Depressed over demonetisation of high currency notes, a retired cashier of the State Bank of India (SBI) allegedly committed suicide at his residence in the state of Maharashtra.

&nbsp;58-year-old Ananda Mukut Bapat hung himself from the ceiling at his house. Police sources said Bapat had amassed huge wealth in the form of scrapped currency notes. He apparently went into depression after the demonetisation move and decided to end life.

Bapat had taken voluntary reitrement from the bank and had started his own business. He had called his son from Pune few months back to assist him in the business, they said.

A suicide note left behind by him said that he was&nbsp;taking this extreme step due to demonetisation of Rs 500 and Rs 1000 currency notes.

Saoner Police has registered a case of accidental death and handed over the body to his son after conducting a post-mortem.

(PTI)

The 58-year-old had amassed huge wealth in the form of scrapped currency notes

Depressed over demonetisation of high currency notes, a retired cashier of the State Bank of India (SBI) allegedly committed suicide at his residence in the state of Maharashtra. 58-year-old Ananda Mukut Bapat hung himself from the ceiling at his house. Police sources said Bapat had amassed huge wealth in the form of scrapped currency notes. He apparently went into depression after the demonetisation move and decided to end life. Bapat had taken voluntary reitrement from the bank and had started his own business. He had called his son from Pune few months back to assist him in the business, they said. A suicide note left behind by him said that he was taking this extreme step due to demonetisation of Rs 500 and Rs 1000 currency notes. Saoner Police has registered a case of accidental death and handed over the body to his son after conducting a post-mortem. (PTI)

India: Retired bank employee commits suicide over demonetisation in Maharashtra

Indian Prime Minister Narendra Modi said on Friday that demonetisation is &ldquo;for the larger social good&rdquo;, amid mounting criticism following his decision to withdraw all high-denomination banknotes from circulation. &nbsp;

&quot;The decision isn&#39;t being criticised much (by the common man),&quot; Modi said in a speech Friday, in which he praised citizens as &quot;soldiers in this fight against corruption and black (unaccounted) money&quot;, AFP reported.

&quot;Some things have to be done above politics for the larger social good,&quot; he added.&nbsp;

The move that came into effect on November 8, bans the 500 and 1,000 rupees ($7.30, $14.60) notes as legal tender which amount to approximately 85 per cent of all bills in circulation.

According to AFP, Ratings agency Fitch has said it would revise down India growth forecasts for the fourth quarter of 2016 after the shock move.

Critics have slammed the Modi government for its &quot;shoddy implementation&quot; of the scheme, that has led to chaos outside banks and ATMs.

Hitting out at critics, Modi said that those criticising his decision were &ldquo;sad that they didn&rsquo;t get any notice, a chance to prepare for the decision&quot;. 
&nbsp; 
&quot;It is such a great step. A big, big decision. And, for those who dream of a great future for the country, let`s come together to remove the problems being faced by the common man,&quot; he added.

People nationwide have complained of a cash-crunch. Rural areas are reported to be the hardest hit as local banks and post offices have been slow to receive new notes.

Modi also urged Indians to switch to non-cash methods of spending.&nbsp;

&quot;Every person has a right to spend his or her money. No one can take anyone`s money. Now people can also spend through mobile technology,&quot; he said, mentioning that the country had around a billion mobile handsets and 60 per cent of its population was under 35 years.&nbsp;

&nbsp;

(WION with inputs from AFP)

Critics have slammed the Modi government for its 'shoddy implementation' of the scheme

Indian Prime Minister Narendra Modi said on Friday that demonetisation is “for the larger social good”, amid mounting criticism following his decision to withdraw all high-denomination banknotes from circulation. "The decision isn't being criticised much (by the common man)," Modi said in a speech Friday, in which he praised citizens as "soldiers in this fight against corruption and black (unaccounted) money", AFP reported. "Some things have to be done above politics for the larger social good," he added. The move that came into effect on November 8, bans the 500 and 1,000 rupees ($7.30, $14.60) notes as legal tender which amount to approximately 85 per cent of all bills in circulation. According to AFP, Ratings agency Fitch has said it would revise down India growth forecasts for the fourth quarter of 2016 after the shock move. Critics have slammed the Modi government for its "shoddy implementation" of the scheme, that has led to chaos outside banks and ATMs. Hitting out at critics, Modi said that those criticising his decision were “sad that they didn’t get any notice, a chance to prepare for the decision". "It is such a great step. A big, big decision. And, for those who dream of a great future for the country, let`s come together to remove the problems being faced by the common man," he added. People nationwide have complained of a cash-crunch. Rural areas are reported to be the hardest hit as local banks and post offices have been slow to receive new notes. Modi also urged Indians to switch to non-cash methods of spending. "Every person has a right to spend his or her money. No one can take anyone`s money. Now people can also spend through mobile technology," he said, mentioning that the country had around a billion mobile handsets and 60 per cent of its population was under 35 years. (WION with inputs from AFP)

Indian PM Modi hits back at critics, says demonetisation 'for larger good'

The Supreme Court said Friday that it would hear on December 2 a batch of petitions challenging the demonetisation of 500-rupee and 1,000-rupee notes.&nbsp;

The court said it will examine both the constitutional validity of the move, and the inconvenience caused to the people.&nbsp;

&quot;We will examine both aspects (inconvenience and constitutional validity) of the matter. Come on Friday at 2 pm,&quot; said a bench comprising&nbsp;Chief Justice T S Thakur and Justice D Y Chandrachud.&nbsp;

Prime Minister Narendra Modi had on November 8 announced that 500-rupee and 1,000-rupee notes would cease to be legal tender. He said the move was aimed at doing away with black money -- it was one of his poll promises -- and money used to fund terror. But it also took 86% of the currency in circulation then&nbsp;out of the economy.&nbsp;

As much as 90% of all transactions in India are conducted with cash, and people have been severely inconvenienced by the sudden demonetisation.&nbsp;

A number of petitions have been filed in courts around the country asking that the decision be rolled back, and the government recently moved the Supreme Court asking that all the petitions be transferred either to it or to a high court.&nbsp;

On Friday, the Supreme Court asked attorney general Mukul Rohatgi, appearing for the government, to file additional affidavits, if any, explaining the &quot;schemes and steps&quot; taken by the government to ease the situation that has arisen following the demonetisation of the two notes.

Senior advocate Kapil Sibal, appearing for one of the petitioners, said the court should start hearing the matter from Tuesday itself.

Rohatgi, however, opposed the contention, saying it would be better to let all the petitioners come to the Supreme Court on December 2, when the court can decide whether it or one of the high courts will hear the petitions. &nbsp;

(WION with inputs from PTI) 
&nbsp;

The court said it will examine both the constitutional validity of the move and the inconvenience caused to the people

The Supreme Court said Friday that it would hear on December 2 a batch of petitions challenging the demonetisation of 500-rupee and 1,000-rupee notes. The court said it will examine both the constitutional validity of the move, and the inconvenience caused to the people. "We will examine both aspects (inconvenience and constitutional validity) of the matter. Come on Friday at 2 pm," said a bench comprising Chief Justice T S Thakur and Justice D Y Chandrachud. Prime Minister Narendra Modi had on November 8 announced that 500-rupee and 1,000-rupee notes would cease to be legal tender. He said the move was aimed at doing away with black money -- it was one of his poll promises -- and money used to fund terror. But it also took 86% of the currency in circulation then out of the economy. As much as 90% of all transactions in India are conducted with cash, and people have been severely inconvenienced by the sudden demonetisation. A number of petitions have been filed in courts around the country asking that the decision be rolled back, and the government recently moved the Supreme Court asking that all the petitions be transferred either to it or to a high court. On Friday, the Supreme Court asked attorney general Mukul Rohatgi, appearing for the government, to file additional affidavits, if any, explaining the "schemes and steps" taken by the government to ease the situation that has arisen following the demonetisation of the two notes. Senior advocate Kapil Sibal, appearing for one of the petitioners, said the court should start hearing the matter from Tuesday itself. Rohatgi, however, opposed the contention, saying it would be better to let all the petitioners come to the Supreme Court on December 2, when the court can decide whether it or one of the high courts will hear the petitions. (WION with inputs from PTI)

Demonetisation: Supreme Court to hear petitions challenging move on December 2

The Bank Employees Federation of India (BEFI) said Thursday that the current shortage of cash in the economy will continue for another four to five months -- even if all four of the country&#39;s mints work at optimum capacity.

&quot;Cash shortage will continue even if the four currency note printing presses run at their optimum capacity. It will take four to five months to restore normalcy in cash supply,&quot; PTI reported BEFI general secretary P K Biswas as saying.

The BEFI also warned that the situation might get worse next week when people find it difficult or are unable to withdraw their salaries from banks and ATMs, and that that will make people more impatient.&nbsp;

PTI reported that Biswas also alleged that at some bank branches, customers had vandalised bank property and halted banking operations due to the shortage of cash post-demonetisation.

On the evening of November 8 this year, Indian Prime Minister Narendra Modi announced that 500- and 1,000-rupee notes cease to be legal tender. He said the move was aimed at doing away with black money -- which was one of his poll promises -- and money used to fund terror. But it also took 86% of the currency in circulation then&nbsp;out of the economy.&nbsp;

As much as 90% of all transactions in India are conducted with cash, and people have been severely inconvenienced by the sudden demonetisation.&nbsp;

(WION with inputs from PTI)&nbsp;

&nbsp;

&nbsp;

It said the shortage will continue even if all four of the country's mints work at optimum capacity

The Bank Employees Federation of India (BEFI) said Thursday that the current shortage of cash in the economy will continue for another four to five months -- even if all four of the country's mints work at optimum capacity. "Cash shortage will continue even if the four currency note printing presses run at their optimum capacity. It will take four to five months to restore normalcy in cash supply," PTI reported BEFI general secretary P K Biswas as saying. The BEFI also warned that the situation might get worse next week when people find it difficult or are unable to withdraw their salaries from banks and ATMs, and that that will make people more impatient. PTI reported that Biswas also alleged that at some bank branches, customers had vandalised bank property and halted banking operations due to the shortage of cash post-demonetisation. On the evening of November 8 this year, Indian Prime Minister Narendra Modi announced that 500- and 1,000-rupee notes cease to be legal tender. He said the move was aimed at doing away with black money -- which was one of his poll promises -- and money used to fund terror. But it also took 86% of the currency in circulation then out of the economy. As much as 90% of all transactions in India are conducted with cash, and people have been severely inconvenienced by the sudden demonetisation. (WION with inputs from PTI)

Demonetisation: Cash shortage to continue for 4 to 5 months, says bank employees' body

While Indian Prime Minister Narendra Modi&rsquo;s move to demonetise currency notes of Rs 500 and 1,000 has caused much chaos in the country, some have also called it a strong move to put an end to the circulation of black money.

Along with the farmers, the poor and the common man, one community which has been at the receiving end is the transgenders across the country. They were only&nbsp;recognised as a third gender last year following a ruling by the Supreme Court of India.

Most transgenders in India do not have bank accounts or even a formal identification card, owing to which most of the money they own is in cash. The source&nbsp;of income for most in the community is begging and dancing at weddings and other social gatherings. Some even take up sex work to make ends meet. All of these earnings are in cash.

The demonetisation move has thus hit them hard.

A few transgenders residing in south Delhi&#39;s Okhla tell&nbsp;WION that they have been staying at home all day for the past two weeks since no one pays them any cash now.

Surraiya, who makes a living by dancing at weddings, says, &quot;Weddings are either being rescheduled or the expenditure is being cut down. In the last 15 days, I have not been able to find any work. So I took to begging but there too, people are not giving us any money.&rdquo;

Another member of the community tells us that they follow a guru-chela (teacher-disciple) tradition. &ldquo;The savings are passed on from one generation to another in cash. We do not depend upon the banking sector as most of us have never had bank accounts until last year,&rdquo; says Laila, 36.

The ones into sex work too are seeing a sharp decline in the number of customers since most of the payment happened in the denomination of Rs 500 and 1,000.

Sweety (name changed) waits on a south Delhi road but to her dismay, she has hardly had two customers in the last couple&nbsp;of weeks. She would otherwise have two customers every night on an average and would return home with around Rs 1,500 to Rs 2,000 &nbsp;every morning.

&ldquo;Our trade has collapsed completely. Nobody is willing to spend money on us. We are running out of options to sustain ourselves,&rdquo; says Sweety.

Those of us who have visited banks to get the notes exchanged&nbsp;were discriminated against.

&ldquo;The women do not let us stand in their queue&nbsp;while the men pass lewd remarks. There is no separate line for us,&rdquo; says Sweety&#39;s friend.

Activist&nbsp;Laxmi Narayan Tripathi, chairperson of Astitva, an organisation working for the cause of transgenders, has written to the Prime Minister seeking help for the community.

In a letter addressed to the Prime Minister, Laxmi writes, &ldquo;Most of the community is uneducated and has never been part of the mainstream society. They have been living lives seeking alms and blessings by singing and dancing at weddings, child births and other auspicious occasions. All transactions made are in cash and we never had any bank account.

&quot;The decision by the government is welcome and we appreciate&nbsp;the efforts of Honourable Prime Minister Narendra Modi jee. But the Hijra&ndash;Kinnar community is extremely affected by this and we ask for the government&#39;s help.&rdquo;

Meanwhile, most from the community are queuing up to cash exchangers who give them Rs 350 in exchange for an old Rs 500 note.

