Likening the National Population Register and the National Register of Citizens with demonetisation, Congress leader Rahul Gandhi on Friday said these exercises are "tax" on the poor, who will suffer the same way they did after the note ban in November 2016. "Poor people will have to go to officers and show their documents and give bribe. They will have to give bribe if there is a slight mistake in their names. Crores of rupees will be pulled out of the pockets of the poor and will be given to the same 15 people. This is the truth. It is an attack on the people," he said.
The proposed measures aim to bring stricter norms to curb holding of illegal cash and mismanagement of unaccounted cash seized by the probe agencies during investigations.
'Any entrepreneur who wants to create companies on blockchain will have to move outside India.' 'A ban will also wipe out the entire asset investing class that has built up in India.'
Of the seven surveys presented under Modi govt, predictions of three were quite close to the actual GDP growth rate, one saw the base year change in between, but the last three were way off the mark.
'The committee has all the right to call anybody involved in the matter. But that will depend on the outcome of the January 20 meeting. We can call the PM on demonetisation if the members unanimously decide so.'
Joginder Tuteja looks at the top 10 JA productions.
'Demonetisation may have been well-intentioned, but it was a major mistake. The government should reverse it. It could at least declare that Rs 500 notes, which many poorer people frequently use, are legal again,' Basu, who till recently was World Bank vice-president, wrote in an opinion piece in The New York Times.
Unless RBI temporarily relaxes the norms on recognising of bad loans, the pressure on this front could rise in the December quarter.
Union Finance Minister Nirmala Sitharaman on Friday said the Indian economy is on a sustained path of revival and cited rise in GST collections and direct taxes to support her assertion. She further said that the confidence in the Indian stock market is growing as retail and small investors are keenly investing money in the share market. She was addressing the media in New Delhi.
'You can accuse him of many things but one thing you cannot accuse him of is being bad at politics,' says Aakar Patel.
Collection dived to 75-80% in November-December from 99% after demonetisation.
Debroy, in an interview with India TV news anchor Karan Thapar, said there would be no shortage of currency notes and the demonetisation exercise was justified -- it would be a deterrent for future generations.
As infrastructure, power hardly deal in cash, its paucity has failed to affect their receivables
American brokerage BofA Securities on Friday said the Indian economy continues to be "weak", pointing to activity indicators tracked by it. On the positive side, the brokerage said credit demand is bottoming out and the real lending rates adjusted for wholesale price inflation are falling. It can be noted that there has been a slew of reports lately about a stronger recovery being underway after the jolt caused by the pandemic.
According to the NIPFP, there is the possibility that even if the banking system matures over time, some transactions could bypass the system so as not to pay the BTT.
Around 30-50 million passengers in the reserved category have switched over to digital payments.
According to its DRHP filed in 2010, the company's net worth was just Rs 140 crore. Its total income for the financial year 2009-10 stood at Rs 119 crore and it had a net profit of Rs 16 crore. In sharp contrast, at the end of March 2021, Paytm's networth was Rs 6,535 crore and total income stood at Rs 3,187 crore.
The demonetisation seems to have impacted the GVA in the third as well as fourth quarter of 2016-17 which slipped to 6.7 per cent and 5.6 per cent respectively, from 7.3 per cent and 8.7 per cent.
'Despite uncertainties around demonetisation and the GST, we expect Indian equities to deliver positive returns.'
As per reports, Sachin Sawant, a spokesperson for the Congress party, a part of the ruling coalition in Maharashtra, has alleged a conspiracy to shift Bollywood, the Hindi film industry, out of Mumbai.
Economic performance is affected if large numbers of people are out of work, or at such low levels of income as to force under-consumption, observes T N Ninan.
'We are going to have a recession this year, maybe next year too...'
Growth forecast has been lowered owing to tepid growth in the first half of 2017-18, the lingering effects of demonetisation, transitory challenges of GST, and some risks to agriculture stemming from a spotty monsoon.
Prime Minister Narendra Modi on Thursday accused the Congress leadership of "desperation" in the face of his "tough" demonetisation decision and said it was the first time that a concerted effort was made by the Opposition to "openly" protect the dishonest through disruptions in Parliament.
The Modi government's decision to demonetise Rs 500 and Rs 1,000 banknotes will drive up interest in the bullion market
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.
Appearing on national television to mark the silver jubilee of the party he founded in 1997 after breaking away from the Janata Dal, Prasad, who is suffering from many ailments and convalescing at his MP daughter Misa Bharti's residence in New Delhi, recalled his struggles for OBC quota and the fight for the rights of the weaker sections.
The PM has demonetised high currency notes to waive off Rs 1.14 lakh crore loans of industrialists and he is now planning for another waiver of Rs 8 lakh crore, he said.
The Specified Bank Notes (Cessation of Liabilities) Act, 2017, was passed by Parliament last month with a view to eliminating the "possibility of running a parallel economy" using the old Rs 500/1,000 notes that have been demonetised.
The government had on Thursday announced that the demonetised 500 and 1,000 rupee notes can no longer be exchanged at bank counters and any holdings will necessarily have to be deposited in bank accounts.
The BJP would want that by March 2022, when UP votes, the economy starts looking up and it heads into the polls with no other issue distracting from its main poll plank of the construction of the Ram temple in Ayodhya.
"A very easy solution to suggest is tax-payers must pay because the private sector has defaulted," Jaitley said, adding that bank recapitalisation, where the government puts in more capital in public sector banks to shore up their books, effectively amounted to that. "Therefore, I think let's try and make the private sector pay for their debts or allow somebody else to step in."
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