India&#39;s Income Tax department has come down strongly upon individuals and firms depositing unusually high amounts of demonetised Rs 500 and Rs 1000 currency in their accounts, issuing notices that ask for the source of the funds. &nbsp;

Hundreds of notices have been issued across the country after banks reported certain cases of &quot;unusual or suspicious volumes of cash deposits&quot; in their accounts, primarily beyond Rs 2.5 lakh, Indian news agency PTI reported.

The notices ask entities for supporting documents, books of accounts and bills to explain the unusual cash deposits, PTI reported.

&quot;If you are assessed to Income Tax, then you shall also file the copy of Income Tax Return of last two years,&quot; an I-T department notice stated.

&quot;The notices are being issued where the department feels the cash deposits made in the demonetised currency is suspect. This is part of the vigil that the taxman has deployed to check instances of tax evasion, money laundering and black money in the wake of the demonetisation of the two high denomination currencies on November 8,&quot; income tax officials told PTI.

They disclosed that notices had been issued in cities and towns across the country under section 133 (6) of the Income Tax Act which deals with the power to call for information.

After Prime Minister Narendra Modi announced the demonitisation of 500 rupee and 1000 rupee notes on November 8, the department has also stepped up vigil against real estate players, bullion traders and suspected hawala operatives to check the illegal use of the scrapped currency and subsequent generation of black money, PTI reported.

The taxman has also deployed checks on cooperative banks. In Mangalore, it found that old currency worth Rs eight crore was exchanged by five societies which had accounts in a cooperative bank in the city.

The department also recently issued notices to hundreds of charitable and religious organisations in the country enjoying tax exemptions to inform them about their cash balances as of November 8.

The notices were issued in order to keep a check on possible &quot;accommodation&quot; of black money in old currency by way of charitable contributions or donations to the organisations.

Old notes can be exchanged or deposited until December 30, after which they will cease to hold any value. A person can exchange Rs 2000 worth of old money for new in a bank. The remaining amount must be deposited.

The amount of money that can be withdrawn from an ATM in a day is Rs 2500 for recalibrated machines. A savings account holder can withdraw up to Rs 24,000 per week from the bank which includes cash withdrawn from ATMs. A current account holder can withdraw upto Rs 50,000 in a week. The only exceptions to this rule are families where weddings are imminent where the withdrawal limits have been increased to Rs 2.5 lakh in a week. 
 
(WION with inputs from PTI)

The I-T department has asked individuals and firms depositing more than Rs 2.5 lakh for the source of their income

India's Income Tax department has come down strongly upon individuals and firms depositing unusually high amounts of demonetised Rs 500 and Rs 1000 currency in their accounts, issuing notices that ask for the source of the funds. Hundreds of notices have been issued across the country after banks reported certain cases of "unusual or suspicious volumes of cash deposits" in their accounts, primarily beyond Rs 2.5 lakh, Indian news agency PTI reported. The notices ask entities for supporting documents, books of accounts and bills to explain the unusual cash deposits, PTI reported. "If you are assessed to Income Tax, then you shall also file the copy of Income Tax Return of last two years," an I-T department notice stated. "The notices are being issued where the department feels the cash deposits made in the demonetised currency is suspect. This is part of the vigil that the taxman has deployed to check instances of tax evasion, money laundering and black money in the wake of the demonetisation of the two high denomination currencies on November 8," income tax officials told PTI. They disclosed that notices had been issued in cities and towns across the country under section 133 (6) of the Income Tax Act which deals with the power to call for information. After Prime Minister Narendra Modi announced the demonitisation of 500 rupee and 1000 rupee notes on November 8, the department has also stepped up vigil against real estate players, bullion traders and suspected hawala operatives to check the illegal use of the scrapped currency and subsequent generation of black money, PTI reported. The taxman has also deployed checks on cooperative banks. In Mangalore, it found that old currency worth Rs eight crore was exchanged by five societies which had accounts in a cooperative bank in the city. The department also recently issued notices to hundreds of charitable and religious organisations in the country enjoying tax exemptions to inform them about their cash balances as of November 8. The notices were issued in order to keep a check on possible "accommodation" of black money in old currency by way of charitable contributions or donations to the organisations. Old notes can be exchanged or deposited until December 30, after which they will cease to hold any value. A person can exchange Rs 2000 worth of old money for new in a bank. The remaining amount must be deposited. The amount of money that can be withdrawn from an ATM in a day is Rs 2500 for recalibrated machines. A savings account holder can withdraw up to Rs 24,000 per week from the bank which includes cash withdrawn from ATMs. A current account holder can withdraw upto Rs 50,000 in a week. The only exceptions to this rule are families where weddings are imminent where the withdrawal limits have been increased to Rs 2.5 lakh in a week. (WION with inputs from PTI)

Demonetisation: Income Tax notices for those depositing large amounts of cash

With banks serving only their own customers today, shorter queues were seen outside them today. But people were still seen waiting in frustration outside ATMs.&nbsp;

Other restrictions have also been placed on people wanting to exchange old currency notes for new; for one, the exchange limit has been halved to Rs 2,000 and many banks are reportedly still using indelible ink to mark the fingers of people who have exchanged old cash for new. That is to stop people from coming back again and again.&nbsp;

The election commission had asked the banks to stop doing so, so as to avoid confusion during the upcoming state polls in the states of Uttar Pradesh and Punjab. &nbsp;

Senior citizens are exempt from the latest restriction that banks serve only their own customers today, and they will be allowed to walk into any bank to change their currency.

Finance minister Arun Jaitley said the rush at banks has come down, significantly, and that there is absolutely no panic.

&quot;Queues have become extremely small and this is all over the country,&quot; he said.

With the government and RBI struggling to make cash available across the country, small businesses -- from vegetable vendors to dhabas to kirana stores -- that use cash as a primary mode of transaction have been hit especially hard.

And people have faced trouble getting hold of daily groceries and medicines.

On Friday, the Calcutta high court sought a report from the government on steps taken to &quot;alleviate the sufferings of common people&quot;, while the Supreme Court advised the government to act fast for fear that riots might break out. &nbsp;

(WION with inputs from PTI)

But people were still seen waiting frustratedly at ATMs

With banks serving only their own customers today, shorter queues were seen outside them today. But people were still seen waiting in frustration outside ATMs. Other restrictions have also been placed on people wanting to exchange old currency notes for new; for one, the exchange limit has been halved to Rs 2,000 and many banks are reportedly still using indelible ink to mark the fingers of people who have exchanged old cash for new. That is to stop people from coming back again and again. The election commission had asked the banks to stop doing so, so as to avoid confusion during the upcoming state polls in the states of Uttar Pradesh and Punjab. Senior citizens are exempt from the latest restriction that banks serve only their own customers today, and they will be allowed to walk into any bank to change their currency. Finance minister Arun Jaitley said the rush at banks has come down, significantly, and that there is absolutely no panic. "Queues have become extremely small and this is all over the country," he said. With the government and RBI struggling to make cash available across the country, small businesses -- from vegetable vendors to dhabas to kirana stores -- that use cash as a primary mode of transaction have been hit especially hard. And people have faced trouble getting hold of daily groceries and medicines. On Friday, the Calcutta high court sought a report from the government on steps taken to "alleviate the sufferings of common people", while the Supreme Court advised the government to act fast for fear that riots might break out. (WION with inputs from PTI)

Demonetisation: With banks serving only their own customers, queues get shorter

Banks on Saturday will exchange old, high-value banknotes of Rs 500 and Rs 1,000 for its customers only, and not for people&nbsp;who don&#39;t hold an account with them, the Indian Banks&#39; Association announced.

However, senior citizens have been exempted.

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&quot;All these days our own customers have suffered because we have not been able to do their work. So, we have seen lot of pending work at branches especially for our existing customers. And tomorrow we will not be doing exchange of notes (for outside customers),&quot; IBA chairman Rajeev Rishi said.

This&nbsp;will be enforced on Saturday only. From Monday onwards, people can go to any bank to swap their old notes for new ones, the IBA chairman further announced.

Banks will be closed this Sunday.

Earlier today, the government had warned that those who have allowed others to deposit money in their bank accounts, will be prosecuted for abetment under the Income Tax Act. 
 
The finance ministry&#39;s directive comes against the backdrop of reports that some are using other persons&#39; bank accounts to convert their black money into new denomination notes. If it is established that the money deposited in bank account does not belong to the account holder, it would be subject to tax, interest and 200 per cent penalty.

Since Prime Minister Narendra Modi&#39;s surprise announcement on November 8 to&nbsp;demonetise higher denomination notes&nbsp;of Rs 500 and Rs 1,000, banks and ATMs across the country have been witnessing serpentine queues to exchange now-invalid currency notes. Last week, banks across the country were open on both Saturday and Sunday to help the sudden&nbsp;<a href="http://timesofindia.indiatimes.com/topic/currency-crisis" pg="AS1_InlineMedia#AS1_Link#AS1_http://timesofindia.indiatimes.com/india/No-exchange-of-notes-for-other-bank-customers-tomorrow-senior-citizens-exempted/articleshow/55499630.cms">currency crisis</a>&nbsp;in the economy. 
 
On Thursday, the government halved the limit of exchange of defunct notes to Rs 2,000. With effect from today, individuals can exchange invalid 500 and 1,000 rupee notes totalling Rs 2,000, as against Rs 4,500 earlier, till December 30.

(WION with inputs from PTI)

Senior citizens are however exempt. Banks will not open on Sunday

Banks on Saturday will exchange old, high-value banknotes of Rs 500 and Rs 1,000 for its customers only, and not for people who don't hold an account with them, the Indian Banks' Association announced. However, senior citizens have been exempted. From Monday onwards, people can go to any bank to swap their old notes for new ones × "All these days our own customers have suffered because we have not been able to do their work. So, we have seen lot of pending work at branches especially for our existing customers. And tomorrow we will not be doing exchange of notes (for outside customers)," IBA chairman Rajeev Rishi said. This will be enforced on Saturday only. From Monday onwards, people can go to any bank to swap their old notes for new ones, the IBA chairman further announced. Banks will be closed this Sunday. Earlier today, the government had warned that those who have allowed others to deposit money in their bank accounts, will be prosecuted for abetment under the Income Tax Act. The finance ministry's directive comes against the backdrop of reports that some are using other persons' bank accounts to convert their black money into new denomination notes. If it is established that the money deposited in bank account does not belong to the account holder, it would be subject to tax, interest and 200 per cent penalty. Since Prime Minister Narendra Modi's surprise announcement on November 8 to demonetise higher denomination notes of Rs 500 and Rs 1,000, banks and ATMs across the country have been witnessing serpentine queues to exchange now-invalid currency notes. Last week, banks across the country were open on both Saturday and Sunday to help the sudden currency crisis in the economy. On Thursday, the government halved the limit of exchange of defunct notes to Rs 2,000. With effect from today, individuals can exchange invalid 500 and 1,000 rupee notes totalling Rs 2,000, as against Rs 4,500 earlier, till December 30. (WION with inputs from PTI)

Demonetisation: Banks to exchange cash only for own customers today

The Supreme Court of India today dubbed the long queues outside banks and post offices as a &quot;serious issue&quot; following the government&#39;s decision to scrap Rs 500 and Rs 1,000 currency notes.&nbsp;

The bench, comprising of Chief Justice T S Thakur and Justice A R Dave, expressed its reservation on the government&#39;s plea seeking a direction that no other court in the country should entertain petitions challenging the decision.&nbsp;

The attorney general Mukul Rohatgi submitted that any matter challenging the demonetisation issue be heard by the Supreme Court only.

The apex court ordered all the parties involved to be prepared with data and other issues in writing, after it noted that &quot;some measures are required&quot; to provide relief to the people.&nbsp;

The court observed, &quot;the people have to go to the high court. If we shut them from going to the high court, how can we know the magnitude of the problem. People going to different courts indicates the magnitude of the problem.&quot;

Rohatgi assured the court that &quot;there is no dispute, and the queues are getting shorter&quot;.

But the bench questioned the relief measures undertaken by the central government saying, &quot;Last time you said there will be relief for people in the coming days but you have squeezed the exchange limit to Rs 2,000 only. What is the difficulty?&quot;

Elaborating on the steps taken by the government, the AG told the court that there is &quot;no shortage of funds&quot; but stated that after printing, the currency has to be moved to thousands of centres across the country and ATMs have to be re-calibrated.

He added that the farmers have been allowed to withdraw Rs 50,000 and people having weddings at home can withdraw Rs 2.5 lakh.

(WION with inputs from PTI) 
&nbsp;

The attorney general made a plea to the apex court that any matter challenging the decision be heard only by them

The Supreme Court of India today dubbed the long queues outside banks and post offices as a "serious issue" following the government's decision to scrap Rs 500 and Rs 1,000 currency notes. The bench, comprising of Chief Justice T S Thakur and Justice A R Dave, expressed its reservation on the government's plea seeking a direction that no other court in the country should entertain petitions challenging the decision. The attorney general Mukul Rohatgi submitted that any matter challenging the demonetisation issue be heard by the Supreme Court only. The apex court ordered all the parties involved to be prepared with data and other issues in writing, after it noted that "some measures are required" to provide relief to the people. The court observed, "the people have to go to the high court. If we shut them from going to the high court, how can we know the magnitude of the problem. People going to different courts indicates the magnitude of the problem." Rohatgi assured the court that "there is no dispute, and the queues are getting shorter". But the bench questioned the relief measures undertaken by the central government saying, "Last time you said there will be relief for people in the coming days but you have squeezed the exchange limit to Rs 2,000 only. What is the difficulty?" Elaborating on the steps taken by the government, the AG told the court that there is "no shortage of funds" but stated that after printing, the currency has to be moved to thousands of centres across the country and ATMs have to be re-calibrated. He added that the farmers have been allowed to withdraw Rs 50,000 and people having weddings at home can withdraw Rs 2.5 lakh. (WION with inputs from PTI)

Demonetisation: Supreme Court says long queues outside banks 'serious issue'

Both houses of parliament in India were adjourned today following uproar over demonetisation.