(WION)

Without an official identity card and no bank accounts, most of the money the community owns is in cash

While Indian Prime Minister Narendra Modi’s move to demonetise currency notes of Rs 500 and 1,000 has caused much chaos in the country, some have also called it a strong move to put an end to the circulation of black money. Along with the farmers, the poor and the common man, one community which has been at the receiving end is the transgenders across the country. They were only recognised as a third gender last year following a ruling by the Supreme Court of India. Most transgenders in India do not have bank accounts or even a formal identification card, owing to which most of the money they own is in cash. The source of income for most in the community is begging and dancing at weddings and other social gatherings. Some even take up sex work to make ends meet. All of these earnings are in cash. The demonetisation move has thus hit them hard. A few transgenders residing in south Delhi's Okhla tell WION that they have been staying at home all day for the past two weeks since no one pays them any cash now. Surraiya, who makes a living by dancing at weddings, says, "Weddings are either being rescheduled or the expenditure is being cut down. In the last 15 days, I have not been able to find any work. So I took to begging but there too, people are not giving us any money.” Another member of the community tells us that they follow a guru-chela (teacher-disciple) tradition. “The savings are passed on from one generation to another in cash. We do not depend upon the banking sector as most of us have never had bank accounts until last year,” says Laila, 36. The ones into sex work too are seeing a sharp decline in the number of customers since most of the payment happened in the denomination of Rs 500 and 1,000. Sweety (name changed) waits on a south Delhi road but to her dismay, she has hardly had two customers in the last couple of weeks. She would otherwise have two customers every night on an average and would return home with around Rs 1,500 to Rs 2,000 every morning. “Our trade has collapsed completely. Nobody is willing to spend money on us. We are running out of options to sustain ourselves,” says Sweety. Those of us who have visited banks to get the notes exchanged were discriminated against. “The women do not let us stand in their queue while the men pass lewd remarks. There is no separate line for us,” says Sweety's friend. Activist Laxmi Narayan Tripathi, chairperson of Astitva, an organisation working for the cause of transgenders, has written to the Prime Minister seeking help for the community. In a letter addressed to the Prime Minister, Laxmi writes, “Most of the community is uneducated and has never been part of the mainstream society. They have been living lives seeking alms and blessings by singing and dancing at weddings, child births and other auspicious occasions. All transactions made are in cash and we never had any bank account. "The decision by the government is welcome and we appreciate the efforts of Honourable Prime Minister Narendra Modi jee. But the Hijra–Kinnar community is extremely affected by this and we ask for the government's help.” Meanwhile, most from the community are queuing up to cash exchangers who give them Rs 350 in exchange for an old Rs 500 note. (WION)

India:Transgenders hit hard by demonetisation move

India will stop over-the-counter exchange of old currency&nbsp;notes&nbsp;after midnight on November 24, the country&#39;s finance ministry said on Twitter.

Earlier this month the government withdrew large denomination&nbsp;notes&nbsp;in an attempt to uncover billions of dollars in undeclared wealth.&nbsp;

Those with old&nbsp;notes&nbsp;will still be allowed to deposit them into their bank accounts until December&nbsp;31, but not permitted to do outright exchanges.&nbsp;

Foreign citizens will be permitted to exchange foreign currency up to 5,000 rupees ($73) a week, the ministry said.

The government had permitted various exemptions for certain transactions where payment could be made through old 500 rupees and 1,000 rupees&nbsp;notes. These exemptions, with some additions and modifications, will continue until December&nbsp;15.

(Reuters)

People will be allowed to deposit them in bank accounts till December 31

India will stop over-the-counter exchange of old currency notes after midnight on November 24, the country's finance ministry said on Twitter. Earlier this month the government withdrew large denomination notes in an attempt to uncover billions of dollars in undeclared wealth. Those with old notes will still be allowed to deposit them into their bank accounts until December 31, but not permitted to do outright exchanges. Foreign citizens will be permitted to exchange foreign currency up to 5,000 rupees ($73) a week, the ministry said. The government had permitted various exemptions for certain transactions where payment could be made through old 500 rupees and 1,000 rupees notes. These exemptions, with some additions and modifications, will continue until December 15. (Reuters)

Demonetisation: Over-the-counter exchange of old currency notes ends

The government on Thursday extended the exemptions on use of old Rs 500 notes in public utilities, but stopped the over-the-counter exchange of defunct currencies and use of Rs 1,000 notes. The government has extended the facility till December 15. &nbsp;

The government release said the payments for the transactions under all the exempted categories will now be accepted only through old Rs 500 notes.&nbsp;

Schools and colleges run by central and state governments, municipalities and local bodies will accept fees up to Rs 2,000 per student.&nbsp;

Payment towards pre-paid mobile top-up to a limit of Rs 500 per recharge has also been allowed while purchase from consumer cooperative stores will be limited to Rs 5,000 at a time.

Current and arrears dues payments will be limited to only water and electricity, a facility that will continue to be available only for individuals and households.

Foreign citizens will now be permitted to exchange foreign currency up to Rs 5000 per week. Necessary entry to this effect will be made in their passports, it said.

Explaining the reason for discontinuance of exchange of the defunct notes, the release said it has been observed that over-the-counter exchange of the old notes has shown a declining trend.

It has further been felt that people may be encouraged and facilitated to deposit their old Rs 500 and Rs 1000 notes in their bank accounts. This will encourage people who are still unbanked, to open new bank accounts, it said.

(WION with inputs from PTI) 
&nbsp;

The government permitted various exemptions for certain transactions where payment could be made through old 500 rupees notes

The government on Thursday extended the exemptions on use of old Rs 500 notes in public utilities, but stopped the over-the-counter exchange of defunct currencies and use of Rs 1,000 notes. The government has extended the facility till December 15. The government release said the payments for the transactions under all the exempted categories will now be accepted only through old Rs 500 notes. Schools and colleges run by central and state governments, municipalities and local bodies will accept fees up to Rs 2,000 per student. Payment towards pre-paid mobile top-up to a limit of Rs 500 per recharge has also been allowed while purchase from consumer cooperative stores will be limited to Rs 5,000 at a time. Current and arrears dues payments will be limited to only water and electricity, a facility that will continue to be available only for individuals and households. Foreign citizens will now be permitted to exchange foreign currency up to Rs 5000 per week. Necessary entry to this effect will be made in their passports, it said. Explaining the reason for discontinuance of exchange of the defunct notes, the release said it has been observed that over-the-counter exchange of the old notes has shown a declining trend. It has further been felt that people may be encouraged and facilitated to deposit their old Rs 500 and Rs 1000 notes in their bank accounts. This will encourage people who are still unbanked, to open new bank accounts, it said. (WION with inputs from PTI)

Demonetisation: Government extends exemptions on use of old Rs 500 note till December 15

Attacking the Modi government, former Prime Minister Manmohan Singh on Thursday called the implementation of demonetisation as &#39;monumental management failure&#39; and urged the Prime Minister to find a practical and pragmatic solution to give relief to the common man.

Here is the complete text of his speech:

<blockquote>
I rise to highlight some of the problems that have arisen after the decision to demonetise Rs500 and Rs1000 currency notes.

Prime minister has been arguing that this is the way to curb black money, to prevent growth of forfeited currency notes and also to help in control of terrorist finance activity.

I do not disagree with these objectives. But what I do want to point out is that in the process of demonetisation, monumental mismanagement has been undertaken [applause] about which there is no opinions in the country as a whole.

Even those who say that this measure will do harm or will cause distress in the short term but be in the interest of the country in the long-run, I am reminded of what John Keynes said once: In the long run, all of us are dead.

And therefore it is important to take note of the grievances of the people, the ordinary people who have suffered as a result of this imposition on the country overnight by the prime minister.

And I say so with all responsibility, that the outcome&hellip; we do not know what will be final outcome. Prime minister has said that we should wait for 50 days. Well, 50 days is a short period, but for those who are poor and deprived section of the community, even 50 days torture can bring about disastrous effect. And that&rsquo;s why about 60 to 65 people have lost their lives. Maybe more.

And what is more is, what has been done can weaken and erode our people&rsquo;s confidence in the currency system and in the banking system. One, I would like to know from the prime minister, the names of any countries he may think of where people have deposited their money in the banks but they are not allowed to withdraw their money. This alone, I think, is enough to condemn what has been done in the name of [inaudible].

And sir, I would further like to point out that in my opinion, this scheme of (de)monetisation, the way it has been implemented will hurt agricultural growth in our country, will hurt small industry, will hurt all those people who are in the informal sectors of the economy. And my own feeling is that the national income, i.e. the GDP of the country, can decline by about two percentage points as a result of what has been done. This is an underestimate, not an overestimate.

Therefore, I feel that the prime minister must come with some construction proposal: How we can implement this scheme and at the same time, prevent this distress that is being caused to the common people?

It is no good that every day the banking system comes with modification of the rules, the conditions under which people can withdraw money. That reflects very poorly on the prime minister&rsquo;s office, on the finance minister&rsquo;s office and on the Reserve Bank of India. I am very sorry that the Reserve Bank of India has been exposed to this sort of criticism, which I think is fully justified.

I, therefore, would not like to say much more than this. I urge upon the prime minister to find practical, pragmatic ways and means to relieve the distress of the people who happen to be a great majority of our people. 
After all, 90 per cent of our people work in the informal sector, 55% of our workers in agriculture are feeling distressed. The cooperative banking system, which serves a large number of people in the rural areas, is non-functional. It has been prevented from handling [inaudible].

So, all these measures convince me that the way this scheme has been implemented is a monumental management failure and in fact, it is a case of organised loot and legalised plunder [inaudible].

With these words, sir, I conclude. It is not my intention to pick holes in what one side does, or another side does. But I sincerely hope that the prime minister will, even at this late hour, will help us to find practical, pragmatic ways and means to provide relief to the suffering people of this country.
</blockquote>

He urged the Prime Minister to find a practical and pragmatic solution to give relief to the common man

Attacking the Modi government, former Prime Minister Manmohan Singh on Thursday called the implementation of demonetisation as 'monumental management failure' and urged the Prime Minister to find a practical and pragmatic solution to give relief to the common man. Here is the complete text of his speech: I rise to highlight some of the problems that have arisen after the decision to demonetise Rs500 and Rs1000 currency notes. Prime minister has been arguing that this is the way to curb black money, to prevent growth of forfeited currency notes and also to help in control of terrorist finance activity. I do not disagree with these objectives. But what I do want to point out is that in the process of demonetisation, monumental mismanagement has been undertaken [applause] about which there is no opinions in the country as a whole. Even those who say that this measure will do harm or will cause distress in the short term but be in the interest of the country in the long-run, I am reminded of what John Keynes said once: In the long run, all of us are dead. And therefore it is important to take note of the grievances of the people, the ordinary people who have suffered as a result of this imposition on the country overnight by the prime minister. And I say so with all responsibility, that the outcome… we do not know what will be final outcome. Prime minister has said that we should wait for 50 days. Well, 50 days is a short period, but for those who are poor and deprived section of the community, even 50 days torture can bring about disastrous effect. And that’s why about 60 to 65 people have lost their lives. Maybe more. And what is more is, what has been done can weaken and erode our people’s confidence in the currency system and in the banking system. One, I would like to know from the prime minister, the names of any countries he may think of where people have deposited their money in the banks but they are not allowed to withdraw their money. This alone, I think, is enough to condemn what has been done in the name of [inaudible]. And sir, I would further like to point out that in my opinion, this scheme of (de)monetisation, the way it has been implemented will hurt agricultural growth in our country, will hurt small industry, will hurt all those people who are in the informal sectors of the economy. And my own feeling is that the national income, i.e. the GDP of the country, can decline by about two percentage points as a result of what has been done. This is an underestimate, not an overestimate. Therefore, I feel that the prime minister must come with some construction proposal: How we can implement this scheme and at the same time, prevent this distress that is being caused to the common people? It is no good that every day the banking system comes with modification of the rules, the conditions under which people can withdraw money. That reflects very poorly on the prime minister’s office, on the finance minister’s office and on the Reserve Bank of India. I am very sorry that the Reserve Bank of India has been exposed to this sort of criticism, which I think is fully justified. I, therefore, would not like to say much more than this. I urge upon the prime minister to find practical, pragmatic ways and means to relieve the distress of the people who happen to be a great majority of our people. After all, 90 per cent of our people work in the informal sector, 55% of our workers in agriculture are feeling distressed. The cooperative banking system, which serves a large number of people in the rural areas, is non-functional. It has been prevented from handling [inaudible]. So, all these measures convince me that the way this scheme has been implemented is a monumental management failure and in fact, it is a case of organised loot and legalised plunder [inaudible]. With these words, sir, I conclude. It is not my intention to pick holes in what one side does, or another side does. But I sincerely hope that the prime minister will, even at this late hour, will help us to find practical, pragmatic ways and means to provide relief to the suffering people of this country.

Demonetisation: What former Prime Minister Manmohan Singh said in Parliament

Indian Prime Minister Narendra Modi today once again remained absent in the afternoon session of the Rajya Sabha -- the upper house of the Indian Parliament.

Both the Rajya Sabha and the Lok Sabha were later adjourned for the day.

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<blockquote class="twitter-tweet" data-lang="en">
Opposition creates uproar in Rajya Sabha over PM&#39;s absence
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/801707375598047232">November 24, 2016</a></blockquote>
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Finance minister Arun Jaitley, while addressing opposition in the House, said that the government was ready for debate.

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&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/801710204857380864">November 24, 2016</a></blockquote>
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The Opposition has been calling for Modi to come to Parliament and make a statement on demonetisation ever since the start of the winter session last week.&nbsp;

Former Prime Minister Manmohan Singh kicked off the debate in the morning, saying it is &quot;important to take note of the grievances of the people suffering&quot;.&nbsp;

And that &quot;those who say demonetisation is good in the long run, should recall (the) quote, &#39;In the long run we are all dead&#39;.&quot;

Earlier in the day too, both houses of Parliament were adjourned&nbsp;till noon Thursday because of the uproar over demonetisation.

Parliament has now been disrupted every single day since the start of the winter session last week. The Lok Sabha or the lower house has been adjourned for the day, again because of the continuing uproar over demonetisation. &nbsp;

The Opposition has also decided not to hold talks with the government up to November 28, which is when they will hold their nationwide Akrosh rally to protest against the demonetisation of the country&#39;s 500- and 1,000-rupee notes. Akrosh means &quot;rage&quot;.&nbsp;

Home minister Rajnath Singh had called a meeting with leaders of the Opposition today but they skipped it, deciding to meet on their own.&nbsp;

Parliamentary affairs minister Ananth Kumar had earlier reached out to the Opposition in an attempt to break the deadlock in Parliament.

