<p>Jammu and Kashmir DGP SP Vaid on Thursday said that demonetisation had led to a decline in stone-pelting incidents in Kashmir and also helped in curbing hawala transactions and black money in the state.</p>

<p>The top police official said stone-pelting, hawala transactions and fake currency decreased by 90 per cent in the Kashmir valley, PTI reported.</p>

<p>&quot;Demonetisation has helped in curbing terrorism, hawala transactions, black money and stone-pelting in J-K,&quot; Vaid said after paying tributes to Aivalli, a former DGP of Jammu and Kashmir at the at the &#39;16th Veeranna Aivalli Memorial Debate&#39;.</p>

<p>The DGP said that initiatives such as demonetisation and the Goods and Services Tax (GST) were bold moves in a country like India.</p>

<p>He added that structural changes and creation of support infrastructure were necessary for the effective implementation of such policies.</p>

<p>Former DGP and patron of the Indian Institute of Public Administration Dr Ashok Bhan said both the policy measures -- the GST and demonetisation -- were well intentioned reforms and their real benefits will be seen in the future.&nbsp;</p>


Jammu and Kashmir DGP SP Vaid on Thursday said that demonetisation had led to a decline in stone-pelting incidents in Kashmir and also helped in curbing hawala transactions and black money in the state

Jammu and Kashmir DGP SP Vaid on Thursday said that demonetisation had led to a decline in stone-pelting incidents in Kashmir and also helped in curbing hawala transactions and black money in the state. The top police official said stone-pelting, hawala transactions and fake currency decreased by 90 per cent in the Kashmir valley, PTI reported. "Demonetisation has helped in curbing terrorism, hawala transactions, black money and stone-pelting in J-K," Vaid said after paying tributes to Aivalli, a former DGP of Jammu and Kashmir at the at the '16th Veeranna Aivalli Memorial Debate'. The DGP said that initiatives such as demonetisation and the Goods and Services Tax (GST) were bold moves in a country like India. He added that structural changes and creation of support infrastructure were necessary for the effective implementation of such policies. Former DGP and patron of the Indian Institute of Public Administration Dr Ashok Bhan said both the policy measures -- the GST and demonetisation -- were well intentioned reforms and their real benefits will be seen in the future.

90% drop in stone-pelting in Kashmir after demonetisation: Top police official

<p>Maoists in Chhattisgarh were able to change old Rs 500&nbsp;and 1,000 notes after demonetisation, ANI has reported.&nbsp;</p>

<p>Police said the Maoists were able change&nbsp;the old notes by putting pressure on villagers and contractors in naxal areas.&nbsp;</p>

<p>&quot;Balance sheet has been recovered in Narayanpur encounter, where six naxals were killed, mentions their expenses in last one year, also says they had 500s and 1000s when demonetisation took place,&quot; anti-naxal ops DG DM Awasthi told ANI.&nbsp;</p>

<p>&quot;Naxals have converted old notes by creating pressure on innocent villagers and contractors working in naxal areas. It has also been noticed after demonetisation that security forces are much more entering most affected areas in Bastar,&quot; Awasthi added.</p>

<p>The Narendra Modi government, when it announced demonetisation on November 8 last year, has said one of its goals had been to curb terror funding. The other had been to curb black money.&nbsp;</p>

<p>ANI reported that naxals in Abujhmadh had been able to change old notes worth Rs 2 lakh.&nbsp;</p>

<p>The police had got that information from documents recovered after the Naryanpur encounter mentioned above.&nbsp;<br />
&nbsp;</p>


'Naxals have converted old notes by creating pressure on innocent villagers and contractors working in naxal areas,' Anti-Naxal Ops DG DM Awasthi

Maoists in Chhattisgarh were able to change old Rs 500 and 1,000 notes after demonetisation, ANI has reported. Police said the Maoists were able change the old notes by putting pressure on villagers and contractors in naxal areas. "Balance sheet has been recovered in Narayanpur encounter, where six naxals were killed, mentions their expenses in last one year, also says they had 500s and 1000s when demonetisation took place," anti-naxal ops DG DM Awasthi told ANI. "Naxals have converted old notes by creating pressure on innocent villagers and contractors working in naxal areas. It has also been noticed after demonetisation that security forces are much more entering most affected areas in Bastar," Awasthi added. The Narendra Modi government, when it announced demonetisation on November 8 last year, has said one of its goals had been to curb terror funding. The other had been to curb black money. ANI reported that naxals in Abujhmadh had been able to change old notes worth Rs 2 lakh. The police had got that information from documents recovered after the Naryanpur encounter mentioned above.

Demonetisation: Chhattisgarh Maoists were able to change old notes

<p>Congress President Sonia Gandhi slammed the government Monday for &quot;sabotaging&quot; the winter session&nbsp;of Parliament.</p>

<p>She said the government was sabotaging the session on &quot;flimsy grounds&quot;.&nbsp;</p>

<p>&quot;The Modi government in its arrogance has cast a dark shadow on India&#39;s Parliamentary democracy by sabotaging the Winter session of Parliament on flimsy grounds,&quot; PTI reported Gandhi as saying.&nbsp;&nbsp;</p>

<p>Gandhi also took potshots at the GST and demonetisation.&nbsp;</p>

<p>She said the government had been ill-prepared to implement&nbsp;the Goods and Services Tax, and that demonetisation had &quot;left millions of people suffering&quot;.&nbsp;</p>

<p>Gandhi was speaking at a meeting of the Congress Working Committee.&nbsp;</p>

<p><a href="http://www.wionews.com/india-news/after-passing-resolution-on-rahul-gandhi-as-party-president-congress-announces-poll-dates-24640" target="_blank">Also </a><a href="http://www.wionews.com/india-news/after-passing-resolution-on-rahul-gandhi-as-party-president-congress-announces-poll-dates-24640" target="_blank">read:</a><a href="http://www.wionews.com/india-news/after-passing-resolution-on-rahul-gandhi-as-party-president-congress-announces-poll-dates-24640" target="_blank">&nbsp;Rahul as Congress president: Party says will hold polls &#39;if necessary&#39;</a></p>

<p>Gandhi added that the government was&nbsp;&quot;forcefully&quot; trying to change the history of modern India by &quot;erasing contributions&quot; made by India&#39;s first prime minister Jawaharlal Nehru and his daughter Indira Gandhi.&nbsp;</p>

<p>Arun Jaitley responded to Sonia Gandhi&#39;s allegations, saying the Congress too had postponed Parliament sessions because they had coincided with election campaigns.</p>

<p><a href="http://www.wionews.com/india-news/jaitley-refutes-sonias-charge-of-govt-sabotaging-parl-session-24650" target="_blank">Also read: </a><a href="http://www.wionews.com/india-news/jaitley-refutes-sonias-charge-of-govt-sabotaging-parl-session-24650">Not sabotaging winter session of Parliament, says Arun Jaitley&nbsp;</a></p>

<p>&quot;It has been a tradition and it has happened several times that Parliament sessions are rescheduled when an election is happening,&quot; Jaitley said.&nbsp;</p>

<p>The winter session of Parliament usually starts from the third week of November and lasts until the third week of December.</p>

<p>This time around, the government is considering a truncated winter session of around 10 days starting from the second week of December.<br />
&nbsp;</p>


'The Modi government in its arrogance has cast a dark shadow on India's Parliamentary democracy by sabotaging the Winter session of Parliament on flimsy grounds,' Gandhi said?at a meeting of the Congress Working Committee

Congress President Sonia Gandhi slammed the government Monday for "sabotaging" the winter session of Parliament. She said the government was sabotaging the session on "flimsy grounds". "The Modi government in its arrogance has cast a dark shadow on India's Parliamentary democracy by sabotaging the Winter session of Parliament on flimsy grounds," PTI reported Gandhi as saying. Gandhi also took potshots at the GST and demonetisation. She said the government had been ill-prepared to implement the Goods and Services Tax, and that demonetisation had "left millions of people suffering". Gandhi was speaking at a meeting of the Congress Working Committee. Also read: Rahul as Congress president: Party says will hold polls 'if necessary' Gandhi added that the government was "forcefully" trying to change the history of modern India by "erasing contributions" made by India's first prime minister Jawaharlal Nehru and his daughter Indira Gandhi. Arun Jaitley responded to Sonia Gandhi's allegations, saying the Congress too had postponed Parliament sessions because they had coincided with election campaigns. Also read: Not sabotaging winter session of Parliament, says Arun Jaitley "It has been a tradition and it has happened several times that Parliament sessions are rescheduled when an election is happening," Jaitley said. The winter session of Parliament usually starts from the third week of November and lasts until the third week of December. This time around, the government is considering a truncated winter session of around 10 days starting from the second week of December.