Indian Prime Minister Narendra Modi had on November 8 announced the move, withdrawing from circulation Rs 500 and Rs 1,000 currency notes.

The Rajya Sabha on Friday witnessed multiple adjournments during the first-half of the day, with opposition parties protesting against the government&#39;s move.

The opposition also demanded an apology from Prime Minister Modi on the issue, leading to another adjournment of the house.

Minister of state for parliamentary affairs Mukhtar Abbas Naqvi sought an apology from the Congress&#39; Ghulam Nabi Azad for comparing the death of soldiers in the Uri terror attack with those of people standing in queues outside banks and ATMs post demonetisation.

The Rajya Sabha had a day-long debate on the issue on the first day of the on-going winter session of the parliament.

The Lok Sabha has been adjourned till Monday following an uproar between a united opposition and the treasury over the issue.

To try and ease the cash crunch following last week&#39;s decision to demonetise 500- and 1,000-rupee notes, the Indian government said Thursday that select petrol pumps would be allowed to dispense up to Rs 2,000 to customers against their debit or credit cards.

To start with, the facility will be available at 2,500 petrol pumps around the country.

&quot;It has been decided that an amount up to Rs 2,000 per day per person in cash can be dispensed against swiping of debit card from select petrol pumps where Point of Sale (PoS) machines of State Bank of India are already available,&quot; an official told Indian news agency PTI.

The facility will in time be extended to 20,000 petrol pumps.

(WION with inputs from agencies)

Both houses of parliament were adjourned today following uproar over demonetisation

Both houses of parliament in India were adjourned today following uproar over demonetisation. Indian Prime Minister Narendra Modi had on November 8 announced the move, withdrawing from circulation Rs 500 and Rs 1,000 currency notes. The Rajya Sabha on Friday witnessed multiple adjournments during the first-half of the day, with opposition parties protesting against the government's move. The opposition also demanded an apology from Prime Minister Modi on the issue, leading to another adjournment of the house. Minister of state for parliamentary affairs Mukhtar Abbas Naqvi sought an apology from the Congress' Ghulam Nabi Azad for comparing the death of soldiers in the Uri terror attack with those of people standing in queues outside banks and ATMs post demonetisation. The Rajya Sabha had a day-long debate on the issue on the first day of the on-going winter session of the parliament. The Lok Sabha has been adjourned till Monday following an uproar between a united opposition and the treasury over the issue. To try and ease the cash crunch following last week's decision to demonetise 500- and 1,000-rupee notes, the Indian government said Thursday that select petrol pumps would be allowed to dispense up to Rs 2,000 to customers against their debit or credit cards. To start with, the facility will be available at 2,500 petrol pumps around the country. "It has been decided that an amount up to Rs 2,000 per day per person in cash can be dispensed against swiping of debit card from select petrol pumps where Point of Sale (PoS) machines of State Bank of India are already available," an official told Indian news agency PTI. The facility will in time be extended to 20,000 petrol pumps. (WION with inputs from agencies)

Demonetisation: Opposition demands PM's apology in Parliament, petrol stations to disburse Rs 2000 against each bank card

A day after lauding Indian Prime Minister Narendra Modi&#39;s demonetisation decision, Microsoft founder Bill Gates took a U-turn and said he had &ldquo;no opinion&rdquo; on the issue, <a href="http://www.thehindu.com/news/national/no-opinion-on-demonetisation-decision-says-bill-gates/article9356876.ece">reported The Hindu</a>.

It happened during a media roundtable on Thursday when a reporter from The Hindu specifically asked Gates if he supported the demonetisation move. Gates, who a day before had called it a &ldquo;bold move&rdquo; and believed that it would deflate India&rsquo;s shadow economy, said, he had &ldquo;on opinion&rdquo; on the issue.

Delivering the Second Transforming India Lecture organised by NITI Aayog on Wednesday, Gates had also said that the shift to digital transactions would enhance transparency and reduce leakages.

&quot;The Prime Minister&rsquo;s bold move to demonetise high-value denominations and replace with new notes with high security features is an important step to deflate India&rsquo;s shadow economy,&rdquo; said Gates.

India, he added, &quot;has all the pieces in place for a compelling vision for digital financial inclusion. Aadhaar will convert a cumbersome, paper-based account opening process into a 30-second, all-digital system.&quot;

Modi, in a surprise decision on November 8, demonetised currency notes of Rs 500 and Rs 1,000 denomination, replacing them with new Rs 500 and Rs 2,000 bills.

(WION with inputs from PTI)

&nbsp;

Gates?had earlier called demonetisation a 'bold move'?and believed that it would deflate India?s shadow economy

A day after lauding Indian Prime Minister Narendra Modi's demonetisation decision, Microsoft founder Bill Gates took a U-turn and said he had “no opinion” on the issue, reported The Hindu. It happened during a media roundtable on Thursday when a reporter from The Hindu specifically asked Gates if he supported the demonetisation move. Gates, who a day before had called it a “bold move” and believed that it would deflate India’s shadow economy, said, he had “on opinion” on the issue. Delivering the Second Transforming India Lecture organised by NITI Aayog on Wednesday, Gates had also said that the shift to digital transactions would enhance transparency and reduce leakages. "The Prime Minister’s bold move to demonetise high-value denominations and replace with new notes with high security features is an important step to deflate India’s shadow economy,” said Gates. India, he added, "has all the pieces in place for a compelling vision for digital financial inclusion. Aadhaar will convert a cumbersome, paper-based account opening process into a 30-second, all-digital system." Modi, in a surprise decision on November 8, demonetised currency notes of Rs 500 and Rs 1,000 denomination, replacing them with new Rs 500 and Rs 2,000 bills. (WION with inputs from PTI)

Bill Gates takes a U-turn on demonetisation, now says he has ?no opinion? on the issue

They had traditionally been the money lenders of a large section of people in times of crisis in the eastern Indian state of West Bengal. But now, this community has fallen on hard times themselves.

They are the Kabuliwalas&nbsp;of Kolkata.&nbsp;

The community came to be known as Kabuliwalas&nbsp;because most of them came from&nbsp;Kabul. They are Afghan migrants who came to this eastern Indian city of Kolkata from Pashtunistan, a region inhabited by Pashtuns in&nbsp;modern-day Afghanistan and&nbsp;Pakistan, in search of greener pastures in the 19th century.&nbsp;

While these Kabuliwalas went from door to door selling attar (perfume), dry fruits, spices and fabrics procured from Afghanistan, over the years, they became money lenders&nbsp;who would give loans to the local populace.&nbsp;

Kabuliwalas&nbsp;are not just another ordinary community in&nbsp;Bengal. They occupy a special place in the hearts of the Bengalis, and have been immortalised in Bengali literature and cinema over the years, most notably in Rabindranath Tagore&#39;s 1892 short story named &#39;Kabuliwala&#39; where a Pathan merchant develops a deep bond with a five-year-old girl named Mini.

It is&nbsp;not surprising that the positive portrayal of Kabuliwalas in the local culture has helped the community feel very much at home in Kolkata. And it is no different for 28-year-old Nidim Khan, an Afghan who was born in Kabul and moved to Kolkata with his father about a decade back.

Nidim, like several others of his community,&nbsp;lives in north&nbsp;of Kolkata and their building is famously known as &lsquo;Khan Kothi&rsquo;, a neat and tidy house with&nbsp;minimal furniture and adorned by a&nbsp;beautiful carpet brought from Aghanistan.&nbsp;

For the last few years, Nidim&nbsp;has been assisting his father Afroz in his money lending business. But&nbsp;following the Indian government&#39;s decision to scrap the old banknotes, they like other money lenders have been trapped in a situation where&nbsp;they cannot recover the money they had given&nbsp;as loan to people.&nbsp;

&ldquo;People who had borrowed from us are repaying in old currency notes, which we cannot accept. Further, people do not have enough Rs 100 notes or the new Rs&nbsp;2,000 notes for them to repay the loans immediately,&rdquo; says Nidim, adding, &ldquo;We do not have new currency notes to give away as loans.&rdquo;

To further add to their misery, Nidim&#39;s family like most&nbsp;Kabuliwalas here do not hold bank accounts. That means they cannot go to the nearest bank and exchange the redundant banknotes.&nbsp;

&ldquo;The currency notes in our possession are of no use to us as we cannot exchange them. We do not deal in bonds and agreements. It is just a promise and trust on which our business thrives,&rdquo; says Nidim&rsquo;s father&nbsp;Afroz, adding that the government&#39;s demonetisation plan has further dented the-already struggling money lending business -- a&nbsp;sentiment that was unaniously agreed by most Kabuliwallas in town.

(WION)

The money lenders, who are originally from Afghanistan, say they don't have the new banknotes to give away as loans

They had traditionally been the money lenders of a large section of people in times of crisis in the eastern Indian state of West Bengal. But now, this community has fallen on hard times themselves. They are the Kabuliwalas of Kolkata. The community came to be known as Kabuliwalas because most of them came from Kabul. They are Afghan migrants who came to this eastern Indian city of Kolkata from Pashtunistan, a region inhabited by Pashtuns in modern-day Afghanistan and Pakistan, in search of greener pastures in the 19th century. While these Kabuliwalas went from door to door selling attar (perfume), dry fruits, spices and fabrics procured from Afghanistan, over the years, they became money lenders who would give loans to the local populace. Kabuliwalas are not just another ordinary community in Bengal. They occupy a special place in the hearts of the Bengalis, and have been immortalised in Bengali literature and cinema over the years, most notably in Rabindranath Tagore's 1892 short story named 'Kabuliwala' where a Pathan merchant develops a deep bond with a five-year-old girl named Mini. It is not surprising that the positive portrayal of Kabuliwalas in the local culture has helped the community feel very much at home in Kolkata. And it is no different for 28-year-old Nidim Khan, an Afghan who was born in Kabul and moved to Kolkata with his father about a decade back. Nidim, like several others of his community, lives in north of Kolkata and their building is famously known as ‘Khan Kothi’, a neat and tidy house with minimal furniture and adorned by a beautiful carpet brought from Aghanistan. For the last few years, Nidim has been assisting his father Afroz in his money lending business. But following the Indian government's decision to scrap the old banknotes, they like other money lenders have been trapped in a situation where they cannot recover the money they had given as loan to people. “People who had borrowed from us are repaying in old currency notes, which we cannot accept. Further, people do not have enough Rs 100 notes or the new Rs 2,000 notes for them to repay the loans immediately,” says Nidim, adding, “We do not have new currency notes to give away as loans.” To further add to their misery, Nidim's family like most Kabuliwalas here do not hold bank accounts. That means they cannot go to the nearest bank and exchange the redundant banknotes. “The currency notes in our possession are of no use to us as we cannot exchange them. We do not deal in bonds and agreements. It is just a promise and trust on which our business thrives,” says Nidim’s father Afroz, adding that the government's demonetisation plan has further dented the-already struggling money lending business -- a sentiment that was unaniously agreed by most Kabuliwallas in town. (WION)

Kabuliwalas of Kolkata stricken by demonetisation

The Election Commission of India on Friday asked the Finance Ministry not to use indelible ink in banks as it will create confusion in the state polls, reported ANI.

Grappling with unending queues and frayed tempers in banks and to check operation of syndicates, government on Tuesday decided to introduce a system of marking customers exchanging defunct currency notes with indelible ink while monitoring suspicious deposits in Jan Dhan accounts.

To stop repeat money exchangers thronging banks with invalid currency notes, banks have started applying indelible ink mark on the right hand index finger of customers in the select metro cities. SBI and few other banks in Delhi have started using indelible ink.

According to SOP released by the RBI, indelible ink can be applied by the cashier or any other official designated by the bank before the notes are given to the customer so that while the exchange of notes is taking place, a few seconds elapse which will allow the ink to dry up and prevent removal of ink.

Congress has accused the government of &quot;branding&quot; people through its &quot;fascist act&quot; of inking those exchanging demonetised currency notes even as it charged Prime Minister Narendra Modi with &quot;disrespecting&quot; Parliament by not hearing out concerns raised by members on demonetization.

(This piece first appeared in DNA)

The move will create confusion in upcoming state polls, the commission said

The Election Commission of India on Friday asked the Finance Ministry not to use indelible ink in banks as it will create confusion in the state polls, reported ANI. Grappling with unending queues and frayed tempers in banks and to check operation of syndicates, government on Tuesday decided to introduce a system of marking customers exchanging defunct currency notes with indelible ink while monitoring suspicious deposits in Jan Dhan accounts. To stop repeat money exchangers thronging banks with invalid currency notes, banks have started applying indelible ink mark on the right hand index finger of customers in the select metro cities. SBI and few other banks in Delhi have started using indelible ink. According to SOP released by the RBI, indelible ink can be applied by the cashier or any other official designated by the bank before the notes are given to the customer so that while the exchange of notes is taking place, a few seconds elapse which will allow the ink to dry up and prevent removal of ink. Congress has accused the government of "branding" people through its "fascist act" of inking those exchanging demonetised currency notes even as it charged Prime Minister Narendra Modi with "disrespecting" Parliament by not hearing out concerns raised by members on demonetization. (This piece first appeared in DNA)

Demonetisation: Don't use indelible ink in banks, Election Commission tells finance ministry

To try and ease the cash crunch following last week&#39;s decision to demonetise 500- and 1,000-rupee notes, the Indian&nbsp;government said Thursday that select petrol pumps would be allowed to dispense up to Rs 2,000 to customers against their debit or credit cards.

