Demonetisation: Narendra Modi govt owes the common man answers to these two questions
8 years, 4 months ago

Demonetisation: Narendra Modi govt owes the common man answers to these two questions

Firstpost  

Even as the Narendra Modi government has been struggling hard to manage the post-demonetisation tremors after withdrawing 86 percent of the currency in circulation and although 10 days on, the common man is still in a trance-like state Even as the Narendra Modi government has been struggling hard to manage the post-demonetisation tremors after withdrawing 86 percent of the currency in circulation and although 10 days on, the common man is still in a trance-like state pondering whether to praise or curse the prime minister for the currency ban, two mysteries remain unexplained. There has been an increase of close to Rs 6 lakh crore in bank deposits in the three months leading up to September — the highest ever recorded quarterly jump in the past 19 years at least, according to an analysis by Firstpost’s research team. The government has warned that cash deposits above Rs 2.5 lakh threshold during the 50-day window could attract tax plus a 200 percent penalty in case of income mismatch. How did Reserve Bank of India governor Urjit Patel’s signature appear on the new Rs 2,000, Rs 500 notes now in circulation when the government reportedly claims the printing began in August-September, whereas Patel officially took over as new governor only on 5 September.

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History of this topic

Note Ban Would Not Have Material Impact, RBI Had Warned Govt
6 years ago

Note Ban Would Not Have Material Impact, RBI Had Warned Govt

The Quint  

The minutes of the crucial board meeting, which approved the government's request for demonetisation, recorded the presence of the then RBI Governor Urjit Patel and the then economic Affairs Secretary Shaktikanta Das. Others at the board meeting included the then Financial Services Secretary Anjuli Chib Duggal, and RBI deputy governors R Gandhi and S S Mundra. "It is a commendable …

Shaktikanta Das, Narendra Modi’s demonetisation man, has a fresh task at hand: Tame a rebellious central bank
6 years, 3 months ago

Shaktikanta Das, Narendra Modi’s demonetisation man, has a fresh task at hand: Tame a rebellious central bank

Firstpost  

Two years after note ban, Shaktikanta Das has been given another task by the Modi government–to douse the raging fire at Mint Road Shaktikanta Das, Narendra Modi’s demonetisation man has been given a fresh task—to tame a rebellious central bank, the top brass of which is on a warpath with the central government. It was Das, who as the former …

2 years of demonetisation: Arun Jaitley praises note ban, Manmohan calls it 'ill-fated, ill-thought' exercise | Who said what
6 years, 4 months ago

2 years of demonetisation: Arun Jaitley praises note ban, Manmohan calls it 'ill-fated, ill-thought' exercise | Who said what

India TV News  

2 years of demonetisation: Arun Jaitley praises note ban, Manmohan calls it 'ill-fated, ill-thought' exercise | Who said what In a sudden move that took everyone by surprise, PM Modi had on this day in 2016, announced a ban on the currency notes of Rs 500 and Rs 1,000. While Finance Minister Arun Jaitley defended the note ban by saying …

2 years of demonetisation: Arun Jaitley praises note ban, says it led to formalisation of economy, created more resources for poor
6 years, 4 months ago

2 years of demonetisation: Arun Jaitley praises note ban, says it led to formalisation of economy, created more resources for poor

India TV News  

On second anniversary of demonetisation, Union Finance Minister Arun Jaitley on Thursday praised the note ban and said that it helped in formalisation of the economy that led to more revenue, more resources for the poor, better Infrastructure, and a better quality of life for India’s citizens. In a Facebook post titled “Impact of Demonetisation”, Jaitley said that the Government …

RBI Governor Urjit Patel to brief Parliamentary panel for third time on govt's demonetisation move, impact on November 12
6 years, 5 months ago

RBI Governor Urjit Patel to brief Parliamentary panel for third time on govt's demonetisation move, impact on November 12

India TV News  

RBI Governor Urjit Patel to brief Parliamentary panel for third time on govt's demonetisation move, impact on November 12 The government had scrapped Rs 500 and Rs 1,000 notes on November 8, 2016 and announced issuance of new Rs 500 and Rs 2,000 notes. RBI Governor Urjit Patel will brief Parliamentary panel, of which former Prime Minister Manmohan Singh is …

Opinion | Moving out of the shadow of failed demonetization
6 years, 7 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 …

Black money battle: Income tax notices slapped on 1.16 lakh individuals for deposit over Rs 25 lakh
7 years, 4 months ago

