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Demonetisation

Rs 7,755 crore worth of withdrawn Rs 2,000 banknotes still in circulation

Rs 7,755 crore worth of withdrawn Rs 2,000 banknotes still in circulation

Mon, Jun 03, 2024

97.82 per cent of the total value of the high-value Rs 2,000 banknotes are back in the banking system by the end of May 2024.

2,000-rupee note: A barrage of memes on social media as RBI presses 'exit' on 2,000 currency bill

2,000-rupee note: A barrage of memes on social media as RBI presses 'exit' on 2,000 currency bill

Sat, May 20, 2023

Rs 2,000 withdrawal from circulation: The RBI's announcement on Friday evening that the Rs 2,000 currency note has served its purpose and thus will be withdrawn from circulation left social media platforms in splits, with a string of memes doing rounds on microblogging website Twitter.

Bye bye, Rs 2,000 banknote! 10 things to know about the bill that has been in circulation for 6 years

Bye bye, Rs 2,000 banknote! 10 things to know about the bill that has been in circulation for 6 years

Fri, May 19, 2023

BREAKING | Rs 2,000 note to be withdrawn: The RBI will start withdrawing 2,000-rupee notes from circulation. But worry not! The 2,000 note will remain legal tender. You will get a chance to deposit the Rs 2,000 note at the bank, or exchange it up to 10 (Rs 20,000) at a time.

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LIC's to stop Jeevan Akshay plan from next month

LIC's to stop Jeevan Akshay plan from next month

Wed, Nov 29, 2017

To opt for Jeevan Akshay, a minimum age requirement is 30 years, while maximum is 65 years. A person can start this plan by making a minimum investment of Rs 1 lakh, however there is no maximum limit.

Income Tax notices to 1.16 lakh for cash deposit of over Rs 25 lakh

Income Tax notices to 1.16 lakh for cash deposit of over Rs 25 lakh

Tue, Nov 28, 2017

The tax department has combed as many as 18 lakh people who had deposited junked 500 and 1000 rupee currency notes of over Rs 2.5 lakh each post demonetisation.

Taxmen asked to slap higher tax rate on fraudulently revised ITR

Taxmen asked to slap higher tax rate on fraudulently revised ITR

Mon, Nov 27, 2017

The CBDT has earlier directed the assessing officers to check the “genuineness and creditworthiness” of those people to whom the assessee has reported the additional sales in the revised returns, after the note ban.

Demonetisation drive was meant to cleanse the system: Adhia

Demonetisation drive was meant to cleanse the system: Adhia

Sun, Nov 26, 2017

The Indian government on November 8, 2016 started the demonetisation drive by banning high denomination Rs 500 and Rs 1,000 currency notes.

Import of Chinese tyres has started to decline: ATMA

Import of Chinese tyres has started to decline: ATMA

Sun, Nov 26, 2017

"Now you can say the Chinese imports have become less than half. During the demonetisation month (November 2016), it dropped by 20 per cent. GST coupled with anti-dumping duty, it has started to sink further," ATMA chairman Satish Sharma told reporters here.

Cheque, cash transactions moderate post demonetisation: RBI study

Cheque, cash transactions moderate post demonetisation: RBI study

Sat, Nov 25, 2017

Demonetisation were meant for flushing out black money, eliminate Fake Indian Currency Notes (FICN), to strike at the root of financing of terrorism and to give a big boost to digitalisation of payments to make India a less cash economy.

India passing through fast formalisation of economy: Jaitley

India passing through fast formalisation of economy: Jaitley

Sat, Nov 25, 2017

Speaking at a State Bank of India (SBI) event here, he said India is seeing "the replacement of a cash dominated economy with a more formal and digitised economy. One of the great changes will be the way India spends its money".

RBI study claims major drop in cash payments after note-ban

RBI study claims major drop in cash payments after note-ban

Sat, Nov 25, 2017

The government had on November 8 last year surprisingly cancelled all the banknotes in the Rs 1,000 and 500 denominations, which was around 86% of the money in circulation, with multiple objectives.