To start with, the facility will be available at 2,500 petrol pumps around the country.

&quot;It has been decided that an amount up to Rs 2,000 per day per person in cash can be dispensed against swiping of debit card from select petrol pumps where Point of Sale (PoS) machines of State Bank of India are already available,&quot; an official told Indian news agency PTI.

The facility will in time be extended to 20,000 petrol pumps.

(WION with inputs from PTI)

The facility will at first be available at 2,500 petrol pumps around the country, will in time be extended to 20,000

To try and ease the cash crunch following last week's decision to demonetise 500- and 1,000-rupee notes, the Indian government said Thursday that select petrol pumps would be allowed to dispense up to Rs 2,000 to customers against their debit or credit cards. To start with, the facility will be available at 2,500 petrol pumps around the country. "It has been decided that an amount up to Rs 2,000 per day per person in cash can be dispensed against swiping of debit card from select petrol pumps where Point of Sale (PoS) machines of State Bank of India are already available," an official told Indian news agency PTI. The facility will in time be extended to 20,000 petrol pumps. (WION with inputs from PTI)

Demonetisation: Swipe card at petrol pump, get up to Rs 2,000 cash

The Indian government has said that people using other persons&#39; bank accounts to convert their black money into new denomination notes will be subjected to income tax and penalty if it is found that the amount did not belong to the account holder.

Prime Minister Narendra Modi announced the demonetisation move on November 8, withdrawing from circulation currency notes of Rs 500 and Rs 1,000.

The Indian government later said that small deposits made in banks by artisans, workers, housewives, would not be questioned by the Income Tax (IT) department considering the present exemption limit for Income Tax being Rs 2.5 lakh.

However, there have been reports in the media of instances where people are using other persons&#39;&nbsp;bank accounts to convert their black money into new denomination notes in exchange of a particular percentage of the amount.

This activity was reported in some Jan-Dhan accounts too.

The government has said that the person who allows his or her account to be misused for this purpose can be prosecuted for abetment under Income Tax Act.

However, genuine persons depositing their household savings in cash into their bank accounts would not be questioned.

The government has urged people to help it curb black money, to make its mission successful.

Also, people have been encouraged to give information of illegal activities to the IT department so that immediate action can be taken and such illegal transfer of cash can be stopped and seized.

(WION with inputs from agencies)

There have been reports of people using other persons'?accounts to convert their black money into new denomination notes

The Indian government has said that people using other persons' bank accounts to convert their black money into new denomination notes will be subjected to income tax and penalty if it is found that the amount did not belong to the account holder. Prime Minister Narendra Modi announced the demonetisation move on November 8, withdrawing from circulation currency notes of Rs 500 and Rs 1,000. The Indian government later said that small deposits made in banks by artisans, workers, housewives, would not be questioned by the Income Tax (IT) department considering the present exemption limit for Income Tax being Rs 2.5 lakh. However, there have been reports in the media of instances where people are using other persons' bank accounts to convert their black money into new denomination notes in exchange of a particular percentage of the amount. This activity was reported in some Jan-Dhan accounts too. The government has said that the person who allows his or her account to be misused for this purpose can be prosecuted for abetment under Income Tax Act. However, genuine persons depositing their household savings in cash into their bank accounts would not be questioned. The government has urged people to help it curb black money, to make its mission successful. Also, people have been encouraged to give information of illegal activities to the IT department so that immediate action can be taken and such illegal transfer of cash can be stopped and seized. (WION with inputs from agencies)

Demonetisation: Don't use others' accounts for black money conversion, Indian government warns

A united opposition&#39;s demand for a debate on demonetisation under a rule which entails voting today forced the adjournment of India&#39;s Lower House (Lok Sabha) for the day after the government refused to accede to their request.

The Upper House (Rajya Sabha) was also adjourned after opposition parties - led by the Congress -&nbsp;protested&nbsp;the hardship faced by the people after the Indian government decided to demonetise Rs 500 and Rs 1000 bank notes.

Parliamentarians also insisted that Prime Minister Narendra Modi be present during the discussion.

Parliamentary Affairs Minister Ananth Kumar told the Lok Sabha the government was willing to debate the issue under a rule which did not entail voting (Rule 193) since it wanted Parliament to have a united stand on the issue.

He also said people were with the government on the issue. &quot;They want black money, fake currency... To be finished. We want cooperation from you. We are ready to discuss. We do not want two voices to emerge from Parliament,&quot; he said.

Speaker Sumitra Mahajan adjourned proceedings for the day after the opposition, including the TMC, Congress, the Left, SP and RJD, refused to budge and marched into the Well of the House.

TMC leader Sudip Bandhyopadhyay, Leader of the Congress in Lok Sabha, Mallikarjun Kharge, AND RJD&#39;s Jai Prakash Narayan Yadav led the demand for an adjournment motion.

&quot;We all want a discussion under the Rule 56 so that we can know what is the stand of all parties when they vote. Then everyone will participate,&quot; Kharge said.

He said his party wanted to discuss the &quot;hardship being faced by the people&quot; and the government&#39;s failure to redress the plight.&quot;&nbsp;

Sudip Bandhopadhyay said opposition parties were together. &quot;We are in a mood to censure the government.&quot;

In the Rajya Sabha,&nbsp;pandemonium erupted after TMC&#39;&#39;s Derek O&#39;Brien asked where the prime minister was when the House discusses hardships and inconvience caused by the decision to withdraw the 500 and 1000 rupee notes.

&quot;The person who made the (demonetisation) announcement at 8 o&#39;clock on November 8, where is he,&quot; he said.

(WION with &nbsp;inputs from agencies)

The opposition demanded a response from PM Modi about the hardship caused to people by demonetisation of Rs 500, Rs 1000 notes

A united opposition's demand for a debate on demonetisation under a rule which entails voting today forced the adjournment of India's Lower House (Lok Sabha) for the day after the government refused to accede to their request. The Upper House (Rajya Sabha) was also adjourned after opposition parties - led by the Congress - protested the hardship faced by the people after the Indian government decided to demonetise Rs 500 and Rs 1000 bank notes. Parliamentarians also insisted that Prime Minister Narendra Modi be present during the discussion. Parliamentary Affairs Minister Ananth Kumar told the Lok Sabha the government was willing to debate the issue under a rule which did not entail voting (Rule 193) since it wanted Parliament to have a united stand on the issue. He also said people were with the government on the issue. "They want black money, fake currency... To be finished. We want cooperation from you. We are ready to discuss. We do not want two voices to emerge from Parliament," he said. Speaker Sumitra Mahajan adjourned proceedings for the day after the opposition, including the TMC, Congress, the Left, SP and RJD, refused to budge and marched into the Well of the House. TMC leader Sudip Bandhyopadhyay, Leader of the Congress in Lok Sabha, Mallikarjun Kharge, AND RJD's Jai Prakash Narayan Yadav led the demand for an adjournment motion. "We all want a discussion under the Rule 56 so that we can know what is the stand of all parties when they vote. Then everyone will participate," Kharge said. He said his party wanted to discuss the "hardship being faced by the people" and the government's failure to redress the plight." Sudip Bandhopadhyay said opposition parties were together. "We are in a mood to censure the government." In the Rajya Sabha, pandemonium erupted after TMC''s Derek O'Brien asked where the prime minister was when the House discusses hardships and inconvience caused by the decision to withdraw the 500 and 1000 rupee notes. "The person who made the (demonetisation) announcement at 8 o'clock on November 8, where is he," he said. (WION with inputs from agencies)

India: Both Houses of Parliament adjourned after demonetisation uproar

Denver has become the first city in the United States to legalise the social use of cannabis in businesses, including bars, yoga studios and art galleries.

The new ordinance was part of several marijuana measures put to voters in nine US states during last week&#39;s general election. Denver officials said on Tuesday that Initiative 300 had garnered enough votes to pass after nearly all the ballots had been counted.

The measure allows private businesses in Colorado&#39;s capital to seek permits to create areas where customers can bring their own cannabis and consume it. However, applicants would first need to receive backing from a local business group or neighbourhood.

&quot;This is absolutely historic and ground-breaking,&quot; said Emmett Reistroffer, a key proponent of the measure and a cannabis consultant in Denver. &quot;We are the first in the United States and potentially the first place in the world to regulate the consumption of cannabis.&quot;

He told AFP that the vote was in line with a measure approved by the state four years ago allowing the recreational use of marijuana by adults.

&quot;Essentially what we passed is a continuation of that same belief that adults should be able to use and socialise with cannabis as they are able to do with alcohol,&quot; Reistroffer said.

The city&#39;s trailblazing measure comes as more and more states across America move to legalise cannabis either for medical or recreational use. California, the nation&#39;s most populous state, last Tuesday handed a major victory for backers of legalisation by approving recreational use of the drug. Massachusetts approved a similar measure.

According to industry professionals, the marijuana market in the United States could expand to $23 billion by 2020, compared to $5.7 billion in 2015.

In Denver, the new ordinance will be implemented as part of a four-year pilot program that will test the concept and determine its long-term feasibility. Opponents, including Colorado&#39;s governor and former Denver mayor John Hickenlooper, had argued that it would encourage the public use of marijuana, which is banned on the state and federal level, and harm public safety.

&quot;I look at it as the camel&#39;s nose getting under the tent flap,&quot; Hickenlooper told the Denver Post before the vote. Protect Denver&#39;s Atmosphere, a group which also opposed the ballot measure, urged city officials to tread carefully in issuing licenses to businesses.

&nbsp;

Concert venues &amp; comedy clubs

&quot;Initiative 300 allows the concurrent consumption of marijuana and alcohol, which can lead to greater impairment than the&nbsp;use of either substance alone,&quot; Rachel O&#39;Bryan, campaign manager for the group, said in a statement.&nbsp;

&quot;It will also allow the public consumption of slow-acting marijuana edibles and highly potent marijuana concentrates,&quot; she added. &quot;How can these businesses possibly monitor patrons for marijuana intoxication?&quot; She also noted that the initiative had received less backing from voters than the bill legalising recreational marijuana use in 2012.

The Denver Post, which supported the bill, in an editorial also called for caution as local officials &quot;move forward with this experiment&quot;.

&quot;But right now Denver is struggling with a public consumption problem, some who want to consume have no place to go, legally,&quot; the editorial said. &quot;It&#39;s a problem that should get solved sooner rather than later, now that voters have spoken.&quot;

Supporters of the marijuana ordinance stressed that the measure is so restrictive that it is unlikely that pot smoking will flourish in public places where food and alcohol are served.

&quot;I don&#39;t see this coming to a lot of restaurants,&quot; Reistroffer said. &quot;I see it happening in certain art galleries, concert venues and even comedy houses where adults go for generally adult entertainment.&quot;

(AFP)

Farmers will be able to withdraw up to $370 every week against their crop loans, cash withdrawal of $3700 for weddings approved

Denver has become the first city in the United States to legalise the social use of cannabis in businesses, including bars, yoga studios and art galleries. The new ordinance was part of several marijuana measures put to voters in nine US states during last week's general election. Denver officials said on Tuesday that Initiative 300 had garnered enough votes to pass after nearly all the ballots had been counted. The measure allows private businesses in Colorado's capital to seek permits to create areas where customers can bring their own cannabis and consume it. However, applicants would first need to receive backing from a local business group or neighbourhood. "This is absolutely historic and ground-breaking," said Emmett Reistroffer, a key proponent of the measure and a cannabis consultant in Denver. "We are the first in the United States and potentially the first place in the world to regulate the consumption of cannabis." He told AFP that the vote was in line with a measure approved by the state four years ago allowing the recreational use of marijuana by adults. "Essentially what we passed is a continuation of that same belief that adults should be able to use and socialise with cannabis as they are able to do with alcohol," Reistroffer said. The city's trailblazing measure comes as more and more states across America move to legalise cannabis either for medical or recreational use. California, the nation's most populous state, last Tuesday handed a major victory for backers of legalisation by approving recreational use of the drug. Massachusetts approved a similar measure. According to industry professionals, the marijuana market in the United States could expand to $23 billion by 2020, compared to $5.7 billion in 2015. In Denver, the new ordinance will be implemented as part of a four-year pilot program that will test the concept and determine its long-term feasibility. Opponents, including Colorado's governor and former Denver mayor John Hickenlooper, had argued that it would encourage the public use of marijuana, which is banned on the state and federal level, and harm public safety. "I look at it as the camel's nose getting under the tent flap," Hickenlooper told the Denver Post before the vote. Protect Denver's Atmosphere, a group which also opposed the ballot measure, urged city officials to tread carefully in issuing licenses to businesses. Concert venues & comedy clubs "Initiative 300 allows the concurrent consumption of marijuana and alcohol, which can lead to greater impairment than the use of either substance alone," Rachel O'Bryan, campaign manager for the group, said in a statement. "It will also allow the public consumption of slow-acting marijuana edibles and highly potent marijuana concentrates," she added. "How can these businesses possibly monitor patrons for marijuana intoxication?" She also noted that the initiative had received less backing from voters than the bill legalising recreational marijuana use in 2012. The Denver Post, which supported the bill, in an editorial also called for caution as local officials "move forward with this experiment". "But right now Denver is struggling with a public consumption problem, some who want to consume have no place to go, legally," the editorial said. "It's a problem that should get solved sooner rather than later, now that voters have spoken." Supporters of the marijuana ordinance stressed that the measure is so restrictive that it is unlikely that pot smoking will flourish in public places where food and alcohol are served. "I don't see this coming to a lot of restaurants," Reistroffer said. "I see it happening in certain art galleries, concert venues and even comedy houses where adults go for generally adult entertainment." (AFP)

Demonetisation: Indian government eases cash withdrawal limit for farmers, weddings

India&#39;s largest chamber of commerce and industry, the Associated Chambers of Commerce of India, has assured its full support to the Narendra Modi-led government in the fight against black money and corruption.