Sonia Gandhi says government 'sabotaging' winter session of Parliament

<p>Welcoming Moody&#39;s upgrade of India&#39;s rating, Union finance minister Arun&nbsp;Jaitley said the upgrade is a recognition of structural reforms in the Indian economy.&nbsp;</p>

<p>He further said the upgrade&nbsp;recognises&nbsp;the fiscal prudence that India has committed itself to.&nbsp;</p>

<p>Credit rating agency Moody&#39;s upgraded&nbsp;<a href="http://www.wionews.com/business-economy/moodys-slashes-hong-kong-rating-following-china-cut-16021">India&rsquo;s sovereign ratings to Baa2 from its lowest&nbsp;</a>investment grade (Baa3) for the first time since 2004 Friday.</p>

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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/Moody?src=hash&amp;ref_src=twsrc%5Etfw">#Moody</a>&#39;s upgrade is a recognition of all the structural reforms in the Indian Economy in the past few years.</p>
&mdash; Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/931429466915594240?ref_src=twsrc%5Etfw">November 17, 2017</a></blockquote>
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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/Moody?src=hash&amp;ref_src=twsrc%5Etfw">#Moody</a>&#39;s upgrade recognises the fiscal prudence that India has committed itself to.</p>
&mdash; Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/931429611723882496?ref_src=twsrc%5Etfw">November 17, 2017</a></blockquote>
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<p>He said the upgrade is the outcome of the positive steps India had taken in the last few years.</p>

<p>And that the steps have helped strengthen the Indian economy.&nbsp;</p>

<p>&quot;A number of structural reforms have taken place which has placed India on a path of high trajectory growth.&quot;</p>

<p>He further&nbsp;said the international recognition&nbsp;will encourage India and make it more determined to follow the path they have set out on.&nbsp;</p>

<p>Talking about demonetisation, he said the move is taking the Indian economy&nbsp;to greater formalisation&nbsp;and digitisation which is now being universally acknowledged.&nbsp;</p>

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<p dir="ltr" lang="en">The fact that a series of steps including demonetisation, which are now taking Indian economy to a greater formalization and digitization, something which is being universally acknowledged: FM Jaitley</p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/931421563361955841?ref_src=twsrc%5Etfw">November 17, 2017</a></blockquote>
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<p>&nbsp;&nbsp;He also responded to the Opposition&#39;s criticism of the government&#39;s handling of the economy:&nbsp;</p>

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<p dir="ltr" lang="en">Many who had doubts in their minds about India&#39;s reform process would now seriously introspect on their positions itself: Finance Minister Arun Jaitley on Moody&#39;s upgradation of India&#39;s rating <a href="https://t.co/UCHzMHtotz">pic.twitter.com/UCHzMHtotz</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/931422252658180096?ref_src=twsrc%5Etfw">November 17, 2017</a></blockquote>
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<p dir="ltr" lang="en">In you look at our track record of three years, it has been one of the better records in Indian history as far as fiscal discipline is concerned, and we intend to move on that track: Finance Minister Arun Jaitley <a href="https://t.co/bz6W1uvmUm">pic.twitter.com/bz6W1uvmUm</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/931423391449473024?ref_src=twsrc%5Etfw">November 17, 2017</a></blockquote>
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<p>Also read:&nbsp;<a href="http://www.wionews.com/world/moodys-upgrades-indias-credit-rating-first-time-since-2004-24407" target="_blank">GST will promote productivity, says Moody&#39;s after upgrading India&#39;s credit rating</a></p>


The upgrade recognises the fiscal prudence India has committed itself to, India's finance minister added

Welcoming Moody's upgrade of India's rating, Union finance minister Arun Jaitley said the upgrade is a recognition of structural reforms in the Indian economy. He further said the upgrade recognises the fiscal prudence that India has committed itself to. Credit rating agency Moody's upgraded India’s sovereign ratings to Baa2 from its lowest investment grade (Baa3) for the first time since 2004 Friday. #Moody's upgrade is a recognition of all the structural reforms in the Indian Economy in the past few years. — Arun Jaitley (@arunjaitley) November 17, 2017 × #Moody's upgrade recognises the fiscal prudence that India has committed itself to. — Arun Jaitley (@arunjaitley) November 17, 2017 × He said the upgrade is the outcome of the positive steps India had taken in the last few years. And that the steps have helped strengthen the Indian economy. "A number of structural reforms have taken place which has placed India on a path of high trajectory growth." He further said the international recognition will encourage India and make it more determined to follow the path they have set out on. Talking about demonetisation, he said the move is taking the Indian economy to greater formalisation and digitisation which is now being universally acknowledged. The fact that a series of steps including demonetisation, which are now taking Indian economy to a greater formalization and digitization, something which is being universally acknowledged: FM Jaitley — ANI (@ANI) November 17, 2017 × He also responded to the Opposition's criticism of the government's handling of the economy: Many who had doubts in their minds about India's reform process would now seriously introspect on their positions itself: Finance Minister Arun Jaitley on Moody's upgradation of India's rating pic.twitter.com/UCHzMHtotz — ANI (@ANI) November 17, 2017 × In you look at our track record of three years, it has been one of the better records in Indian history as far as fiscal discipline is concerned, and we intend to move on that track: Finance Minister Arun Jaitley pic.twitter.com/bz6W1uvmUm — ANI (@ANI) November 17, 2017 × Also read: GST will promote productivity, says Moody's after upgrading India's credit rating

Moody's upgrade is recognition of structural reforms in Indian economy: Arun Jaitley

<p>The Indian economy is at a crossroads. The economic restructuring that began with the November 8 announcement of demonetisation, now faces the risk of being derailed by parties with vested interests. The process of demonetisation and the implementation of the Goods and Services Tax are important economic disruptions that can go a long way in overhauling the dilapidated structures of Indian economy.</p>

<p>Critics have suggested that demonetisation could not achieve its declared goal and are, therefore, quick to pronounce it as a monumental failure. The former prime minister even went to the extent of calling the process a &#39;legalised plunder&#39;. It is, however, important to highlight why demonetisation was a critically important disruption that unveiled the depths of the black economy in India.</p>

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<h5>Post-demonetisation, one of the major successes of the exercise has been the identification of additional 56 lakh taxpayers who filed e-ITRs between 1 April and 5 August 2017</h5>
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<p>Post-demonetisation, one of the major successes of the exercise has been the identification of additional 56 lakh taxpayers who filed e-ITRs between 1 April and 5 August 2017, while for the entire period of 2016-17, a staggering 91 lakh new taxpayers were added to the list. The number is expected to rise further with the implementation of complementary tax reforms. An estimated one crore new taxpayers will be contributing to the country&#39;s kitty by 2018.</p>

<p>For those who questioned the rationale of the process on the grounds that 99 per cent of the money came back into the system, it becomes important to highlight that while this may have gone against the government&#39;s initial calculations, the return of currency into the system was not as big a failure as is being made out. On the contrary, as previously unaccounted for money was deposited into the system, a large part of it was taxed, making major contributions to the government&#39;s kitty. The currency trail was, therefore, significant in the identification of the aforementioned pool of new taxpayers, who remained previously untaxed.</p>

<p>The exercise also helped in identifying a remarkable 3 lakh shell companies that were used for diverting funds and committing tax frauds. A crackdown on such companies was an effective anti-money laundering steps that was made possible by the currency trail identified post-demonetisation. While the usual narrative against the exercise uses the benchmark of &ldquo;99% cash returned&rdquo; to chastise the government, the actual benefits accrued from the disruption are brushed aside.</p>

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<h5>The GST helped widen the government&#39;s tax net to incorporate the previously un-taxed business enterprises.</h5>
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<p>8 months after demonetisation, the implementation of the GST as an indirect tax reform measure is another very important economic reform taken by the government. The GST helped widen the government&#39;s tax net to incorporate the previously un-taxed business enterprises. The self-corrective mechanisms incorporated in the GST structure, namely, the input tax credits against double taxation helps squeeze the noose around those who used to pass the tax burden onto the customers/consumers but did not pass on the benefits to the government.</p>

<p>Not only has the implementation of the GST acted as a stepping stone towards the creation of a unified market structure, it has also helped the government identify direct taxpayers. It has expanded the indirect tax base to 6.6 lakh new business agents, previously outside the tax net. Besides, the GST has helped in a greater formalisation of the economy; a process that will ensure minimum wages for workers as well as formal work contracts for labourers that will go a long way in mitigating the evil of labour exploitation.&nbsp;</p>

<p>A greater formalisation of the economy will also help small businessmen keep a real-time record of their tax payments, and help them gain greater access to formalised credit options, thus, ending a previously faced constraint on credit-access. A digital record on the financial health of companies will also streamline investments and ultimately work to the benefit of consumers.</p>

<p>It is no surprise then that through the implementation of demonetisation and GST, within a year the government has announced three major capital-intensive schemes: the Saubhagya scheme to provide last mile electric connectivity to rural households, the Bharatmala scheme to upgrade the infrastructure of the country on a mission mode basis, and the bank recapitalisation scheme to improve the health of ailing public sector banks. While none of these schemes are &#39;populist&#39; in the true sense, they still cater to the needs of those on the lowest rung of our socio-economic ladder.</p>

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<h5>The government&#39;s emphasis on long-term economic reforms and socio-economic restructuring will go a long way in ushering in the idea of clean money.</h5>
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<p>To further deepen and widen its tax net, the government now must address the issue of high rates of taxes and bring them down to further encourage a voluntary filing of tax returns. The GST structures will need to be worked out so that filing of returns can be done effectively and easily. The government must be credited for putting a robust feedback mechanism in place. This must be used pro-actively to streamline the financial system by the end of this financial year.</p>

<p>For the rest, it must be remembered that no country can survive on an economic model that rests on a parallel system of white and black money. The unhindered flow from white-to-black-to-white has worked to hollow out our economic system. The government&#39;s emphasis on long-term economic reforms and socio-economic restructuring will go a long way in ushering in the idea of clean money. It has also instilled fear among those who choose to evade taxation and boost the morale of those who sustain on purely white incomes. This in itself, is an important moral victory for many.</p>


Demonetisation has instilled fear among those who choose to evade taxation and boost the morale of those who sustain on purely white incomes