Black money battle: Income tax notices slapped on 1.16 lakh individuals for deposit over Rs 25 lakh

Firstpost  

According to the official data, 17.73 lakh suspicious cases involving Rs 3.68 lakh crore have been identified by income tax dept in 23.22 lakh bank accounts post demonetisation New Delhi: The Income Tax Department has slapped notices on 1.16 lakh individuals and firms who made cash deposits of more than Rs 25 lakh in bank accounts post note ban but …

2.32 mn suspicious bank accounts under scanner: Gadkari
7 years, 4 months ago

2.32 mn suspicious bank accounts under scanner: Gadkari

Firstpost  

Massive cash deposits of Rs 3.68 lakh crore in 23.22 lakh bank accounts are under suspicion post the demonetization move and are being investigated Mumbai: Massive cash deposits of Rs 3.68 lakh crore in 23.22 lakh bank accounts are under suspicion post the demonetization move and are being investigated, Union Shipping Minister Nitin Gadkari said here on Wednesday. Besides, around …

Unprecedented rise in tax compliance, highest unearthing of black money: Govt justifies demonetisation on one-year anniversary
7 years, 4 months ago

Unprecedented rise in tax compliance, highest unearthing of black money: Govt justifies demonetisation on one-year anniversary

India TV News  

Unprecedented rise in tax compliance, highest unearthing of black money: Govt justifies demonetisation on one-year anniversary Demonetisation has been a historic and multi-dimensional success, the government said in full-page ads on one year of demonetisation. Amid an ongoing war of words between the Bharatiya Janata Party-led central government and opposition parties over the impact of demonetisation as it marks one …

Demonetisation anniversary: Narendra Modi thanks people, asks them to take survey on note ban
7 years, 4 months ago

Demonetisation anniversary: Narendra Modi thanks people, asks them to take survey on note ban

Firstpost  

Prime Minister Narendra Modi tweeted in support of demonetisation and asked the people to take a survey to tell him what they felt about the note ban Prime Minister Narendra Modi on Wednesday tweeted in support of demonetisation and asked the people to take a survey to tell him what they felt about the note ban. https://t.co/TYuxNNJfIf pic.twitter.com/eZB4tI9EmS — Narendra …

One year of demonetisation: I-T to issue 1,00,000 notices for unexplained deposits post note ban
7 years, 4 months ago

One year of demonetisation: I-T to issue 1,00,000 notices for unexplained deposits post note ban

India TV News  

The Income Tax Department is set to issue notices to about 100,000 entities and individuals, who deposited huge cash in banks post demonetisation and whose tax returns have been picked for a detailed probe into suspected discrepancies, official sources said on Tuesday. In the first tranche, notices will be issued to 70,000 entities who deposited over Rs 50 lakh in …

Demonetisation: Bankers say move was good for them as it brought in more deposits, boosted digitisation
7 years, 4 months ago

Demonetisation: Bankers say move was good for them as it brought in more deposits, boosted digitisation

Firstpost  

On November 8 last year, the Modi government demonetised Rs 500 and Rs 1,000 notes as part of its drive against black money, counterfeit notes and corruptionnetisation was good for them as it resulted in higher deposits and pushed digitisation at a faster pace Mumbai: A couple of days ahead of the first anniversary of demonetisation, bankers said on Monday …

One year of demonetisation: How much note ban has changed India
7 years, 4 months ago

One year of demonetisation: How much note ban has changed India

India Today  

"To break the grip of corruption and black money, we have decided that the 500 rupee and 1,000 rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is, 8th November 2016." One year down the line, the jury is still out on the success of the Narendra Modi government's decision to discontinue about …

99% of demonetised cash returned: Don't believe BJP spin, it's a classic case of shifting goal-posts for windfalls
7 years, 7 months ago

99% of demonetised cash returned: Don't believe BJP spin, it's a classic case of shifting goal-posts for windfalls

Firstpost  

Narendra Modi govt’s latest spin on demonetisation is yet another example of the government’s ‘heads we win, tails we win’ arrogance. It was, instead, optimistic that black money hoarders would throw a huge chunk of the banned Rs 500 and 1000 notes down some drain – literally. Arguing in favour of the note ban, the then Attorney General Mukul Rohatgi …

Over 1.75 lakh crore deposited post note-ban under govt's scrutiny: PM Modi in I-Day speech
7 years, 7 months ago