The ASSOCHAM today said that the short-term hardship would lead to long-term cleaning up of the economy. But the industry body also sought some immediate relief for the industry, SMEs and the traders.&nbsp;

It asked the government to provide a special dispensation to the small and medium enterprises which emply casual labour on a large scale. &quot;Even though India Inc itself operates in the organised sector of the economy which is connected electronically or through banking transactions like cheque payments, it has strong linkages with a large part of the unorganised sectors including agriculture, casual labour, transportation and other services.&quot;

Likewise, the entire distribution chain for the items of mass consumption, the value chain from the retail to the large distributors is not totally cheque or electronically payment driven.

The ASSOCHAM appealed to the government to revise the weekly limit of Rs 50,000 per week from the current account, saying it should be according to the size of the sales turnover of a company and depending on the sectors.

Besides, banks are not clear about it as yet and several of them are not implementing the current account limit, it added.&nbsp;

Among the other proposed relief measures to deal with the current situation, the ASSOCHAM said the Non-Banking Finance Companies (NBFCs) should also be allowed to accept old notes till December 31, subject to certain safeguards like crediting the amount only to the borrowers&#39; accounts and strict adherence to the money laundering laws.

The chamber said the companies should also adhere to the rules and guidelines, and the traders can be asked to maintain strict stock details with fool proof system against back-dated transactions and other misuses.&nbsp;

In the past, several initiatives by the government with regard to income disclosures and foreign money have also been well-received by the industrialists.&nbsp;

(WION with inputs from ANI) 
&nbsp;

ASSOCHAM appealed to the government to provide a special dispensation to small and medium enterprises which employ casual labour

India's largest chamber of commerce and industry, the Associated Chambers of Commerce of India, has assured its full support to the Narendra Modi-led government in the fight against black money and corruption. The ASSOCHAM today said that the short-term hardship would lead to long-term cleaning up of the economy. But the industry body also sought some immediate relief for the industry, SMEs and the traders. It asked the government to provide a special dispensation to the small and medium enterprises which emply casual labour on a large scale. "Even though India Inc itself operates in the organised sector of the economy which is connected electronically or through banking transactions like cheque payments, it has strong linkages with a large part of the unorganised sectors including agriculture, casual labour, transportation and other services." Likewise, the entire distribution chain for the items of mass consumption, the value chain from the retail to the large distributors is not totally cheque or electronically payment driven. The ASSOCHAM appealed to the government to revise the weekly limit of Rs 50,000 per week from the current account, saying it should be according to the size of the sales turnover of a company and depending on the sectors. Besides, banks are not clear about it as yet and several of them are not implementing the current account limit, it added. Among the other proposed relief measures to deal with the current situation, the ASSOCHAM said the Non-Banking Finance Companies (NBFCs) should also be allowed to accept old notes till December 31, subject to certain safeguards like crediting the amount only to the borrowers' accounts and strict adherence to the money laundering laws. The chamber said the companies should also adhere to the rules and guidelines, and the traders can be asked to maintain strict stock details with fool proof system against back-dated transactions and other misuses. In the past, several initiatives by the government with regard to income disclosures and foreign money have also been well-received by the industrialists. (WION with inputs from ANI)

Demonetisation: India Inc supports PM's fight against black money, urges government for immediate relief to small traders

The Indian government&#39;s decision to demonetise high-value banknotes of Rs 500 and Rs 1,000 eight days back has resulted in deaths of 47 people across the country, according to local media reports.

Most of the people died while waiting for long hours in queues outside banks and Automated Teller Machines (ATMs). There were reports of people committing suicide after the government made the sudden announcement last week.

Meanwhile, banks struggle to manage the huge rush of people thronging branches across the country to exchange invalid currency notes and get cash to meet their daily needs.

Despite some ATMs getting calibrated to dispense Rs 500 notes, such vending machines are running out of cash.

Queues at some branches in the metros cities were seen slightly shorter for exchange of old currencies as the process of putting indelible ink started yesterday. As a result of this, those who have already exchanged old currency notes are unable to interchange again on the same day due to the ink mark.

With the government and RBI struggling to ease cash availability, the small businesses - from vegetable vendors to dhabas and small kirana stores - that use cash as mode of transaction were the worst hit.

A bulk of daily labourers were rendered jobless as construction and other activities came to a standstill in the wake of cement, sand and other supplies not coming in.

Truckers too were reportedly stranded on highways as drivers ran out of valid currency notes, affecting movement of goods in several parts of the country.

Meanwhile, the government today announced many measures, including ease of restriction for cash withdrawal by farmers and wedding family.

At the same time, it has lowered the exchange limit for defunct notes to Rs 2,000 from the existing cap of Rs 4,500, effective tomorrow.

The over-the-counter exchange of Rs 500/1,000 in return of new currency will be available once per person till December 30.

(WION with inputs from PTI)

Some people reportedly died of shock last week when the government made the sudden announcement to scrap Rs 500 and Rs 1,000 bank notes

The Indian government's decision to demonetise high-value banknotes of Rs 500 and Rs 1,000 eight days back has resulted in deaths of 47 people across the country, according to local media reports. Most of the people died while waiting for long hours in queues outside banks and Automated Teller Machines (ATMs). There were reports of people committing suicide after the government made the sudden announcement last week. Meanwhile, banks struggle to manage the huge rush of people thronging branches across the country to exchange invalid currency notes and get cash to meet their daily needs. Despite some ATMs getting calibrated to dispense Rs 500 notes, such vending machines are running out of cash. Queues at some branches in the metros cities were seen slightly shorter for exchange of old currencies as the process of putting indelible ink started yesterday. As a result of this, those who have already exchanged old currency notes are unable to interchange again on the same day due to the ink mark. With the government and RBI struggling to ease cash availability, the small businesses - from vegetable vendors to dhabas and small kirana stores - that use cash as mode of transaction were the worst hit. A bulk of daily labourers were rendered jobless as construction and other activities came to a standstill in the wake of cement, sand and other supplies not coming in. Truckers too were reportedly stranded on highways as drivers ran out of valid currency notes, affecting movement of goods in several parts of the country. Meanwhile, the government today announced many measures, including ease of restriction for cash withdrawal by farmers and wedding family. At the same time, it has lowered the exchange limit for defunct notes to Rs 2,000 from the existing cap of Rs 4,500, effective tomorrow. The over-the-counter exchange of Rs 500/1,000 in return of new currency will be available once per person till December 30. (WION with inputs from PTI)

Demonetisation: Scores die due to long queues outside banks, ATMs

Ever since the Indian government abolished high denomination bank notes of Rs 500 and Rs 1000 to crackdown on black money, there has been a panic situation across the country. People are not only facing issues in exchanging their old notes with new ones.

While the long queues outside ATMs are discouraging many to stand and wait for their turn, there are others who are not aware about where the closest ATMs are located. But there is some help now.

Google is helping people by providing them with a list of nearby ATMs. Go to the Google homepage and you will find &ldquo;Find an ATM near you&rdquo; written underneath the search bar. As you click on it, you will be taken to Google Maps with a list of ATMs near you. The results in the list update as you move.

The addition of this new tool to the Google India homepage comes as a rescue amidst times when the cash-driven economy has almost come to a halt.

It&rsquo;s not only Indian citizens who are bearing the brunt of the demonetisation move, foreign travellers have also been caught in the chaos as they are unable to find anyone to change their money into 100 rupee notes.

(WION)

&nbsp;

The addition of this new tool to the Google India homepage comes as a relief to people who are struggling to withdraw the new banknotes

Ever since the Indian government abolished high denomination bank notes of Rs 500 and Rs 1000 to crackdown on black money, there has been a panic situation across the country. People are not only facing issues in exchanging their old notes with new ones. While the long queues outside ATMs are discouraging many to stand and wait for their turn, there are others who are not aware about where the closest ATMs are located. But there is some help now. Google is helping people by providing them with a list of nearby ATMs. Go to the Google homepage and you will find “Find an ATM near you” written underneath the search bar. As you click on it, you will be taken to Google Maps with a list of ATMs near you. The results in the list update as you move. The addition of this new tool to the Google India homepage comes as a rescue amidst times when the cash-driven economy has almost come to a halt. It’s not only Indian citizens who are bearing the brunt of the demonetisation move, foreign travellers have also been caught in the chaos as they are unable to find anyone to change their money into 100 rupee notes. (WION)

Demonetisation: Google's 'Find an ATM near you' tool helps you find nearby ATMs

By Manan Kumar and Abhishek Bhalla

India&#39;s ruling Bhartiya Janata Party governement seems confident that it would be able to brazen out the opposition attack on demonetisation in the parliament and emerge victorious in the final analysis, as the &quot;popular sentiment&quot; of people is with Prime Minister Narendra Modi.

Tipped by the top leadership to behave well and not pick up a fight, the treasury benches weathered the storm of a vociferous opposition pretty well on the first day of the Winter Session in upper house.

Still confused how the demonetisation gamble would play out in the public, the opposition parties calibrated their stand carefully as all the 13 notices by members demanding discussion under rule 267 did not question demonetisation in principle, but referred to problems arising out because its hasty implementation or social and economic fall out due to demonetisation.

Beginning the debate, Anand Sharma attacked PM Modi over selective leak on demonetisation of 500 and 1000 rupee notes to &quot;friends of BJP&quot;.&nbsp;His charges found an echo among other Opposition parties.

As the debate was in progress, BSP chief Mayawati demanded the presence of the Prime Minister in the House to hear out the Opposition parties and address their concerns.

Supporting her, Leader of Opposition Ghulam Nabi Azad said since Lok Sabha has adjourned for the day, Modi should hear out at least the major parties.

Aware that the debate was being watched intently by the public, the treasury benches, especially cabinet minister Venkaiah Naidu, made it a point to heap praises on PM Modi by quoting his speeches and eulogising him as a great leader who has raised India&#39;s stature in the world.

Condemning the scathing attack on PM Modi by Congress member who claimed that Modi will be remembered as the fourth one to demonetise currency after Colonel Qaddafi, Hitler and Mussolini, Naidu said, the more you say against PM Modi, the more you will be exposed among people who are fully with the Maha Yagna that is being performed by the PM.

Hailing the decision, Power Minister Piysuh Goyal claimed that honest people in the country have been honoured for the first time, while the corrupt will face action and losses.

&quot;No honest tax-payer will lose a single rupee. The loss will be of those who have amassed wealth through corruption and black money and the public should also support the government in the move,&quot; he said.

(This report first appeared in DNA)

Confused how the demonetisation gamble would play out in the public, opposition parties calibrated their stand in parliament carefully

By Manan Kumar and Abhishek Bhalla India's ruling Bhartiya Janata Party governement seems confident that it would be able to brazen out the opposition attack on demonetisation in the parliament and emerge victorious in the final analysis, as the "popular sentiment" of people is with Prime Minister Narendra Modi. Tipped by the top leadership to behave well and not pick up a fight, the treasury benches weathered the storm of a vociferous opposition pretty well on the first day of the Winter Session in upper house. Still confused how the demonetisation gamble would play out in the public, the opposition parties calibrated their stand carefully as all the 13 notices by members demanding discussion under rule 267 did not question demonetisation in principle, but referred to problems arising out because its hasty implementation or social and economic fall out due to demonetisation. Beginning the debate, Anand Sharma attacked PM Modi over selective leak on demonetisation of 500 and 1000 rupee notes to "friends of BJP". His charges found an echo among other Opposition parties. As the debate was in progress, BSP chief Mayawati demanded the presence of the Prime Minister in the House to hear out the Opposition parties and address their concerns. Supporting her, Leader of Opposition Ghulam Nabi Azad said since Lok Sabha has adjourned for the day, Modi should hear out at least the major parties. Aware that the debate was being watched intently by the public, the treasury benches, especially cabinet minister Venkaiah Naidu, made it a point to heap praises on PM Modi by quoting his speeches and eulogising him as a great leader who has raised India's stature in the world. Condemning the scathing attack on PM Modi by Congress member who claimed that Modi will be remembered as the fourth one to demonetise currency after Colonel Qaddafi, Hitler and Mussolini, Naidu said, the more you say against PM Modi, the more you will be exposed among people who are fully with the Maha Yagna that is being performed by the PM. Hailing the decision, Power Minister Piysuh Goyal claimed that honest people in the country have been honoured for the first time, while the corrupt will face action and losses. "No honest tax-payer will lose a single rupee. The loss will be of those who have amassed wealth through corruption and black money and the public should also support the government in the move," he said. (This report first appeared in DNA)

Demonetisation: BJP confident of weathering storm after first day of parliament's winter session

After two chief ministers threatened to hold protest and demanded the roll back of demonetisation, Indian finance minister Arun Jaitley dug his heels, slamming the two for spreading &quot;unnecessary panic&quot;.