The Indian economy is at a crossroads. The economic restructuring that began with the November 8 announcement of demonetisation, now faces the risk of being derailed by parties with vested interests. The process of demonetisation and the implementation of the Goods and Services Tax are important economic disruptions that can go a long way in overhauling the dilapidated structures of Indian economy. Critics have suggested that demonetisation could not achieve its declared goal and are, therefore, quick to pronounce it as a monumental failure. The former prime minister even went to the extent of calling the process a 'legalised plunder'. It is, however, important to highlight why demonetisation was a critically important disruption that unveiled the depths of the black economy in India. Post-demonetisation, one of the major successes of the exercise has been the identification of additional 56 lakh taxpayers who filed e-ITRs between 1 April and 5 August 2017 × Post-demonetisation, one of the major successes of the exercise has been the identification of additional 56 lakh taxpayers who filed e-ITRs between 1 April and 5 August 2017, while for the entire period of 2016-17, a staggering 91 lakh new taxpayers were added to the list. The number is expected to rise further with the implementation of complementary tax reforms. An estimated one crore new taxpayers will be contributing to the country's kitty by 2018. For those who questioned the rationale of the process on the grounds that 99 per cent of the money came back into the system, it becomes important to highlight that while this may have gone against the government's initial calculations, the return of currency into the system was not as big a failure as is being made out. On the contrary, as previously unaccounted for money was deposited into the system, a large part of it was taxed, making major contributions to the government's kitty. The currency trail was, therefore, significant in the identification of the aforementioned pool of new taxpayers, who remained previously untaxed. The exercise also helped in identifying a remarkable 3 lakh shell companies that were used for diverting funds and committing tax frauds. A crackdown on such companies was an effective anti-money laundering steps that was made possible by the currency trail identified post-demonetisation. While the usual narrative against the exercise uses the benchmark of “99% cash returned” to chastise the government, the actual benefits accrued from the disruption are brushed aside. The GST helped widen the government's tax net to incorporate the previously un-taxed business enterprises. × 8 months after demonetisation, the implementation of the GST as an indirect tax reform measure is another very important economic reform taken by the government. The GST helped widen the government's tax net to incorporate the previously un-taxed business enterprises. The self-corrective mechanisms incorporated in the GST structure, namely, the input tax credits against double taxation helps squeeze the noose around those who used to pass the tax burden onto the customers/consumers but did not pass on the benefits to the government. Not only has the implementation of the GST acted as a stepping stone towards the creation of a unified market structure, it has also helped the government identify direct taxpayers. It has expanded the indirect tax base to 6.6 lakh new business agents, previously outside the tax net. Besides, the GST has helped in a greater formalisation of the economy; a process that will ensure minimum wages for workers as well as formal work contracts for labourers that will go a long way in mitigating the evil of labour exploitation. A greater formalisation of the economy will also help small businessmen keep a real-time record of their tax payments, and help them gain greater access to formalised credit options, thus, ending a previously faced constraint on credit-access. A digital record on the financial health of companies will also streamline investments and ultimately work to the benefit of consumers. It is no surprise then that through the implementation of demonetisation and GST, within a year the government has announced three major capital-intensive schemes: the Saubhagya scheme to provide last mile electric connectivity to rural households, the Bharatmala scheme to upgrade the infrastructure of the country on a mission mode basis, and the bank recapitalisation scheme to improve the health of ailing public sector banks. While none of these schemes are 'populist' in the true sense, they still cater to the needs of those on the lowest rung of our socio-economic ladder. The government's emphasis on long-term economic reforms and socio-economic restructuring will go a long way in ushering in the idea of clean money. × To further deepen and widen its tax net, the government now must address the issue of high rates of taxes and bring them down to further encourage a voluntary filing of tax returns. The GST structures will need to be worked out so that filing of returns can be done effectively and easily. The government must be credited for putting a robust feedback mechanism in place. This must be used pro-actively to streamline the financial system by the end of this financial year. For the rest, it must be remembered that no country can survive on an economic model that rests on a parallel system of white and black money. The unhindered flow from white-to-black-to-white has worked to hollow out our economic system. The government's emphasis on long-term economic reforms and socio-economic restructuring will go a long way in ushering in the idea of clean money. It has also instilled fear among those who choose to evade taxation and boost the morale of those who sustain on purely white incomes. This in itself, is an important moral victory for many.

Demonetisation and GST are not the 'demons' as some argue

<p>&ldquo;Organised loot and a legalised plunder&rdquo; is how Dr Manmohan Singh describes &lsquo;demonetisation&rsquo;. In Ahmedabad, on Tuesday, our former prime minister said: &ldquo;November 8 was a black day for our economy and, indeed, our democracy,&rdquo; referring to this day last year when the government announced its move to demonetise Rs 500 and Rs 1,000 notes.&nbsp;</p>

<p>&ldquo;To promote a less cash economy, coercive steps like demonetisation are ineffective. Nowhere in the world has any nation taken such a drastic step that swept off 86% of the currency in circulations,&rdquo; he said.</p>

<p>Our Finance Minister Arun Jaitley says demonetisation was a &lsquo;watershed moment&rsquo; in Indian history. Hitting out at detractors, and perhaps especially miffed at his illustrious predecessor&rsquo;s comments, Jaitley said: &ldquo;An anti-black money drive is a moral step, loot is what happened in 2G, in Commonwealth Games 2010 and in coal block allocation.&rdquo;</p>

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<p dir="ltr" lang="en">Reducing the amount of cash in the economy won&#39;t end corruption but definitely make it difficult: <a href="https://twitter.com/arunjaitley?ref_src=twsrc%5Etfw">@arunjaitley</a> defends <a href="https://twitter.com/hashtag/demonitization?src=hash&amp;ref_src=twsrc%5Etfw">#demonitization</a></p>
&mdash; prasad sanyal (@prasadsanyal) <a href="https://twitter.com/prasadsanyal/status/927840191284371456?ref_src=twsrc%5Etfw">November 7, 2017</a></blockquote>
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<p>&nbsp;</p>

<p>While it may be politically expedient to brush off Dr Manmohan Singh and highlight the graft cases when he was the prime minister from 2004 to 2014, it must be conceded that Dr Singh does know a thing or two about the Indian economy. He does have a Tripos from Cambridge and a DPhil from Oxford in Economics. Besides, he has been a Governor of the Reserve Bank of India, headed the Planning Commission in its heydays in the 1980s and, as finance minister between 1991 and 1996, was the harbinger of economic liberalisation in India. &nbsp;</p>

<p>In a series of tweets and graphic templates, Prime Minister Modi has defended the move saying, it has resulted in the &lsquo;highest ever unearthing of black money and dealt a decisive blow to Naxalism and terrorism.&rsquo;</p>

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<p dir="ltr" lang="en">Giving strong impetus to the fight against black money. <a href="https://t.co/4fvbC31VAW">https://t.co/4fvbC31VAW</a><br />
<br />
via NMApp <a href="https://t.co/G0TMkBrX19">pic.twitter.com/G0TMkBrX19</a></p>
&mdash; PMO India (@PMOIndia) <a href="https://twitter.com/PMOIndia/status/927812625043398656?ref_src=twsrc%5Etfw">November 7, 2017</a></blockquote>
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<p dir="ltr" lang="en">Highest ever unearthing of black money<a href="https://t.co/4fvbC31VAW">https://t.co/4fvbC31VAW</a><br />
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via NMApp <a href="https://t.co/jmrJRPVHSL">pic.twitter.com/jmrJRPVHSL</a></p>
&mdash; PMO India (@PMOIndia) <a href="https://twitter.com/PMOIndia/status/927812417203068928?ref_src=twsrc%5Etfw">November 7, 2017</a></blockquote>
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<p>The verdict is still out on the impact of this move on the Indian economy, and as with other &lsquo;watershed&rsquo; moments in recent Indian history, it has left public opinion deeply divided.</p>

<p>In a society ridden with inequality and poverty, where the &lsquo;aam aadmi&rsquo; is faced with corruption to get even basic amenities, economics doesn&rsquo;t wash. The promise of nabbing those with black money does, and little wonder then, that the move was received positively - as a decisive measure that will rid India of corruption.&nbsp;</p>

<p>The Opposition parties will observe the one-year mark of demonetisation on Wednesday as a &ldquo;Black Day&rdquo;. The Bharatiya Janata Party will commemorate the anniversary as &ldquo;Anti-Black Money Day&rdquo;. &nbsp;</p>

<p>The government has so far been able to pitch demonetisation as a move that was pro-poor and anti-rich, but as the economy shows signs of distress will Robin Hood and his merry band of men be able to assuage the &lsquo;aam aadmi&rsquo;?&nbsp;</p>

<p>As the Finance Minister pointed out today, there has been a shrinking of the informal sector, a wider tax base and greater digitisation in the economy. The government has been on point with its message and there are definite merits to these arguments.&nbsp;</p>

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<p dir="ltr" lang="en">Multi-dimensional success of Demonetisation. <a href="https://t.co/4fvbC31VAW">https://t.co/4fvbC31VAW</a><br />
<br />
via NMApp <a href="https://t.co/l3qbArBcFy">pic.twitter.com/l3qbArBcFy</a></p>
&mdash; PMO India (@PMOIndia) <a href="https://twitter.com/PMOIndia/status/927812281378816000?ref_src=twsrc%5Etfw">November 7, 2017</a></blockquote>
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<p>Though viewed as a bold and landmark move by the masses, a former Finance Minister of India from the Prime Minister&rsquo;s own BJP, Yashwant Sinha has criticised the move. As businessmen and traders start accounting for the full brunt of the impact of demonitisation, many believe it may not be the best way to tackle corruption.</p>

<p>In August this year, the Reserve Bank of India reported Indians returned almost all of the estimated Rs 15.4 lakh crore ($242 billion) in high-currency bills removed from circulation. It implies that a very small amount of unaccounted for money was held in cash.&nbsp;</p>

<p>While there has been a lot of hullabaloo over different government agencies sharing different sets of numbers, the total value of non-cash transactions rose by around 19 per cent between November 2016 and August 2017. The value and volume of mobile-based transactions recorded negative growth rates between November 2016 and August 2017.</p>

<p>All available evidence suggests that cash has returned to daily transactions and demonetisation may not have had the desired effect, at least in the short-term.&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>


All available evidence suggests that cash has returned to daily transactions and demonetisation may not have had the desired effect, at least in the short-term.?

