Old notes will no longer be accepted at petrol pumps and airline ticket counters starting from Saturday, according to sources. So far, petrol pumps and airlines had been given an exemption from demonetization of 500 and 1000 rupee notes. However, in an effort to control the widespread ‘whitening’ of black money, the government is gearing […]
As part of the ongoing crackdown on tax evasion and illicit funds, the Bharatiya Janata Party has asked all its MPs and MLAs to submit the full details of their banking transactions from Nov 8 onwards. The central leadership of the party will examine the bank statements of these representatives to check for any illegal […]
The government has banned over-the-counter exchange of old 500- and 1000-rupee notes due to suspected gaming of the system by those with black money. According to banking industry sources, the over-the-counter exchange system was being massively misused by hawala operators and others who had illegal funds to convert their old currency into new notes. “The system […]
Despite a moderation in India’s GDP growth rate in the short term due to cash crunch, the Indian economy will still grow faster than that of China, global ratings agency Fitch said. “We still expect India’s GDP growth to trend higher than China’s in the medium term,” said the agency, whose primary job is to […]
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 […]
Congress Vice President Rahul Gandhi dismissed charges that the opposition was not speaking in one voice on demonetization and said the entire opposition is united in their demands. Asked whether the opposition parties wanted a roll-back, Gandhi said there were only two demands — one that Modi should speak in Parliament, and the secondly that […]
Banks have recalibrated 82,000 out of a little over 2 lakh ATMs in the country, economic affairs secretary Shaktikanta Das. “It will be only a matter of a few days (more) till all the ATMs are recalibrated,” Das said. To ease cash supply to the agricultural sector, a total of Rs 21,000 cr of new […]
Fitch Ratings said the positive effects are unlikely to be strong and sufficiently enduring “to support credit profiles” and will impact GDP growth in the current quarter. Though the gains will be substantial in the short-term, they may not last as people may still go back to their old ways after a while. It said […]
He may not be able to deliver the Rs 15 lakhs, but according to a media report, Narendra Modi’s government is thinking of transferring at least part of the black money destroyed through demonetization to Jan Dhan account holders. Jan Dhan accounts were opened in 2014 by economically weaker sections of the population who did […]
There will no over the counter exchange of currency tomorrow (Saturday) as banks have requested for a one-day break from the heavy workload. The only exception will be for senior citizens. Deposits and withdrawals will continue. “The entire staff of the banks have been dedicated to this for several days. Our own customers have been […]
ICICI Bank Chief Executive Officer Chanda Kocchar today said the Reserve Bank of India’s currency chests have enough cash and there is no situation of scarcity for banks in securing notes. Kocchar also said that all banks including hers are bringing more and more ATMs into working mode after a change in currency put most […]
Nationalist Congress Party leader Praful Patel said political parties are facing a lot of problems in fighting elections due to the ongoing crack-down on cash by Narendra Modi government. “You know what is going on with fighting elections.. you have also been a treasurer,” Patel said in the Rajya Sabha today, looking at a fellow […]
It’s a question that has plagued the best minds of the country and no one has yet been able to figure out why the government came up with a 2,000-rupee note when it had got rid of the Rs 1000 note to control black money. However, Mehul Shah, a chartered accountant from Surat has come […]
Karnataka-based public sector bank Canara Bank said 75% of its ATMs have been supplied with cash and are up and working. The statement comes in the wake of widespread difficulty for people to access money via ATMs under the ongoing currency swap. India derecognized 500 and 1000 rupee notes in an effort to get everyone […]
The average deposit size for people putting their money into banks under the cash demonetization drive is Rs 45,811, according to the data released by State Bank of India. A total of 76,000 cr has been deposited via SBI branches, and close to another 3 lakh cr has been deposited via other banks. QUESTIONS The […]
Kerala’s merchants and traders union has asked its members to shut all shops from Tuesday to protest the Center’s decision to swap currency notes to control black money. The central government has withdrawn existing 500 and 1000 rupee notes and asked everyone holding the same to get them exchanged with new notes from their nearest […]
The ongoing crack down on black money alone will not be helpful to remove black money from the real estate sector, industry union ASSOCHAM said. Many buyers of real estate prefer to show lower costs on record simply to avoid the high levels of stamp duties payable on such transactions. In most states, Indians have […]
The country’s biggest bank State Bank of India saw nearly Rs 40,000 cr deposited by the public in its branches in the first two days of the ongoing currency swap. A total of Rs 1,666 cr worth of notes were exchanged. Under the ongoing currency swap, bank customers can get up to Rs 4,000 worth […]
Thanks to technology, the Income Tax department is now able to track all your bank accounts in all the banks in India, and show you the details on its website. The details of your accounts can be seen on incometaxindiaefiling.gov.in — the portal used to file your income tax returns. As of now, only those […]
With money tied up in banks, the Income Tax department has conducted multiple raids across the country to find undeclared income. The raids were conducted in Delhi, Mumbai, Chandigarh and other cities. The raids are being conducted to unearth undeclared cash, according to sources. It is believed that the Income Tax dept was able to […]