Jaitley ruled out the roll back of the decision to scrap RS 500 and Rs 1,000 currency notes from the Indian economy. He expressed confidence in the move, saying the high value notes was &quot;very well planned&quot;.&nbsp;

Delhi chief minister Arvind Kejriwal and West Bengal chief minister Mamata Banerjee today held a protest in the capital in front of the Rserve Bank of India and gave the government a three-day ultimatum to roll back the decision.&nbsp;

Defending the government&#39;s move to fight the menace of black money, Jaitley said he expected every responsible citizen, political party, state governments to support the huge effort as it will only benefit the economy in the long run.&nbsp;

He added that the greatest beneficiaries of the move will be the people who will have greater access to banking, taxation quantum, and more banking support in terms of trade.&nbsp;

&quot;Now unnecessary panic is being spread particularly by some individuals and I didn&#39;t expect chief ministers of one or two states to join in this effort,&quot; Jaitley told ANI.

The government questioned the &quot;vested interest&quot; of the opposition parties in the Parliament. Jaitley said the opposition had developed &quot;cold feet&quot; to debate the issue of demonetisation and criticised Congress leaders for making irresponsible comments.&nbsp;

(WION with inputs from agencies) 
&nbsp;

Dismissing the possibility of a roll back, Jaitley questioned the intent of the ministers in opposing govt's effort to root out black money

After two chief ministers threatened to hold protest and demanded the roll back of demonetisation, Indian finance minister Arun Jaitley dug his heels, slamming the two for spreading "unnecessary panic". Jaitley ruled out the roll back of the decision to scrap RS 500 and Rs 1,000 currency notes from the Indian economy. He expressed confidence in the move, saying the high value notes was "very well planned". Delhi chief minister Arvind Kejriwal and West Bengal chief minister Mamata Banerjee today held a protest in the capital in front of the Rserve Bank of India and gave the government a three-day ultimatum to roll back the decision. Defending the government's move to fight the menace of black money, Jaitley said he expected every responsible citizen, political party, state governments to support the huge effort as it will only benefit the economy in the long run. He added that the greatest beneficiaries of the move will be the people who will have greater access to banking, taxation quantum, and more banking support in terms of trade. "Now unnecessary panic is being spread particularly by some individuals and I didn't expect chief ministers of one or two states to join in this effort," Jaitley told ANI. The government questioned the "vested interest" of the opposition parties in the Parliament. Jaitley said the opposition had developed "cold feet" to debate the issue of demonetisation and criticised Congress leaders for making irresponsible comments. (WION with inputs from agencies)

Chief ministers spreading unnecessary panic over demonetisation, says Indian finance minister

As the debate on demonetisation rages on across the nation, finance minister Arun Jaitley asserted that the government is committed to&nbsp;pursuing cases against all loan defaulters.&nbsp;

He said that the loans given to Vijay Mallya&#39;s Kingfisher Airlines, which heads the wilful defaulters&#39; list with outstanding dues of almost Rs 1,201 crore will not be written off.&nbsp;

Jaitley clarified in the Upper House of the Parliament, Rajya Sabha on Wednesday after DNA reported that the State Bank of India (SBI) had started a clean-up of its balance sheets by writing off loans worth about Rs 7,016 crore owed to it by 63 of its top 100 wilful defaulters.

After DNA broke the story, citing documents accessed by the author, several people took to social media outraging about a &#39;waiver&#39; on his loan with the cash deposits made to the banks in the wake of the demonetisation move.

They accused the banks of using the common man&#39;s cash deposits and then using that money to waver the bad loans.

Initiating the debate on demonetisation in the Rajya Sabha, Congress leader Anand Sharma said the &quot;ill-timed&quot; and &quot;ill-conceived&quot; move had unleashed &quot;economic anarchy&quot; in the country and benefited a few.

But Jaitley defended the decision, saying &quot;India cannot afford to live with black money any longer&quot; and &quot;integrity and ethical conduct are pre-requisites for the country&#39;s development.&nbsp;

While 63 accounts in the list have been fully written off, 31 have been partially written off and six have been shown as non-performing assets (NPAs), reveal documents accessed by DNA. As on June 30, 2016, SBI has written off Rs 48,000 crore worth of bad loans. The documents, however, don&#39;t specify the entry time of these &quot;write-offs&#39;&#39;.

(WION with inputs from agencies)&nbsp; 
&nbsp;

Insisting that government will continue to pursue loan defaulters, Arun Jaitley said SBI will not write off loans to Kingfisher Airlines

As the debate on demonetisation rages on across the nation, finance minister Arun Jaitley asserted that the government is committed to pursuing cases against all loan defaulters. He said that the loans given to Vijay Mallya's Kingfisher Airlines, which heads the wilful defaulters' list with outstanding dues of almost Rs 1,201 crore will not be written off. Jaitley clarified in the Upper House of the Parliament, Rajya Sabha on Wednesday after DNA reported that the State Bank of India (SBI) had started a clean-up of its balance sheets by writing off loans worth about Rs 7,016 crore owed to it by 63 of its top 100 wilful defaulters. After DNA broke the story, citing documents accessed by the author, several people took to social media outraging about a 'waiver' on his loan with the cash deposits made to the banks in the wake of the demonetisation move. They accused the banks of using the common man's cash deposits and then using that money to waver the bad loans. Initiating the debate on demonetisation in the Rajya Sabha, Congress leader Anand Sharma said the "ill-timed" and "ill-conceived" move had unleashed "economic anarchy" in the country and benefited a few. But Jaitley defended the decision, saying "India cannot afford to live with black money any longer" and "integrity and ethical conduct are pre-requisites for the country's development. While 63 accounts in the list have been fully written off, 31 have been partially written off and six have been shown as non-performing assets (NPAs), reveal documents accessed by DNA. As on June 30, 2016, SBI has written off Rs 48,000 crore worth of bad loans. The documents, however, don't specify the entry time of these "write-offs''. (WION with inputs from agencies)

Demonetisation: Finance minister clarifies Mallya's loans written off 'only in books'

Demonetisation of high denomination currency notes has badly hit agricultural and construction activities across Odisha, as cash-starved farmers are finding it hard to pay agricultural labourers, who are demanding wages in advance, that too in Rs 100 denomination.

People in Ganjam district said that they do not have enough cash to give to daily wage labourers.

Sudhir Rout, a farmer from Baiganabadi on the outskirts of Berhampur city in Ganjam district, said that he failed to pay the wages to labourers engaged in cutting crops.

Rout is in a fix as labourers are refusing to accept old Rs 500 and Rs 1,000 notes and he does not have enough Rs 100 notes to distribute among them.

Rout is not the only farmer facing such a problem. Several of them across the state are struggling to purchase ration, pay dues to agriculture labourers and manage various other expenses.

Another farmer from the district is facing a tough time in convincing labourers to work in his field. Due to this problem, he could not even complete harvesting. He had gone to a nearby market to withdraw money from the ATM, but it was not functioning.

The farmer tried to exchange money from the bank, but it handed him a Rs 2,000 note.

&quot;What will I do with the new note? I struggled to change even Rs 1,000 note,&quot; he said.

&quot;Now the paddy crop is in harvesting stage but no one is ready to come and work unless I pay the wages in advance and in Rs 100 denomination,&quot; said Rout.

The demonetisation crisis also affected construction activities in different areas. With labourers reluctant to accept Rs 500 and Rs 1,000 notes, people are seen struggling to secure Rs 100 notes to continue the construction work. Several house owners have been forced to stop such activities.

&quot;I have stopped construction work for the last three days as I do not have notes of smaller denominations to pay daily wage labourers,&quot; Manoj Padhy, an advocate from Brajanagara in Berhampur, said.

(PTI)

People in Ganjam district said that they do not have enough cash to give to daily wage labourers

Demonetisation of high denomination currency notes has badly hit agricultural and construction activities across Odisha, as cash-starved farmers are finding it hard to pay agricultural labourers, who are demanding wages in advance, that too in Rs 100 denomination. People in Ganjam district said that they do not have enough cash to give to daily wage labourers. Sudhir Rout, a farmer from Baiganabadi on the outskirts of Berhampur city in Ganjam district, said that he failed to pay the wages to labourers engaged in cutting crops. Rout is in a fix as labourers are refusing to accept old Rs 500 and Rs 1,000 notes and he does not have enough Rs 100 notes to distribute among them. Rout is not the only farmer facing such a problem. Several of them across the state are struggling to purchase ration, pay dues to agriculture labourers and manage various other expenses. Another farmer from the district is facing a tough time in convincing labourers to work in his field. Due to this problem, he could not even complete harvesting. He had gone to a nearby market to withdraw money from the ATM, but it was not functioning. The farmer tried to exchange money from the bank, but it handed him a Rs 2,000 note. "What will I do with the new note? I struggled to change even Rs 1,000 note," he said. "Now the paddy crop is in harvesting stage but no one is ready to come and work unless I pay the wages in advance and in Rs 100 denomination," said Rout. The demonetisation crisis also affected construction activities in different areas. With labourers reluctant to accept Rs 500 and Rs 1,000 notes, people are seen struggling to secure Rs 100 notes to continue the construction work. Several house owners have been forced to stop such activities. "I have stopped construction work for the last three days as I do not have notes of smaller denominations to pay daily wage labourers," Manoj Padhy, an advocate from Brajanagara in Berhampur, said. (PTI)

Demonetisation affects farming, construction activities in India's Odisha

Truckers in West Bengal today claimed that nearly 90 per cent inter-state vehicles registered in the state have either gone off roads or are stranded at different checkpoints owing to currency note crunch following demonetisation of Rs 1,000 and Rs 500 notes.

&quot;Lack of currency notes of lower denominations have severely affected road transportation as entry tax payments cannot be made at checkpoints of different states apart from several other reasons,&quot; Federation of West Bengal Truck Operators&#39; Association general secretary Subhas Bose told PTI here.

&quot;Drivers and assistants are starving as they have run out of notes of lower denomination and are stranded at different places in the country,&quot; Bose said.

&quot;At Dalkhola checkpost on Bengal-Bihar border at least 700 to 800 vehicles are stranded owing to the problem,&quot; he said, adding the situation was the same at check posts on Bengal-Assam border, Bengal-Jharkhand border, Bengal-Odisha border as also at the international border checkpoints with Bangladesh at different places like Petrapole, Ghojadanga, Hili among others.

&quot;There are 3.7 lakh goods vehicles registered in West Bengal, of which 30 per cent are with inter-state permit,&quot; he said. 
Bose said in case of mechanical&nbsp;fault, vehicles cannot also be repaired because of the currency note crunch.

&quot;While the West Bengal government has given a three-day agricultural tax waiver on goods vehicles, we have not got any such respite in other states,&quot; Bose claimed.

&quot;As such, transportation of fish, eggs, vegetables, fruits and onions are being affected,&quot; he added.

He claimed that entry tax of different rates are imposed on goods vehicles in states like Jharkhand, Odisha, Chattishgarh, Maharashtra and Andhra Pradesh.

&quot;We want the state governments to take immediate action by providing change of Rs 1,000 and Rs 500 notes into smaller denomination to the drivers of vehicles at different check points so that they can at least buy food and other essentials,&quot; Bose said.

&quot;This is a temporary phase but we want the central government and state governments to take quick action to tide over the situation,&quot; he said.

Federation of Port Lorry and Trailer Association general secretary Dhananjay Singh said of the 2,000 vehicles that ply at Kolkata Port only 50 per cent are on road at present.

&quot;The number may get further reduced if the cash flow crunch continues,&quot; Singh claimed.

West Bengal Chief Minister Mamata Banerjee had yesterday tweeted that agricultural tax would not be imposed on goods vehicles for the next three days.

(PTI)

Lack of currency notes of lower denominations have severely affected road transportation across the country

Truckers in West Bengal today claimed that nearly 90 per cent inter-state vehicles registered in the state have either gone off roads or are stranded at different checkpoints owing to currency note crunch following demonetisation of Rs 1,000 and Rs 500 notes. "Lack of currency notes of lower denominations have severely affected road transportation as entry tax payments cannot be made at checkpoints of different states apart from several other reasons," Federation of West Bengal Truck Operators' Association general secretary Subhas Bose told PTI here. "Drivers and assistants are starving as they have run out of notes of lower denomination and are stranded at different places in the country," Bose said. "At Dalkhola checkpost on Bengal-Bihar border at least 700 to 800 vehicles are stranded owing to the problem," he said, adding the situation was the same at check posts on Bengal-Assam border, Bengal-Jharkhand border, Bengal-Odisha border as also at the international border checkpoints with Bangladesh at different places like Petrapole, Ghojadanga, Hili among others. "There are 3.7 lakh goods vehicles registered in West Bengal, of which 30 per cent are with inter-state permit," he said. Bose said in case of mechanical fault, vehicles cannot also be repaired because of the currency note crunch. "While the West Bengal government has given a three-day agricultural tax waiver on goods vehicles, we have not got any such respite in other states," Bose claimed. "As such, transportation of fish, eggs, vegetables, fruits and onions are being affected," he added. He claimed that entry tax of different rates are imposed on goods vehicles in states like Jharkhand, Odisha, Chattishgarh, Maharashtra and Andhra Pradesh. "We want the state governments to take immediate action by providing change of Rs 1,000 and Rs 500 notes into smaller denomination to the drivers of vehicles at different check points so that they can at least buy food and other essentials," Bose said. "This is a temporary phase but we want the central government and state governments to take quick action to tide over the situation," he said. Federation of Port Lorry and Trailer Association general secretary Dhananjay Singh said of the 2,000 vehicles that ply at Kolkata Port only 50 per cent are on road at present. "The number may get further reduced if the cash flow crunch continues," Singh claimed. West Bengal Chief Minister Mamata Banerjee had yesterday tweeted that agricultural tax would not be imposed on goods vehicles for the next three days. (PTI)

Demonetisation hits truckers hard in India

Maharashtra government will set up a cabinet sub-committee to recommend measures to avoid inconvenience to people due to demonetisation.

