In an exclusive interview withIndia TV, Mohandas Pai, former CFO and Board Member at Infosys, shares his point of view over economic and other policies of the Modi government.
On November 8, 2016, Prime Minister Narendra Modi announced on national television his government's decision to ban all currency notes of higher denomination of Rs 500 and Rs 1,000 from midnight on the same day.
The RBI on Tuesday asked banks to preserve the CCTV recordings of their branches and currency chests from November 8, 2016, to December 30, 2016, till further orders with a view to assisting the enforcement agencies to take actions against persons involved in illegal activities during the demonetisation period.
Manmohan Singh said that unemployment is high in the country and its informal sector is in shambles due to the Centre's demonetisation decision in 2016.
Is the Reserve Bank of India (RBI) planning to ban ₹5, ₹10, and ₹100 notes in the country? Ever since India announced the demonetization of ₹500 and ₹1,000 banknotes in the year 2016, there has been similar speculation about other denominations every now and then. Recently, a report claimed that the central bank was banning ₹5, ₹10, and ₹100 notes and that they won't be in circulation from March 2021. But how true is it?
The subject came up for discussion at the meeting of Parliamentary Standing Committee on Finance last week. But what was meant as one-off mention soon became a full-blown issue with several members terming the move as bad for the economy.
Days after the third anniversary of the demonetization of high-value currency notes, Rajasthan Chief Minister Ashok Gehlot on Monday hit out at Prime Minister Narendra Modi for committing the 'blunder' and not taking any responsibility for it
Congress Interim President Sonia Gandhi on Friday slammed the government on the third anniversary of demonetization, terming it as a "Tughlaki blunder" which was "inflicted by a tyrannical government hell-bent upon attacking livelihoods and lives of its own people."
"Within minutes of announcement, I had said that it will ruin the economy and the lives of millions," Mamata Banerjee said.
"3 years since Demonetisation and every claim made by the government and those hailing it as a slayer of all evils has been turned on its head. It proved to be a disaster that has all but destroyed our economy," Priyanka Gandhi said in a tweet.
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.
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