Congress demands apology from Narendra Modi after RBI report says 99.3% of demonetised notes back in system
6 years, 4 months ago

Congress demands apology from Narendra Modi after RBI report says 99.3% of demonetised notes back in system

Firstpost  

Congress said the return of almost all the junked 500 and 1,000 currency notes meant that Modi government had failed to unearth any black money, eradicate fake currency as promised New Delhi: The Congress Wednesday demanded an apology from Prime Minister Narendra Modi, alleging he lied to the country over the demonetisation issue, after the reserve Bank of India said almost all the 500 and 1,000 currency notes scrapped in November 2016 returned to the banking system. “The Indian economy lost 1.5 percent of GDP growth that accounted for a loss of Rs 2.25 lakh crore a year,” he said. Congress chief spokesperson Randeep Surjewala said the prime minister in his 2017 Independence Day speech had claimed that over Rs 3 lakh crore unaccounted money will come back to the system. “We would like to ask the prime minister who is going to answer, who is accountable for this monumental folly which cost pain to… 125 crore Indians, destroyed the Indian economy, demolished India’s global image and brought absolutely no gain to the country,” he said.

India Prime Congress Indian Currency Country Crore Minister Rbi Modi Lakh Notes Chidambaram Tewari Gdp Growth Rs Lost  narendra  congress  rs  lost  prime  apology  lakh  currency  demands  system  rbi  modi  minister  country  notes  demonetised  report  crore

History of this topic

From Vijay Mallya to Nirav Modi — ED restores over ₹22,000 crore worth assets from high-profile cases. Check full list
4 weeks, 1 day ago

From Vijay Mallya to Nirav Modi — ED restores over ₹22,000 crore worth assets from high-profile cases. Check full list

Live Mint  

From fugitive Vijay Mallya, Nirav Modi to Mehul Choksi — the Enforcement Directorate has restored properties worth ₹22,280 crore — said Finance Minister Nirmala Sitharaman on Tuesday. Recovery from Vijay Mallya Sitharaman said that ₹14,131.6 crore worth properties belonging to fugitive Vijay Mallya have been restored to public sector banks. Here's the full list Nirav Modi: ₹1,052.58 crore has been …

Recovery of ₹50,000 stirs parliament row
1 month, 1 week ago

Recovery of ₹50,000 stirs parliament row

Hindustan Times  

A political storm rocked Parliament on Friday after Rajya Sabha chairman Jagdeep Dhankhar announced that an unclaimed wad of currency notes was found in an Upper House seat allotted to Congress member Abhishek Singhvi, triggering protests from the Congress and the senior lawmaker. Dhankhar said an anti-sabotage team, while carrying out the mandatory search inside the House on Thursday, found …

‘Cong leaders have so much money’: BJP on cash recovered from Abhishek Manu Singhvi's Rajya Sabha seat
1 month, 1 week ago

‘Cong leaders have so much money’: BJP on cash recovered from Abhishek Manu Singhvi's Rajya Sabha seat

Hindustan Times  

Bharatiya Janata Party MP Sudhanshu Trivedi on Friday hit out at the Congress after a wad of currency notes was recovered from the bench of grand old party's MP Abhishek Manu Singhvi. BJP MP Sudhanshu Trivedi and Congress' Abhishek Manu Singhvi 'Congress leaders have so much money that they don't even bother to take account of the money which is …

PM Modi waived off loans worth ₹16 lakh crore of his billionaire friends: Rahul
8 months, 3 weeks ago

PM Modi waived off loans worth ₹16 lakh crore of his billionaire friends: Rahul

The Hindu  

Congress leader Rahul Gandhi on Wednesday, April 24, 2024, accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 lakh crore of his billionaire friends, and said the country will never forgive him for this "crime". "Narendra Modi has waived off the loans of his billionaire friends amounting to Rs 1,60,00,00,00,00,000 i.e. With this much money: 16 crore …

PM waived off loans worth Rs 16 lakh crore of his billionaire friends: Rahul
8 months, 3 weeks ago

PM waived off loans worth Rs 16 lakh crore of his billionaire friends: Rahul

New Indian Express  

NEW DELHI: Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 lakh crore of his billionaire friends, and said the country will never forgive him for this "crime". "Narendra Modi has waived off the loans of his billionaire friends amounting to Rs 1,60,00,00,00,00,000 i.e. With this much money: 16 crore youth …

’PM Modi looted public’s hard earned money through banks’, alleges Congress chief Mallikarjun Kharge
9 months, 2 weeks ago

’PM Modi looted public’s hard earned money through banks’, alleges Congress chief Mallikarjun Kharge