The decision was taken at the weekly cabinet meeting chaired by state chief minister Devendra Fadnavis here today.

The sub-committee will take stock of the steps taken so far by the state and also recommend measures to ease inconvenience to the people.

&quot;The cabinet meeting reviewed the situation arising out of the Centre&#39;s move to scrap Rs 500 and Rs 1,000 currency notes,&quot; an official in the Chief Minister&#39;s office said.

In another decision, the cabinet also cleared 500 MW wind energy projects through open access connectivity out of the 3,500 MW being generated outside the state.

It was also decided to conduct a second survey of waqf properties in the state.

The cabinet extended the time period for fulfilment of conditions under the amnesty scheme for pending cases regarding sales tax.

The Cabinet also approved the policy regarding use of fly ash generated from thermal power stations.

(PTI)

The decision was taken at the weekly cabinet meeting chaired by state chief minister Devendra Fadnavis here today

Maharashtra government will set up a cabinet sub-committee to recommend measures to avoid inconvenience to people due to demonetisation. The decision was taken at the weekly cabinet meeting chaired by state chief minister Devendra Fadnavis here today. The sub-committee will take stock of the steps taken so far by the state and also recommend measures to ease inconvenience to the people. "The cabinet meeting reviewed the situation arising out of the Centre's move to scrap Rs 500 and Rs 1,000 currency notes," an official in the Chief Minister's office said. In another decision, the cabinet also cleared 500 MW wind energy projects through open access connectivity out of the 3,500 MW being generated outside the state. It was also decided to conduct a second survey of waqf properties in the state. The cabinet extended the time period for fulfilment of conditions under the amnesty scheme for pending cases regarding sales tax. The Cabinet also approved the policy regarding use of fly ash generated from thermal power stations. (PTI)

India: Maharashtra to form panel for suggesting ways to tackle demonetisation

In a sarcastic take on the emotional pitch of Prime Minister Narendra Modi over the demonetisation, Shiv Sena today said his decision to scrap high-value currency notes would not put his life in danger unlike his predecessors Indira and Rajiv Gandhi who were assasinated while fighting for greater goals of the country.

Making an emotional appeal at a function in Goa on November 13, Modi had said that there were certain forces up against him that may not let him live and destroy him completely due to his decision on demonetisation and asserted that he was ready to face any consequence but would not get bogged down even if he was burnt alive.

&quot;PM Modi is under a security which is impregnable, and where even a mosquito cannot bite him. Lives have been sacrificed by those innumerable freedom fighters for the nation. (Former PM) Indira Gandhi had waged a war against Khalistani anti-nationals, for which she paid by sacrificing her life,&quot; the Sena said in an editorial in party mouthpiece &#39;Saamana&#39;.

&quot;Rajiv Gandhi&#39;s decision to send a peace keeping force to Sri Lanka may be questionable but he had to sacrifice his life in return,&quot; it said.

&quot;Modi has only changed the currency notes, which does not mean attacking Pakistan or dragging Jamaat-ud-Dawa (JuD) chief Hafiz Saeed to India...Hence, there is no scare to him from terrorists. It is the common man who is scared,&quot; the Sena said.

&quot;PM Modi need not punish himself and the government need not take to heart the hardships being faced by common man,&quot; it added.

It said that people are suffering silently and in a peaceful manner and thus Modi need not fear for his life.

Despite being a partner of the BJP-led governments in Maharashtra as well as at the Centre, unlike other NDA components the Sena has taken a strident stance against the demonetisation, holding the hardship it causes to the people is greater than its positive yield.

In a stinging editorial its mouthpiece yesterday dubbed demonetisation of Rs 500 and Rs 1000 notes as &quot;demonic&quot; and one that resulted in &quot;financial anarchy&quot; in the country and said that by doing so, he had hurt citizens, who did not possess any black money.

(PTI)

The party mouthpiece said that Modi's decision to scrap high-value currency notes would not put his life in danger unlike his predecessors

In a sarcastic take on the emotional pitch of Prime Minister Narendra Modi over the demonetisation, Shiv Sena today said his decision to scrap high-value currency notes would not put his life in danger unlike his predecessors Indira and Rajiv Gandhi who were assasinated while fighting for greater goals of the country. Making an emotional appeal at a function in Goa on November 13, Modi had said that there were certain forces up against him that may not let him live and destroy him completely due to his decision on demonetisation and asserted that he was ready to face any consequence but would not get bogged down even if he was burnt alive. "PM Modi is under a security which is impregnable, and where even a mosquito cannot bite him. Lives have been sacrificed by those innumerable freedom fighters for the nation. (Former PM) Indira Gandhi had waged a war against Khalistani anti-nationals, for which she paid by sacrificing her life," the Sena said in an editorial in party mouthpiece 'Saamana'. "Rajiv Gandhi's decision to send a peace keeping force to Sri Lanka may be questionable but he had to sacrifice his life in return," it said. "Modi has only changed the currency notes, which does not mean attacking Pakistan or dragging Jamaat-ud-Dawa (JuD) chief Hafiz Saeed to India...Hence, there is no scare to him from terrorists. It is the common man who is scared," the Sena said. "PM Modi need not punish himself and the government need not take to heart the hardships being faced by common man," it added. It said that people are suffering silently and in a peaceful manner and thus Modi need not fear for his life. Despite being a partner of the BJP-led governments in Maharashtra as well as at the Centre, unlike other NDA components the Sena has taken a strident stance against the demonetisation, holding the hardship it causes to the people is greater than its positive yield. In a stinging editorial its mouthpiece yesterday dubbed demonetisation of Rs 500 and Rs 1000 notes as "demonic" and one that resulted in "financial anarchy" in the country and said that by doing so, he had hurt citizens, who did not possess any black money. (PTI)

India: Shiv Sena needles prime minister on emotional pitch on demonetisation

Arvind Kejriwal, chief minister of India&#39;s Delhi, today demanded a Supreme Court-monitored probe into the demonetisation scheme, terming it as a &quot;fraud&quot; aimed at benefiting a &quot;particular political party&quot;, a veiled reference to BJP.

Kejriwal tabled a resolution in the Delhi Assembly in this regard during its one-day emergency session. The resolution, which will be discussed in the AAP-dominated House, also urges Indian President Pranab Mukherjee to direct the Centre to withdraw the measure.

The emergency session, convened to deliberate on the issues arising out of ban on Rs 500 and Rs 1000 notes, began on a stormy note and had to be adjourned for 15 minutes soon after Kejriwal tabled the resolution, amid sloganeering against Prime Minister Narendra Modi by AAP MLAs.

Participating in the discussion, AAP&#39;s Okhla MLA Amanatulalh Khan said that Modi will not understand the pain being faced by families due to demonetisation as &quot;he does not have a wife or children&quot;.

Protesting Khan&#39;s remark, Leader of the Opposition Vijender Gupta made certain personal allegations relating to Kejriwal, enraging the AAP MLAs, some of whom came into the well of the House forcing an adjournment.

Earlier, the members also observed a two-minute silence to pay homage to those who lost lives while standing in queues outsides banks and ATMs to withdraw money. Gupta and BJP MLA Jagdish Pradhan walked out protesting against it.

&quot;Resolves to urge upon the President of India to direct the Government of India to withdraw at once the draconian demonetisation scheme and to take necessary steps to institute a high-level probe to be monitored by Supreme Court of India to look into the allegations that the scheme is a fraud on the nation and that it has been launched to benefit a particular political party through its agents in black money market,&quot; the resolution moved by Kejriwal said.

(PTI)

The Indian government last Tuesday announced the withdrawal of higher denomination notes from circulation

Arvind Kejriwal, chief minister of India's Delhi, today demanded a Supreme Court-monitored probe into the demonetisation scheme, terming it as a "fraud" aimed at benefiting a "particular political party", a veiled reference to BJP. Kejriwal tabled a resolution in the Delhi Assembly in this regard during its one-day emergency session. The resolution, which will be discussed in the AAP-dominated House, also urges Indian President Pranab Mukherjee to direct the Centre to withdraw the measure. The emergency session, convened to deliberate on the issues arising out of ban on Rs 500 and Rs 1000 notes, began on a stormy note and had to be adjourned for 15 minutes soon after Kejriwal tabled the resolution, amid sloganeering against Prime Minister Narendra Modi by AAP MLAs. Participating in the discussion, AAP's Okhla MLA Amanatulalh Khan said that Modi will not understand the pain being faced by families due to demonetisation as "he does not have a wife or children". Protesting Khan's remark, Leader of the Opposition Vijender Gupta made certain personal allegations relating to Kejriwal, enraging the AAP MLAs, some of whom came into the well of the House forcing an adjournment. Earlier, the members also observed a two-minute silence to pay homage to those who lost lives while standing in queues outsides banks and ATMs to withdraw money. Gupta and BJP MLA Jagdish Pradhan walked out protesting against it. "Resolves to urge upon the President of India to direct the Government of India to withdraw at once the draconian demonetisation scheme and to take necessary steps to institute a high-level probe to be monitored by Supreme Court of India to look into the allegations that the scheme is a fraud on the nation and that it has been launched to benefit a particular political party through its agents in black money market," the resolution moved by Kejriwal said. (PTI)

India: Delhi chief minister Arvind Kejriwal demands Supreme Court probe into demonetisation

Indian banks will use indelible ink to ensure that people change old notes for new only once under Indian Prime Minister Narendra Modi&#39;s scheme to fight &quot;black money&quot;, resorting to a tactic used to prevent multiple voting in elections.

A top finance ministry official said the move would prevent &quot;unscrupulous persons&quot; from sending large numbers of people from branch to branch to change old 500 and 1,000 rupee notes to get around the crackdown.

&quot;You find the same people coming back again and again,&quot; economic affairs secretary Shaktikanta Das told a news briefing on Tuesday.

Under the demonetisation scheme, people are allowed to exchange up to 4,500 rupees once only. A shortage of new 500 and 2,000 rupee banknotes has caused a massive cash crunch in Asia&#39;s third-largest economy.

(Reuters)

Under the demonetisation scheme, people are allowed to exchange up to 4,500 rupees once only

Indian banks will use indelible ink to ensure that people change old notes for new only once under Indian Prime Minister Narendra Modi's scheme to fight "black money", resorting to a tactic used to prevent multiple voting in elections. A top finance ministry official said the move would prevent "unscrupulous persons" from sending large numbers of people from branch to branch to change old 500 and 1,000 rupee notes to get around the crackdown. "You find the same people coming back again and again," economic affairs secretary Shaktikanta Das told a news briefing on Tuesday. Under the demonetisation scheme, people are allowed to exchange up to 4,500 rupees once only. A shortage of new 500 and 2,000 rupee banknotes has caused a massive cash crunch in Asia's third-largest economy. (Reuters)

Indian banks to use indelible ink to ensure people change cash only once

Thousands of trucks plying goods and daily necessities have been stranded across Indian roads owing to cash shortage following the government&#39;s demonetisation move.

The delivery of day-to-day goods to consumers and businesses thus stands hampered, likely to snowball into a major goods shortage situation in the market.

Indian Prime Minister Narendra Modi last Tuesday announced that notes in denominations of Rs 500 and Rs 1,000 will be banned with immediate effect. &nbsp;The demonetisation move is intended to clamp down on hoarders of black money and forged currency, the prime minister had said.

Ninety per cent of the around three million trucks used by logistics firms and transport fleet operators have been stuck for the last two days as petrol pumps, state highway toll booths and roadside eateries refuse cash payments in the banned denominations.

This is likely to delay delivery of commodities, vegetables, pulses and other products across the country causing a price spiral.

A total of 10 million commercial vehicles ply on India&rsquo;s roads. Three million of these ferry between cities and towns, a report in India&#39;s business daily Business Standard said.

An officer of an Indian transport firm said that while the lobby was in support of demonetisation, transporters should have been given more time to manage their cash.

It was announced that hospitalisation charges at government hospitals, ticket counters at state-run bus services and railways and petrol pumps would accept the obsolete notes up to November 11 and was further extended to&nbsp;November 14.

However, the instructions are not been followed in small towns and across roadways in towns and villages.

The Business Standard report said that more than 15 km of some highway stretches are lined with trucks, some of them stuck for a two days due to lack of cash.&nbsp;

Truck drivers are usually given a large sum of money in advance for long-distance travel. But many fuel outlets are refusing to accpet the banned currency, a source in a trucking company told the business daily.

The roadside eateries too are refusing to accept cash.

The government has suspended toll collection at national highways but state highway booths are asking for toll and not accepting the invalid notes.

About 80 per cent of the trucking industry is dependent on cash and thus the cash crunch directly hampers their business.

The All India Motor Transport Congress (AIMTC) on Saturday had demanded increasing the cash withdrawal limit to Rs 20,000 per day for the truck drivers.

The AIMTC, representing&nbsp;93 lakh truckers, had appealed to India&#39;s finance minister Arun Jaitley to enhance cash withdrawal limits, PTI reported.