(WION)

Let's talk, says the government. Former prime minister Manmohan Singh debates on demonetisation

Indian Prime Minister Narendra Modi today once again remained absent in the afternoon session of the Rajya Sabha -- the upper house of the Indian Parliament. Both the Rajya Sabha and the Lok Sabha were later adjourned for the day. Opposition creates uproar in Rajya Sabha over PM's absence — ANI (@ANI_news) November 24, 2016 × Finance minister Arun Jaitley, while addressing opposition in the House, said that the government was ready for debate. Opposition ka pramukh prastav tha ke PM charcha me rahen or fir unhone bahane dhundne shuru kar diye: FM Arun Jaitley on RS uproar — ANI (@ANI_news) November 24, 2016 × The Opposition has been calling for Modi to come to Parliament and make a statement on demonetisation ever since the start of the winter session last week. Former Prime Minister Manmohan Singh kicked off the debate in the morning, saying it is "important to take note of the grievances of the people suffering". And that "those who say demonetisation is good in the long run, should recall (the) quote, 'In the long run we are all dead'." Earlier in the day too, both houses of Parliament were adjourned till noon Thursday because of the uproar over demonetisation. Parliament has now been disrupted every single day since the start of the winter session last week. The Lok Sabha or the lower house has been adjourned for the day, again because of the continuing uproar over demonetisation. The Opposition has also decided not to hold talks with the government up to November 28, which is when they will hold their nationwide Akrosh rally to protest against the demonetisation of the country's 500- and 1,000-rupee notes. Akrosh means "rage". Home minister Rajnath Singh had called a meeting with leaders of the Opposition today but they skipped it, deciding to meet on their own. Parliamentary affairs minister Ananth Kumar had earlier reached out to the Opposition in an attempt to break the deadlock in Parliament. (WION)

Demonetisation: Both Houses of Parliament adjourned after opposition protests Indian Prime Minister's absence

With Indians queueing up in front of automated money tendering machines following Prime Minister Narendra Modi&#39;s demonetisation announcement, the government has been mulling over the issue to resolve citizens&#39; woes.

The federal government has been reviewing the issues related to cancellation of legal tender character of old Rs&nbsp;500 and Rs&nbsp;1,000 notes.

At a cabinet-level meeting held today, the government approved the amendments to new tax laws.

The cabinet also discussed implementation of cashless transactions with all the ministries assuring to promote e-payment in respective sectors, sources told WION.

E-wallet and gateways like unified payment interface (UPI) will be promoted and should be taken to grassroots, it was discussed at today&#39;s meeting.

Also, taxation reform, change in slabs and revision of tax evasion penalty clauses were discussed.

A road ahead for a cashless society was drawn up at the meet with e-payments being pushed going ahead.

Changes to the IT Act were also discussed to scrutinise illegal money in some bank accounts.

A bill in this regard is likely to be introduced in this winter session of the Parliament.

(WION)

E-wallet and gateways like unified payment interface (UPI) will be promoted and must be taken to grassroots, government says

With Indians queueing up in front of automated money tendering machines following Prime Minister Narendra Modi's demonetisation announcement, the government has been mulling over the issue to resolve citizens' woes. The federal government has been reviewing the issues related to cancellation of legal tender character of old Rs 500 and Rs 1,000 notes. At a cabinet-level meeting held today, the government approved the amendments to new tax laws. The cabinet also discussed implementation of cashless transactions with all the ministries assuring to promote e-payment in respective sectors, sources told WION. E-wallet and gateways like unified payment interface (UPI) will be promoted and should be taken to grassroots, it was discussed at today's meeting. Also, taxation reform, change in slabs and revision of tax evasion penalty clauses were discussed. A road ahead for a cashless society was drawn up at the meet with e-payments being pushed going ahead. Changes to the IT Act were also discussed to scrutinise illegal money in some bank accounts. A bill in this regard is likely to be introduced in this winter session of the Parliament. (WION)

Demonetisation: Government inches towards cashless future, promotes e-payments

As the government attempts to find a truce with a united opposition, which has disrupted both the Houses of Parliament since the beginning of the Winter Session, Indian Prime Minister Narendra Modi will attend the Upper house (Rajya Sabha) and is likely to participate in the discussion on demonetisation.

Since the first day of the ongoing Winter Session, the opposition leaders are calling for the Prime Minister to speak on the issue.

Even though most of them support the government&#39;s move on fight against black money, they are protesting against the way it was implemented as even after third week of the announcement on November 8, long queues can be seen outside ATMs and banks, with people looking to either exchange or deposit old notes.

Rejecting the demand of opposition parties to roll back the decision on demonetisation, union minister M. Venkaiah Naidu yesterday said the nation has supported the government`s step to unearth black money and added that the decision has been taken keeping in view of the welfare of the farmers and the marginalised sections of society.

He said that Prime Minister Modi took a bold decision to curb black money by invalidating the currency notes of 500 and 1,000 denominations.

For the fifth day yesterday, Parliament could not transact any substantial business due to uproar on demonetisation issue as both the Lok Sabha (Lower house) and the Rajya Sabha witnessed repeated adjournments amid allegations and counter-allegations by the members of opposition and treasury benches.

Earlier, opposition Congress&#39;s Anand Sharma alleged that the government has created financial anarchy in the country by demonetisation.

Sharad Yadav of the Janata Dal (United) reiterated his demand for payment of compensation to the kith and kin of those who have reportedly died of trauma while queuing outside banks and ATMs.

Bahujan Samaj Party (BSP) chief Mayawati said the situation in the country is grim and the absence of the Prime Minister in the House is an &quot;insult&quot;.

Sitaram Yechury of the Communist Party of India (Marxist) said the government is answerable to the House and the Parliament is answerable to the people.

(ANI)&nbsp;

While many support the move against black money, opposition is protesting against the way it was implemented causing inconvenience

As the government attempts to find a truce with a united opposition, which has disrupted both the Houses of Parliament since the beginning of the Winter Session, Indian Prime Minister Narendra Modi will attend the Upper house (Rajya Sabha) and is likely to participate in the discussion on demonetisation. Since the first day of the ongoing Winter Session, the opposition leaders are calling for the Prime Minister to speak on the issue. Even though most of them support the government's move on fight against black money, they are protesting against the way it was implemented as even after third week of the announcement on November 8, long queues can be seen outside ATMs and banks, with people looking to either exchange or deposit old notes. Rejecting the demand of opposition parties to roll back the decision on demonetisation, union minister M. Venkaiah Naidu yesterday said the nation has supported the government`s step to unearth black money and added that the decision has been taken keeping in view of the welfare of the farmers and the marginalised sections of society. He said that Prime Minister Modi took a bold decision to curb black money by invalidating the currency notes of 500 and 1,000 denominations. For the fifth day yesterday, Parliament could not transact any substantial business due to uproar on demonetisation issue as both the Lok Sabha (Lower house) and the Rajya Sabha witnessed repeated adjournments amid allegations and counter-allegations by the members of opposition and treasury benches. Earlier, opposition Congress's Anand Sharma alleged that the government has created financial anarchy in the country by demonetisation. Sharad Yadav of the Janata Dal (United) reiterated his demand for payment of compensation to the kith and kin of those who have reportedly died of trauma while queuing outside banks and ATMs. Bahujan Samaj Party (BSP) chief Mayawati said the situation in the country is grim and the absence of the Prime Minister in the House is an "insult". Sitaram Yechury of the Communist Party of India (Marxist) said the government is answerable to the House and the Parliament is answerable to the people. (ANI)

Demonetisation: Modi to attend Rajya Sabha today

Opposition parties in India have planned a countrywide protest - Aakrosh Diwas -&nbsp;on November 28 over the government&#39;s demonetisation move.

The Trinamool Congress (TMC), led by Mamata Banerjee,&nbsp;today staged a sit-in protest in the Indian capital at Jantar Mantar, demanding a rollback of the demonetisation drive.

The TMC has appealed to NGOs, charitable organisations, political parties, student groups, civil society representatives and others to join the protest against this &quot;financial emergency&quot;, news agency ANI reported.

Janata Dal United (JD-U) Rajya Sabha member Sharad Yadav also joined TMC&#39;s protest as almost 200 members of Parliament belonging to the Opposition parties formed a giant human chain outside&nbsp;Parliament demanding Prime Minister Narendra Modi&#39;s presence in the House.

The major parties which participated in the protest were the Congress, Bhartiya Samajwadi Party (BSP), JD (U), TMC, AIADMK, Nationalist Congress Party (NCP), Left parties, Rashtriya Janta Dal (RJD) and the Samajwadi Party (SP).

&quot;The nation is standing in line (referring to the queues outside ATMs) and we are doing just that here,&quot; Congress vice president Rahul Gandhi said.

Gandhi later told the media that Prime Minister Modi must come to the Parliament and address the members over the government&#39;s decision. He demanded the setting up of a Joint Parliamentary Committee (JPC) to probe the alleged selective leakage of the decision. He said that finance minister Arun Jaitley and the Chief Economic Advisor were not even consulted by Prime Minister Modi before considering the decision, an ANI report said.

&quot;Not a surgical strike, but carpet bombing on people&quot;, &quot;Stop the persecution of common people&quot; and &quot;Save poor people&quot;, were some of the slogans on the placards held by the leaders, ANI reported.

Senior union ministers including Rajnath Singh and&nbsp;Ananth Kumar&nbsp;were at the time holding a meeting in Venkaiah Naidu&#39;s chamber discussing the government&#39;s strategy in Parliament.

Meanwhile, an uproar by Opposition parties over the issue led to the Lok Sabha being adjourned yet again today.

Union minister Ananth Kumar said that the government was ready for a debate. &quot;The Parliament session is very important. Poor people want demonetisation to be a success, they see Prime Minister as their messiah; Opposition is overlooking the public&#39;s mood. Opposition is not allowing a discussion in the house by creating uproar. On the contrary, they are putting the blame on the government,&quot; said union minister for Information and Broadcasting M&nbsp;Venkaiah Naidu.

&quot;Keeping in view the interest of the poor and the middle-class and the lower middle-class, the Prime Minister has taken this radical, bold, revolutionary step of fighting against corruption and black money. This is a crusade against corruption and black money, the entire country is happy about it,&quot; he added. Naidu, however, admitted that there were some problems, which were being attended to and addressed.

Rahul Gandhi, however, said, &quot;The Speaker is refusing to give us a debate under an adjournment motion. Question is not whether Prime Minister sits there, question is, are we being allowed to speak? There are 200 MPs who are standing outside today, who want a debate to be allowed in the Lok Sabha.&quot;

&quot;We want to have a debate on the adjournment motion because the adjournment motion is a motion which has an element of censure in it, we wanted Prime Minister&#39;s presence,&quot; said former union minister Kamal Nath.

(WION with inputs from ANI)

Protesting against the government's demonetisaton drive, the opposition parties will observe 'Aakrosh Diwas' across the nation

Opposition parties in India have planned a countrywide protest - Aakrosh Diwas - on November 28 over the government's demonetisation move. The Trinamool Congress (TMC), led by Mamata Banerjee, today staged a sit-in protest in the Indian capital at Jantar Mantar, demanding a rollback of the demonetisation drive. The TMC has appealed to NGOs, charitable organisations, political parties, student groups, civil society representatives and others to join the protest against this "financial emergency", news agency ANI reported. Janata Dal United (JD-U) Rajya Sabha member Sharad Yadav also joined TMC's protest as almost 200 members of Parliament belonging to the Opposition parties formed a giant human chain outside Parliament demanding Prime Minister Narendra Modi's presence in the House. The major parties which participated in the protest were the Congress, Bhartiya Samajwadi Party (BSP), JD (U), TMC, AIADMK, Nationalist Congress Party (NCP), Left parties, Rashtriya Janta Dal (RJD) and the Samajwadi Party (SP). "The nation is standing in line (referring to the queues outside ATMs) and we are doing just that here," Congress vice president Rahul Gandhi said. Gandhi later told the media that Prime Minister Modi must come to the Parliament and address the members over the government's decision. He demanded the setting up of a Joint Parliamentary Committee (JPC) to probe the alleged selective leakage of the decision. He said that finance minister Arun Jaitley and the Chief Economic Advisor were not even consulted by Prime Minister Modi before considering the decision, an ANI report said. "Not a surgical strike, but carpet bombing on people", "Stop the persecution of common people" and "Save poor people", were some of the slogans on the placards held by the leaders, ANI reported. Senior union ministers including Rajnath Singh and Ananth Kumar were at the time holding a meeting in Venkaiah Naidu's chamber discussing the government's strategy in Parliament. Meanwhile, an uproar by Opposition parties over the issue led to the Lok Sabha being adjourned yet again today. Union minister Ananth Kumar said that the government was ready for a debate. "The Parliament session is very important. Poor people want demonetisation to be a success, they see Prime Minister as their messiah; Opposition is overlooking the public's mood. Opposition is not allowing a discussion in the house by creating uproar. On the contrary, they are putting the blame on the government," said union minister for Information and Broadcasting M Venkaiah Naidu. "Keeping in view the interest of the poor and the middle-class and the lower middle-class, the Prime Minister has taken this radical, bold, revolutionary step of fighting against corruption and black money. This is a crusade against corruption and black money, the entire country is happy about it," he added. Naidu, however, admitted that there were some problems, which were being attended to and addressed. Rahul Gandhi, however, said, "The Speaker is refusing to give us a debate under an adjournment motion. Question is not whether Prime Minister sits there, question is, are we being allowed to speak? There are 200 MPs who are standing outside today, who want a debate to be allowed in the Lok Sabha." "We want to have a debate on the adjournment motion because the adjournment motion is a motion which has an element of censure in it, we wanted Prime Minister's presence," said former union minister Kamal Nath. (WION with inputs from ANI)

Demonetisation: Opposition may observe 'Day of Rage', Rahul Gandhi demands parliamentary committee probe

To encourage widespread usage of digital payments post demonetisation, the government today said no transaction charges will be levied on debit cards till December 31. 
 
All public sector banks and some private sector ones have agreed to waive the transaction cost for all payments made through debit cards, Economic Affairs Secretary Shaktikanta Das told reporters here. 
 
The move comes after the government reviewed the situation post demonetisation of 500 and 1,000 rupee notes and decided to encourage digital payments. 
 
&quot;Public sector banks and some of the private sector banks, and some of the service providers who provide switching services, have agreed to waive the service charges on the use of debit cards up to December 31, 2016,&quot; Das said. 
 
As of now, Rupay debit cards have already waived the switching charges. Other debit cards which operate international card network companies like Mastercard and Visa, currently charge transaction charges. 
 
So far, customers bear the transaction cost commonly known as merchant discount rate (MDR) on payments made to the government. 
 
&quot;The MDR charges on use of debit cards, the charges being levied by the banks and the switching charges will stand completely waived. So, there will be no charge on use of debit cards. 
 