Over 1.75 lakh crore deposited post note-ban under govt's scrutiny: PM Modi in I-Day speech

India TV News  

Over 1.75 lakh crore deposited post note-ban under govt's scrutiny: PM Modi in I-Day speech Prime Minister Narendra Modi today said that over Rs 1.75 lakh crore deposited in banks post note-ban and more than 18 lakh people with disproportionate income are under government scrutiny Vowing to continue the crackdown on black money, Prime Minister Narendra Modi today said that …

Rahul Gandhi, Chidambaram take digs at Urjit Patel over his remarks on scrapped notes
7 years, 8 months ago

Rahul Gandhi, Chidambaram take digs at Urjit Patel over his remarks on scrapped notes

Firstpost  

Rahul Gandhi and P Chidambaram poked fun at RBI Governor over his remarks that the scrapped notes deposited after demonetisation were still being counted. New Delhi: Congress vice-president Rahul Gandhi and senior party leader P Chidambaram on Thursday poked fun at RBI Governor Urjit Patel over his remarks that the scrapped notes deposited after the 8 November demonetisation were still …

Demonetisation: RBI may reveal in 2 weeks the amount it got through banned note deposits
7 years, 8 months ago

Demonetisation: RBI may reveal in 2 weeks the amount it got through banned note deposits

Firstpost  

The last time the RBI gave an update on the notes was as of 10 December 2016, when it said as much as Rs 12.44 lakh crore were deposited The Reserve Bank of India is likely to reveal the amount of money it received in demonetised Rs 500 and Rs 1,000 notes in two weeks, according to a report in …

RBI monetary policy: Urjit Patel’s continuing silence on demonetisation deposits is disturbing
7 years, 11 months ago

RBI monetary policy: Urjit Patel’s continuing silence on demonetisation deposits is disturbing

Firstpost  

The half-hour-long press conference by Reserve Bank of India governor Urjit Patel on Thursday didn’t offer any surprises, as expected. Patel’s comments assume significance as they come shortly after the Uttar Pradesh government under Yogi Adityanath announced a Rs 36,000 crore loan waiver to keep his party’s poll promise. “The general government deficit, which is high by international comparison, poses …

RBI governor Urjit Patel to be summoned again, this time over banned notes deposited post demonetisation
8 years ago

RBI governor Urjit Patel to be summoned again, this time over banned notes deposited post demonetisation

India TV News  

A Parliamentary Panel has decided to summon Reserve Bank of India Governor Urjit Patel again to ascertain how much of the junked currency has been deposited in banks post note ban. The panel wants to know from the RBI Governor as well as the finance ministry officials the number of junked currency that was deposited in bank accounts post November …

Demonetisation: Urjit Patel says RBI pumped in Rs 9.2 lakh cr of new notes
8 years, 2 months ago

Demonetisation: Urjit Patel says RBI pumped in Rs 9.2 lakh cr of new notes

Firstpost  

The Parliamentary panel will summon Patel again after the upcoming parliament session. The Reserve Bank of India has injected 9.2 trillion rupees worth of new currency notes into the banking system to help replace the notes banned in November, a parliamentary panel member quoted central bank Governor Urjit Patel as saying on Wednesday. Patel met the panel on finance to …

RBI Didn’t Want Demonetisation, But Modi Govt’s Bullying Worked
8 years, 2 months ago

RBI Didn’t Want Demonetisation, But Modi Govt’s Bullying Worked

The Quint  

Once the Modi government settled down at the Centre in May 2014, with the then RBI Governor Raghuram Rajan still firmly in his saddle, it sensed the possibility of turning the exercise into a political masterstroke, perhaps with a view to cripple the BJP’s political opponents ahead of the crucial assembly elections in Uttar Pradesh. The government forcefully made the …

Modi Has Taken People’s Money Like a ‘Pickpocket’: Sitaram Yechury
8 years, 2 months ago

Modi Has Taken People’s Money Like a ‘Pickpocket’: Sitaram Yechury

The Quint  

The scathing remarks from the leader come a day after the ruling BJP hailed the scrapping of old Rs 500 and Rs 1,000 currency notes – calling it a “sacred movement” that will lead the country to a clean economy. Yechury wondered how the saffron party could claim “victory against black money” when the government has not produced any data …

Demonetisation: Parliamentary committee to question RBI governor on cash crunch
8 years, 2 months ago

