Government suspects that many of these bank accounts were used to launder money, especially after the demonetisation in November 2016.
A recap of events that occurred in India in the past week.
The resignation is sure to create more political firestorms for the government as it comes on the eve of the winter session of Parliament where the Opposition has already made it clear to the treasury benches that infringing on the RBI autonomy would be a big talking point for them.
In the third of a four-part series, Business Standard reporter travels to Nashik to assess how the currency press there is responding to demonetisation.
In a swipe at Prime Minister Narendra Modi over his 'fakir' remark, Bahujan Samaj Party supremo Mayawati on Tuesday said his note ban decision has turned a majority of the country's people into pauper but not him, and it will lead to Bharatiya Janata Party's defeat in Uttar Pradesh.
Even two-and-a-half years after the National Democratic Alliance came to power, people remember the previous United Progressive Alliance regime for corruption, Finance Minister Arun Jaitley said on Thursday, asserting that demonetisation would go a long way in curbing black money.
The finance minister said while the 10 years of the United Progressive Alliance government were characterised by "policy paralysis", the Modi dispensation introduced structural reforms to make India a developed nation and give it a cleaner economy.
Credit card payments to buy fuel at petrol pumps will from October 1 not get a 0.75 per cent discount that State-owned oil companies had introduced more than two-and-a-half years back to promote digital payments.
Modi said he used the 'bitter medicine' of demonetisation to bring back money into banking system.
In an interaction with Viveat Susan Pinto, Thomas Lutz, head of the consumer and retail practice at The Boston Consulting Group. highlights some of the top consumer trends in India and the way forward for companies.
Addressing the party's mega "Bharat Bachao Rally" (Save India) at Ramlila Maidan, she also targeted the government over the economic situation and exhorted people to raise their voice to protect the country and its Constitution.
'There are many cases where a company hits the wall because of reasons not under their control.' 'If you do not understand and appreciate that and paint all promoters with the same brush then definitely you are inviting trouble.'
'It is unlikely that foreign portfolio investors (FPIs) might increase their India allocation, given the overweight status for most FPIs.' 'Given the commentary from the Republican Party, an anti-imports approach means money will not flow out of the US.'
Gandhi stepped up the attack a day after Bharatiya Janata Party intensified its "Main bhi chowkidar" campaign with Modi and other party leaders, including its president Amit Shah prefixing the word chowkidar to their names in their Twitter profile.
"Opposition is not allowing me to speak in Lok Sabha, so, I have decided to speak in 'jan sabha'," says Prime Minister Narendra Modi.
Modi said Congress's 'politics begins and ends with one family'.
It is difficult to reconcile the GDP numbers with other economic indicators.
The protests will highlight the impact of the twin blows of demonetisation and GST
As on June 16, currency in circulation was Rs 15.29 lakh cr, or 86.2% of pre-note ban level
Jaitley said that when cash is deposited in the banks, it loses anonymity and can be identified with its owner.
The surge in oil prices has also affected the rupee, which hit a 6-week low of 70.25 on Friday against the dollar.
She would be the first Indian to be occupying the coveted post at IMF after former RBI governor Raghuram Rajan
The income-tax department has created various functionalities under its Project Insight, which will provide the 360-degree profile of taxpayers, including new and non-filers to gauge their accountability and tax liability. The tax department had on March 15 put out instructions for tax officials for accessing the insight.
The party's research department is quietly collecting data, facts and figures to puncture the Modi government's claims on the note ban, the goods and services tax, and the economic growth.
'Make cash available now, don't put people into suffering.' 'You should not come to a situation where the operation was successful and the patient is dying.' 'What did not happen in India for several years, you cannot do in 50 days.' 'This is agony and pain.'
The CBI and ED are keeping a close eye on several bank accounts.
Their bank accounts have been frozen. State governments have been told to restrict sales and transfers of real estate assets these companies own.
Veena Mani reports.
Utkarsh Mishra imagines what is it that Baba Gandhi would say if he got the chance.
He charged KCR with using 'abusive language' in campaigning and claimed that it showed signs of his nervousness and insecurity.
The Centre set up a political tug of war with opposition parties which have planned to observe it as a 'black day'
He claimed the NDA government bought the planes at Rs 1,600 crore a piece as against the Rs 526 crore for each aircraft fixed by the UPA.
The official also said that these verifications are being sought to be done online and any person of up to 70 years of age, who has deposited more than Rs 2.5 lakh in cash, has to go to I-T department website and explain the source of deposit.
In a Facebook post on the second anniversary of demonetisation, Jaitley said in first four years of the National Democratic Alliance government, the number of income tax returns filers has gone up to 6.86 crore from 3.8 crore in May 2014.
The Nikkei India Services Purchasing Managers' Index (PMI), which tracks services sector firms on a monthly basis, stood at 48.7 in January, as against 46.8 in December 2016.
Major focus will be on adequately funding existing schemes to ensure their timely completion before the next General Elections.
Parliamentary Affairs Minister Ananth Kumar said that the Opposition is suffering from "selective amnesia" as during the Congress-led UPA rule, the winter session was held in December in 2008 and 2013.
The survey noted that advertising campaigns supported the increase in new work growth in the sector amid competitive pressures.
The Crime Branch and Delhi Police had earlier on December 11carried out raids at the office of his firm T&T Law and seized nearly Rs 13.5 crore, of which Rs 2.6 crore was in new banknotes released after demonetisation.
The Enforcement Directorate on Wednesday said it has arrested two persons in Chennai for alleged illegal exchange of Rs 6 crore in old notes "in connivance with" sand-mining baron J Sekhar Reddy as part of its money laundering probe post demonetisation.
'That will affect the economy, employment, agriculture, and ultimately, youngsters, the working class and job opportunities.'
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