&quot;I take this opportunity to appreciate the gesture of public sector banks, and some of the private sector banks who have already agreed. And others are expected to agree and issue their own circulars,&quot; Das said. 
 
He said the intention behind this decision is to ensure greater penetration of digital transactions into our economy and to ensure that more and more people migrate towards digital transactions. 
 
The Reserve Bank in 2012 had capped the MDR for debit card transaction at 0.75 per cent for transaction values up to Rs 2,000 and at 1 per cent for transaction values above Rs 2,000. However, there is no RBI cap on MDR on credit card payments. 
 
In order to move towards &#39;less-cash&#39; society by developing a card acceptance infrastructure, the RBI had in March came out with a concept paper to encourage card transactions and sought public opinion. 
 
As of October 2015, there were 61.5 crore debit card users and 2.3 crore credit card holders in the country. 
 
The Task Force on promotion of payments through cards and digital means has flagged issues with respective government departments.

(PTI)

No transaction charges will be levied on debit cards till December 31, the government said, in a move to encourage use of digital payments

To encourage widespread usage of digital payments post demonetisation, the government today said no transaction charges will be levied on debit cards till December 31. All public sector banks and some private sector ones have agreed to waive the transaction cost for all payments made through debit cards, Economic Affairs Secretary Shaktikanta Das told reporters here. The move comes after the government reviewed the situation post demonetisation of 500 and 1,000 rupee notes and decided to encourage digital payments. "Public sector banks and some of the private sector banks, and some of the service providers who provide switching services, have agreed to waive the service charges on the use of debit cards up to December 31, 2016," Das said. As of now, Rupay debit cards have already waived the switching charges. Other debit cards which operate international card network companies like Mastercard and Visa, currently charge transaction charges. So far, customers bear the transaction cost commonly known as merchant discount rate (MDR) on payments made to the government. "The MDR charges on use of debit cards, the charges being levied by the banks and the switching charges will stand completely waived. So, there will be no charge on use of debit cards. "I take this opportunity to appreciate the gesture of public sector banks, and some of the private sector banks who have already agreed. And others are expected to agree and issue their own circulars," Das said. He said the intention behind this decision is to ensure greater penetration of digital transactions into our economy and to ensure that more and more people migrate towards digital transactions. The Reserve Bank in 2012 had capped the MDR for debit card transaction at 0.75 per cent for transaction values up to Rs 2,000 and at 1 per cent for transaction values above Rs 2,000. However, there is no RBI cap on MDR on credit card payments. In order to move towards 'less-cash' society by developing a card acceptance infrastructure, the RBI had in March came out with a concept paper to encourage card transactions and sought public opinion. As of October 2015, there were 61.5 crore debit card users and 2.3 crore credit card holders in the country. The Task Force on promotion of payments through cards and digital means has flagged issues with respective government departments. (PTI)

Demonetisation: Indian govt waives service charge on use of debit cards

Indian Prime Minister Narendra&nbsp;Modi&rsquo;s war on black money and the demonetisation of Rs 500 and Rs 1000 notes has shaken the nation. While the country seems split between deciding whether it&rsquo;s a good or bad move, some entrepreneurial individuals are using this as a clever business opportunity. With many people forced to stand in line to either exchange their notes or deposit them a Delhi-based start-up called Book My Chotu is using it as an opportunity to provide some gainful employment and make some money as well.

The Delhi-based start-up which describes itself as &lsquo;first on-demand helper booking website&rsquo;.

The hired person would charge Rs 90 per hour for standing in the queue, media reports said. The helper will not enter the ATM or the bank, but will simply inform the person about the status so that he or she can take place on time. 
 
CEO and founder Satjeet Singh Bedi told Hindustan Times: &ldquo;It started when my mother was ill and I needed immediately needed cash. I requested my teammates to stand in the queue in place of me and quickly replaced them when my turn came.&rdquo;

When asked if other people standing in the queues objected, Bedi said that it was already a common practice amongst family members and insisted that &lsquo;chotus&rsquo; be treated with respect.

The company, however, specified that no &quot;Chotu&quot; is below 18 years of age. To hire him, the person needs to go to their website, and choose the number of people required along with the number of hours that the person wants him for. BMC will then send a confirmation. &nbsp;

&nbsp;

<iframe allowtransparency="true" frameborder="0" height="540" scrolling="no" src="https://www.facebook.com/plugins/post.php?href=https%3A%2F%2Fwww.facebook.com%2Fpermalink.php%3Fstory_fbid%3D1805273619714836%26id%3D1618775568364643&amp;width=500" style="border:none;overflow:hidden" width="500"></iframe>

A Facebook post from the company claimed: &ldquo;Are you short of cash? Need a Helper to stand in Queue of the bank / atm till the time your turn comes?? www.bookmychotu.com First on demand helper booking service Hire Hourly Helpers @INR 90 per hr Available in DELHI NCR

****Please note our boys will not go inside bank , they will just stand in the queue for our customers as we understand that there can be some emergency and our helpers can help you in the same by saving your valuable time . Also chotu is just a name, all our helpers are above 18yrs of age.

(The article first appeared in DNA)

The helper will not enter the ATM or the bank but will inform the person about the queue status

Indian Prime Minister Narendra Modi’s war on black money and the demonetisation of Rs 500 and Rs 1000 notes has shaken the nation. While the country seems split between deciding whether it’s a good or bad move, some entrepreneurial individuals are using this as a clever business opportunity. With many people forced to stand in line to either exchange their notes or deposit them a Delhi-based start-up called Book My Chotu is using it as an opportunity to provide some gainful employment and make some money as well. The Delhi-based start-up which describes itself as ‘first on-demand helper booking website’. The hired person would charge Rs 90 per hour for standing in the queue, media reports said. The helper will not enter the ATM or the bank, but will simply inform the person about the status so that he or she can take place on time. CEO and founder Satjeet Singh Bedi told Hindustan Times: “It started when my mother was ill and I needed immediately needed cash. I requested my teammates to stand in the queue in place of me and quickly replaced them when my turn came.” When asked if other people standing in the queues objected, Bedi said that it was already a common practice amongst family members and insisted that ‘chotus’ be treated with respect. The company, however, specified that no "Chotu" is below 18 years of age. To hire him, the person needs to go to their website, and choose the number of people required along with the number of hours that the person wants him for. BMC will then send a confirmation. A Facebook post from the company claimed: “Are you short of cash? Need a Helper to stand in Queue of the bank / atm till the time your turn comes?? www.bookmychotu.com First on demand helper booking service Hire Hourly Helpers @INR 90 per hr Available in DELHI NCR ****Please note our boys will not go inside bank , they will just stand in the queue for our customers as we understand that there can be some emergency and our helpers can help you in the same by saving your valuable time . Also chotu is just a name, all our helpers are above 18yrs of age. (The article first appeared in DNA)

Demonetisation: 'Book My Chotu' app offers helpers to brave ATM, bank queues

The government has allowed the National Bank for Agriculture and Rural Development (NABARD), a state-run lender, to disburse 210 billion rupees ($3.07 billion) to farmers to help them sow winter crops such as wheat, a top finance ministry official told reporters on Wednesday.

Shaktikanta Das, economic affairs secretary, said NABARD will disburse the money through farm cooperatives.

Prime Minister Narendra Modi`s shock move to cancel 500 and 1,000 rupee banknotes as legal tender has left millions of farmers with little cash to buy seeds and fertilisers for winter crops, threatening production of key commodities and hurting rural communities that were only just recovering after two years of drought.

Small farmers get 40 percent of their credit from cooperative banks, Das said.

(Reuters)

The Indian government's decision to scrap Rs 500 and Rs 1,000 banknotes had left farmers with little money to buy fertilisers or seeds

The government has allowed the National Bank for Agriculture and Rural Development (NABARD), a state-run lender, to disburse 210 billion rupees ($3.07 billion) to farmers to help them sow winter crops such as wheat, a top finance ministry official told reporters on Wednesday. Shaktikanta Das, economic affairs secretary, said NABARD will disburse the money through farm cooperatives. Prime Minister Narendra Modi`s shock move to cancel 500 and 1,000 rupee banknotes as legal tender has left millions of farmers with little cash to buy seeds and fertilisers for winter crops, threatening production of key commodities and hurting rural communities that were only just recovering after two years of drought. Small farmers get 40 percent of their credit from cooperative banks, Das said. (Reuters)

Demonetisation: Indian farmers to get $3.07 billion to sow winter crops

India&#39;s top court, the Supreme Court, refused to restrain high courts across the country from taking up cases relating to demonetisation, delivering yet another setback to the government.

The government had approached the top court for a stay on the proceedings of the high courts proceedings in demonetisation cases on the ground that the situation was &quot;much better,&quot; PTI reported.&nbsp;

This failed to cut any ice with the top court which refused to stay the ongoing proceedings before the high courts on the grounds that people may get &quot;immediate relief&quot; from them.

&quot;We don&#39;t want to stay it,&quot; a bench headed by Chief Justice T S Thakur said. &quot;There are various issues. People may get immediate relief from the high courts.&quot;

The Centre had claimed that the scheme was a &quot;success&quot; since over Rs six lakh crores had already been deposited and about Rs 10 lakh crore was expected to come to the exchequer till December end.&nbsp;

The government&#39;s top law officer, Attorney General Mukul Rohatgi, also submitted to the apex court that queues in banks, ATMs, post offices had shortened remarkably and, if required, the time limit of depositing and exchanging the Rs 1,000 and Rs 500 old notes could be extended beyond December 30. He also said people had alternatives by way of digital money.

Rohatgi also told the court that demonetising high denomination currency notes of Rs 1000 and Rs 500 was a &quot;move to remove 70 years of slush money&quot; since they constituted 80 to 85 per cent of the legal tender.&nbsp;

&quot;If it takes another 20-30 days to remove it, I do not think its a big deal,&quot; he told the bench. &quot;It is a success till now.&quot;&nbsp;

&quot;The money will be used in the economy and the lending rates will come down,&quot; the attorney general added.&nbsp;

But the bench was not impressed. It observed that people were seriously affected and doors of courts cannot be shut in a situation which &quot;may lead to riots&quot;.

The setback to the government came in quick succession to the Supreme Court&#39;s November 18 ruling in which it had refused to stop high courts from admitting petitions challenging the government&#39;s notification of November 8 to demonetise the Rs 500 and Rs 1000 notes.&nbsp;

The bench only issued notices and sought the response of those who had approached high courts on the Centre&#39;s plea seeking transfer of the cases to the apex court or any one of the high courts, PTI reported.

Some of the issues which have come up before high courts included removing the weekly limit of Rs 24,000 on withdrawals, challenging the use of old currency notes of Rs 1,000 and Rs 500 at public utility centres like hospitals and petrol pumps and asking for direction to ensure sufficient cash in ATMs.

(WION with inputs from PTI)

The court told the government the doors of the court cannot be shut in a situation where people were seriously affected

India's top court, the Supreme Court, refused to restrain high courts across the country from taking up cases relating to demonetisation, delivering yet another setback to the government. The government had approached the top court for a stay on the proceedings of the high courts proceedings in demonetisation cases on the ground that the situation was "much better," PTI reported. This failed to cut any ice with the top court which refused to stay the ongoing proceedings before the high courts on the grounds that people may get "immediate relief" from them. "We don't want to stay it," a bench headed by Chief Justice T S Thakur said. "There are various issues. People may get immediate relief from the high courts." The Centre had claimed that the scheme was a "success" since over Rs six lakh crores had already been deposited and about Rs 10 lakh crore was expected to come to the exchequer till December end. The government's top law officer, Attorney General Mukul Rohatgi, also submitted to the apex court that queues in banks, ATMs, post offices had shortened remarkably and, if required, the time limit of depositing and exchanging the Rs 1,000 and Rs 500 old notes could be extended beyond December 30. He also said people had alternatives by way of digital money. Rohatgi also told the court that demonetising high denomination currency notes of Rs 1000 and Rs 500 was a "move to remove 70 years of slush money" since they constituted 80 to 85 per cent of the legal tender. "If it takes another 20-30 days to remove it, I do not think its a big deal," he told the bench. "It is a success till now." "The money will be used in the economy and the lending rates will come down," the attorney general added. But the bench was not impressed. It observed that people were seriously affected and doors of courts cannot be shut in a situation which "may lead to riots". The setback to the government came in quick succession to the Supreme Court's November 18 ruling in which it had refused to stop high courts from admitting petitions challenging the government's notification of November 8 to demonetise the Rs 500 and Rs 1000 notes. The bench only issued notices and sought the response of those who had approached high courts on the Centre's plea seeking transfer of the cases to the apex court or any one of the high courts, PTI reported. Some of the issues which have come up before high courts included removing the weekly limit of Rs 24,000 on withdrawals, challenging the use of old currency notes of Rs 1,000 and Rs 500 at public utility centres like hospitals and petrol pumps and asking for direction to ensure sufficient cash in ATMs. (WION with inputs from PTI)

India's top court refuses to restrain high courts from taking up demonetisation cases

In a reply to the opposition in India, the BJP said that the government was eager to hear Congress vice-president Rahul Gandhi&#39;s &quot;scholarly&quot; arguments on demonetisation.

Union minister Ravi Shankar Prasad also spoke about the Congress&#39; poor show in by-poll results, which were announced yesterday. Instead of forming a&nbsp;human chain outside the Parliament they should produce a &quot;chain of speakers&quot; inside and start a debate, he said.

&quot;The government is very keen to hear Rahul Gandhi&#39;s scholarly arguments. Rajya Sabha witnessed a debate on November 17 and Congress leaders like Ghulam Nabi Azad and Anand Sharma besides BSP&#39;s Mayawati spoke. What happened now that they are running away from a debate. They realise that the country is not appreciating their arguments,&quot; DNA reported Prasad as saying.

Meanwhile, there were reports that Prime Minister Narendra Modi is likely to attend the Rajya Sabha tomorrow.&nbsp;

Prasad said that over Rs 7 lakh crores have been deposited in banks and it may lead to lower interest rates and other benefits to the masses.

Opposition parties today came together to protest against demonetisation outside Parliament, with Congress vice president Rahul Gandhi describing it as the world&#39;s &quot;biggest impromptu financial experiment&quot; and said they are firm on their demand for a JPC probe into the &quot;scam&quot;.