No plans to withdraw bank cheque book facility, says Govt

No plans to withdraw bank cheque book facility, says Govt

Fri, Nov 24, 2017

The government has clarified that it has no plans on scrapping the cheque book facility of banks.

Demonetisation resulted in 56 lakh people becoming IT payees: VP

Demonetisation resulted in 56 lakh people becoming IT payees: VP

Thu, Nov 23, 2017

The demonetisation exercise undertaken by the government last year has resulted in 56 lakh people joining the ranks of Income Tax payees, Vice President Venkaiah Naidu said here today.

No escape for Benami deals; govt may link Aadhar with land transactions

No escape for Benami deals; govt may link Aadhar with land transactions

Wed, Nov 22, 2017

Benami Transactions (Prohibition) Act forbids certain types of financial transactions. The 'benami' is defined as any transaction in which property is transferred to a person for certain consideration by another person.

From GST to bank reforms, here's what Arvind Subramanian said about Indian economy

From GST to bank reforms, here's what Arvind Subramanian said about Indian economy

Tue, Nov 21, 2017

Talking on list of factors in regards to Indian economy, the CEA Arvind Subramanian laid out various measures which the government can adapt for the country's long term prosperity.

Moody's upgrade for India positive, but short-term reality, risks remain

Moody's upgrade for India positive, but short-term reality, risks remain

Tue, Nov 21, 2017

After more than a decade, India witnessed first upgrade by Moody's Investor service on its economic outlook. This is expected to be followed by another two major rating agencies.

Budget deficit may rise in FY18, but will improve in years

Budget deficit may rise in FY18, but will improve in years

Sun, Nov 19, 2017

In an interview to PTI, Moody's Investors Service V-P (Sovereign Risk Group) William Foster said the agency believes that the government's commitment to fiscal consolidation remains and sustained growth would help it reduce debt burden.

Card transactions soar 84% in to Rs 74,090 crore: Study

Card transactions soar 84% in to Rs 74,090 crore: Study

Sun, Nov 19, 2017

The transaction volume at all points of sale (POSes) clipped higher by 86% to 378 million in September this year over the same period last year when it stood at 203 million, European payment solutions provider Worldline said in a weekend report quoting the Reserve Bank data.

Govt's vision to link 1 billion Aadhaar with 1 billion bank accounts, mobiles each

Govt's vision to link 1 billion Aadhaar with 1 billion bank accounts, mobiles each

Sat, Nov 18, 2017

The current BJP-led government has been pushing for the Aadhaar card to be mandatory and linked to everything including the pan card, bank account, mobile phones, drivers license and even for children admission into schools.

GST, Direct Benefit Transfer, demonetisation to ‘foster sustainable growth’ in India, Moody’s says

GST, Direct Benefit Transfer, demonetisation to ‘foster sustainable growth’ in India, Moody’s says

Fri, Nov 17, 2017

Recent reforms undertaken by the government of India provided 'greater confidence' that the high level of public indebtedness which is India's principal credit weakness will remain stable, Moody's said.

Noida Authority hires international agency to audit builders' accounts

Noida Authority hires international agency to audit builders' accounts

Wed, Nov 15, 2017

Prominent builders including Logix, Supertech, Sikka and Aims Gardenia will be audited in the first phase. Noida Authority CEO said the process will complete in 40 to 45 days.

Shell companies under IT scanner; involvement in Benami transactions suspected

Shell companies under IT scanner; involvement in Benami transactions suspected

Wed, Nov 15, 2017

Banks started scanning all the account details of directors who were disqualified by the Ministry of Corporate Affairs as part of alleged shell companies.

300% jump in PAN applications post note ban: CBDT

300% jump in PAN applications post note ban: CBDT

Wed, Nov 15, 2017

There was a 300 per cent jump in the number of applications for PAN (Permanent Account Number) post demonetisation, the CBDT said today.

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