“Organised loot and a legalised plunder” is how Dr Manmohan Singh describes ‘demonetisation’. In Ahmedabad, on Tuesday, our former prime minister said: “November 8 was a black day for our economy and, indeed, our democracy,” referring to this day last year when the government announced its move to demonetise Rs 500 and Rs 1,000 notes. “To promote a less cash economy, coercive steps like demonetisation are ineffective. Nowhere in the world has any nation taken such a drastic step that swept off 86% of the currency in circulations,” he said. Our Finance Minister Arun Jaitley says demonetisation was a ‘watershed moment’ in Indian history. Hitting out at detractors, and perhaps especially miffed at his illustrious predecessor’s comments, Jaitley said: “An anti-black money drive is a moral step, loot is what happened in 2G, in Commonwealth Games 2010 and in coal block allocation.” Reducing the amount of cash in the economy won't end corruption but definitely make it difficult: @arunjaitley defends #demonitization — prasad sanyal (@prasadsanyal) November 7, 2017 × While it may be politically expedient to brush off Dr Manmohan Singh and highlight the graft cases when he was the prime minister from 2004 to 2014, it must be conceded that Dr Singh does know a thing or two about the Indian economy. He does have a Tripos from Cambridge and a DPhil from Oxford in Economics. Besides, he has been a Governor of the Reserve Bank of India, headed the Planning Commission in its heydays in the 1980s and, as finance minister between 1991 and 1996, was the harbinger of economic liberalisation in India. In a series of tweets and graphic templates, Prime Minister Modi has defended the move saying, it has resulted in the ‘highest ever unearthing of black money and dealt a decisive blow to Naxalism and terrorism.’ Giving strong impetus to the fight against black money. https://t.co/4fvbC31VAW via NMApp pic.twitter.com/G0TMkBrX19 — PMO India (@PMOIndia) November 7, 2017 × Highest ever unearthing of black moneyhttps://t.co/4fvbC31VAW via NMApp pic.twitter.com/jmrJRPVHSL — PMO India (@PMOIndia) November 7, 2017 × The verdict is still out on the impact of this move on the Indian economy, and as with other ‘watershed’ moments in recent Indian history, it has left public opinion deeply divided. In a society ridden with inequality and poverty, where the ‘aam aadmi’ is faced with corruption to get even basic amenities, economics doesn’t wash. The promise of nabbing those with black money does, and little wonder then, that the move was received positively - as a decisive measure that will rid India of corruption. The Opposition parties will observe the one-year mark of demonetisation on Wednesday as a “Black Day”. The Bharatiya Janata Party will commemorate the anniversary as “Anti-Black Money Day”. The government has so far been able to pitch demonetisation as a move that was pro-poor and anti-rich, but as the economy shows signs of distress will Robin Hood and his merry band of men be able to assuage the ‘aam aadmi’? As the Finance Minister pointed out today, there has been a shrinking of the informal sector, a wider tax base and greater digitisation in the economy. The government has been on point with its message and there are definite merits to these arguments. Multi-dimensional success of Demonetisation. https://t.co/4fvbC31VAW via NMApp pic.twitter.com/l3qbArBcFy — PMO India (@PMOIndia) November 7, 2017 × Though viewed as a bold and landmark move by the masses, a former Finance Minister of India from the Prime Minister’s own BJP, Yashwant Sinha has criticised the move. As businessmen and traders start accounting for the full brunt of the impact of demonitisation, many believe it may not be the best way to tackle corruption. In August this year, the Reserve Bank of India reported Indians returned almost all of the estimated Rs 15.4 lakh crore ($242 billion) in high-currency bills removed from circulation. It implies that a very small amount of unaccounted for money was held in cash. While there has been a lot of hullabaloo over different government agencies sharing different sets of numbers, the total value of non-cash transactions rose by around 19 per cent between November 2016 and August 2017. The value and volume of mobile-based transactions recorded negative growth rates between November 2016 and August 2017. All available evidence suggests that cash has returned to daily transactions and demonetisation may not have had the desired effect, at least in the short-term.

#Demonetisation: Indian economy watershed or waterboarded?

<p>It has been a year since Prime Minister Narendra Modi appeared on the national television and announced the scrapping of Rs 500 and 1000 currency notes.</p>

<p>The BJP is celebrating the first year anniversary of <a href="http://www.wionews.com/south-asia/demonetisation-indian-economy-watershed-or-waterboarded-23707" target="_blank">Demonetisation</a> as &quot;Anti Black Money Day&quot;&nbsp;while the Congress along with other opposition parties is observing the day as &quot;Black Day&quot;.&nbsp;</p>

<p>The PM assured that the scrapping of the currency notes&nbsp;will help in countering the growing corruption, killing black money, counterfeit notes and cut down funding to terrorists.&nbsp;</p>

<p>Claiming it to be a pro-poor move he said that demonetisation will root out inequality from the society.</p>

<p>PM Modi asked the country to unite in the <a href="http://www.wionews.com/south-asia/demonetisation-will-spur-indian-economy-in-long-run-indias-pm-modi-10715" target="_blank">larger objective of a cleaner society</a>.&nbsp;</p>

<p>However,&nbsp; since the past one year, there has been a constant criticism of the &quot;Modi&nbsp;policy&quot;.&nbsp;</p>

<p>The Opposition has claimed that the policy&nbsp;was responsible for job losses, <a href="http://www.wionews.com/india-news/sambit-patra-says-for-congress-ease-of-doing-corruption-was-the-core-issue-23288" target="_blank">GDP downfall and destroying small business</a>, besides the physical pain that the people suffered in long queues.</p>

<p>On the eve of the first anniversary of Demonetisation <a href="http://www.wionews.com/india-news/i-repeat-was-organised-loot-and-legalised-plunder-manmohan-singh-on-demonetisation-23656" target="_blank">former prime minister Dr. Manmohan Singh</a> said, &quot;Demonetisation was a black day for economy and democracy&quot;.</p>

<p>But the govt has maintained that the policy implemented has achieved its set goals.&nbsp;</p>

<p><a href="http://www.wionews.com/business-economy/demonetisation-november-8-watershed-moment-in-history-of-indian-economy-says-arun-jaitley-23652" target="_blank">Finance Minister Arun Jaitley </a>said that&nbsp;demonetisation has led to a significant <a href="http://www.wionews.com/india-news/demonitisation-choked-terror-funds-says-jaitley-23669" target="_blank">decrease in terror activities</a> in Jammu and Kashmir and Chhattisgarh.&nbsp;</p>

<p>He claimed that the total fake currencies seized after demonetisation accounted to Rs 11.23 crore</p>

<p>The Reserve Bank of India recently claimed that 99 per cent of the old Rs 500 and Rs 1000 notes amounting to Rs 15.44 lakh crore have come back to the banking system.</p>

<p>The government also said that about Rs 17,000 crore has been recovered from income tax raids after the implementation of the policy.&nbsp;</p>

<p>The government also claims that demonetisation has led to an increase in tax base with 9.1 million new taxpayers. They have stated an increase of 24 per cent in tax collections.&nbsp;</p>

<p>Also&nbsp;read: <a href="http://www.wionews.com/business-economy/india-is-moving-towards-digital-economy-post-demonetisation-arun-jaitley-23614" target="_blank">India moving towards digital economy </a><a href="http://www.wionews.com/business-economy/india-is-moving-towards-digital-economy-post-demonetisation-arun-jaitley-23614" target="_blank">post-demonetisation</a><a href="http://www.wionews.com/business-economy/india-is-moving-towards-digital-economy-post-demonetisation-arun-jaitley-23614" target="_blank">: Arun Jaitley</a></p>

<p>&nbsp;</p>


The BJP-led central government is celebrating the first year anniversary of Demonetisation as 'Anti Black Money Day'?while the Congress along with other opposition parties is observing the day as 'Black Day'

It has been a year since Prime Minister Narendra Modi appeared on the national television and announced the scrapping of Rs 500 and 1000 currency notes. The BJP is celebrating the first year anniversary of Demonetisation as "Anti Black Money Day" while the Congress along with other opposition parties is observing the day as "Black Day". The PM assured that the scrapping of the currency notes will help in countering the growing corruption, killing black money, counterfeit notes and cut down funding to terrorists. Claiming it to be a pro-poor move he said that demonetisation will root out inequality from the society. PM Modi asked the country to unite in the larger objective of a cleaner society. However, since the past one year, there has been a constant criticism of the "Modi policy". The Opposition has claimed that the policy was responsible for job losses, GDP downfall and destroying small business, besides the physical pain that the people suffered in long queues. On the eve of the first anniversary of Demonetisation former prime minister Dr. Manmohan Singh said, "Demonetisation was a black day for economy and democracy". But the govt has maintained that the policy implemented has achieved its set goals. Finance Minister Arun Jaitley said that demonetisation has led to a significant decrease in terror activities in Jammu and Kashmir and Chhattisgarh. He claimed that the total fake currencies seized after demonetisation accounted to Rs 11.23 crore The Reserve Bank of India recently claimed that 99 per cent of the old Rs 500 and Rs 1000 notes amounting to Rs 15.44 lakh crore have come back to the banking system. The government also said that about Rs 17,000 crore has been recovered from income tax raids after the implementation of the policy. The government also claims that demonetisation has led to an increase in tax base with 9.1 million new taxpayers. They have stated an increase of 24 per cent in tax collections. Also read: India moving towards digital economy post-demonetisation: Arun Jaitley