&quot;Our demand is that PM represents the country and he should come to Parliament and sit through the entire debate and hear us out and the other opposition leaders,&quot; Gandhi said.

&quot;We feel there is a scam behind this decision. We feel he informed his own people before and the opposition is firm that it wants a JPC,&quot; he said.

He added that the decision has hit the fishermen in Bengal and Kerala and other places.

(WION with inputs from DNA)

&nbsp;

Union Minister Ravi Shankar Prasad today lashed out at the opposition saying it should debate in Parliament instead of protesting outside

In a reply to the opposition in India, the BJP said that the government was eager to hear Congress vice-president Rahul Gandhi's "scholarly" arguments on demonetisation. Union minister Ravi Shankar Prasad also spoke about the Congress' poor show in by-poll results, which were announced yesterday. Instead of forming a human chain outside the Parliament they should produce a "chain of speakers" inside and start a debate, he said. "The government is very keen to hear Rahul Gandhi's scholarly arguments. Rajya Sabha witnessed a debate on November 17 and Congress leaders like Ghulam Nabi Azad and Anand Sharma besides BSP's Mayawati spoke. What happened now that they are running away from a debate. They realise that the country is not appreciating their arguments," DNA reported Prasad as saying. Meanwhile, there were reports that Prime Minister Narendra Modi is likely to attend the Rajya Sabha tomorrow. Prasad said that over Rs 7 lakh crores have been deposited in banks and it may lead to lower interest rates and other benefits to the masses. Opposition parties today came together to protest against demonetisation outside Parliament, with Congress vice president Rahul Gandhi describing it as the world's "biggest impromptu financial experiment" and said they are firm on their demand for a JPC probe into the "scam". "Our demand is that PM represents the country and he should come to Parliament and sit through the entire debate and hear us out and the other opposition leaders," Gandhi said. "We feel there is a scam behind this decision. We feel he informed his own people before and the opposition is firm that it wants a JPC," he said. He added that the decision has hit the fishermen in Bengal and Kerala and other places. (WION with inputs from DNA)

Demonetisation: Government ready to hear 'scholarly arguments' of opposition

India&#39;s law minister Ravi Shankar Prasad on Tuesday accused the opposition parties of creating unwarranted ruckus in the Parliament and alleged that those opposing the demonetisation drive did not have anything concrete against the 
move.

People avoiding the debate on demonetisation, are running away from truth, he said. &quot;We expect the opposition to participate in the debate. But I would like to ask that we did have a debate on the 16th, it went on for the whole day. But it was stalled. Why?&quot; Prasad questioned.

&quot;I would like to assert that they don&#39;t have any statement to make, they don&#39;t have answers and that is why they are running away from a debate,&quot; he added.

The Lok Sabha earlier today witnessed chaos as a united opposition stuck to its demand to discuss the demonetisation issue under rules entailing voting.

The speaker adjourned the house till noon and then for the day. Similar scenes were witnessed in the Upper House too with the opposition demanding the Prime Minister&#39;s presence in the house and payment of compensation to those who died of trauma while queuing up before banks and ATMs following demonetisation of high value currency notes, ANI reported.

The house was adjourned for the day too.

Earlier today, Indian Prime Minister Modi asserted that the demonetisation of high value currency is just a beginning of his government&#39;s deep and continuous struggle against black money. The decision is in the interest of poor and middle class, he said.

Congress on Tuesday alleged that the government&#39;s demonetisation drive has unleashed financial anarchy and asked Prime Minister Narendra Modi to tender an apology to the nation.

&quot;What is happening in India is a continual illegality because the money which is there in the bank accounts of the people is their own money and nobody neither the Prime Minister nor the Finance Minister or the Reserve Bank of India have any legal power or authority to deny Indian citizens access to their own bank accounts,&quot; Congress leader Anand Sharma said.

(WION with inputs from agencies)

Both houses of the Parliament today witnessed ruckus over the demonetisation debate, leading to both houses being adjourned for the day

India's law minister Ravi Shankar Prasad on Tuesday accused the opposition parties of creating unwarranted ruckus in the Parliament and alleged that those opposing the demonetisation drive did not have anything concrete against the move. People avoiding the debate on demonetisation, are running away from truth, he said. "We expect the opposition to participate in the debate. But I would like to ask that we did have a debate on the 16th, it went on for the whole day. But it was stalled. Why?" Prasad questioned. "I would like to assert that they don't have any statement to make, they don't have answers and that is why they are running away from a debate," he added. The Lok Sabha earlier today witnessed chaos as a united opposition stuck to its demand to discuss the demonetisation issue under rules entailing voting. The speaker adjourned the house till noon and then for the day. Similar scenes were witnessed in the Upper House too with the opposition demanding the Prime Minister's presence in the house and payment of compensation to those who died of trauma while queuing up before banks and ATMs following demonetisation of high value currency notes, ANI reported. The house was adjourned for the day too. Earlier today, Indian Prime Minister Modi asserted that the demonetisation of high value currency is just a beginning of his government's deep and continuous struggle against black money. The decision is in the interest of poor and middle class, he said. Congress on Tuesday alleged that the government's demonetisation drive has unleashed financial anarchy and asked Prime Minister Narendra Modi to tender an apology to the nation. "What is happening in India is a continual illegality because the money which is there in the bank accounts of the people is their own money and nobody neither the Prime Minister nor the Finance Minister or the Reserve Bank of India have any legal power or authority to deny Indian citizens access to their own bank accounts," Congress leader Anand Sharma said. (WION with inputs from agencies)

Demonetisation: Those opposing move don't have concrete answers, says India's union minister

The&nbsp;Reserve Bank of India (RBI) may cut repo and reverse repo rate owing to the rise in new&nbsp;deposits with the banks at the back&nbsp;of demonetisation.&nbsp;

While the central bank could cut its repo rate, the rate at which RBI&nbsp;lends to banks; there could also be a cut in the&nbsp;reverse repo rate&nbsp;as the banks are most likely to park their additional liquidity with the RBI.

In the reverse repo, banks park their excess funds with the RBI in exchange for government bonds. The reverse repo rate is the interest&nbsp;rate that the banks earn from the RBI on these funds.

Deflationary pressures&nbsp;could cloud the economy in the short term; the effects of which can be disruptive for the economy. With that in mind, the monetary policy committe may cut the&nbsp;repo and reverse repo rate&nbsp;at its December 6th meeting.

Various data records show that banks have received deposits of around 5.12 trillion rupees between November 10 and 18.

The &nbsp;current repo rate stands at 6.25 per cent as on October 4, down 25 basis points while the reverse repo rate currently stands at 5.75 per cent.

 
(WION)

 
&nbsp;

The near-term deflation could cloud the economy in the short term; the effects of which can be disruptive for the economy

The Reserve Bank of India (RBI) may cut repo and reverse repo rate owing to the rise in new deposits with the banks at the back of demonetisation. While the central bank could cut its repo rate, the rate at which RBI lends to banks; there could also be a cut in the reverse repo rate as the banks are most likely to park their additional liquidity with the RBI. In the reverse repo, banks park their excess funds with the RBI in exchange for government bonds. The reverse repo rate is the interest rate that the banks earn from the RBI on these funds. Deflationary pressures could cloud the economy in the short term; the effects of which can be disruptive for the economy. With that in mind, the monetary policy committe may cut the repo and reverse repo rate at its December 6th meeting. Various data records show that banks have received deposits of around 5.12 trillion rupees between November 10 and 18. The current repo rate stands at 6.25 per cent as on October 4, down 25 basis points while the reverse repo rate currently stands at 5.75 per cent. (WION)

Demonetisation: Reserve Bank of India may cut repo rates due to new?deposits with banks

Indian Prime Minister Narendra Modi addressed his party&#39;s parliamentarians this morning, urging them to tell people that his decision to demonitise 500- and 1,000-rupee notes was meant to strike against black money and terror as the Opposition upped its ante in the Parliament asking for Modi to appear personally and answer the questions.

Sources told WION that&nbsp;Modi turned emotional while making his speech.&nbsp;

And Modi&#39;s Twitter handle has asked people to write in on the Narendra Modi app, telling him what they think of the demonetisation.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
I want your first-hand view on the decision taken regarding currency notes. Take part in the survey on the NM App. <a href="https://t.co/TYuxNNJfIf">https://t.co/TYuxNNJfIf</a> <a href="https://t.co/mWv2frGn3R">pic.twitter.com/mWv2frGn3R</a>
&mdash; Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/800940663244132352">November 22, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

Prime Minister Modi, had on November 8, in a sudden and unexpected move, announced that India&#39;s two largest currency notes would cease to be legal tender starting that midnight.&nbsp;

His decision took about 86 per cent of Indian currency out there out of circulation and the country has been thrown out of gear ever since.&nbsp;

There have been long lines outside banks with people rushing to exchange their old currency for new but there hasn&#39;t been enough new currency to go around, there have been reports of people having trouble getting hold of medicine and groceries, and economic activity has dipped.&nbsp;

Up to 90 per cent of transactions in the country are carried out in cash.&nbsp;

Bringing back India&#39;s alleged black money, stashed in Swiss banks, had been a large part of Mr Modi&#39;s campaign before the national elections in 2014. &nbsp;

The motion to back the demonetisation was passed by Mr Modi&#39;s party, the Bharatiya Janata Party (BJP).&nbsp;

Indian finance minister Arun Jaitley meanwhile told his fellow partymen that the government would make more demonetisation-related announcements today, and that over the next few days, the government would look to redress grievances reported from the farm sector.&nbsp;

This is the wheat-growing season and the cash crunch has hit farmers hard with media reports saying they are having trouble finding the cash needed to buy seeds and fertiliser.&nbsp;

Meanwhile, the Opposition also met amongst themselves on Tuesday.&nbsp;

They have asked&nbsp;Modi to explain&nbsp;the rationale behind demonetisation in Parliament. They say the Prime Minister must explain his move in the Rajya Sabha or the Upper House, where the government is in a minority, while in the Lok Sabha or the Lower House, they want a debate followed by a vote.

They are reportedly also discussing a nationwide strike to protest the demonetisation&nbsp;and a march on the President&#39;s house.&nbsp;

(WION)

Over the next few days, the government is expected to redress grievances reported from the farm sector

Indian Prime Minister Narendra Modi addressed his party's parliamentarians this morning, urging them to tell people that his decision to demonitise 500- and 1,000-rupee notes was meant to strike against black money and terror as the Opposition upped its ante in the Parliament asking for Modi to appear personally and answer the questions. Sources told WION that Modi turned emotional while making his speech. And Modi's Twitter handle has asked people to write in on the Narendra Modi app, telling him what they think of the demonetisation. I want your first-hand view on the decision taken regarding currency notes. Take part in the survey on the NM App. https://t.co/TYuxNNJfIf pic.twitter.com/mWv2frGn3R — Narendra Modi (@narendramodi) November 22, 2016 × Prime Minister Modi, had on November 8, in a sudden and unexpected move, announced that India's two largest currency notes would cease to be legal tender starting that midnight. His decision took about 86 per cent of Indian currency out there out of circulation and the country has been thrown out of gear ever since. There have been long lines outside banks with people rushing to exchange their old currency for new but there hasn't been enough new currency to go around, there have been reports of people having trouble getting hold of medicine and groceries, and economic activity has dipped. Up to 90 per cent of transactions in the country are carried out in cash. Bringing back India's alleged black money, stashed in Swiss banks, had been a large part of Mr Modi's campaign before the national elections in 2014. The motion to back the demonetisation was passed by Mr Modi's party, the Bharatiya Janata Party (BJP). Indian finance minister Arun Jaitley meanwhile told his fellow partymen that the government would make more demonetisation-related announcements today, and that over the next few days, the government would look to redress grievances reported from the farm sector. This is the wheat-growing season and the cash crunch has hit farmers hard with media reports saying they are having trouble finding the cash needed to buy seeds and fertiliser. Meanwhile, the Opposition also met amongst themselves on Tuesday. They have asked Modi to explain the rationale behind demonetisation in Parliament. They say the Prime Minister must explain his move in the Rajya Sabha or the Upper House, where the government is in a minority, while in the Lok Sabha or the Lower House, they want a debate followed by a vote. They are reportedly also discussing a nationwide strike to protest the demonetisation and a march on the President's house. (WION)

India: Emotional PM tells party MPs to explain demonetisation to people, Opposition insists on explanation in Parliament

Leader of the Opposition in the Rajya Sabha, Ghulam Nabi Azad, said Tuesday Indian Prime Minister Narendra Modi needs to stop addressing public meetings and be present in parliament to address the concerns of the opposition and 130 crore Indian citizens.

&quot;The Prime Minister comes to Parliament, sits in his chamber, but doesn&#39;t attend either the Lok Sabha or the Rajya Sabha, which is a matter of concern not just for the Opposition, but also for the 130 crore people of this country. After all, we want to know the reason why the prime minister does not want to come to both houses, but feels free in giving speeches outside parliament,&quot; Azad told ANI.

&quot;We said the Opposition is ready for a discussion, but a prime minister who is addressing public rallies on daily basis, should at least be present in the house,&quot; he added.

Azad further said, &quot;The prime minister should have cancelled his public meeting after he got news of the Kanpur train tragedy. He should have thought that such a big accident had taken place and rescue operations to save passengers&#39; lives were still on. But, the Prime Minister commenced his meeting as he was more worried about abusing the opposition, rather than saving passengers.&quot;

Shifting his focus on the Centre&#39;s demonetisation policy, he said, &quot;Around 60 lives have been lost since the government brought into force the demonetisation policy. Children, women, elderly, farmers, and poor queue up for long time to get money. As all these lives were lost due to the wrong policy of the government, we demanded that the House should also pay tribute to them, along with the passengers who were killed in the rail mishap, but they refused.&quot;

When his response was sought on the government&#39;s claim that its drive got mass support, Azad shot back: &quot;If they are getting support of the people, then why he (PM) is shying away from making this statement in the House. Our complaint with the prime minister is that he visits abroad, addresses public meetings in Goa, Agra and other places; now Parliament is in session, but he is not attending.&quot;

&quot;The prime minister has taken such a big decision of demonetisation when parliament was not in session and that is why it becomes his prime responsibility that when parliament started functioning, he should have made statements in both houses on the very first day,&quot; he added.

Meanwhile, leaders of opposition parties will meet in Parliament at 9.30 am today.

