FULL TEXT: Ratan Tata’s statement on Demonetization

ratantata
Ratan Tata courtsey:tata.com

Ratan Tata, one of the most respected business figures in India and the chairman of Tata Trusts, has drawn attention to the practical difficulties faced by ordinary citizens in dealing with the ongoing currency exchange program.

Tata, who was one of the first business leaders to extend a hand of friendship to Narendra Modi when he was the chief minister of Gujarat, said the government should think of special measures, especially for those facing hardship in getting medical help.

Though the government has asked hospitals not to refuse old 500 and 1000 rupee notes, there are several reports of patients facing such issues.

Here is the full text of Ratan Tata’s statement on Demonetization:

“The present note ban implementation is said to be causing great hardship to the common man, particularly relating to medical emergencies, major surgical interventions and the procurement of medication at many hospitals in smaller towns across the country. Hardship is also being experienced by the poorer people due to the shortage of cash to meet the daily household needs for food.

While the Government is doing its best to increase the availability of new currency notes, it may be worthwhile to consider special relief measures similar to those employed at times of national calamities to serve the poorer segment of the population for their daily needs and for enabling emergency healthcaref medical treatment in smaller hospitals. Such emergency measures will be greatly appreciated by the distressed segment of the population as it would exhibit that the Government cares and has not forgotten the needs of the common man at this moment of transition during the implementation of such an important demonetization program.”



Siddhu on joining Congress: No party is good or bad! Navjot Singh Siddhu, the cricketer turned politician and a vehement critic of the Indian National Congress for several years, justified his decision to join the party saying that no party, by itself, is good or bad."No party is good or bad. The same party can be run by bad people, the same party can be run by good people," he said.He said he was will...
Katju says SP will defeat BJP in UP Elections; Demonetization, Akhilesh to aid Former Supreme Court judge and a keen observer of Indian politics, Markandey Katju has predicted a win for the Samajwadi Party led by Akhilesh Yadav in the upcoming Uttar Pradesh Assembly elections.BJP, which is seen as a strong contender by many, would be negatively impacted due to the impact of demonetization and the clean image projected by SP chief m...
Mayawati warns Muslims: Akhilesh vs Mulayalam will bring BJP to power Bahujan Samaj Party leader Kumari Mayawati has warned Muslim voters in Uttar Pradesh against continuing to vote for Samajwadi Party, claiming that the current fight between SP leader Mulayam Singh and his son Akhilesh would split their votes in two."I urge you not to let your vote get divided between Akhilesh and Mulayalam groups. If you do that, the...
Hindu fighting for Muslim rights alleges religious discrimination by orthodox Muslims Sreeja NeyyattinkaraSreeja Neyyattinkara, one of the state secretaries of Welfare Party in Kerala, has set off a storm among Dalit and Minority activist circles in Kerala by heavily criticizing some orthodox practices among the Muslims of the state.The criticism has come as a surprise as the Welfare Party is largely comprised of Muslim supporters an...
COLUMN: Why it’s hypocritical for Rahul Gandhi to accuse Narendra Modi of taking money from co... One of the interesting aspects of the current accusations and counter accusations around the alleged funding of BJP's 2014 Lok Sabha campaign by corporate houses is the sheer hypocrisy of it.Let's see why.According to third-party figures, an estimated Rs 23,000 cr was spent by candidates and political parties on the 2014 general election.Assu...
Mining baron Sekhar Reddy arrested after Income Tax raids Sand miner Shekar Reddy has been arrested, two weeks after the seizure of crores of rupees and gold in an income tax raid. The arrest has come hours after Income Tax officials conducted a raid on Tamil Nadu's top bureaucrat chief secretary P Rama Mohana Rao at his home.It was speculated that Rao's home was raided on the basis of information obtained from...
Rahul Gandhi’s gives ‘earthquake evidence’ on Modi After keeping the nation waiting for 10 days, Rahul Gandhi today dropped his 'bomb' on Narendra Modi that he had promised would 'cause an earthquake'.Gandhi said a company based in Uttar Pradesh has written "that Modi has taken money from them multiple times over six months."Quoting income tax investigation reports, Gandhi said: "They have writt...
Demonetization: RBI removes ‘explanation’ requirement for KYC accounts The Reserve Bank of India has responded to widespread criticism of its directive to collect 'explanations' from those depositing more than Rs 5000 by clarifying that this directive will not apply to bank accounts with proper documentation."On a review of the above, we advise that the provisions of the above circular at sub para (i) and (ii) will not appl...
Demonetization: Modi announces bumper prizes; 15 lakh users to get 1,000 rupees Narendra Modi announced several 'prize schemes' to promote cashless transactions.Under the schemes announced today, there will be two sets of prizes for consumers and another for small merchants.Under the first scheme, any customer who uses any electronic form of payment, including wallets and debit cards, will qualify for a 'lucky draw' of Rs 1,000 ...
Demonetizaton: Govt places limits on last minute deposits The Reserve Bank of India said that any person who continues to hold old notes of 500 and 1000 rupees in bulk will get only one more chance to deposit them into bank accounts and will also have to provide an explanation for the delayed deposit."Tenders of SBNs in excess of ₹ 5000 into a bank account will be received for credit only once during the remain...
Demonetization: Swaraj India says political parties could become money laundering centers Swaraj India party today said the Income Tax department's decision to continue to provide immunity to political parties from having to reveal their sources could turn them into money laundering centers.According to Section 13(A) of the Income Tax Act, 1961, if you have registered a political party, you can deposit any amount of money after opening an acc...
DEMONETIZATION: Wholesale Price Inflation falls to 3.15% in November The annual rate of inflation, based on monthly WPI, stood at 3.15% for the month of November, 2016 as compared to 3.39% for the previous month and -2.04% during the corresponding month of the previous year.The fall is largely expected due to the impact of the withdrawal of high-denomination currencies during the month.Build up inflation rate in the ...
Subramanian Swamy attacks Ratan Tata for investing money in Britain Keeping up his attacks on Tata Group interim chairman Ratan Tata, BJP leader Subramanian Swamy fired yet another salvo at the veteran industrialist for investing huge amounts of money into Britain, instead of doing so in India.Tata Steel had acquired UK-based Corus for around 6.2 billion pounds in 2008, making the company the fifth largest steelmaker in ...
Domino’s Pizza starts cashless facility for phone orders Domino's Pizza has started cashless payment facility for those who order by phone as well."Post demonetization, we have seen many customers choosing to order online. Consumers coming to our restaurants to dine in or carry out are able to pay With Credit caras or Wassets. However, there are many customers who still order with a phone. It is for these cust...
Taxes will be made “more reasonable” in cashless India – Jaitley Taxes in India will be made more reasonable as more and more transactions switch to the cashless mode, finance minister Arun Jaitley said."As more and more transactions are made cashless, they will come under taxation.. (and with this) taxes will be made more reasonable, both direct and indirect," Jaitley said today.The finance minister was giving ou...