DEMONETIZATION: How some earned lakhs standing in queues

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 […]

RBI’s OFFICIAL GUIDE on how to exchange currency notes of 500, 1000

The Reserve Bank of India has released the following question and answers to alleviate citizens’ doubts about the new ban on 500 and 1000 rupee notes.We are reproducing the entire FAQ below for readers’ convenience. Why is this scheme? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the […]

Govt considers banning cash transactions of 3 lakh and above

The government is considering the recommendation of Special Investigation Team (SIT) on black money to ban cash transactions above Rs 3 lakh, a top Finance Ministry official said at an ASSOCHAM event held in New Delhi today. “The SIT recommendations are under consideration. As far as the Income Tax Department is concerned, we have put […]

Modi Govt needs to deliver on reforms, spare RBI powers; business confidence falling – Moody’s

Moody’s Analytics, a division of global ratings firm Moody’s, has warned that the current government at the center needs to start delivering on its reform promises as business confidence is starting to dip. The firm also warned that meddling in Reserve Bank of India’s powers to manage interest rates could have a bearing on India’s […]