One year of demonetisation: Government observes 'Anti Black Money Day'

<p>Congress vice-president Rahul Gandhi has said that demonetisation was a &quot;tragedy&quot; and a &quot;thoughtless act&quot; by the government.</p>

<p>&quot;Demonetisation is a tragedy. We stand with millions of honest Indians, whose lives &amp; livelihoods were destroyed by PM&rsquo;s thoughtless act,&quot; he said in a tweet posted on Wednesday, on the first anniversary of demonetisation.</p>

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<p dir="ltr" lang="en">Demonetisation is a tragedy. We stand with millions of honest Indians, whose lives &amp; livelihoods were destroyed by PM&rsquo;s thoughtless act.</p>
&mdash; Office of RG (@OfficeOfRG) <a href="https://twitter.com/OfficeOfRG/status/928073578733387776?ref_src=twsrc%5Etfw">November 8, 2017</a></blockquote>
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<p>He also used a Hindi couplet to attack the central government.</p>

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<p dir="ltr" lang="en">Demonetisation is a tragedy. We stand with millions of honest Indians, whose lives &amp; livelihoods were destroyed by PM&rsquo;s thoughtless act.</p>
&mdash; Office of RG (@OfficeOfRG) <a href="https://twitter.com/OfficeOfRG/status/928073578733387776?ref_src=twsrc%5Etfw">November 8, 2017</a></blockquote>
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<p>Gandhi will visit Surat in Gujarat today to participate in a candle-light vigil there as part of the Opposition parties&#39; &quot;Black Day&quot; protest.</p>

<p>Congress and other Opposition parties have decided to observe November 8, the date when Prime Minister Narendra Modi last year announced demonetisation, as &quot;Black Day&quot;.</p>

<p>Gandhi&#39;s decision to take part in the protest in Gujarat is significant as the state is going to polls next month.</p>

<p>On the eve of the demonetisation anniversary, former prime minister <a href="http://www.wionews.com/india-news/i-repeat-was-organised-loot-and-legalised-plunder-manmohan-singh-on-demonetisation-23656">Manmohan Singh attacked the&nbsp;BJP-led central government</a> on Tuesday, terming the note ban&nbsp;as &quot;organised loot&quot; and &quot;legalised plunder&quot;.</p>

<p>Hitting out at the Congress for observing the Demonetisation anniversary as Black Day, Haryana minister Anil Vij has said, &quot;only those parties which have black money left with them&quot; will observe November 8, the first anniversary of demonetisation, as &quot;black day&quot;.</p>

<p>He added that November 8 can be observed as &quot;black day&quot; for the Congress which was involved in scams of around Rs 12 lakh crore.&nbsp;</p>

<p>He praised his government for implementing Demonetisation and said that the &quot;revolutionary step&quot; can only be taken by a strong government.&nbsp;</p>

<p>He claimed that Demonetisation has not only promoted cashless payment system but it has also led to an increase in the number of taxpayers.&nbsp;</p>

<p>&nbsp;</p>


Gandhi will visit Surat in Gujarat today to participate in a candle-light vigil there as part of the Opposition parties' 'Black Day' protest

Congress vice-president Rahul Gandhi has said that demonetisation was a "tragedy" and a "thoughtless act" by the government. "Demonetisation is a tragedy. We stand with millions of honest Indians, whose lives & livelihoods were destroyed by PM’s thoughtless act," he said in a tweet posted on Wednesday, on the first anniversary of demonetisation. Demonetisation is a tragedy. We stand with millions of honest Indians, whose lives & livelihoods were destroyed by PM’s thoughtless act. — Office of RG (@OfficeOfRG) November 8, 2017 × He also used a Hindi couplet to attack the central government. Demonetisation is a tragedy. We stand with millions of honest Indians, whose lives & livelihoods were destroyed by PM’s thoughtless act. — Office of RG (@OfficeOfRG) November 8, 2017 × Gandhi will visit Surat in Gujarat today to participate in a candle-light vigil there as part of the Opposition parties' "Black Day" protest. Congress and other Opposition parties have decided to observe November 8, the date when Prime Minister Narendra Modi last year announced demonetisation, as "Black Day". Gandhi's decision to take part in the protest in Gujarat is significant as the state is going to polls next month. On the eve of the demonetisation anniversary, former prime minister Manmohan Singh attacked the BJP-led central government on Tuesday, terming the note ban as "organised loot" and "legalised plunder". Hitting out at the Congress for observing the Demonetisation anniversary as Black Day, Haryana minister Anil Vij has said, "only those parties which have black money left with them" will observe November 8, the first anniversary of demonetisation, as "black day". He added that November 8 can be observed as "black day" for the Congress which was involved in scams of around Rs 12 lakh crore. He praised his government for implementing Demonetisation and said that the "revolutionary step" can only be taken by a strong government. He claimed that Demonetisation has not only promoted cashless payment system but it has also led to an increase in the number of taxpayers.

Demonetisation a tragedy, thoughtless act: Rahul Gandhi

<p>Ten months after currency notes of Rs. 500 and Rs. 1,000 were scrapped on November 8 last year, the ghost of demonetisation continues to haunt Deepak Badavne.</p>

<p>In early November, Badavne had harvested 31 quintals of cotton from his 2.5-acre farm. He expected good returns on it. &ldquo;The trader arranged for the truck and loaded the cotton from my house,&rdquo; he says. But just then, the demonetisation-induced cash crunch hit the farm sector. The payment for Deepak&rsquo;s cotton didn&rsquo;t materialise. &lsquo;The trader is now saying he will pay by Diwali [by mid-October 2017],&rdquo; he says.</p>

<p>The trader owes Badavne Rs. 178,483 for his cotton yield. A cheque he received for this amount on March 24 bounced&ndash; thrice. &nbsp;&ldquo;I am not the only one,&rdquo; says Deepak, 31, sitting under a tree in Karajgaon village on the outskirts of Aurangabad city in Marathwada, Maharashtra. &ldquo;There are others in my village who have been similarly duped.&rdquo;</p>

<p>Badavne, who lives in a joint family and has two children, has gathered some of them in this village of 1,300 people &ndash; people who are also waiting for their dues or have received cheques that bounced. In April, nearly six months after the demonetisation, Deepak&rsquo;s brother Jeetendra, 38, got a nearly two lakh rupees for 34 quintals of cotton. That too bounced. &ldquo;What am I supposed to do with this if I cannot have cash in hand?&rdquo; he asks. &ldquo;I need cash to buy inputs for the cropping season [that started in mid-June].&rdquo;</p>

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<p>Deepak Badavne holds up the cheque he received in return for his cotton &ndash; it bounced three times (Others)</p>
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<p>On the morning of our visit in June, the trader in question had left the village to avoid reporters. So he was unavailable to give his version of the events, and is therefore not named in this story.</p>

<p>When the angry group barged into his house, his mother threatened that they would be responsible if her son committed suicide. &ldquo;The trader said the cash crunch was responsible for the delays in payment,&rdquo; says Deepak, &ldquo;but the sowing season does not wait for us. We have filed an FIR [at the Karmad police station, around four kilometres away, on charges of cheating].&rdquo;</p>

<p>In Hasanabadwadi village on the Aurangabad-Jalna highway, Atul Antarai, 28, was also struggling in June, months after the demonetisation. He has 1,000 mosambi trees on five acres. &ldquo;I have a private well and borewell,&rdquo; he says, &ldquo;so I manage to water the orchard better than many farmers cultivating mosambi around me.&rdquo;</p>

<p>In the first week of November, a trader had approached Antarai and offered him Rs. 6.5 lakhs for the entire produce. &ldquo;I had planned on harvesting around February,&rdquo; he says. &ldquo;And going by the rate of Rs. 30-35 per kilo, I expected to make Rs. 10 lakhs from the crop. I told the trader I would get back to him.&rdquo;</p>

<p>On November 8, however, after the government&rsquo;s &lsquo;notebandi&rsquo; order, the same trader did not have the cash anymore, and rates plummeted. &ldquo;I eventually got Rs. 1.25 lakh for the entire yield,&rdquo; says Atul. &ldquo;Where I had expected Rs. 30&ndash;35 a kilo, I ended up selling the fruit at Rs. 3 a kilo.&rdquo;</p>

<p><strong>Watch video</strong>: &lsquo;<em>I got 3 rupees a kilo instead of 30-35 for my </em><em>mosambi</em><em>&rsquo; after the demonetisation last November, says Atul Antarai of Hasanabadwadi village</em></p>

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<p>Every year, the transactions for crops in Marathwada are made in cash. Relatively larger amounts than those for food crops get exchanged for cotton and mosambi &ndash; so after the demonetisation, when cash was in short supply, the impact on cotton and mosambi farmers was especially severe. November is when Marathwada&rsquo;s farmers harvest cotton, and it&rsquo;s just a few months before the year&rsquo;s first mosambi harvest of February-March (the second one is usually in August-September).</p>