Demonetisation: Parliamentary committee to question RBI governor on cash crunch

Firstpost  

A parliamentary committee, probing the government’s decision to scrap high-value bank notes, has sent the country’s central bank governor a list of questions on the demonetisation process and asked him to appear before it on 20 January. The Public Accounts Committee has asked the governor of the Reserve Bank of India, Urjit Patel, to explain how the decision for demonetisation …

Parliamentary committee to question RBI governor Urjit Patel on cash crunch
8 years, 2 months ago

Parliamentary committee to question RBI governor Urjit Patel on cash crunch

Live Mint  

Mumbai/New Delhi: A parliamentary committee, probing the government’s decision to scrap high-value bank notes, has sent the country’s central bank governor a list of questions on the demonetisation process and asked him to appear before it on 20 January. The Public Accounts Committee has asked the governor of the Reserve Bank of India, Urjit Patel, to explain how the decision …

97% banned notes said to be deposited in banks in blow to Modi’s black money fight
8 years, 2 months ago

97% banned notes said to be deposited in banks in blow to Modi’s black money fight

Live Mint  

New Delhi: Indians have deposited nearly all the currency bills outlawed at the end of the deadline last year, according to people with knowledge of the matter, dealing a blow to Prime Minister Narendra Modi’s drive to unearth unaccounted wealth and fight corruption. Banks have received Rs14.97 trillion as of 30 December, the deadline for handing in the old bank …

India’s Modi defends decision to demonetize high-value bills
8 years, 3 months ago

India’s Modi defends decision to demonetize high-value bills

Associated Press  

NEW DELHI — Indian Prime Minister Narendra Modi defended his government’s decision to demonetize the country’s highest-value currency bills last month in an unusual New Year’s Eve message to the nation Saturday. Modi called India’s massive demonetization drive, which withdrew 86 percent of the country’s currency bills from the system, “a historic purification ritual” to cleanse the system of tax …

Over Rs 100 crore deposited in accounts of BSP and Mayawati's brother post demonetisation
8 years, 3 months ago

Over Rs 100 crore deposited in accounts of BSP and Mayawati's brother post demonetisation

India TV News  

Mayawati’s Bahujan Samaj Party has come under scanner for some unusual activity in the party’s bank account for the past few days. From the day banks reopened following Prime Minister Narendra Modi's surprise announcement to withdraw higher denomination notes from circulation, over Rs 100 crore has been deposited in BSP’s bank account. Making it for one of the biggest revelations …

Demonetisation: RBI governor Urjit Patel to brief parliamentary committee on Dec 22
8 years, 3 months ago

Demonetisation: RBI governor Urjit Patel to brief parliamentary committee on Dec 22

Firstpost  

The briefing will start at 11 AM at the Parliament annexe building on Thursday New Delhi: Reserve Bank Governor Urjit Patel will on 22 December brief the Parliamentary Committee on Finance about the demonetisation process and its impact. “Briefing by the Governor, RBI, on the subject ‘Demonetisation of Indian currency notes of Rs 500 and Rs 1000 and the impact …

No post-mortem of records of small traders, factories before note ban: PM Modi
8 years, 3 months ago

No post-mortem of records of small traders, factories before note ban: PM Modi

Hindustan Times  

Tax officials will not examine “old records” of small traders and factory owners should they go digital with their business, Prime Minister Narendra Modi said on Friday, seeking to allay fears of harassment among a chunk of the BJP’s traditional voters. Highlights Tax officials will not examine ‘old records’ of small traders and factory owners should they go digital with …

Demonetisation: Why PM Modi’s big task now is finding a way out of the economic mess
8 years, 3 months ago

Demonetisation: Why PM Modi’s big task now is finding a way out of the economic mess

Firstpost  

Demonetisation would have been a clean-hit for Modi had he executed it with enough preparation. But, the hurried, poorly-thought out action has backfired badly on the economy and the pain is likely to outweigh the likely long-term gains of curbing black money, counterfeit notes and corruption Even his supporters would agree, Prime Minister Narendra Modi’s monumental task, at this stage, …

Inflation likely cooled in November on demonetisation: Reuters poll
8 years, 3 months ago

Inflation likely cooled in November on demonetisation: Reuters poll

Live Mint  

Bengaluru: Indian inflation is expected to have cooled to a 14-month low in November after Prime Minister Narendra Modi’s surprise removal of high denomination bank notes caused an intense cash shortage and severely hurt consumption, a Reuters poll found. Inflation is expected to ease to 3.90% in November from a year earlier, according to the median consensus from the Reuters …

