The Supreme Court on Friday dubbed as a "serious issue" the long queues outside banks and post offices and expressed its reservation on the Centre's plea seeking a direction that no other court in the country should entertain petitions challenging the November 8 notification demonetising Rs 1,000 and Rs 500 currency notes.
The Reserve Bank of India (RBI) on Friday said nearly 97.26 per cent of the Rs 2,000 bank notes have been returned to the banking system, and only about Rs 9,760 crore worth of the notes are still with the public. On May 19, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. "The total value of Rs 2,000 bank notes in circulation, which amounted to Rs 3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of Rs 2,000 bank notes was announced, has declined to Rs 9,760 crore as at the close of business on November 30, 2023," the RBI said in a statement.
Despite the onset of wedding season, the situation in apparel retail market remained unchanged and saw sharp decline in sales
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.
Demonetisation of the high value currency notes of Rs 500 and Rs 1,000 did not have any discernible impact on currency in circulation (CIC) in the country, which has soared by almost 83 per cent since its announcement on November 8, 2016. The Supreme Court on Monday upheld the decision of the government on demonetisation. On November 8, 2016 Prime Minister Narendra Modi had announced demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to promote digital payments and curb black money flows.
According to the chief minister, the common man, small traders and daily labourers are the worst sufferers of the demonetisation scheme.
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.'
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
Although the BJP has never been ballistic about the BJD and Narendra Modi has avoided being critical of Naveen Patnaik, the BJP is optimistic that the party can improve its electoral fortunes in Odisha on its own, notes Rup Narayan Das.
He further said that demonetisation 'yagna' is aimed at benefitting the rich.
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.
Finance Minister Arun Jaitley witll spearhead the campaign with BJP President Amit Shah as its chief strategist.
'The moment a new election comes, new guarantees are announced.' 'The BJP is adept at diverting people's attention.'
'It's not really going to bring about purity in the election process.'
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
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.
The Supreme Court in a 4:1 majority verdict upheld the government's 2016 decision to demonetise Rs 1,000 and Rs 500 denomination notes, saying the decision-making process was not flawed.
The Reserve Bank (RBI) resisted a 'raid' planned by some in the government to extract Rs 2-3 lakh crore from its balance sheet in 2018 to meet populist spending in run-up to general elections, Viral Acharya, who was deputy governor at RBI at that time, has written.
'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.
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.
2019 was the Bharatiya Janata Party's breakout year, when it stretched the boundaries of what was thought possible and ended up with 303 seats on its own steam. Now it is forced to play defence, on a pitch queered by too many variables, asserts Prem Panicker.
As much as 88 per cent of the Rs 2,000 currency notes have either been deposited or exchanged at banks, and only Rs 42,000 crore worth of such notes are with public as on July 31, the Reserve Bank of India (RBI) said on Tuesday. The last date to exchange/deposit Rs 2,000 denomination notes is September 30. In value terms, Rs 2,000 notes in circulation has come down to Rs 42,000 crore as on July from Rs 3.56 lakh crore on the day of announcement of withdrawal on May 19.
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.
The most important lesson is that you have to build your political proposition, and sell it yourself. You can't leave it to the courts, media, NGOs and civil society and expect them to play the role of the Opposition. That's precisely what Mr Modi's challengers have been doing and we know the results, notes Shekhar Gupta.
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 PM has asked people to directly convey their views to him on demonetisation via his app.
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.
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.
The 78-year-old Naveen is on the cusp of creating history. He must win the forthcoming Assembly polls to become India's longest-serving chief minister, a record held by Sikkim's Pawan Kumar Chamling.
The words that appeared more often in the speech included tax, income, lakh and crore.
Over 100 tax sleuths along with police officials have been roped in for the survey operations
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
Daily turnover down by a third in December compared to previous months.
Why are DIIs holding such a high stake in Zee, which is beset with alleged governance issues? Perhaps they think Zee is a deep-value stock, observes Debashis Basu.
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