<p>The rates plummeted and traders did not have cash to buy stock from farmers. The cashless future that demonetisation promised never came, and many in rural Marathwada scoff at the idea. &ldquo;ATMs are concentrated in cities,&rdquo; says Ashok Yedhe, a farmer in Anjanvati village of Beed district, who cultivates soyabean and jowar. &ldquo;Just to get to a bank or an ATM takes kilometres of travel for us.&rdquo;</p>

<p>ATMs in rural areas are few and far between. &nbsp;Of the 222,762 ATMs in the entire country, according to Reserve Bank of India (RBI) data (till June 2017) only 40,997 are in rural centres &ndash; this means less than 20 per cent of the ATMs in India are available for the 69 per cent of the population that is classified as rural (by Census 2011).</p>

<p>Devidas Tuljapurkar, joint secretary of the All India Bank Employees Association, points out that it is also important to note the run time of ATMs. &quot;In cities, the cash is replenished almost every day,&quot; he says. &quot;That is not the case in rural areas, where the run time of ATMs is about 20 per cent what it is in cities.&quot; &nbsp;</p>

<p>Besides, Yedhe points out, online transactions cost more, and a farmer cannot afford to pay extra money for every such transaction. In any case, he explains, cash is central to any transaction in a rural economy. &ldquo;We cannot Paytm 250 rupees to an agriculture labourer,&rdquo; he laughs. &ldquo;Most of the time, a farmer gets cash and uses it immediately to buy inputs or rations or fodder. The entire trade chain in rural India is cash-based.&rdquo;</p>

<p>To add to the cash crunch after November 2016, banks in rural areas were the last to get the new currency notes. For months, the RBI did not even accept the old notes deposited with the district cooperative banks, where most farmers have their accounts. Hanumant Jadhav, managing director of the Latur District Cooperative Bank, says, &ldquo;For 7-8 months we continued to struggle when district banks were not remonetised and all our ATMs were dry.&rdquo;</p>

<p><i><strong>Watch video</strong>:&nbsp;</i><i>&#39;</i><i>A farmer can&#39;t go cashless&#39;, insists Deepak Badavne of Karajgaon village</i></p>

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<p>In Karajgaon too, farmers say the push towards a cashless economy is city-centric, ignoring the majority living in the villages. &ldquo;We usually use cash the same day we get it from any source,&rdquo; says Deepak. &ldquo;If we start going to the bank to withdraw cash for each transaction, can you imagine the amount of money and time we would be spending? Cashless sounds fine in Mumbai and Delhi, but it is a farce in rural India.&rdquo;</p>

<p>Deepak has been unable to repay the 2016-17 agricultural season&rsquo;s bank loan. &ldquo;I owe the Bank of Maharashtra in Karmad Rs. 1.5 lakhs,&rdquo; he says. &ldquo;I have been repaying every year, so I am eligible for a new crop loan. But this year, I have been a defaulter.&rdquo;</p>

<p>Deepak has now borrowed Rs. 240,000 from a private moneylender at 3 per cent interest per month. He already has a debt of Rs. 2 lakhs from a private moneylender. He has used the new loan for the ongoing kharif season and repaid a part of his bank loan. But he remains worried. &ldquo;The harvest does not look promising this year due to intermittent rainfall,&rdquo; he says.</p>

<p>And in Hasanabadwadi village, Atul is wondering if he will have to phase out his mosambi orchard. &ldquo;The well has run dry. Rainfall has not been great. The harvest [the year&rsquo;s second, of August-September] could be mediocre. And because I lost a lot of money after demonetisation, it is difficult to purchase water to keep the plants alive.&quot;</p>

<p>This&nbsp;<a href="https://ruralindiaonline.org/articles/the-ghost-of-demonetisation" rel="nofollow" target="blank">article</a>&nbsp;was originally&nbsp;published on 15/ 09/ 2017 on the&nbsp;<a href="https://ruralindiaonline.org/" rel="nofollow" target="blank">People&#39;s Archive of Rural India.</a></p>

<p>Photos Credit:&nbsp;Shrirang Swarge</p>


In rural Marathwada, where the agrarian trade chain is cash-based, farmers are still reeling from the effects of the November 2016 demonetisation ? with bounced cheques, poor access to banks, and falling crop prices

Ten months after currency notes of Rs. 500 and Rs. 1,000 were scrapped on November 8 last year, the ghost of demonetisation continues to haunt Deepak Badavne. In early November, Badavne had harvested 31 quintals of cotton from his 2.5-acre farm. He expected good returns on it. “The trader arranged for the truck and loaded the cotton from my house,” he says. But just then, the demonetisation-induced cash crunch hit the farm sector. The payment for Deepak’s cotton didn’t materialise. ‘The trader is now saying he will pay by Diwali [by mid-October 2017],” he says. The trader owes Badavne Rs. 178,483 for his cotton yield. A cheque he received for this amount on March 24 bounced– thrice. “I am not the only one,” says Deepak, 31, sitting under a tree in Karajgaon village on the outskirts of Aurangabad city in Marathwada, Maharashtra. “There are others in my village who have been similarly duped.” Badavne, who lives in a joint family and has two children, has gathered some of them in this village of 1,300 people – people who are also waiting for their dues or have received cheques that bounced. In April, nearly six months after the demonetisation, Deepak’s brother Jeetendra, 38, got a nearly two lakh rupees for 34 quintals of cotton. That too bounced. “What am I supposed to do with this if I cannot have cash in hand?” he asks. “I need cash to buy inputs for the cropping season [that started in mid-June].” Deepak Badavne holds up the cheque he received in return for his cotton – it bounced three times (Others) × On the morning of our visit in June, the trader in question had left the village to avoid reporters. So he was unavailable to give his version of the events, and is therefore not named in this story. When the angry group barged into his house, his mother threatened that they would be responsible if her son committed suicide. “The trader said the cash crunch was responsible for the delays in payment,” says Deepak, “but the sowing season does not wait for us. We have filed an FIR [at the Karmad police station, around four kilometres away, on charges of cheating].” In Hasanabadwadi village on the Aurangabad-Jalna highway, Atul Antarai, 28, was also struggling in June, months after the demonetisation. He has 1,000 mosambi trees on five acres. “I have a private well and borewell,” he says, “so I manage to water the orchard better than many farmers cultivating mosambi around me.” In the first week of November, a trader had approached Antarai and offered him Rs. 6.5 lakhs for the entire produce. “I had planned on harvesting around February,” he says. “And going by the rate of Rs. 30-35 per kilo, I expected to make Rs. 10 lakhs from the crop. I told the trader I would get back to him.” On November 8, however, after the government’s ‘notebandi’ order, the same trader did not have the cash anymore, and rates plummeted. “I eventually got Rs. 1.25 lakh for the entire yield,” says Atul. “Where I had expected Rs. 30–35 a kilo, I ended up selling the fruit at Rs. 3 a kilo.” Watch video: ‘I got 3 rupees a kilo instead of 30-35 for my mosambi’ after the demonetisation last November, says Atul Antarai of Hasanabadwadi village × Every year, the transactions for crops in Marathwada are made in cash. Relatively larger amounts than those for food crops get exchanged for cotton and mosambi – so after the demonetisation, when cash was in short supply, the impact on cotton and mosambi farmers was especially severe. November is when Marathwada’s farmers harvest cotton, and it’s just a few months before the year’s first mosambi harvest of February-March (the second one is usually in August-September). The rates plummeted and traders did not have cash to buy stock from farmers. The cashless future that demonetisation promised never came, and many in rural Marathwada scoff at the idea. “ATMs are concentrated in cities,” says Ashok Yedhe, a farmer in Anjanvati village of Beed district, who cultivates soyabean and jowar. “Just to get to a bank or an ATM takes kilometres of travel for us.” ATMs in rural areas are few and far between. Of the 222,762 ATMs in the entire country, according to Reserve Bank of India (RBI) data (till June 2017) only 40,997 are in rural centres – this means less than 20 per cent of the ATMs in India are available for the 69 per cent of the population that is classified as rural (by Census 2011). Devidas Tuljapurkar, joint secretary of the All India Bank Employees Association, points out that it is also important to note the run time of ATMs. "In cities, the cash is replenished almost every day," he says. "That is not the case in rural areas, where the run time of ATMs is about 20 per cent what it is in cities." Besides, Yedhe points out, online transactions cost more, and a farmer cannot afford to pay extra money for every such transaction. In any case, he explains, cash is central to any transaction in a rural economy. “We cannot Paytm 250 rupees to an agriculture labourer,” he laughs. “Most of the time, a farmer gets cash and uses it immediately to buy inputs or rations or fodder. The entire trade chain in rural India is cash-based.” To add to the cash crunch after November 2016, banks in rural areas were the last to get the new currency notes. For months, the RBI did not even accept the old notes deposited with the district cooperative banks, where most farmers have their accounts. Hanumant Jadhav, managing director of the Latur District Cooperative Bank, says, “For 7-8 months we continued to struggle when district banks were not remonetised and all our ATMs were dry.” Watch video: 'A farmer can't go cashless', insists Deepak Badavne of Karajgaon village × In Karajgaon too, farmers say the push towards a cashless economy is city-centric, ignoring the majority living in the villages. “We usually use cash the same day we get it from any source,” says Deepak. “If we start going to the bank to withdraw cash for each transaction, can you imagine the amount of money and time we would be spending? Cashless sounds fine in Mumbai and Delhi, but it is a farce in rural India.” Deepak has been unable to repay the 2016-17 agricultural season’s bank loan. “I owe the Bank of Maharashtra in Karmad Rs. 1.5 lakhs,” he says. “I have been repaying every year, so I am eligible for a new crop loan. But this year, I have been a defaulter.” Deepak has now borrowed Rs. 240,000 from a private moneylender at 3 per cent interest per month. He already has a debt of Rs. 2 lakhs from a private moneylender. He has used the new loan for the ongoing kharif season and repaid a part of his bank loan. But he remains worried. “The harvest does not look promising this year due to intermittent rainfall,” he says. And in Hasanabadwadi village, Atul is wondering if he will have to phase out his mosambi orchard. “The well has run dry. Rainfall has not been great. The harvest [the year’s second, of August-September] could be mediocre. And because I lost a lot of money after demonetisation, it is difficult to purchase water to keep the plants alive." This article was originally published on 15/ 09/ 2017 on the People's Archive of Rural India. Photos Credit: Shrirang Swarge

