A law which allowed the Reserve Bank of India (RBI) to circulate Rs 1000 denomination notes in the late 1990s, to tide over the shortage of currency has been scrapped. On Friday, Parliament passed a bill to repeal 58 laws from the statute books. The High Denomination Bank Notes (Demonetisation) Amendment Act, 1998 is one of 58 "redundant" laws repealed last week.
Getting a leg-up from the demonetisation of Rs 500 and Rs 1,000 currency notes in November 2016, the share of e-Money in India's payment systems grew to 21.5 per cent in 2017 from 0.8 per cent in 2012, according to a new report prepared by the Reserve Bank of India (RBI).
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.
Congress President Rahul Gandhi on Thursday again attacked Prime Minister Narendra Modi over his decision to implement demonetisation and a "flawed" GST, claiming that it broke the economy's backbone by resulting in the closure of many small and medium businesses across the country.
The board has asked the tax offices to undertake this special task and bring under their ambit the time period (over the last two years) when these companies were struck off from the records of the Ministry of Corporate Affairs (MCA).
Acting on a tip-off, a police team intercepted a car at Daulatpura check post and found 10 bundles of Rs 1,000 old currency notes in a bag.
Nepal has asked the RBI to declare newly circulated Indian currency notes of denominations higher than Rs 100 legal tender in the country, according to media report on Sunday.
PM Modi said that demonetisation has created an atmosphere of honesty and has expanded the tax net, while reducing the circulation of the currency.
The decision was announced by Nepal government's spokesperson and Minister for Information and Communications Gokul Prasad Baskota.
The report said the department has till now (updated till November 15) made a gross collection of Rs 6.63 lakh crore in the direct taxes kitty this fiscal.
Slamming the Centre over demonetisation, Gehlot said it was a black chapter and prime minister "shattered" the country's economy.
“I have seen a report which quoted Subramanian as saying that demonetisation was against elite. I don’t know why he used the word elite. It was a step against those who are corrupt and had stored ill-gotten wealth,” Rajiv Kumar said.
Addressing an election rally in Jhabua, Madhya Pradesh, PM Modi described demonetisation as 'bitter medicine' which his government used to bring back black money into banks.
Speaking to reporters after releasing BJP's manifesto in Bhopal ahead of the Madhya Pradesh Assembly Elections, Jaitley said that demonetisation has increased the tax return filings and also increased the revenue of the states and the Centre immensely.
Rahul Gandhi accused Prime Minister Narendra Modi of "robbing" the hard-earned money of the poor and giving it to a few rich.
In a letter, they said there was concern over the "unconscionable" and "unwarranted delay" in bringing out the audit reports on demonetisation and the Rafale fighter jet deal, and the reports should be tabled before Parliament in the Winter Session.
"By any account demonetisation was a catastrophe, an ingenious officially blessed money laundering exercise", Chidambaram said.
Addressing an audience at the University of California in Berkley on Friday, Rajan said for four years -- 2012 to 2016 -- India was growing at a faster pace before it was hit by two major headwinds.
Taking a swipe at Modi, Rahul said the demonetisation had caused great destruction of economy and rendered many people jobless.
They raised slogans against the Centre describing the exercise as an "anti-people" decision.
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