Demonetisaton: Over Rs 11 lakh cr deposits enter banking system till Nov 30, CNBC-TV18 says
8 years, 4 months ago

Demonetisaton: Over Rs 11 lakh cr deposits enter banking system till Nov 30, CNBC-TV18 says

Firstpost  

This means, Rs 11 lakh crore entering into the banking system till 30 November represents 80 percent of the total banned currencies Indian banks witnessed over Rs 11 lakh crore entering into the system till 30 November after the demonetisation exercise kicked off on 8 November, a CNBC-TV18 report said. In one fell swoop, the Modi government banned currency notes …

Modi’s demonetisation policy hurting poor: Ex-US treasury secretary Summers
8 years, 4 months ago

Modi’s demonetisation policy hurting poor: Ex-US treasury secretary Summers

Live Mint  

Washington: Prime Minister Narendra Modi’s move to withdraw higher-value bank notes from circulation is hurting ordinary citizens rather than making a serious attempt at combating corruption, according to former US treasury secretary Lawrence Summers. Frustrations have boiled over across the country as bank machines ran out of money and customers waited in long lines to exchange their old notes for …

Those close to PM Modi will benefit from note ban as the poor suffer: Rahul
8 years, 4 months ago

Those close to PM Modi will benefit from note ban as the poor suffer: Rahul

Hindustan Times  

Congress vice-president Rahul Gandhi kept up his tirade against the Prime Minister on Monday, saying Narendra Modi scrapped high-value currency and unleashed chaos across India to benefit his own people. Speaking to reporters outside Parliament, Gandhi said the Prime Minister hadn’t consulted anyone, not even his own ministers, before announcing a surprise recall of Rs 1,000 and Rs 500 notes …

Currency Chaos: Mr Jaitley & Co, Stop Contradicting Each Other
8 years, 4 months ago

Currency Chaos: Mr Jaitley & Co, Stop Contradicting Each Other

The Quint  

On 10 November, speaking at a grandiosely-named sarkari function called the Economic Editors’ Conference in New Delhi, the most senior bureaucrat in the finance ministry said something that his boss took one whole week to rebut. Speaking to financial journalists eight days ago, Economic Affairs Secretary Shaktikanta Das, a graduate of St Stephen’s College and a career bureaucrat, confidently said …

Winter Session begins: Why Narendra Modi will find it tough to face politics of demonetisation
8 years, 4 months ago

Winter Session begins: Why Narendra Modi will find it tough to face politics of demonetisation

Firstpost  

One need not be surprised if this turns out to be among the toughest Parliament sessions Modi-government has ever confronted since it’s ascension to power in May 2014. Most opposition parties, led by a rejuvenated Congress, are united to attack the government using the trump card they have — the severe cash crunch that has crippled the normal life post …

Winter Session: Demonetisation will dominate, but does Modi have a counter-chaos plan?
8 years, 4 months ago

Winter Session: Demonetisation will dominate, but does Modi have a counter-chaos plan?

Firstpost  

PM Modi will have to use his charisma, which he is known for, to get the business going As the winter session of Parliament begins tomorrow, the nation is still in the painful process of swallowing a bitter pill administered by Narendra Modi in the form of an abrupt ban of Rs 500, Rs 1,000 notes announced on 8 November. …

Cash chaos in India: An unprecedented ban on large bills backfires on the poor
8 years, 4 months ago

Cash chaos in India: An unprecedented ban on large bills backfires on the poor

LA Times  

A cash crunch gripped India after Prime Minister Narendra Modi took the unprecedented step of withdrawing the country’s large currency notes from circulation The rickshaw meter read about $2.30, but passenger Gaurav Munjal didn’t have cash. pic.twitter.com/uWtejp60AM — Gaurav Munjal November 13, 2016 An exasperating cash crunch has gripped India in the week since Prime Minister Narendra Modi took the …

Rahul visits bank to exchange old note, hits out at Modi
8 years, 4 months ago

Rahul visits bank to exchange old note, hits out at Modi

The Hindu  

On Friday, even as Congress vice-president Rahul Gandhi stood in solidarity with others in a serpentine queue outside a branch of the State Bank of India on Parliament Street, to exchange his old notes, his colleague and former Union Minister Anand Sharma attacked the government for unleashing “financial chaos” across the country: the Centre, he stressed, had no legal power …

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