Live Mint  

Congress chief Mallikarjun Kharge accused Prime Minister Narendra Modi and his government of looting citizen's "hard-earning money through banks". "Modi saheb, banks play a major role in the country's economy, and you have used banks to destroy the unorganized sector and MSMEs.the public's hard-earned money has been looted through banks," he said. In one of three points, Kharge said, "In …

India’s Congress says $25m frozen by tax department ahead of election
11 months ago

India’s Congress says $25m frozen by tax department ahead of election

Al Jazeera  

Main opposition party says bank accounts frozen just weeks before the expected announcement of the general election. The Indian National Congress party says its bank accounts with 2.1 billion rupees in deposits have been frozen by the Income Tax Department months before the national election. “When the principal opposition party’s accounts have been frozen just two weeks before the announcement …

‘You’ll have to shell out looted money': PM Modi defends ED action against corruption
11 months, 1 week ago

‘You’ll have to shell out looted money': PM Modi defends ED action against corruption

Hindustan Times  

Prime Minister Narendra Modi on Monday said that the investigative agencies are independent unlike in the Congress-led United Progressive Alliance government's tenure. Let me shed some light: Under the PMLA, we registered twice the cases than earlier,” the prime minister said in his ‘Motion of Thanks' reply to President's address in the Lok Sabha. Prime Minister Narendra Modi replies to …

'Every penny will have to be returned': PM slams Congress over raids at MP's premises
1 year, 1 month ago

'Every penny will have to be returned': PM slams Congress over raids at MP's premises

India Today  

Prime Minister Narendra Modi on Friday hit out at the Congress party after crores of rupees in cash were seized at one of the party's MP, during tax raids in Odisha and Jharkhand. Prime Minister Narendra Modi's post on X The Income Tax Department seized cash worth more than Rs 100 crore as raids were underway at the premises linked …

Banks recovered more than Rs 10 lakh crores from NPAs in the last nine years: Finance Ministry tells Lok Sabha
1 year, 5 months ago

Banks recovered more than Rs 10 lakh crores from NPAs in the last nine years: Finance Ministry tells Lok Sabha

Op India  

In a major success for the Narendra Modi government, during the last nine fiscal years, scheduled commercial banks have recovered approximately Rs 10 lakh crore, as per the government’s information to the Lok Sabha. In a written response to a question in the Lok Sabha on Monday, Minister of State for Finance Bhagwat Kisanrao Karad stated that according to the …

Congress cries foul over phasing out of Rs 2000 currency notes: How several Congress govt followed the ‘demonetisation’ path to control black money
1 year, 7 months ago

Congress cries foul over phasing out of Rs 2000 currency notes: How several Congress govt followed the ‘demonetisation’ path to control black money

Op India  

On 19th May 2023, the Reserve Bank of India announced that it is withdrawing the circulation of ₹2000 currency notes. But while accusing the Modi government of miscalculating demonetisation in 2016 and withdrawing Rs 2000 notes in 2023, congress has forgotten the currency decisions it took. In the first demonetisation, Rs 500, Rs 1,000 and Rs 10,000 notes were demonetised …

₹2,000 banknotes withdrawal will help curb…: Ex RBI official
1 year, 7 months ago

₹2,000 banknotes withdrawal will help curb…: Ex RBI official

Live Mint  

Ex-Reserve Bank of India Deputy Governor R Gandhi has said that withdrawal of the ₹2,000 banknotes will help in curbing black money to a “great extent”, PTI reported. On Friday, the RBI announced the withdrawal of ₹2,000 currency notes from circulation, and existing notes in circulation can either be deposited in bank accounts or exchanged by September 30. The ₹2,000 …

Six years on, jury is still out on efficacy of demonetisation
2 years, 2 months ago

Six years on, jury is still out on efficacy of demonetisation

Deccan Chronicle  

NEW DELHI: The jury is still out on the efficacy of the decision to demonetise high value currency notes on November 8, 2016, with the government claiming it has helped greater formalisation of the economy while critics saying it has failed to curb black money and reduce dependence on cash. On November 8, six years ago, Prime Minister Narendra Modi …

PM yet to acknowledge 'epic failure' of demonetisation move: Kharge
2 years, 2 months ago

PM yet to acknowledge 'epic failure' of demonetisation move: Kharge

The Hindu  

Congress president Mallikarjun Kharge attacked Prime Minister Narendra Modi on Monday over his government's 2016 demonetisation move, saying the PM is yet to acknowledge this "epic failure" that led to the "fall of the economy". Mr. Kharge's remarks, a day before demonetisation's sixth anniversary, came over a media report which said that the currency with the public has jumped to …

