO) showed. An estimated 17.82 million unincorporated enterprises operated in the manufacturing sector in October 2022-September 2023, nearly 9.3 per cent down from 19.7 million unincorporated enterprises in July 2015- June 2016.
'The effect of demonetisation has been largely to drive black money above ground. But there are several interesting side-effects. One is the uncomfortable realisation that this can happen again, which is a deterrent to future sinners,' says Rajeev Srinivasan.
How investors can tweak their fixed income investments to earn more in the current environment.
'I don't think I ever lost the confidence as an actor.'
Sai Manish & N Sundaresha Subramanian offer a fresh perspective on the digital wallet business.
Had these people got even 72 hours, they would have lavished praise, PM Modi said a day after the opposition launched a massive attack on the government over the issue.
Demonetisation will wipe out the likely benefits of a good monsoon this year, says Christopher Wood of CLSA.
'Generating employment requires a shift in policy.' 'If not, the country will face economic, social and political challenges in the coming years.'
Former India cricket captain Kapil Dev has strongly come out in support of demonetisation, saying it is a bold step in the interest of the nation. "Although it has brought some initial problems, it will bear fruits in the long run," the legendary all-rounder said addressing the annual function of Sat Paul Mittal School in Ludhiana.
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
The First Advance Estimates of National Income, 2016-17 did not reflect the impact of demonetisation, effected on November 9 and are based on sectoral data for only seven months to October.
The PM has asked people to directly convey their views to him on demonetisation via his app.
Opposition repeatedly sought a reply from the PM on the issue.
Pakistan-born Canadian writer Tarek Fatah on Saturday said the Modi government's decision to demonetise 500 and 1000 rupee currency notes has hit Pakistan-sponsored terror activities against India and flow of counterfeit currency has been terminated.
Image used for representational purpose only. Photograph: Jayanta Dey/Reuters The Congress also said demonetisation has come a full circle and added that the Rs 2,000 note was a "band-aid to cover up the foolish decision of demonetising" Rs 500 and Rs 1,000 notes.
Over 100 tax sleuths along with police officials have been roped in for the survey operations
The words that appeared more often in the speech included tax, income, lakh and crore.
Daily turnover down by a third in December compared to previous months.
Despite failing to secure a simple majority in Parliament, we will continue to see him on TV, newspapers, magazines, bill boards, vaccination certificates, railway stations, bus shelters, airports, sea ports, on the highway and on rural roads, sighs A Ganesh Nadar.
Joydeep Ghosh takes stock of personal finances after the life-altering surprises of 2016.
"Earlier, there were rates: Rs 500 for stone pelting (on security forces in Kashmir) and Rs 1,000 for doing something else. PM has brought terror funding to zero," Parrikar said.
The communication was clear, transparent and worded in a manner that did not induce any fear in the minds of the people, point out A K Bhattacharya.
After adding 11.7 million workers in the October 2022-September 2023 period from the pandemic lows in April 2021-March 2022, total workers employed in the vast informal sector in India - at 109.6 million - still remains below the pre-pandemic period.
He also assuaged the honest people that the government will act as a friend to them so that their difficulties are eased.
'Customers were going crazy at the counters and the four staff members had to manage them all with care.' 'I'm praying it doesn't take a toll on her health.'