(ANI)

'The prime minister should have cancelled his public meeting after he got news of the Kanpur train tragedy,' Ghulam Nabi Azad said

Leader of the Opposition in the Rajya Sabha, Ghulam Nabi Azad, said Tuesday Indian Prime Minister Narendra Modi needs to stop addressing public meetings and be present in parliament to address the concerns of the opposition and 130 crore Indian citizens. "The Prime Minister comes to Parliament, sits in his chamber, but doesn't attend either the Lok Sabha or the Rajya Sabha, which is a matter of concern not just for the Opposition, but also for the 130 crore people of this country. After all, we want to know the reason why the prime minister does not want to come to both houses, but feels free in giving speeches outside parliament," Azad told ANI. "We said the Opposition is ready for a discussion, but a prime minister who is addressing public rallies on daily basis, should at least be present in the house," he added. Azad further said, "The prime minister should have cancelled his public meeting after he got news of the Kanpur train tragedy. He should have thought that such a big accident had taken place and rescue operations to save passengers' lives were still on. But, the Prime Minister commenced his meeting as he was more worried about abusing the opposition, rather than saving passengers." Shifting his focus on the Centre's demonetisation policy, he said, "Around 60 lives have been lost since the government brought into force the demonetisation policy. Children, women, elderly, farmers, and poor queue up for long time to get money. As all these lives were lost due to the wrong policy of the government, we demanded that the House should also pay tribute to them, along with the passengers who were killed in the rail mishap, but they refused." When his response was sought on the government's claim that its drive got mass support, Azad shot back: "If they are getting support of the people, then why he (PM) is shying away from making this statement in the House. Our complaint with the prime minister is that he visits abroad, addresses public meetings in Goa, Agra and other places; now Parliament is in session, but he is not attending." "The prime minister has taken such a big decision of demonetisation when parliament was not in session and that is why it becomes his prime responsibility that when parliament started functioning, he should have made statements in both houses on the very first day," he added. Meanwhile, leaders of opposition parties will meet in Parliament at 9.30 am today. (ANI)

India: Come to Parliament, Opposition tells PM Modi

As many as 82,500 ATMs, which account for about 40 per cent of cash vending machines in the country, have been recalibrated to dispense new high security currency notes of 500 and 2,000 rupees.

Out of 2.2 lakh ATMs, 82,500 were recalibrated till yesterday evening.

These ATMs have been reset as per the direction of task force set up by the government to expedite the process, Rituraj Sinha, President Cash Logistics Association of India, told PTI.

These have been recalibrated in such a manner that regional balance is maintained while giving priority to rural areas, Sinha, also a member of the task force headed by RBI Deputy Governor S S Mundra, said.

With the recalibration, ATMs are now stocking 50-60 lakh cash and are able to cater to higher demand.

As a result, many ATMs are holding cash longer and queues outside such machines are also getting smaller.

However, before the recalibration, ATMs could hold up to Rs 5 lakh of Rs 100 notes which used to get over very fast.

Since the formation of the task force, RBI, banks and cash logistic companies have been working seamlessly, he said, adding that the progress of recalibration of ATMs demonstrates a synergistic approach.

Cash supply has been streamlined to meet the requirements of ATMs and many such machines at various parts of the country have started working round the clock.

On a daily basis, about 12,000 to 14,000 ATMs are getting recalibrated.

&quot;It is our endeavour to move towards normal ATM functioning by the end of this month,&quot; he added.

Prime Minister Narendra Modi had on November 8, in a surprise move, announced demonetisation of 500 and 1,000 rupee notes. 
 
(PTI)

Around 12,000 to 14,000 ATMs are being recalibrated on a daily basis

As many as 82,500 ATMs, which account for about 40 per cent of cash vending machines in the country, have been recalibrated to dispense new high security currency notes of 500 and 2,000 rupees. Out of 2.2 lakh ATMs, 82,500 were recalibrated till yesterday evening. These ATMs have been reset as per the direction of task force set up by the government to expedite the process, Rituraj Sinha, President Cash Logistics Association of India, told PTI. These have been recalibrated in such a manner that regional balance is maintained while giving priority to rural areas, Sinha, also a member of the task force headed by RBI Deputy Governor S S Mundra, said. With the recalibration, ATMs are now stocking 50-60 lakh cash and are able to cater to higher demand. As a result, many ATMs are holding cash longer and queues outside such machines are also getting smaller. However, before the recalibration, ATMs could hold up to Rs 5 lakh of Rs 100 notes which used to get over very fast. Since the formation of the task force, RBI, banks and cash logistic companies have been working seamlessly, he said, adding that the progress of recalibration of ATMs demonstrates a synergistic approach. Cash supply has been streamlined to meet the requirements of ATMs and many such machines at various parts of the country have started working round the clock. On a daily basis, about 12,000 to 14,000 ATMs are getting recalibrated. "It is our endeavour to move towards normal ATM functioning by the end of this month," he added. Prime Minister Narendra Modi had on November 8, in a surprise move, announced demonetisation of 500 and 1,000 rupee notes. (PTI)

Demonetisation: 82,500 ATMs recalibrated to dispense new notes

India&rsquo;s own Afghanistan, Malda &ndash; a district in the eastern Indian state of West Bengal &ndash; known for its illicit opium trade has taken a hit following demonetisation.

Malda is also a hub for illegal arms, cow smuggling and is referred to as India&rsquo;s fake currency capital.

The National Investigating Agency (NIA) came up with a report last year that 90 per cent of Fake Indian Currency Notes (FICN) pushed into the country from Pakistan are routed through Bangladesh. Since Malda shares a porous border with Bangladesh, carriers from Malda smuggle the FICN into the country and release it into circulation.

&ldquo;Malda works as a landing point for agents, who circulate fake currency into the country. Malda shares its border with Nepal and Bhutan in the north and Bangladesh in the south. Agents who come from Bangladesh can easily sneak into our country as most of the International Border does not have fencing. Some agents even produce fake documents while entering our country,&rdquo; said a senior official of NIA.

While the Bengal government has banned cultivation of opium poppy, illicit opium trade has become rampant in the district and is partially dependent on the fake currency in circulation.

Opium is a derivative of the poppy seed pod. Its cultivation takes place across three months &ndash; November, December and January &ndash; in Malda. Agents from Bangladesh smuggle the poppy seeds and give it to the farmers for sowing it around October. Farmers are increasingly cultivating the poppy seeds for better returns compared to the cultivation of other crops.

&ldquo;A bigha (0.4005 acres) of cultivable land yields 4 kgs of opium latex. The farmers scrape the latex before the poppy seeds mature and the latex is dried. For one kg of opium latex, a farmer is offered anywhere between Rs 60,000 to Rs 65,000 (USD 877 to USD 950) by the agent. Later, the villagers deliver the consignment from one point to another and receive a handsome amount of money, mostly fake currency notes. A carrier is supposed to cover a distance of 100 metres, which makes it difficult for the security agencies to keep track as the entire village is engaged in it,&rdquo; said a carrier, adding, &ldquo;The final carrier hands it over to the agent and he deals with the drug mafias and the agents are paid Rs 1 lakh (USD 1,462) for one kg of opium. The drug mafias later, send the consignment to other districts of Bengal like Birbhum and Murshidabad for processing. The opium latex is further processed into heroine and smuggled across the International Border into Bangladesh,&rdquo; the official added.

He added, &ldquo;The money that we received so far also contained fake currency notes, but we did not mind as the fake notes were accepted anywhere in the district. Thousands of fake notes are in circulation in the district and no one denies accepting it, hence we did not mind accepting those notes in the form of payment.&rdquo;

However, following demonetisation, the farmers are being offered Rs 30,000 (USD 438) for a kg of opium latex since it is now difficult to include fake currency in the payment. &ldquo;It is one of the most lucrative businesses these days. If we cultivate other crops, it depends on the rainfall that we receive that particular year. But cultivation of poppy is a great deal as it only takes three months to grow. It does not destroy the quality of the soil and keeps it ready for the cultivation of any other crop that we want to besides these three months. But, following the demonetisation, we are being offered only half the amount to what was promised,&rdquo; said a farmer who refused to be named.

In the last five years, cultivation has increased many folds. While the Kaliachawk-III was known for its poppy cultivation, it has now spread across Kaliachawk-I, II and Chachol-I, II besides blocks like Gajol, Bamongola and Habibpur.

While the local police is taking up modern techniques like use of drone to identify poppy fields and destroy them, farmers grow crops like sugarcane and maize to camouflage on the periphery, making it difficult for identification. Last year, police destroyed several hundreds of acres of poppy fields.

However, officials of the security agency reveal that some local police officials are hand in glove with the drug mafias and are often paid a commission to prevent destruction of their fields.

(WION)

West Bengal's Malda, called India's fake currency capital, has been majorly affected by the move, reports WION's Pooja Mehta

India’s own Afghanistan, Malda – a district in the eastern Indian state of West Bengal – known for its illicit opium trade has taken a hit following demonetisation. Malda is also a hub for illegal arms, cow smuggling and is referred to as India’s fake currency capital. The National Investigating Agency (NIA) came up with a report last year that 90 per cent of Fake Indian Currency Notes (FICN) pushed into the country from Pakistan are routed through Bangladesh. Since Malda shares a porous border with Bangladesh, carriers from Malda smuggle the FICN into the country and release it into circulation. “Malda works as a landing point for agents, who circulate fake currency into the country. Malda shares its border with Nepal and Bhutan in the north and Bangladesh in the south. Agents who come from Bangladesh can easily sneak into our country as most of the International Border does not have fencing. Some agents even produce fake documents while entering our country,” said a senior official of NIA. While the Bengal government has banned cultivation of opium poppy, illicit opium trade has become rampant in the district and is partially dependent on the fake currency in circulation. Opium is a derivative of the poppy seed pod. Its cultivation takes place across three months – November, December and January – in Malda. Agents from Bangladesh smuggle the poppy seeds and give it to the farmers for sowing it around October. Farmers are increasingly cultivating the poppy seeds for better returns compared to the cultivation of other crops. “A bigha (0.4005 acres) of cultivable land yields 4 kgs of opium latex. The farmers scrape the latex before the poppy seeds mature and the latex is dried. For one kg of opium latex, a farmer is offered anywhere between Rs 60,000 to Rs 65,000 (USD 877 to USD 950) by the agent. Later, the villagers deliver the consignment from one point to another and receive a handsome amount of money, mostly fake currency notes. A carrier is supposed to cover a distance of 100 metres, which makes it difficult for the security agencies to keep track as the entire village is engaged in it,” said a carrier, adding, “The final carrier hands it over to the agent and he deals with the drug mafias and the agents are paid Rs 1 lakh (USD 1,462) for one kg of opium. The drug mafias later, send the consignment to other districts of Bengal like Birbhum and Murshidabad for processing. The opium latex is further processed into heroine and smuggled across the International Border into Bangladesh,” the official added. He added, “The money that we received so far also contained fake currency notes, but we did not mind as the fake notes were accepted anywhere in the district. Thousands of fake notes are in circulation in the district and no one denies accepting it, hence we did not mind accepting those notes in the form of payment.” However, following demonetisation, the farmers are being offered Rs 30,000 (USD 438) for a kg of opium latex since it is now difficult to include fake currency in the payment. “It is one of the most lucrative businesses these days. If we cultivate other crops, it depends on the rainfall that we receive that particular year. But cultivation of poppy is a great deal as it only takes three months to grow. It does not destroy the quality of the soil and keeps it ready for the cultivation of any other crop that we want to besides these three months. But, following the demonetisation, we are being offered only half the amount to what was promised,” said a farmer who refused to be named. In the last five years, cultivation has increased many folds. While the Kaliachawk-III was known for its poppy cultivation, it has now spread across Kaliachawk-I, II and Chachol-I, II besides blocks like Gajol, Bamongola and Habibpur. While the local police is taking up modern techniques like use of drone to identify poppy fields and destroy them, farmers grow crops like sugarcane and maize to camouflage on the periphery, making it difficult for identification. Last year, police destroyed several hundreds of acres of poppy fields. However, officials of the security agency reveal that some local police officials are hand in glove with the drug mafias and are often paid a commission to prevent destruction of their fields. (WION)

Demonetisation hits illegal opium trade in India?s own Afghanistan

The Indian government has allowed farmers to purchase seeds with old 500 rupee currency note from state-run outlets, national or state seeds companies and agricultural universities, a finance ministry statement said on Monday.

Prime Minister Narendra Modi&#39;s move to withdraw from circulation 500 and 1,000 rupee bills as legal tender has left millions of farmers with little cash to buy seeds and fertilisers for winter crops, Reuters reported.

It has also snowballed into an adverse effect on the&nbsp;production of key commodities and hurting rural communities just as it recovers two years of drought.

The government on Monday allowed farmers to purchase seeds with the demonetised bank notes of Rs 500 value.

&quot;The government is committed to ensure that the farmers are suitably facilitated during the Rabi season,&quot; the official statement said.

(WION with inputs from agencies)

Following demonetisation of 500 and 1000 rupee notes, farmers were left with little cash to buy seeds and fertilisers for the Rabi season

The Indian government has allowed farmers to purchase seeds with old 500 rupee currency note from state-run outlets, national or state seeds companies and agricultural universities, a finance ministry statement said on Monday. Prime Minister Narendra Modi's move to withdraw from circulation 500 and 1,000 rupee bills as legal tender has left millions of farmers with little cash to buy seeds and fertilisers for winter crops, Reuters reported. It has also snowballed into an adverse effect on the production of key commodities and hurting rural communities just as it recovers two years of drought. The government on Monday allowed farmers to purchase seeds with the demonetised bank notes of Rs 500 value. "The government is committed to ensure that the farmers are suitably facilitated during the Rabi season," the official statement said. (WION with inputs from agencies)

Demonetisation: Indian government allows farmers to buy seeds with old Rs 500 notes

Bj&ouml;rn Ulvaeus led Sweden&rsquo;s cashless revolution. When it comes to talking about a cashless economy, the name of Sweden tops the charts. It is an interesting story as to how Sweden turned into a cashless economy. Bj&ouml;rn&rsquo;s son&rsquo;s Stockholm apartment was burgled twice in 2008. The incident set him thinking that if Sweden were a cashless society, then the robbers won&rsquo;t be able to sell what they stole.