Modi govt 8 years: Five out-of-the-box steps by the PM that took the world by surprise
2 years, 7 months ago

Modi govt 8 years: Five out-of-the-box steps by the PM that took the world by surprise

India TV News  

Modi govt 8 years: Prime Minister Narendra Modi will complete eight years in power on May 30. On February 26, 2019, the Indian Air Force's Mirage-2000 fighter jets took off from various airfields in India, and launched smart bombs that targeted Jaish-e-Mohammad's largest terror facility, located in Balakot in Pakistan's Kyber Pakhtunwa. Meeting former Pakistan PM Nawaz Sharif Seven years …

'No apology': Rahul Gandhi takes swipe at Modi govt on 5 years of demonetisation
3 years, 2 months ago

'No apology': Rahul Gandhi takes swipe at Modi govt on 5 years of demonetisation

India TV News  

Taking a swipe at BJP-led NDA government on 5-years of demonetisation, Congress leader Rahul Gandhi on Monday said that note-ban was a planned step by the government in the interests of its friends for which people there is no apology. "People would have forgiven the government had it been a mistake but demonetisation was intentionally a planned step by the …

Four years of Demonetisation: PM Modi hails move, Congress observes \'betrayal day\'
4 years, 2 months ago

Four years of Demonetisation: PM Modi hails move, Congress observes \'betrayal day\'

Deccan Chronicle  

On the fourth anniversary of demonetisation, the debate continued to rage regarding the alleged ‘masterstroke’ by the Modi government. Prime Minister Modi on Sunday tweeted about the beneficial outcomes of demonetisation, claiming the outcomes of demonetisation “have been greatly beneficial towards national progress.” Listing out the said benefits, he said demonetization has helped reduce black money, increase tax compliance and …

Demonetisation helped curb black money: Narendra Modi
4 years, 2 months ago

Demonetisation helped curb black money: Narendra Modi

The Hindu  

On the fourth anniversary of demonetisation, Prime Minister Narendra Modi on Sunday said the move helped in reducing black money, increase tax compliance and formalisation of the economy. In a video, released as part of this campaign, Mr. Gandhi held demonetisation responsible for Bangladesh doing better than India in terms of economic growth and alleged that the move “destroyed” India’s …

Demonetisation ‘destroyed’ economy, helped few crony capitalists, alleges Rahul
4 years, 2 months ago

Demonetisation ‘destroyed’ economy, helped few crony capitalists, alleges Rahul

The Hindu  

Congress leader Rahul Gandhi on Sunday slammed the government over demonetisation, alleging that Prime Minister Narendra Modi’s move four years ago was aimed at helping a few of his “crony capitalist friends” and had “destroyed” the Indian economy. In a video released as part of the party’s online ‘SpeakUpAgainstDeMoDisaster’ campaign, Mr. Gandhi said the question is how the economy of …

'Modinomics' Destroyed Banking Sector; Delivery, And Not Televised Dialogues The Way Forward: Congress
4 years, 5 months ago

'Modinomics' Destroyed Banking Sector; Delivery, And Not Televised Dialogues The Way Forward: Congress

News 18  

The Congress on Wednesday accused the Narendra Modi government of having "destroyed" the banking sector and financial institutions of the country, and said the way forward was to "restore the autonomy of the RBI" and reinstitute the confidence of the banks by allowing them to lend prudently. Referring to the prime minister's meeting with heads of banks and non-banking financial …

Currency in circulation rises to Rs 21 lakh cr as on March 2019: Union Minister Anurag Thakur
5 years, 1 month ago

Currency in circulation rises to Rs 21 lakh cr as on March 2019: Union Minister Anurag Thakur

Firstpost  

New Delhi: Currency in circulation peaked to over Rs 21 lakh crore at the end of March 2019, having dipped to a mere Rs 13 lakh crore at the end of fiscal 2016-17, Parliament was informed on Monday. The value of total notes in circulation as at end of March 2019 stood at Rs 21,109 billion, Minister of State for …

SC Issues Notice On Plea To Allow Deposit Of Demonitised Currency Worth Rs 1.17 Crores
5 years, 4 months ago

SC Issues Notice On Plea To Allow Deposit Of Demonitised Currency Worth Rs 1.17 Crores

Live Law  

More than two and half years after ban of Rs 1000 and Rs 500 notes, a fresh petition was filed by a Madurai based businessman before the Supreme Court seeking direction to Reserve Bank of India to accept his money amounting to Rs 1, 17,00, 872 which is part of his textile business. A Bench comprising justices N V Ramana, …