The ghost of demonetisation

<p>The Aam Aadmi Party has decided to nominate Raghuram Rajan, the former Reserve Bank Governor, to the Rajya Sabha, reports said.&nbsp;</p>

<p>Reports indicate that his name is being considered for one of the three Rajya Sabha seats from Delhi.</p>

<p>His name was discussed at a party meeting which included AAP chief and Delhi chief minister Arvind Kejriwal.</p>

<p>A letter has also been sent to him.&nbsp;However, the letter is still awaiting a reply from the ex-RBI chief.&nbsp;</p>

<p>It is also speculated that the party is looking for candidates other than politicians for the three Rajya Sabha openings.&nbsp;</p>

<p>Rajan&#39;s three-year term as RBI Governor ended on September 4, 2016.&nbsp;</p>

<p>He currently teaches at the University of Chicago.&nbsp;&nbsp;</p>


Reports indicate that his name is being considered for one of the three Rajya Sabha seats from Delhi

The Aam Aadmi Party has decided to nominate Raghuram Rajan, the former Reserve Bank Governor, to the Rajya Sabha, reports said. Reports indicate that his name is being considered for one of the three Rajya Sabha seats from Delhi. His name was discussed at a party meeting which included AAP chief and Delhi chief minister Arvind Kejriwal. A letter has also been sent to him. However, the letter is still awaiting a reply from the ex-RBI chief. It is also speculated that the party is looking for candidates other than politicians for the three Rajya Sabha openings. Rajan's three-year term as RBI Governor ended on September 4, 2016. He currently teaches at the University of Chicago.

AAP may nominate ex- RBI chief Raghuram Rajan to Rajya Sabha

<p>When Indian Prime Minister Narendra Modi announced the withdrawal of ?500 (US$7.40) and ?1,000 (US$15) banknotes from circulation in November 2016, the government said its demonetisation drive would curb India&rsquo;s shadow economy and suppress the use of illicit and counterfeit cash in the economy.</p>

<p>If there&rsquo;s one sector that&rsquo;s done particularly well as a result of government&rsquo;s move, it&rsquo;s the banking sector.</p>

<p>Banks received deposits worth ?6 trillion (US$88 billion) and overall banking deposits with the Reserve Bank of India reached a record high of ?4.3 trillion (US$63.1 billion) within two weeks of the currency ban.</p>

<p>So the demonetisation was a well-planned move in terms of the health of the Indian banking system. Five months before the drive, the total amount of gross non-performing assets (loans are classified like this after 90 days of non-payment of interest or principal) for public and private sector banks was around ?6lakh crore (US$88 billion).</p>

<p>To understand how big this problem was, one needs to see the figure against the total loans given out by India&rsquo;s banking system. That ratio corresponded to 11.8 per cent of total credit advanced in September 2016, and it&rsquo;s expected to reach 12.5 per cent by March 2017.</p>

<p>The bulk of these non-performing assets are from public sector banks, and were mainly lent to finance the basic metal and metal products sector, the textile industry and the beverages sector.</p>

<p>In its December 2016 Financial Stability Report, the Reserve Bank noted that the asset quality of public sector banks had deteriorated further between March and September 2016. This reflected the failing health of the Indian banking system, which is a major provider of credit to industry and business. If not checked in time, it can have serious repercussions for the economy.</p>

<p><strong>Bringing currency back</strong></p>

<p>So calling the demonetisation drive a complete failure, as many economists and financial analysts have done then, is to fail to respect this well thought-out strategy for saving India&rsquo;s banks. Demonetisation has fulfilled the objective of bringing currency back into the banking system.</p>

<p>Within the first month, practically all demonetised currency notes in the country were back in the bank vaults. The sudden flow of cash to public sector banks gave them an instant lifeline clearly visible across the banking system.</p>

<p>Enriched by these higher deposits, the country&rsquo;s largest lender, the State Bank of India, slashed its benchmark lending rate by 0.9 per cent. In other words, after difficulty dealing with bad loans, after demonetisation banks are now able to provide cheap financing.</p>

<p>Not only did lending rates get slashed, the overnight marginal cost of funds-based lending rate (the minimum interest rate below which a bank cannot lend) fell to 7.75 per cent from 8.65 per cent. Meanwhile, three-year loan rates came down to 8.15 per cent from 9.05 per cent. While these percentages may seem small, it was a huge turnaround, which were reeling under the pressure of the bad loans.</p>

<p><strong>Another winning sector</strong></p>

<p>Amid the frenzy after demonetisation, another sector that got a big boost was that of financial technology start-ups, including digital wallet and other mobile payment companies. Due to the cash crunch, many people turned to digital wallets that can be used in conjunction with mobile payment systems, allowing them to pay for purchases with their smartphones.</p>

<p>Digital wallet companies saw an unprecedented surge in the number of people signing up for their services and adding money to their wallets after demonetisation.</p>

<p>Among mobile wallet companies, Paytm was the biggest beneficiary. We can gauge the impact of the demonetisation drive on its business by looking at the company&rsquo;s user base, which has reached 160 million &ndash; a fourfold increase since May 2016. Paytm&rsquo;s traffic rose by 435 per cent, app downloads grew by 200 per cent, and the company saw a 250 per cent rise in overall transaction value.</p>

<p>In fact, &ldquo;Paytm karo&rdquo; (literally, &ldquo;do Paytm&rdquo;) became one of the most common phrases during the early parts of the demonetisation drive, and sectors that have been traditionally cash-based, for example, small shopkeepers and public transport, such as taxis and auto-rickshaws, started accepting Paytm.</p>

<p>Such was a stardom of Paytm that it featured in a Harvard Business School case study of the company&rsquo;s transformation from online recharge platform to India&rsquo;s largest mobile payments platform.</p>

<p><strong>Ultimate failure</strong></p>

<p>The demonetisation drive, then, could be seen as a blessing for India&rsquo;s move towards a cashless economy and for encouraging consumers to use digital payment platforms. It also supports the government&rsquo;s Digital India initiative, which aims to encourage cashless payment solutions across the country by putting technological infrastructure in place.</p>

<p>But it&rsquo;s difficult to assess whether India is ready for a cashless economy. Traders tend not to reveal their actual income to avoid taxes and people are so used to paying for services in cash that for them to shift to new mode of payments requires a big habitual change.</p>

<p>The government&rsquo;s demonetisation drive, then, can be seen as an effort to curb the corruption and the flow of black money as stated, but also to force the general population to embrace digital payment options.</p>

<p>Unfortunately, it seems to have failed in both aspirations. Even though the main stated aim of demonetisation was to curb the extent of black money in the economy, during the first two months of the drive, almost 90 per cent of the scrapped and demonetised notes were back in the banking system. This stands in contrast to the government&#39;s expectation that roughly ?3 lakh crore (US$44 billion) of the scrapped notes would never return because they would be part of black money hoards.</p>

<p>The second consequence of moving towards a cashless economy may also be a failure. When cash returns to the system, many Indians are likely going back to the cash-based transactions given the over-dependence on cash-based transactions in the country due to limited connectivity and privacy issues related to transactions.</p>

<p>Ultimately, the demonetisation drive has been successful in making the banking sector healthier, but not what it was projected to do in terms of bringing in &ldquo;black money&rdquo; and turning the country into &ldquo;digital India&rdquo;.</p>

<p>This article was originally published on <a href="http://theconversation.com" rel="nofollow" target="blank">The Conversation</a>. Read the <a href="https://theconversation.com/indias-demonetisation-drive-has-boosted-banks-and-start-ups-but-its-still-a-failure-71704" rel="nofollow" target="blank">original article</a>.</p>


The demonetisation drive has made the banking sector healthier but failed to curb 'black money'