Two years later, Bj&ouml;rn opened the ABBA Museum that didn&rsquo;t accept cash. People as well as banks started to take notice of this. The Swedish banks created a cashless app, &lsquo;Swish&rsquo;, and soon, Swedes began Swishing.

By 2011, Sweden&rsquo;s society was completely revolutionised. Bills and coins made up just 2 per cent of Sweden&rsquo;s economy. Only 20 per cent of transactions in Sweden were taking place in cash compared to 75 per cent in rest of the world.

Where did it all begin?

Theft may have been the reason to inspire a citizen of Sweden to revolutionise the country into a cashless economy, India has several of its own issues that should motivate its government and the citizens to take concerted steps to move towards a cashless economy.

Corruption leading to a mammoth black economy is eating away the Indian economy from within every day. But an important question to ask at this point is that how did we reach here? How did it all begin?

At the time of independence, the Indian economy adopted a mixed economy model with the government having significant control over the private sector. To start any industry or to even slightly change a product, an individual needed to take a license or seek permission of the government i.e. the infamous bureaucrat.

It may have been a good policy for a newly independent young nation where every sector and individual needed the guidance of its elected representatives. However, this guidance was stretched too far, so much that it started suffocating its own citizens. The laws became so overbearing that during the regime of Indira Gandhi 1973-74, India&rsquo;s personal income tax had eleven tax brackets with highest marginal income tax rate of 97.5 per cent. And god forbid, if one&rsquo;s income was in the range of Rs. 10 lakh to Rs. 10.3 lakh, then the maximum marginal rate of tax was 103 per cent.

Thus, people started finding ways to circumvent their own laws. Bribing the bureaucrats to get a license to start an industry became a common practice. It became the habit of people to find loopholes in the laws to avoid taxes. Even with Indian economy going under several positive transitions over the years, this habit has not changed and we have created a black economy that accounts for almost 23.7 per cent of India&#39;s GDP. According to the government data, only 3.8 per cent of Indian&rsquo;s pay taxes.&nbsp; Changing people&rsquo;s behaviour is another huge challenge that the government is facing.

Corruption may have given birth to a black economy in India but now this parallel economy has taken a life of its own. It is plaguing every sector of the economy. It is the in the higher education sector in the form of paid seats, in the real estate sector, in trade in the form of misinvoicing, political campaigns, small businesses largely running on unaccounted cash etc.

Where do we stand now?

What many Indians do not understand is that the black economy may be benefitting them in the short-term but in the long run, it serves no good. When one pays for his/her home in cash, one is contributing significantly in inflating the prices in the housing sector.&nbsp;One is fooled into thinking that the prices are rising. What is really happening is that the cash economy which has been flooding the real estate is going to make a killing. The plan is so subversive that even somebody who only has white money is made to change into black and in the process making the real estate&rsquo;s mafia&rsquo;s black money into white. It is like a Ponzi scheme, just that people don&rsquo;t realise that they are being sucked into it.

The cash economy further deepens corruption. Only if there is cash floating around can one give away unaccounted cash for bribery or other illicit activities.

Don&rsquo;t get lost in the present mess

After the government&rsquo;s announcement on November 8th to recall 500 and 1000 rupee denomination notes, there has been serious liquidity crunch in the economy as these notes constituted almost 86 per cent of the circulation. &nbsp;

As a result, there have been long waiting lines to exchange money, causing inconvenience to the citizens of the country. However, the challenge that the economy is looking at in the face of black money, this is a small price to pay. &nbsp;

The challenge is so strong that it would have been impossible to make any significant change by taking baby steps. Somebody said that by making small changes in how a candle works would not have led to the discovery of electricity and then a bulb. It required a completely revolutionary and out of the box thinking. Similarly, only a dramatic change like the current one can put India&rsquo;s name on the list of one of the least corrupt countries in the world.

A peek into the history of cashless transactions may be the key to helping us deal with current times

Björn Ulvaeus led Sweden’s cashless revolution. When it comes to talking about a cashless economy, the name of Sweden tops the charts. It is an interesting story as to how Sweden turned into a cashless economy. Björn’s son’s Stockholm apartment was burgled twice in 2008. The incident set him thinking that if Sweden were a cashless society, then the robbers won’t be able to sell what they stole. Two years later, Björn opened the ABBA Museum that didn’t accept cash. People as well as banks started to take notice of this. The Swedish banks created a cashless app, ‘Swish’, and soon, Swedes began Swishing. By 2011, Sweden’s society was completely revolutionised. Bills and coins made up just 2 per cent of Sweden’s economy. Only 20 per cent of transactions in Sweden were taking place in cash compared to 75 per cent in rest of the world. Where did it all begin? Theft may have been the reason to inspire a citizen of Sweden to revolutionise the country into a cashless economy, India has several of its own issues that should motivate its government and the citizens to take concerted steps to move towards a cashless economy. Corruption leading to a mammoth black economy is eating away the Indian economy from within every day. But an important question to ask at this point is that how did we reach here? How did it all begin? At the time of independence, the Indian economy adopted a mixed economy model with the government having significant control over the private sector. To start any industry or to even slightly change a product, an individual needed to take a license or seek permission of the government i.e. the infamous bureaucrat. It may have been a good policy for a newly independent young nation where every sector and individual needed the guidance of its elected representatives. However, this guidance was stretched too far, so much that it started suffocating its own citizens. The laws became so overbearing that during the regime of Indira Gandhi 1973-74, India’s personal income tax had eleven tax brackets with highest marginal income tax rate of 97.5 per cent. And god forbid, if one’s income was in the range of Rs. 10 lakh to Rs. 10.3 lakh, then the maximum marginal rate of tax was 103 per cent. Thus, people started finding ways to circumvent their own laws. Bribing the bureaucrats to get a license to start an industry became a common practice. It became the habit of people to find loopholes in the laws to avoid taxes. Even with Indian economy going under several positive transitions over the years, this habit has not changed and we have created a black economy that accounts for almost 23.7 per cent of India's GDP. According to the government data, only 3.8 per cent of Indian’s pay taxes. Changing people’s behaviour is another huge challenge that the government is facing. Corruption may have given birth to a black economy in India but now this parallel economy has taken a life of its own. It is plaguing every sector of the economy. It is the in the higher education sector in the form of paid seats, in the real estate sector, in trade in the form of misinvoicing, political campaigns, small businesses largely running on unaccounted cash etc. Where do we stand now? What many Indians do not understand is that the black economy may be benefitting them in the short-term but in the long run, it serves no good. When one pays for his/her home in cash, one is contributing significantly in inflating the prices in the housing sector. One is fooled into thinking that the prices are rising. What is really happening is that the cash economy which has been flooding the real estate is going to make a killing. The plan is so subversive that even somebody who only has white money is made to change into black and in the process making the real estate’s mafia’s black money into white. It is like a Ponzi scheme, just that people don’t realise that they are being sucked into it. The cash economy further deepens corruption. Only if there is cash floating around can one give away unaccounted cash for bribery or other illicit activities. Don’t get lost in the present mess After the government’s announcement on November 8th to recall 500 and 1000 rupee denomination notes, there has been serious liquidity crunch in the economy as these notes constituted almost 86 per cent of the circulation. As a result, there have been long waiting lines to exchange money, causing inconvenience to the citizens of the country. However, the challenge that the economy is looking at in the face of black money, this is a small price to pay. The challenge is so strong that it would have been impossible to make any significant change by taking baby steps. Somebody said that by making small changes in how a candle works would not have led to the discovery of electricity and then a bulb. It required a completely revolutionary and out of the box thinking. Similarly, only a dramatic change like the current one can put India’s name on the list of one of the least corrupt countries in the world.

Cashless but not moneyless

From deploying &#39;cash coolies&#39; to buying Rolex watches, Indians have found unique ways to dodge the government&#39;s surprise move to withdraw high-value bills in a bid to tackle widespread corruption and tax evasion.

Indian Prime Minister Narendra Modi sent shockwaves through the country by announcing on November 8 all 500 Rupee ($7.30) and 1,000 Rupee notes, some 85 per cent of all bills in circulation, would cease to be legal tender within hours.

The announcement threw India&#39;s cash-dependent economy into turmoil and triggered a mad rush among people with undeclared, unaccounted cash, so-called &quot;black money&quot;, to exchange old notes or use them to buy gold and luxury items.

Tax evasion is rife in India with many small businesses and professionals such as doctors and lawyers asking to be paid in cash to avoid taxes.

Only six people earning over 500 million Rupees filed returns in 2012-2013, despite there being an estimated 2,100 ultra-wealthy Indians whose net worth exceeds $50 million.

But the government is cracking down and banks must report anybody depositing more than 250,000 Rupees&nbsp;while holding undeclared cash can lead to a penalty of double the tax owed.

Cash coolies

There have been multiple reports of factory owners and businessmen asking staff, or even hiring casual labourers, to stand in bank queues and exchange cash for them before the December 30 deadline.

The initial over-the-counter currency exchange limit was 4,000 Rupees but was later reduced to 2,000 Rupees after the government said &quot;unscrupulous elements&quot; were paying the poor to queue to exchange their money.

The government also asked banks to ink people&#39;s fingers, a tactic normally used to fight voter fraud, after they had exchanged bills to prevent them from queueing up again.

Rolex-buying spree&nbsp;

Wealthy Indians rushed to make costly purchases with unaccounted cash soon after Modi&#39;s announcement on November 8.

Several luxury retailers stocking brands like Rolex and Dior sent emails to clients stating their stores would be open until midnight that day, the Economic Times reported.

The daily said a leading global fashion brand store in Delhi remained open all night immediately after the move was announced, selling merchandise worth more than $150,000 in less than three hours.

Get gold

Some affluent buyers have reportedly been paying almost twice the market value for gold in old notes.

Jewellers who had shut up shop for the day on November 8 reopened their stores within hours and were selling gold all night, local media reported.

Customers lined up outside jewellery stores in Delhi and Mumbai with bags of cash with one report saying they paid as much as 52,000 Rupees ($762) per 10 grams of gold, almost double the going rate.

&#39;Rent&#39; an account

Officials say they are keeping an eye on all cash deposits made into new &quot;Jan Dhan&quot; accounts which were opened by the government as a part of its financial inclusion scheme for the poor and farmers and which were designed for deposits such as welfare payments.

Following the withdrawal announcement, many of these accounts have seen deposits of thousands of rupees in a single day.

Local media have reported that corrupt individuals are &quot;renting&quot; these accounts to deposit their money in, only to withdraw it later.

Travel trick

In a sign of how desperate some Indians were to convert cash, a massive spike was seen in the number of railway ticket bookings after authorities said old bills could be used until midnight on November 11 to make reservations. 
Most of these were advance bookings made using old notes.

Bookings can be cancelled at a later date with refunds paid out in new notes with only a small fee deducted.

(AFP)

They've bought Rolexes and hired casual labour to stand in bank lines and exchange cash for them

From deploying 'cash coolies' to buying Rolex watches, Indians have found unique ways to dodge the government's surprise move to withdraw high-value bills in a bid to tackle widespread corruption and tax evasion. Indian Prime Minister Narendra Modi sent shockwaves through the country by announcing on November 8 all 500 Rupee ($7.30) and 1,000 Rupee notes, some 85 per cent of all bills in circulation, would cease to be legal tender within hours. The announcement threw India's cash-dependent economy into turmoil and triggered a mad rush among people with undeclared, unaccounted cash, so-called "black money", to exchange old notes or use them to buy gold and luxury items. Tax evasion is rife in India with many small businesses and professionals such as doctors and lawyers asking to be paid in cash to avoid taxes. Only six people earning over 500 million Rupees filed returns in 2012-2013, despite there being an estimated 2,100 ultra-wealthy Indians whose net worth exceeds $50 million. But the government is cracking down and banks must report anybody depositing more than 250,000 Rupees while holding undeclared cash can lead to a penalty of double the tax owed. Cash coolies There have been multiple reports of factory owners and businessmen asking staff, or even hiring casual labourers, to stand in bank queues and exchange cash for them before the December 30 deadline. The initial over-the-counter currency exchange limit was 4,000 Rupees but was later reduced to 2,000 Rupees after the government said "unscrupulous elements" were paying the poor to queue to exchange their money. The government also asked banks to ink people's fingers, a tactic normally used to fight voter fraud, after they had exchanged bills to prevent them from queueing up again. Rolex-buying spree Wealthy Indians rushed to make costly purchases with unaccounted cash soon after Modi's announcement on November 8. Several luxury retailers stocking brands like Rolex and Dior sent emails to clients stating their stores would be open until midnight that day, the Economic Times reported. The daily said a leading global fashion brand store in Delhi remained open all night immediately after the move was announced, selling merchandise worth more than $150,000 in less than three hours. Get gold Some affluent buyers have reportedly been paying almost twice the market value for gold in old notes. Jewellers who had shut up shop for the day on November 8 reopened their stores within hours and were selling gold all night, local media reported. Customers lined up outside jewellery stores in Delhi and Mumbai with bags of cash with one report saying they paid as much as 52,000 Rupees ($762) per 10 grams of gold, almost double the going rate. 'Rent' an account Officials say they are keeping an eye on all cash deposits made into new "Jan Dhan" accounts which were opened by the government as a part of its financial inclusion scheme for the poor and farmers and which were designed for deposits such as welfare payments. Following the withdrawal announcement, many of these accounts have seen deposits of thousands of rupees in a single day. Local media have reported that corrupt individuals are "renting" these accounts to deposit their money in, only to withdraw it later. Travel trick In a sign of how desperate some Indians were to convert cash, a massive spike was seen in the number of railway ticket bookings after authorities said old bills could be used until midnight on November 11 to make reservations. Most of these were advance bookings made using old notes. Bookings can be cancelled at a later date with refunds paid out in new notes with only a small fee deducted. (AFP)

Demonetisation: Indians find unique ways to dodge currency ban

As soon as both houses convened for the day, members of the Opposition parties marched into the well of both Rajya Sabha and Lok Sabha to demand Indian Prime Minister Narendra Modi&#39;s presence during the ongoing debate on the fallout of demonetisation of Rs 1000 and 500 notes on November 8.

In the Lok Sabha, the Congress and some other Opposition parties insisted on a discussion on demonetisation under Rule 56, which entails voting and through an adjournment motion that implies the&nbsp;suspension of all other business.