(WION)

Cash crunch continues, many say it is an equaliser

Thousands of trucks plying goods and daily necessities have been stranded across Indian roads owing to cash shortage following the government's demonetisation move. The delivery of day-to-day goods to consumers and businesses thus stands hampered, likely to snowball into a major goods shortage situation in the market. Indian Prime Minister Narendra Modi last Tuesday announced that notes in denominations of Rs 500 and Rs 1,000 will be banned with immediate effect. The demonetisation move is intended to clamp down on hoarders of black money and forged currency, the prime minister had said. Ninety per cent of the around three million trucks used by logistics firms and transport fleet operators have been stuck for the last two days as petrol pumps, state highway toll booths and roadside eateries refuse cash payments in the banned denominations. This is likely to delay delivery of commodities, vegetables, pulses and other products across the country causing a price spiral. A total of 10 million commercial vehicles ply on India’s roads. Three million of these ferry between cities and towns, a report in India's business daily Business Standard said. An officer of an Indian transport firm said that while the lobby was in support of demonetisation, transporters should have been given more time to manage their cash. It was announced that hospitalisation charges at government hospitals, ticket counters at state-run bus services and railways and petrol pumps would accept the obsolete notes up to November 11 and was further extended to November 14. However, the instructions are not been followed in small towns and across roadways in towns and villages. The Business Standard report said that more than 15 km of some highway stretches are lined with trucks, some of them stuck for a two days due to lack of cash. Truck drivers are usually given a large sum of money in advance for long-distance travel. But many fuel outlets are refusing to accpet the banned currency, a source in a trucking company told the business daily. The roadside eateries too are refusing to accept cash. The government has suspended toll collection at national highways but state highway booths are asking for toll and not accepting the invalid notes. About 80 per cent of the trucking industry is dependent on cash and thus the cash crunch directly hampers their business. The All India Motor Transport Congress (AIMTC) on Saturday had demanded increasing the cash withdrawal limit to Rs 20,000 per day for the truck drivers. The AIMTC, representing 93 lakh truckers, had appealed to India's finance minister Arun Jaitley to enhance cash withdrawal limits, PTI reported. (WION)

Demonetisation: Lines get long but Indians committed to weed out black money

Indian Prime Minister Narendra Modi&#39;s 97-year-old mother Hiraba today visited a bank at her village in Gandhinagar, just like other citizens, and exchanged her old notes in view of the demonetisation of the high-value currency notes.

Accompanied by relatives, Hiraba, who was in a wheelchair, came to a branch of Oriental Bank of Commerce at Raisan village this morning and got notes worth Rs 4,500 exchanged.

She came to the bank with Rs 500 notes, got the mandatory form filled, put her thumb impression on the form and exchanged her money.

After receiving a new note of Rs 2,000, she also displayed it in front of the mediapersons, who virtually mobbed her as they sought her reaction.

Hiraba lives with Prime Minister Modi&#39;s younger brother Pankaj Modi in Raisan on the outskirts of Gandhinagar. 
The prime minister had visited his mother on September 17 this year to take her blessings on his 66th birthday.

Hiraba is known to lead a very simple life and travels in public transport. Last time when she visited Gandhinagar civil hospital for a regular check-up, she was seen going in an autorickshaw.

Modi had on November 8 announced scrapping of Rs 500 and Rs 1,000 notes to curb black money menace.

After the announcement, people have been queueing up at banks across the country to get their old high denomination notes exchanged for the new notes.

(PTI)

His nonagenarian mother is known to lead a very simple life and is even seen travelling in public transport often

Indian Prime Minister Narendra Modi's 97-year-old mother Hiraba today visited a bank at her village in Gandhinagar, just like other citizens, and exchanged her old notes in view of the demonetisation of the high-value currency notes. Accompanied by relatives, Hiraba, who was in a wheelchair, came to a branch of Oriental Bank of Commerce at Raisan village this morning and got notes worth Rs 4,500 exchanged. She came to the bank with Rs 500 notes, got the mandatory form filled, put her thumb impression on the form and exchanged her money. After receiving a new note of Rs 2,000, she also displayed it in front of the mediapersons, who virtually mobbed her as they sought her reaction. Hiraba lives with Prime Minister Modi's younger brother Pankaj Modi in Raisan on the outskirts of Gandhinagar. The prime minister had visited his mother on September 17 this year to take her blessings on his 66th birthday. Hiraba is known to lead a very simple life and travels in public transport. Last time when she visited Gandhinagar civil hospital for a regular check-up, she was seen going in an autorickshaw. Modi had on November 8 announced scrapping of Rs 500 and Rs 1,000 notes to curb black money menace. After the announcement, people have been queueing up at banks across the country to get their old high denomination notes exchanged for the new notes. (PTI)

Indian Prime Minister Narendra Modi's mother goes to bank to exchange notes

Prime Minister Narendra Modi&rsquo;s demonetisation policy has evoked a sharp response from various quarters. One end of the spectrum has praised Modi for bold decision-making and another end criticised it for causing massive inconvenience to the general public. The debate misses the larger point that being a new model of governance has arrived and it will stay the course till BJP is in power and it cannot be compared with his predecessor who ran the administration with half a dozen squabbling political partners.

What makes Modi different from his predecessor is that he invests his personality into policy issues and turn them into a campaign for nation building through individual action and reconstruction of one&rsquo;s own self for the larger good. Though such campaigns were pioneered by Gandhi in colonial India, Modi has taken it to a different level through of social media. Even though the decision is unilateral and closely guarded, asking people to participate in it makes it far more effective and broad based.

UPA and NDA 1 also launched multiple policies for people but could not generate public enthusiasm of a political campaign. This is despite the fact that process was consultative and far more open, it was benefit oriented and did not require public participation for its success which excluded public ownership.

Secondly, all political campaigns in last 35 years have been directly connected to elections but Modi reversed the game by creating campaigns between elections which allow him to transcend his traditional vote bank and create new political constituencies around, nation, honesty, cleanliness and integrity.

One can argue that the number in Lok Sabha gives him power and authority but history proves otherwise. Manmohan Singh with less numbers during UPA 1 had far more political capital than a stable UPA 2 which was compromised and subsequently stigmatised because of scams and lack of decision making. And it is this decision making and ability to politically owe it up makes Modi his own man in people&rsquo;s eye.

The discourse created to legitmise Sonia Gandhi&rsquo;s interference in the government and subsequent withdrawal of Manmohan Singh into a shell convinced millions in India that prime minister has been robbed of his authority. It is through his style decision-making Modi restores power to the top office public&rsquo;s eye. The Opposition describes it as unilateral, authoritarian and dictatorial but one must not forget that both Indira Gandhi and Rajiv Gandhi before there down falls were adulated by the masses for the decisions they took whether it was Pokhran by Indira or Operation Meghdoot which wrested Siachin by Rajiv Gandhi.

Even the argument that leadership needs to be consultative falls flat on many counts. Except for BJP almost every party has turned dynastic. Secondly, a simple majority has created a new normal which was absent for past 25 years and thirdly, the Cabinet today constitutes of colleagues and leaders and not power centres which instead of adding richness to decision making only ended choking decisions.

Modi is changing rules of the game and long drawn right and wrong of the existing power structure which more or less remained unchanged. The inability of the same web of relationship to exert pressure on decision making and lack of public legitimacy through criticism adds more muscle to the present regime which despite its lack of institutional and intellectual work has successfully marshaled public opinion as a political resource against Opposition. It is this truth which Opposition needs to understand to reinvent its politics.

Campaigns cannot be met with criticism all the time. What is required is independent campaigns which stand true to itself. Congress had a chance in Uttar Pradesh when it ran a successful campaign around farmers issue but blew it up in the end when it concluded it on khoon ki dalali statement in Delhi. So what is required is a creative reengagement on issues so that it can work as an effective Opposition.

Modi is changing rules of the game and long drawn right and wrong of the existing power structure

Prime Minister Narendra Modi’s demonetisation policy has evoked a sharp response from various quarters. One end of the spectrum has praised Modi for bold decision-making and another end criticised it for causing massive inconvenience to the general public. The debate misses the larger point that being a new model of governance has arrived and it will stay the course till BJP is in power and it cannot be compared with his predecessor who ran the administration with half a dozen squabbling political partners. What makes Modi different from his predecessor is that he invests his personality into policy issues and turn them into a campaign for nation building through individual action and reconstruction of one’s own self for the larger good. Though such campaigns were pioneered by Gandhi in colonial India, Modi has taken it to a different level through of social media. Even though the decision is unilateral and closely guarded, asking people to participate in it makes it far more effective and broad based. UPA and NDA 1 also launched multiple policies for people but could not generate public enthusiasm of a political campaign. This is despite the fact that process was consultative and far more open, it was benefit oriented and did not require public participation for its success which excluded public ownership. Secondly, all political campaigns in last 35 years have been directly connected to elections but Modi reversed the game by creating campaigns between elections which allow him to transcend his traditional vote bank and create new political constituencies around, nation, honesty, cleanliness and integrity. One can argue that the number in Lok Sabha gives him power and authority but history proves otherwise. Manmohan Singh with less numbers during UPA 1 had far more political capital than a stable UPA 2 which was compromised and subsequently stigmatised because of scams and lack of decision making. And it is this decision making and ability to politically owe it up makes Modi his own man in people’s eye. The discourse created to legitmise Sonia Gandhi’s interference in the government and subsequent withdrawal of Manmohan Singh into a shell convinced millions in India that prime minister has been robbed of his authority. It is through his style decision-making Modi restores power to the top office public’s eye. The Opposition describes it as unilateral, authoritarian and dictatorial but one must not forget that both Indira Gandhi and Rajiv Gandhi before there down falls were adulated by the masses for the decisions they took whether it was Pokhran by Indira or Operation Meghdoot which wrested Siachin by Rajiv Gandhi. Even the argument that leadership needs to be consultative falls flat on many counts. Except for BJP almost every party has turned dynastic. Secondly, a simple majority has created a new normal which was absent for past 25 years and thirdly, the Cabinet today constitutes of colleagues and leaders and not power centres which instead of adding richness to decision making only ended choking decisions. Modi is changing rules of the game and long drawn right and wrong of the existing power structure which more or less remained unchanged. The inability of the same web of relationship to exert pressure on decision making and lack of public legitimacy through criticism adds more muscle to the present regime which despite its lack of institutional and intellectual work has successfully marshaled public opinion as a political resource against Opposition. It is this truth which Opposition needs to understand to reinvent its politics. Campaigns cannot be met with criticism all the time. What is required is independent campaigns which stand true to itself. Congress had a chance in Uttar Pradesh when it ran a successful campaign around farmers issue but blew it up in the end when it concluded it on khoon ki dalali statement in Delhi. So what is required is a creative reengagement on issues so that it can work as an effective Opposition.

Understanding Modi?s politics

The turning of the black economy into white is possibly the single biggest decision taken by the Indian government since Independence. India&rsquo;s financial management has not changed since the British were thrown out of India. The corrupt systems have continued. What also continued is the class-ridden autocracy with a few controlling most of the wealth.

Economising on cash

India has a thriving cash economy. A majority of businesses in India run on cash with no transparency or accountability. This money never enters the tax system of the country. It is a &lsquo;leakage&rsquo; from the economic cycle adversely impacting the working of the Indian economy. According to reports, two thirds of India&rsquo;s GDP is cash economy&mdash;around Rs 90 lakh crores. It is the honest tax-paying citizen of the country who suffers. Yesterday, I was talking to my local grocery store owner. He was abusing the government for announcing the demonetisation of the currency as he had a handsome amount of money lying in cash at his home. On further talks, I realised that he earns much more than a college graduate at a consulting firm. The local grocery store owner pays no taxes, whereas the college graduate takes a significant cut in his salary to pay the taxes.

It just shows that the law abiding tax paying citizens of the country subsidise the ones dealing in black money. With a large amount of unaccounted money in the economy, the government is unable to collect enough tax revenues. This forces them to increase taxes, which in turn impacts the honest tax paying citizens rather than the ones dealing in black money. They remain unaffected.

The cash economy is responsible for the existence of rampant corruption. Money just runs the system with no accountability. With demonetisation, it is not necessary that corruption will be weeded out of the system, but it will definitely enable the system to capture the flow of money.

Inflated property prices will be the first one to get affected by this clamp down of black economy. There were properties that were selling at a ratio of 90 per cent black money and 10 per cent white. This ratio may reverse with the new demonetisation drive. When the the Income Disclosure Scheme (IDS) was launched in 2015, 64,275 people revealed assets worth Rs 65,250 crore. That&rsquo;s not enough to clean up the economy.

A necessary stealth

It is not the first time in the history of India or globally that demonetisation has happened. In India, it occurred one-and-a-half years before independence in 1946, and again in 1978. The drive could not be successful earlier as people anticipated the move. Thus, they had ample time to park their black money in safe zones. Also, the circulation of higher denomination notes was not as high then as the current 86 per cent.

Similarly, several countries around the world, such as Zimbabwe, Myanmar, Libya, Turkey etc, have demonetised their currency over the years either to curb a black economy or hyperinflation. But, none of them did it the way current Indian government has done it. Within three hours, almost 80 per cent of Indian currency was turned into paper.

One of the biggest reasons that why this move would possibly have a significant impact is that no one saw it coming. Hence, people didn&rsquo;t get time to think and park their money. The suddenness of the move is expected to deliver the results.

Future holdings

A step like this can result in the cleaning up of a system for which many believed it could not be done, as earlier attempts did not have significant impact. However, the decision by Prime Minister Modi is one the most historic steps in Independent India. A decision like this can help curb inflation, recapitalise banks, reduce interest rates and make the economy vibrant with capital inflows. The taxes will be spread to a much larger population. At present only 2.6 per cent of the Indian population pays taxes. Some just don&rsquo;t make enough and the others who do, siphon off the money. If this plan works, the ramifications of the currency demonetisation can touch all parts of the Indian economy.