Govt appropriated 99 pc of RBI's profits since 2014: Yechury
5 years, 4 months ago

Govt appropriated 99 pc of RBI's profits since 2014: Yechury

India TV News  

CPI general secretary Sitaram Yechury hit out at the Centre on Tuesday over the record cash transfer by the RBI, alleging that the government had "appropriated" 99 per cent of the profits of India's central banking institution since 2014. The Left leader's reaction came a day after the Reserve Bank of India approved the transfer of a record Rs 1.76 …

Demonetisation: ED attaches over Rs 2 crore assets in Axis Bank PMLA case
5 years, 8 months ago

Demonetisation: ED attaches over Rs 2 crore assets in Axis Bank PMLA case

India TV News  

The ED on Monday said it has attached assets worth over Rs 2 crore in connection with a money laundering case registered against former officials of an Axis Bank branch here and others, post the 2016 demonetisation exercise. In a statement, the agency said it has issued a "provisional attachment order under the Prevention of Money Laundering Act, attaching movable …

Crores for Ambani, Mallya, but Rs 3.50 a day to farmers: Rahul slams Centre
5 years, 10 months ago

Crores for Ambani, Mallya, but Rs 3.50 a day to farmers: Rahul slams Centre

Deccan Chronicle  

Jagdalpur: Congress president Rahul Gandhi on Saturday hit out at the Modi government, saying that while it doled out crores of rupees to industrialists such as Anil Ambani and Vijay Mallya, it promised just Rs 3.50 per day to farmers. "Lakhs and crores of rupees have been given to the people like Anil Ambani, Nirav Modi, Mehul Choksi, Vijay Mallya …

PM Modi, Congratulations on India’s First Post-Truth Budget
5 years, 11 months ago

PM Modi, Congratulations on India’s First Post-Truth Budget

The Quint  

Now besides suspect GDP data, India’s budget is an archaic statement based on a “cash accounting” policy. Just consider these examples: • Until this year, the government had moved nearly Rs 2 lakh crore of its food subsidy liability on Food Corporation of India balance sheet, which was borrowing from the National Small Savings Fund or EPFO or commercial banks. …

RBI stops printing Rs 2,000 notes; govt believes high denomination currency being used for hoarding, tax evasion
6 years ago

RBI stops printing Rs 2,000 notes; govt believes high denomination currency being used for hoarding, tax evasion

Firstpost  

The Rs 2,000 banknote is likely to be phased out from the circulation gradually The Reserve Bank of India has reportedly stopped printing Rs 2,000 currency notes as the government suspects the high denomination banknote was “being used for hoarding, tax evasion and money laundering,” a media report said. In December 2018, banker Uday Kotak had said that the outcome …

The impact on India’s economy of demonetised currency returning to banks
6 years ago

The impact on India’s economy of demonetised currency returning to banks

Op India  

In November 2016, Prime Minister Modi announced the withdrawal of two high-value currency denominations from circulation with immediate effect. Expansion of Taxpayers base Per published data, the number of Income Tax returns have zoomed by 57% since demonetisation IT returns filed in FY14 were 3.79 crore IT returns filed in FY16 was 4.36 crore, implying that growth over 2 years …

Demonetisation hurt poor, benefited rich: Rahul Gandhi in Chhattisgarh
6 years, 2 months ago

Demonetisation hurt poor, benefited rich: Rahul Gandhi in Chhattisgarh

Deccan Chronicle  

Mahasamund: Congress president Rahul Gandhi Tuesday launched a counter attack on Prime Minister Narendra Modi over demonetisation, saying the note ban hurt the poor and benefited the rich wearing "suit-boot". The Modi-led government "snatched" Rs 30,000 crore from the poor and put it in the pocket of the industrialist, Gandhi said. Hitting out at Rahul and Sonia Gandhi for questioning …

Demonetisation a carefully planned, criminal financial scam: Rahul Gandhi
6 years, 2 months ago

Demonetisation a carefully planned, criminal financial scam: Rahul Gandhi

The Hindu  

Launching a scathing attack on Prime Minister Narendra Modi on the second anniversary of demonetisation, Congress president Rahul Gandhi on Thursday alleged that it was a “carefully planned criminal, financial scam” and described it as a “self-inflicted tragedy and a suicide attack that destroyed millions of lives” “India will discover, no matter how the government tries to hide it, that …