On the other hand, in the Rajya Sabha, treasury benches also resorted to slogans after union minister Mukhtar Abbas Naqvi referred to the leader of the opposition Ghulam Nabi Azad&#39;s statement that more people had died because of demonetisation than had been killed in the Uri terror attack on September 18 this year.

Earlier, Trinamool Congress (TMC) members protested outside Parliament over the complications faced by the people after the demonetisation of Rs 500 and Rs 1,000 currency notes.

MPs Derek O&#39;Brien and Sudip Bandyopadhyay were among the protesters.

Last week, TMC head and West Bengal Chief Minister Mamata Banerjee met President Pranab Mukherjee along with leaders of National Conference and a few other opposition parties seeking the withdrawal of the demonetisation move.

Amid the pandemonium in the both houses, Prime Minister Narendra Modi met senior cabinet ministers in his chamber in Parliament to counter the opposition.

The Bharatiya Janata Party (BJP) has issued a whip to its party`s Rajya Sabha members, asking them to be present in the House for three days starting today.

Both the Houses of Parliament were adjourned last Friday following furore over the Centre`s move to scrap Rs 500 and Rs 1,000 currency notes.

(This article first appeared on Zee News)

Trinamool Congress members protested outside Parliament over the complications faced by the people after the demonetisation move

As soon as both houses convened for the day, members of the Opposition parties marched into the well of both Rajya Sabha and Lok Sabha to demand Indian Prime Minister Narendra Modi's presence during the ongoing debate on the fallout of demonetisation of Rs 1000 and 500 notes on November 8. In the Lok Sabha, the Congress and some other Opposition parties insisted on a discussion on demonetisation under Rule 56, which entails voting and through an adjournment motion that implies the suspension of all other business. On the other hand, in the Rajya Sabha, treasury benches also resorted to slogans after union minister Mukhtar Abbas Naqvi referred to the leader of the opposition Ghulam Nabi Azad's statement that more people had died because of demonetisation than had been killed in the Uri terror attack on September 18 this year. Earlier, Trinamool Congress (TMC) members protested outside Parliament over the complications faced by the people after the demonetisation of Rs 500 and Rs 1,000 currency notes. MPs Derek O'Brien and Sudip Bandyopadhyay were among the protesters. Last week, TMC head and West Bengal Chief Minister Mamata Banerjee met President Pranab Mukherjee along with leaders of National Conference and a few other opposition parties seeking the withdrawal of the demonetisation move. Amid the pandemonium in the both houses, Prime Minister Narendra Modi met senior cabinet ministers in his chamber in Parliament to counter the opposition. The Bharatiya Janata Party (BJP) has issued a whip to its party`s Rajya Sabha members, asking them to be present in the House for three days starting today. Both the Houses of Parliament were adjourned last Friday following furore over the Centre`s move to scrap Rs 500 and Rs 1,000 currency notes. (This article first appeared on Zee News)

Demonetisation: Opposition stalls Parliament, demands PM Modi's presence during debate

The Reserve Bank of India on Monday relaxed rules for classifying bad loans for small borrowers saying they may need more time to repay their loan dues after the government withdrew higher-value banknotes of Rs 500 and Rs 1000.

Banks and other financiers will get an additional 60 days for recognising certain loans of up to 10 million rupees ($146,800) as substandard, the RBI said in a notification.

The above relaxation is available to entities running working capital accounts with any bank with the sanctioned limit of Rs 1 crore or less, PTI reported.

Term loans, whether business or personal, secured or otherwise, the original sanctioned amount of Rs 1 crore or less, on the books of any bank or any NBFC, including NBFC (MFI) would also get benefit of this relaxation.&nbsp;

This will also include housing loans and agriculture loans, it said.

The relaxation will apply to dues payable between November 1 and December 31, said a Reuters report.

The demonetisation of higher value currency notes has affected normal banking activities including clearing of cheques. Besides, borrowers are unable to get payments from their creditors due to various restrictions including cash withdrawal limit of Rs 24,000 (USD 352) per week, limiting their options to repay their dues.&nbsp; 
 
(WION with inputs from agencies)

Banks and other financiers will get the extension for car, housing, farm and other loans of up to Rs 10 million (USD 146,800)

The Reserve Bank of India on Monday relaxed rules for classifying bad loans for small borrowers saying they may need more time to repay their loan dues after the government withdrew higher-value banknotes of Rs 500 and Rs 1000. Banks and other financiers will get an additional 60 days for recognising certain loans of up to 10 million rupees ($146,800) as substandard, the RBI said in a notification. The above relaxation is available to entities running working capital accounts with any bank with the sanctioned limit of Rs 1 crore or less, PTI reported. Term loans, whether business or personal, secured or otherwise, the original sanctioned amount of Rs 1 crore or less, on the books of any bank or any NBFC, including NBFC (MFI) would also get benefit of this relaxation. This will also include housing loans and agriculture loans, it said. The relaxation will apply to dues payable between November 1 and December 31, said a Reuters report. The demonetisation of higher value currency notes has affected normal banking activities including clearing of cheques. Besides, borrowers are unable to get payments from their creditors due to various restrictions including cash withdrawal limit of Rs 24,000 (USD 352) per week, limiting their options to repay their dues. (WION with inputs from agencies)

Demonetisation: Reserve Bank of India grants 60-day repayment relief to small loan borrowers

The Income Tax department on Monday raided the offices of Karnataka politician and mining baron Janardhan Reddy, media reports said.

The raids are reportedly being conducted on at four of Reddy&rsquo;s residences and at his mining company in Bellary. The exact reason for the raids is not known.

The former BJP lawmaker made headlines for the extravagant wedding of his daughter a few days ago&nbsp;which came at a time when Indians were grappling with a cash crunch caused by government&#39;s decision to demonetise Rs 500 and Rs 1000 notes. Over 50,000 reportedly attended the wedding at the Bangalore Palace.&nbsp;

The extravaganza reportedly involved a cost of $75 million, AFP reported.&nbsp;Guests received their invitations on LCD devices and helium balloons featuring images of the Reddy family were reported to be floating above the palace.

Speaking to journalists in his home town last week, he refused to reveal how much he was spending on the celebrations, but said everything would be declared to the tax authorities.

The wedding was kept out of bounds for the media.

The former BJP lawmaker is out on bail after spending three years in jail for his alleged involvement in the multi-crore mining scam that shook Karnataka in 2010-11.&nbsp; 
 
(WION with inputs from agencies)

The $75 million splurge came at a time when Indians were grappling with a cash crunch caused by demonetisation of Rupees 500, 1,000 notes

The Income Tax department on Monday raided the offices of Karnataka politician and mining baron Janardhan Reddy, media reports said. The raids are reportedly being conducted on at four of Reddy’s residences and at his mining company in Bellary. The exact reason for the raids is not known. The former BJP lawmaker made headlines for the extravagant wedding of his daughter a few days ago which came at a time when Indians were grappling with a cash crunch caused by government's decision to demonetise Rs 500 and Rs 1000 notes. Over 50,000 reportedly attended the wedding at the Bangalore Palace. The extravaganza reportedly involved a cost of $75 million, AFP reported. Guests received their invitations on LCD devices and helium balloons featuring images of the Reddy family were reported to be floating above the palace. Speaking to journalists in his home town last week, he refused to reveal how much he was spending on the celebrations, but said everything would be declared to the tax authorities. The wedding was kept out of bounds for the media. The former BJP lawmaker is out on bail after spending three years in jail for his alleged involvement in the multi-crore mining scam that shook Karnataka in 2010-11. (WION with inputs from agencies)

After daughter's big fat wedding, Income Tax raids at Karnataka mining baron's home, offices

&nbsp;

India&rsquo;s largest mobile payments and commerce platform Paytm has announced registering over seven million transactions worth Rs 120 crore in a day as millions of consumers and merchants across the country try mobile payments on the Paytm payment platform for the first time.

The company is currently doing more transactions than the combined average daily usage of Credit and Debit Cards in India.

Backed by a strong payment ecosystem of customers and merchants, Paytm was able to serve over 45 million users in last 10 days alone and over five million new users added since the demonetisation drive.

With offline transactions now contributing to over 65 per cent of the overall business, the company has also expanded its merchant network by 150,000 additional merchants. This will ensure consumers have more shops in their neighbourhood accepting Paytm than ever before.

&quot;From consumers being able to pay for a cup of coffee in metros, to farmers purchasing seeds using Paytm in Kurnool, we are witnessing an exponential increase in adoption of Paytm as a way to pay by both consumers and merchants alike. We are working around the clock to ensure we can enable users and merchants to complete everyday transactions seamlessly,&quot; said Vice President - Paytm, Sudhanshu Gupta.

Over 10 lakh offline merchants across India now accept Paytm as their preferred payment mode. Paytm is accepted everywhere including taxis, autos, petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, parking, pharmacies, hospitals, kirana shops and many more.

Paytm can also be used to pay at thousands of apps and websites for services like recharges and bill payments, movie tickets, travel bookings, food ordering and shopping. With its assertive focus on mobile payments, the company is inching closer to its aim of making cashless transactions a way of life across India.

(ANI)

&nbsp;

Paytm is currently doing more transactions than the combined average daily usage of Credit and Debit Cards in India.

India’s largest mobile payments and commerce platform Paytm has announced registering over seven million transactions worth Rs 120 crore in a day as millions of consumers and merchants across the country try mobile payments on the Paytm payment platform for the first time. The company is currently doing more transactions than the combined average daily usage of Credit and Debit Cards in India. Backed by a strong payment ecosystem of customers and merchants, Paytm was able to serve over 45 million users in last 10 days alone and over five million new users added since the demonetisation drive. With offline transactions now contributing to over 65 per cent of the overall business, the company has also expanded its merchant network by 150,000 additional merchants. This will ensure consumers have more shops in their neighbourhood accepting Paytm than ever before. "From consumers being able to pay for a cup of coffee in metros, to farmers purchasing seeds using Paytm in Kurnool, we are witnessing an exponential increase in adoption of Paytm as a way to pay by both consumers and merchants alike. We are working around the clock to ensure we can enable users and merchants to complete everyday transactions seamlessly," said Vice President - Paytm, Sudhanshu Gupta. Over 10 lakh offline merchants across India now accept Paytm as their preferred payment mode. Paytm is accepted everywhere including taxis, autos, petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, parking, pharmacies, hospitals, kirana shops and many more. Paytm can also be used to pay at thousands of apps and websites for services like recharges and bill payments, movie tickets, travel bookings, food ordering and shopping. With its assertive focus on mobile payments, the company is inching closer to its aim of making cashless transactions a way of life across India. (ANI)

Paytm registers 7 million transactions worth Rs 120 crore in a day

Prime Minister Narendra Modi on Sunday said political leaders behind multi-crore chit fund scams were attacking him after being hit hard by demonetisation. His&nbsp;remarks were seen as a&nbsp;sharp attack on West Bengal Chief Minister Mamata Banerjee&nbsp;who had been rallying political leaders against the demonetisation of Rs 500 and Rs 1000 currency notes.&nbsp;

Mamata Banerjee retorted on Twitter that the PM was accusing those who opposed his policies of corruption.

&nbsp;

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
Pradhan Mantri ji, you are equating corruption with anyone who opposes your policy. Are you the only magician? (1/2)
&mdash; Mamata Banerjee (@MamataOfficial) <a href="https://twitter.com/MamataOfficial/status/800333920243884033">November 20, 2016</a></blockquote>
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&nbsp;

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<blockquote class="twitter-tweet" data-lang="en">
Listen to the voice of the people . Feel their pain. People will not forgive you for this. They are suffering (2/2)
&mdash; Mamata Banerjee (@MamataOfficial) <a href="https://twitter.com/MamataOfficial/status/800333995032489985">November 20, 2016</a></blockquote>
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&nbsp;

In barbs aimed apparently at Banerjee, Modi had said, &quot;I know what sort of people are raising their voice against me? Does the country not know whose money was invested in chit fund business? Lakhs and crores of poor people invested money in chit funds. But with the blessings of politicians, crores and crores of rupees have vanished.

&quot;Due to chit fund loss, hundreds of head of families were forced to commit suicide. Look at history and they are questioning me,&quot; he added.

Trinamool Congress (TMC) leaders have been implicated in chit fund scams in West Bengal.&nbsp;

He also hit out at the Congress saying governments in the past 70 years kept quiet on blackmoney because they were worried about losing power.

Modi said people would be inconvenienced only for 50 days by the government&#39;s decision&nbsp;following which the situation would normalise. &quot;I assure you your sacrifices will not go in vain,&quot; the Indian PM said.

(WION with inputs from PTI)

 
&nbsp;

&nbsp;

Modi's remarks are thought to be directed at West Best Bengal Chief Minister Mamata Banerjee whose party was reportedly involved in the scam

Prime Minister Narendra Modi on Sunday said political leaders behind multi-crore chit fund scams were attacking him after being hit hard by demonetisation. His remarks were seen as a sharp attack on West Bengal Chief Minister Mamata Banerjee who had been rallying political leaders against the demonetisation of Rs 500 and Rs 1000 currency notes. Mamata Banerjee retorted on Twitter that the PM was accusing those who opposed his policies of corruption. Pradhan Mantri ji, you are equating corruption with anyone who opposes your policy. Are you the only magician? (1/2) — Mamata Banerjee (@MamataOfficial) November 20, 2016 × Listen to the voice of the people . Feel their pain. People will not forgive you for this. They are suffering (2/2) — Mamata Banerjee (@MamataOfficial) November 20, 2016 × In barbs aimed apparently at Banerjee, Modi had said, "I know what sort of people are raising their voice against me? Does the country not know whose money was invested in chit fund business? Lakhs and crores of poor people invested money in chit funds. But with the blessings of politicians, crores and crores of rupees have vanished. "Due to chit fund loss, hundreds of head of families were forced to commit suicide. Look at history and they are questioning me," he added. Trinamool Congress (TMC) leaders have been implicated in chit fund scams in West Bengal. He also hit out at the Congress saying governments in the past 70 years kept quiet on blackmoney because they were worried about losing power. Modi said people would be inconvenienced only for 50 days by the government's decision following which the situation would normalise. "I assure you your sacrifices will not go in vain," the Indian PM said. (WION with inputs from PTI)

Demonetisation: Doesn't the country know whose money was invested in chit funds? PM Modi hits back at Mamata Banerjee

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