Such changes can never be a walk in the park. It will have collateral damage in terms of inconveniences, lack of liquidity, adjustments and more. It is not just an ATM machine that is being recalibrated, but the whole financial machinery is. But it is a small price to pay for the bigger goal of flushing out the entire black money from the country. It is what the people have been asking for a long time, and has finally happened. Nations were never built in a day and stepping stones like these may not be easy to traverse but are essential to reach the final destination.

A majority of businesses in India run on cash with no transparency or accountability

The turning of the black economy into white is possibly the single biggest decision taken by the Indian government since Independence. India’s financial management has not changed since the British were thrown out of India. The corrupt systems have continued. What also continued is the class-ridden autocracy with a few controlling most of the wealth. Economising on cash India has a thriving cash economy. A majority of businesses in India run on cash with no transparency or accountability. This money never enters the tax system of the country. It is a ‘leakage’ from the economic cycle adversely impacting the working of the Indian economy. According to reports, two thirds of India’s GDP is cash economy—around Rs 90 lakh crores. It is the honest tax-paying citizen of the country who suffers. Yesterday, I was talking to my local grocery store owner. He was abusing the government for announcing the demonetisation of the currency as he had a handsome amount of money lying in cash at his home. On further talks, I realised that he earns much more than a college graduate at a consulting firm. The local grocery store owner pays no taxes, whereas the college graduate takes a significant cut in his salary to pay the taxes. It just shows that the law abiding tax paying citizens of the country subsidise the ones dealing in black money. With a large amount of unaccounted money in the economy, the government is unable to collect enough tax revenues. This forces them to increase taxes, which in turn impacts the honest tax paying citizens rather than the ones dealing in black money. They remain unaffected. The cash economy is responsible for the existence of rampant corruption. Money just runs the system with no accountability. With demonetisation, it is not necessary that corruption will be weeded out of the system, but it will definitely enable the system to capture the flow of money. Inflated property prices will be the first one to get affected by this clamp down of black economy. There were properties that were selling at a ratio of 90 per cent black money and 10 per cent white. This ratio may reverse with the new demonetisation drive. When the the Income Disclosure Scheme (IDS) was launched in 2015, 64,275 people revealed assets worth Rs 65,250 crore. That’s not enough to clean up the economy. A necessary stealth It is not the first time in the history of India or globally that demonetisation has happened. In India, it occurred one-and-a-half years before independence in 1946, and again in 1978. The drive could not be successful earlier as people anticipated the move. Thus, they had ample time to park their black money in safe zones. Also, the circulation of higher denomination notes was not as high then as the current 86 per cent. Similarly, several countries around the world, such as Zimbabwe, Myanmar, Libya, Turkey etc, have demonetised their currency over the years either to curb a black economy or hyperinflation. But, none of them did it the way current Indian government has done it. Within three hours, almost 80 per cent of Indian currency was turned into paper. One of the biggest reasons that why this move would possibly have a significant impact is that no one saw it coming. Hence, people didn’t get time to think and park their money. The suddenness of the move is expected to deliver the results. Future holdings A step like this can result in the cleaning up of a system for which many believed it could not be done, as earlier attempts did not have significant impact. However, the decision by Prime Minister Modi is one the most historic steps in Independent India. A decision like this can help curb inflation, recapitalise banks, reduce interest rates and make the economy vibrant with capital inflows. The taxes will be spread to a much larger population. At present only 2.6 per cent of the Indian population pays taxes. Some just don’t make enough and the others who do, siphon off the money. If this plan works, the ramifications of the currency demonetisation can touch all parts of the Indian economy. Such changes can never be a walk in the park. It will have collateral damage in terms of inconveniences, lack of liquidity, adjustments and more. It is not just an ATM machine that is being recalibrated, but the whole financial machinery is. But it is a small price to pay for the bigger goal of flushing out the entire black money from the country. It is what the people have been asking for a long time, and has finally happened. Nations were never built in a day and stepping stones like these may not be easy to traverse but are essential to reach the final destination.

Demonetisation: This is a new Indian sunrise

With banks struggling to cope with rush to get alternative currency, the government has extended use of old defunct Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till November 24.

While withdrawing Rs 500 and Rs 1,000 notes from the night of November 8-9, the government had allowed use of the old currency at government hospitals, railway ticketing, public transport, airline ticketing at airports, milk booths, crematoria/burial grounds and petrol pumps for 72 hours.

This list was later expanded to include payments for metro rail tickets, highway and road toll, purchase of medicines on doctor prescription from the government and private pharmacies, LPG gas cylinders, railway catering, electricity and water bills and ASI monument entry tickets.

As banks struggled to give alternate currency, the deadline was extended by another 72 hours. That deadline was to end at midnight tonight, but has now been extended till November 24, official sources said.

Old currency can also be used for purchases at consumer co-operative stores like Kendriya Bhandar with valid ID proof as also for paying court fee.

But payments towards utility bills will be restricted to only individuals or households for arrears and/or current bills. No advance payments will be allowed. 
 
(PTI)

The deadline was to end on November 14 but has now been extended by the Indian government

With banks struggling to cope with rush to get alternative currency, the government has extended use of old defunct Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till November 24. While withdrawing Rs 500 and Rs 1,000 notes from the night of November 8-9, the government had allowed use of the old currency at government hospitals, railway ticketing, public transport, airline ticketing at airports, milk booths, crematoria/burial grounds and petrol pumps for 72 hours. This list was later expanded to include payments for metro rail tickets, highway and road toll, purchase of medicines on doctor prescription from the government and private pharmacies, LPG gas cylinders, railway catering, electricity and water bills and ASI monument entry tickets. As banks struggled to give alternate currency, the deadline was extended by another 72 hours. That deadline was to end at midnight tonight, but has now been extended till November 24, official sources said. Old currency can also be used for purchases at consumer co-operative stores like Kendriya Bhandar with valid ID proof as also for paying court fee. But payments towards utility bills will be restricted to only individuals or households for arrears and/or current bills. No advance payments will be allowed. (PTI)

Demonetisation: Deadline for old currency notes for utility payments extended till November 24

Vowing to deliver a corruption-free country to the people, Indian Prime Minster Narendra Modi on Sunday said the government will take action all &quot;benami&quot; property.

He asked the people to endure the temporary suffering due to a cash crunch in the cities after the government&#39;s announcement on November 8 to scrap RS 500 and Rs 1,000 currency notes.&nbsp;

&quot;I have more projects in mind to make India corruption-free. I request you all to cooperate with me for 50 days to ensure this,&quot; Modi said.&nbsp;

He told a gathering in the Indian state of Goa, &quot;It is for the first time Rs 67,000 crore in black money has been deposited under amnesty scheme and a total of Rs 1,25,000 crore has been deposited in government exchequer.&quot;

The Prime Minister made an emotional appeal to the&nbsp;nation to join him in &quot;bringing back any money that was looted in India and has left Indian shores. &quot;It is our duty to find out about it&quot;, adding that he had left his home and family and dedicated his entire life to work for the nation.&nbsp;

Asking people to keep faith in his fight against graft and black money, Modi said that demonetisation will prove to be a key step to help honest citizens. &quot;Previous governments have neglected this. Did I hide anything? This is a major step to eradicate graft and black money.&quot;

Modi said the entire &quot;secret operation involved ten months of work, printing new notes&quot;, which was finally announced on November 8.

(WION with inputs from PTI) 
&nbsp;

Defending his plan to free India of corruption, Narendra Modi asked the people to cooperate in the difficult phase of transition

Vowing to deliver a corruption-free country to the people, Indian Prime Minster Narendra Modi on Sunday said the government will take action all "benami" property. He asked the people to endure the temporary suffering due to a cash crunch in the cities after the government's announcement on November 8 to scrap RS 500 and Rs 1,000 currency notes. "I have more projects in mind to make India corruption-free. I request you all to cooperate with me for 50 days to ensure this," Modi said. He told a gathering in the Indian state of Goa, "It is for the first time Rs 67,000 crore in black money has been deposited under amnesty scheme and a total of Rs 1,25,000 crore has been deposited in government exchequer." The Prime Minister made an emotional appeal to the nation to join him in "bringing back any money that was looted in India and has left Indian shores. "It is our duty to find out about it", adding that he had left his home and family and dedicated his entire life to work for the nation. Asking people to keep faith in his fight against graft and black money, Modi said that demonetisation will prove to be a key step to help honest citizens. "Previous governments have neglected this. Did I hide anything? This is a major step to eradicate graft and black money." Modi said the entire "secret operation involved ten months of work, printing new notes", which was finally announced on November 8. (WION with inputs from PTI)

Indian PM on demonetisation: Promised corruption-free India, ready to face punishment if I committed mistake

Security agencies posted in border states, including the National Investigation Agency (NIA) and Border Security Force (BSF), have been told to keep a watchful eye on the activities of suspected racketeers smuggling fake Indian currency into the country.

These racketeers are said to be using Bangladesh and Pakistan as their bases.

Senior security officials told DNA that, so far, reports coming in from areas along the Indo-Pak and Indo-Bangladesh borders, following the demonetization measures, were &quot;positive&quot;.

However, they add that there were intelligence inputs about the possible counterfeiting of the newly introduced Rs 2,000 note (roughly $30).

The manufacturing of fake currency is mostly based in Pakistan. The Fake Indian Currency Note (FICN) network there has taken a hit following the demonetization announcement, and intelligence agencies believe individuals might attempt to counterfeit currency locally. However, they believe that this will not succeed.

&quot;The machines used to make the fake currency are highly sophisticated and can be owned only by sovereign governments as was found in our probes (between 2010 to 2016). The ones in India, if any left, are of sub-standard quality,&quot; said an NIA official. So, only a small fraction of fake currencies are manufactured in India.

While officials contend that it is too soon for syndicates in Pakistan and Bangladesh to try to replicate the Rs 2,000 note, one instance of an individual possessing a fake note has already been reported.

Officials say that an individual was detained on Thursday in the Bhikhiwind area of Tarn Taran district in the Majha region of Punjab for allegedly possessing a fake note. The fake note with serial number 4CA 102501 and similar looking note, both of Rs 2,000 denomination, was confiscated and the man has been taken into questioning.

&quot;Even though there are no reports of any mass production of fake currency in India we are not taking any information on fake notes lightly,&quot; a senior BSF official said. The official added that while the time being is considered as a &quot;lull period&quot; for the smuggling of FICN, the situation might change when the new denomination hits the markets freely.

Intelligence officials told DNA that a close watch is being kept, especially in Punjab and the Malda area of West Bengal, through which 90 per cent of fake Indian currency is suspected to be entering India. The NIA has, in the past, investigated multiple syndicates operating in areas like Baishnabnagar, Mojompur, Kaliachak and Sujapur in West Bengal.

According to a senior NIA official, at least four cases of FICN, one in 2012, two in 2015 and one in 2016, are being probed at the moment. &quot;The arrests made in the subsequent probe into these four cases did serve a crucial blow to the FICN network in Malda. However, the syndicates are not completely weeded out from the region,&quot; he said.

(This report was first published in DNA)

The racketeers are said to be using Bangladesh and Pakistan as their bases to pump in counterfeit notes into India

Security agencies posted in border states, including the National Investigation Agency (NIA) and Border Security Force (BSF), have been told to keep a watchful eye on the activities of suspected racketeers smuggling fake Indian currency into the country. These racketeers are said to be using Bangladesh and Pakistan as their bases. Senior security officials told DNA that, so far, reports coming in from areas along the Indo-Pak and Indo-Bangladesh borders, following the demonetization measures, were "positive". However, they add that there were intelligence inputs about the possible counterfeiting of the newly introduced Rs 2,000 note (roughly $30). The manufacturing of fake currency is mostly based in Pakistan. The Fake Indian Currency Note (FICN) network there has taken a hit following the demonetization announcement, and intelligence agencies believe individuals might attempt to counterfeit currency locally. However, they believe that this will not succeed. "The machines used to make the fake currency are highly sophisticated and can be owned only by sovereign governments as was found in our probes (between 2010 to 2016). The ones in India, if any left, are of sub-standard quality," said an NIA official. So, only a small fraction of fake currencies are manufactured in India. While officials contend that it is too soon for syndicates in Pakistan and Bangladesh to try to replicate the Rs 2,000 note, one instance of an individual possessing a fake note has already been reported. Officials say that an individual was detained on Thursday in the Bhikhiwind area of Tarn Taran district in the Majha region of Punjab for allegedly possessing a fake note. The fake note with serial number 4CA 102501 and similar looking note, both of Rs 2,000 denomination, was confiscated and the man has been taken into questioning. "Even though there are no reports of any mass production of fake currency in India we are not taking any information on fake notes lightly," a senior BSF official said. The official added that while the time being is considered as a "lull period" for the smuggling of FICN, the situation might change when the new denomination hits the markets freely. Intelligence officials told DNA that a close watch is being kept, especially in Punjab and the Malda area of West Bengal, through which 90 per cent of fake Indian currency is suspected to be entering India. The NIA has, in the past, investigated multiple syndicates operating in areas like Baishnabnagar, Mojompur, Kaliachak and Sujapur in West Bengal. According to a senior NIA official, at least four cases of FICN, one in 2012, two in 2015 and one in 2016, are being probed at the moment. "The arrests made in the subsequent probe into these four cases did serve a crucial blow to the FICN network in Malda. However, the syndicates are not completely weeded out from the region," he said. (This report was first published in DNA)

Demonetisation: Indian security agencies told to scuttle smuggling of fake notes

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