Congress left the economy on a landmine, says Modi
6 years, 4 months ago

Congress left the economy on a landmine, says Modi

The Hindu  

Blaming the previous UPA government for the bad loans mess, Prime Minister Narendra Modi on Saturday said the indiscriminate lending to a select few on the basis of phone calls by namdaars under the regime, had left the country’s “economy on a landmine”. “Those involved in such frauds knew that one day they will be exposed, and hence their planning …

Opinion | Moving out of the shadow of failed demonetization
6 years, 4 months ago

Opinion | Moving out of the shadow of failed demonetization

Live Mint  

The Reserve Bank of India has reiterated in its new annual report what it said in the previous one released in September 2017—most of the bank notes that were pulled out of circulation in November 2016 have been returned to it. The latest figure is an update of the one released last year, when the central bank had said it …

Chidambaram says country ‘paid a huge price’ for demonetisation
6 years, 4 months ago

Chidambaram says country ‘paid a huge price’ for demonetisation

The Hindu  

Former Finance Minister P. Chidambaram on Wednesday said that demonetisation had caused a loss of ₹2.25 lakh crore to India’s gross domestic product. Reacting to the RBI’s annual report for 2017-18, Mr. Chidambaram said the country had paid a huge price to demonetise just ₹13,000 crore. Lakhs of jobs were destroyed.” “Every rupee of the ₹15.42 lakh crore has come …

Demonetisation comes to haunt govt as RBI says 99.3% notes back
6 years, 4 months ago

Demonetisation comes to haunt govt as RBI says 99.3% notes back

Live Mint  

Mumbai: The central bank’s post-mortem of the invalidation of high-value currencies in November 2016 is in: All but ₹ 10,720 crore of the ₹ 15.4 trillion is back in the banking system, indicating that the government’s shock move to deal a body blow to black money hasn’t worked as desired. “I think demonetization has achieved its objectives quite substantially,” said …

99.3% of demonetised currency returned: RBI
6 years, 4 months ago

99.3% of demonetised currency returned: RBI

The Hindu  

Over 99% of the ₹ 500 and ₹ 1000 that were withdrawn from circulation in November 2016 were returned, the Reserve Bank of India said in its annual report, released on Wednesday. According to the report, after verification and reconciliation, the total value of the ₹ 500 and ₹,1000 as on November 8, 2016, the day before note ban came …

₹29.41 cr. spent on ferrying new notes post demonetisation
6 years, 6 months ago

₹29.41 cr. spent on ferrying new notes post demonetisation

The Hindu  

Over ₹29.41 crore was spent on using the Indian Air Force’s ultra-modern transport aircraft — the C-17 and the C-130J Super Hercules — to ferry the new ₹2,000 and ₹500 currency notes post-demonetisation, according to an RTI reply. According to the response provided by the IAF, its frontline transport aircraft, the C-17 and the C-130J Super Hercules, undertook 91 sorties …

NABARD rejects Congress' allegation of Rs 745.58 crore deposited by Ahmedabad District Cooperative Bank post demonetisation
6 years, 6 months ago

NABARD rejects Congress' allegation of Rs 745.58 crore deposited by Ahmedabad District Cooperative Bank post demonetisation

India TV News  

Rejecting Congress' charge of irregularity in deposition of defunct Rs 500, Rs 1000 by Ahmedabad District Cooperative Bank after demonetisation on November 8, 2016, the National Bank for Agriculture and Rural Development has said there was no truth in reports that suggested that notes worth Rs 745.58 crore were deposited in Ahmedabad District Cooperative Bank. NABARD issued a statement, saying …

Demonetisation failed to make India a ‘less cash’ society
6 years, 6 months ago

Demonetisation failed to make India a ‘less cash’ society

Live Mint  

On 8 November 2016, Prime Minister Narendra Modi announced the “demonetisation” of high-value currency notes. Now that sufficient time has elapsed, it is possible to bring data to bear on the specific question: Has demonetisation succeeded in making India a “less cash” society? If the former, it would provide conclusive evidence of long-run behavioural change, with the Indian public, goaded …

Currency with public doubles from demonetisation days: Why did Narendra Modi’s big gamble fail to dethrone the cash king?
6 years, 7 months ago

Currency with public doubles from demonetisation days: Why did Narendra Modi’s big gamble fail to dethrone the cash king?

Firstpost  

Currency in Circulation totaled Rs 19.3 lakh crore as on 1 June. Remember, this figure had fallen to Rs 8.9 lakh crore in the aftermath of demonetisation, meaning the quantum has more than doubled since then. Suppose demonetisation never happened, and had the CIC grown at an average rate of 14 percent, the CIC in November 2017 would have been …

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