When Indian Prime Minister Narendra Modi announced the withdrawal of ?500 (US$7.40) and ?1,000 (US$15) banknotes from circulation in November 2016, the government said its demonetisation drive would curb India’s shadow economy and suppress the use of illicit and counterfeit cash in the economy. If there’s one sector that’s done particularly well as a result of government’s move, it’s the banking sector. Banks received deposits worth ?6 trillion (US$88 billion) and overall banking deposits with the Reserve Bank of India reached a record high of ?4.3 trillion (US$63.1 billion) within two weeks of the currency ban. So the demonetisation was a well-planned move in terms of the health of the Indian banking system. Five months before the drive, the total amount of gross non-performing assets (loans are classified like this after 90 days of non-payment of interest or principal) for public and private sector banks was around ?6lakh crore (US$88 billion). To understand how big this problem was, one needs to see the figure against the total loans given out by India’s banking system. That ratio corresponded to 11.8 per cent of total credit advanced in September 2016, and it’s expected to reach 12.5 per cent by March 2017. The bulk of these non-performing assets are from public sector banks, and were mainly lent to finance the basic metal and metal products sector, the textile industry and the beverages sector. In its December 2016 Financial Stability Report, the Reserve Bank noted that the asset quality of public sector banks had deteriorated further between March and September 2016. This reflected the failing health of the Indian banking system, which is a major provider of credit to industry and business. If not checked in time, it can have serious repercussions for the economy. Bringing currency back So calling the demonetisation drive a complete failure, as many economists and financial analysts have done then, is to fail to respect this well thought-out strategy for saving India’s banks. Demonetisation has fulfilled the objective of bringing currency back into the banking system. Within the first month, practically all demonetised currency notes in the country were back in the bank vaults. The sudden flow of cash to public sector banks gave them an instant lifeline clearly visible across the banking system. Enriched by these higher deposits, the country’s largest lender, the State Bank of India, slashed its benchmark lending rate by 0.9 per cent. In other words, after difficulty dealing with bad loans, after demonetisation banks are now able to provide cheap financing. Not only did lending rates get slashed, the overnight marginal cost of funds-based lending rate (the minimum interest rate below which a bank cannot lend) fell to 7.75 per cent from 8.65 per cent. Meanwhile, three-year loan rates came down to 8.15 per cent from 9.05 per cent. While these percentages may seem small, it was a huge turnaround, which were reeling under the pressure of the bad loans. Another winning sector Amid the frenzy after demonetisation, another sector that got a big boost was that of financial technology start-ups, including digital wallet and other mobile payment companies. Due to the cash crunch, many people turned to digital wallets that can be used in conjunction with mobile payment systems, allowing them to pay for purchases with their smartphones. Digital wallet companies saw an unprecedented surge in the number of people signing up for their services and adding money to their wallets after demonetisation. Among mobile wallet companies, Paytm was the biggest beneficiary. We can gauge the impact of the demonetisation drive on its business by looking at the company’s user base, which has reached 160 million – a fourfold increase since May 2016. Paytm’s traffic rose by 435 per cent, app downloads grew by 200 per cent, and the company saw a 250 per cent rise in overall transaction value. In fact, “Paytm karo” (literally, “do Paytm”) became one of the most common phrases during the early parts of the demonetisation drive, and sectors that have been traditionally cash-based, for example, small shopkeepers and public transport, such as taxis and auto-rickshaws, started accepting Paytm. Such was a stardom of Paytm that it featured in a Harvard Business School case study of the company’s transformation from online recharge platform to India’s largest mobile payments platform. Ultimate failure The demonetisation drive, then, could be seen as a blessing for India’s move towards a cashless economy and for encouraging consumers to use digital payment platforms. It also supports the government’s Digital India initiative, which aims to encourage cashless payment solutions across the country by putting technological infrastructure in place. But it’s difficult to assess whether India is ready for a cashless economy. Traders tend not to reveal their actual income to avoid taxes and people are so used to paying for services in cash that for them to shift to new mode of payments requires a big habitual change. The government’s demonetisation drive, then, can be seen as an effort to curb the corruption and the flow of black money as stated, but also to force the general population to embrace digital payment options. Unfortunately, it seems to have failed in both aspirations. Even though the main stated aim of demonetisation was to curb the extent of black money in the economy, during the first two months of the drive, almost 90 per cent of the scrapped and demonetised notes were back in the banking system. This stands in contrast to the government's expectation that roughly ?3 lakh crore (US$44 billion) of the scrapped notes would never return because they would be part of black money hoards. The second consequence of moving towards a cashless economy may also be a failure. When cash returns to the system, many Indians are likely going back to the cash-based transactions given the over-dependence on cash-based transactions in the country due to limited connectivity and privacy issues related to transactions. Ultimately, the demonetisation drive has been successful in making the banking sector healthier, but not what it was projected to do in terms of bringing in “black money” and turning the country into “digital India”. This article was originally published on The Conversation. Read the original article.

India's demonetisation drive has boosted banks and start-ups, but it's still a failure

<p>Lashing out at the Centre, Congress vice president Rahul Gandhi on&thinsp;Wednesday said note ban and GST rollout have broken the legs of Surat as he observed a &ldquo;black day&rdquo; in the country&rsquo;s textile and diamond hub.</p>

<p>Gandhi interacted with industry representatives and workers at Nirman Industries&rsquo; loom factory in Katargam industrial development area after he arrived in the Surat city of the poll-bound Gujarat.</p>

<p>&ldquo;There was an attack on India&rsquo;s economy one year back,&rdquo; he said.</p>

<p>&ldquo;I interacted with the people here and they told me that notebandi (demonetisation) and then GST have broken Surat&rsquo;s legs. The industry has been finished by the twin blows not only here, but in the entire country,&rdquo; Gandhi said.</p>

<p>&ldquo;The people said that they have been threatened. But truth cannot be suppressed, it will come out,&rdquo; the Congress leader told reporters.</p>

<p>He said, &ldquo;Surat is the place which can compete with China and has been doing it. Jobs will either come to India or China. But instead of helping them, the government has destroyed their strength.&rdquo;</p>

<p>Hitting out at the new tax regime rolled out by the NDA government on July 1 this year, Gandhi said, &ldquo;We had told (Prime Minister) Narendra Modiji and (Union Finance Minister) Arun Jaitleyji not to implement the GST in this way.&rdquo;</p>

<p>He said, &ldquo;This is not a political thing, this is not between the Congress and the BJP. This is about India&rsquo;s competitiveness, we have to compete with China. You please do not kill our industries and businesses. But they said that we are going to implement it at 12 midnight,&rdquo; he said.</p>

<p>&ldquo;You press (media) people were asking us, why we are not allowing GST to be implemented, because we wanted to save Surat and the country,&rdquo; he said.</p>

<p>&ldquo;GST means one nation, one tax. But this GST, implemented by Modiji, which has five layers will not work. We had said that maximum cap on taxes should be 18 per cent but they did not listen to us,&rdquo; the Congress leader said.</p>

<p>Gandhi is expected to have a formal interaction with traders in Adajan area of the city this evening.</p>

<p>He is also likely to participate in a candle light vigil, to mark the &ldquo;black day&rdquo;, near Vivekanand statue in Chowk Bazar area of Surat.</p>

<p>The prime minister had announced demonetisation of Rs 1,000 and Rs 500 notes as a measure to fight black money, corruption, fake currency and terror funding on this day last year.</p>

<p>The opposition is observing a &ldquo;black day&rdquo; today.</p>


The opposition is observing a ?black day? today.

Lashing out at the Centre, Congress vice president Rahul Gandhi on Wednesday said note ban and GST rollout have broken the legs of Surat as he observed a “black day” in the country’s textile and diamond hub. Gandhi interacted with industry representatives and workers at Nirman Industries’ loom factory in Katargam industrial development area after he arrived in the Surat city of the poll-bound Gujarat. “There was an attack on India’s economy one year back,” he said. “I interacted with the people here and they told me that notebandi (demonetisation) and then GST have broken Surat’s legs. The industry has been finished by the twin blows not only here, but in the entire country,” Gandhi said. “The people said that they have been threatened. But truth cannot be suppressed, it will come out,” the Congress leader told reporters. He said, “Surat is the place which can compete with China and has been doing it. Jobs will either come to India or China. But instead of helping them, the government has destroyed their strength.” Hitting out at the new tax regime rolled out by the NDA government on July 1 this year, Gandhi said, “We had told (Prime Minister) Narendra Modiji and (Union Finance Minister) Arun Jaitleyji not to implement the GST in this way.” He said, “This is not a political thing, this is not between the Congress and the BJP. This is about India’s competitiveness, we have to compete with China. You please do not kill our industries and businesses. But they said that we are going to implement it at 12 midnight,” he said. “You press (media) people were asking us, why we are not allowing GST to be implemented, because we wanted to save Surat and the country,” he said. “GST means one nation, one tax. But this GST, implemented by Modiji, which has five layers will not work. We had said that maximum cap on taxes should be 18 per cent but they did not listen to us,” the Congress leader said. Gandhi is expected to have a formal interaction with traders in Adajan area of the city this evening. He is also likely to participate in a candle light vigil, to mark the “black day”, near Vivekanand statue in Chowk Bazar area of Surat. The prime minister had announced demonetisation of Rs 1,000 and Rs 500 notes as a measure to fight black money, corruption, fake currency and terror funding on this day last year. The opposition is observing a “black day” today.

Note ban, GST have broken textile hub Surat's legs: Rahul Gandhi

<p>Former Prime Minister Manmohan Singh said Tuesday that November 8, 2016 was a black day for the Indian economy and democracy.&nbsp;</p>

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<blockquote class="twitter-tweet" data-lang="en">
<p dir="ltr" lang="en">8th November was a black day for our economy &amp; indeed our democracy: Former PM Manmohan Singh in Gujarat <a href="https://twitter.com/hashtag/Demonetisation?src=hash&amp;ref_src=twsrc%5Etfw">#Demonetisation</a> <a href="https://t.co/FTdSND8Dpz">pic.twitter.com/FTdSND8Dpz</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/927789079554428928?ref_src=twsrc%5Etfw">November 7, 2017</a></blockquote>
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<p>Singh was speaking in Ahmedabad.&nbsp;</p>

<p>November 8, tomorrow, is the first anniversary of demonetisation.&nbsp;</p>

<p>&quot;Tomorrow we mark one year since the disastrous policy was thrust on the people of our country,&quot; Singh said.&nbsp;</p>

<p>He added that no other country in the world has taken such a &quot;drastic&quot; step that got rid, in one fell swoop, of 86 per cent of its currency.&nbsp;</p>

<p>Singh added that &quot;coercive steps like demonetisation&quot; are ineffective at reaching the goal of a less-cash economy.&nbsp;</p>

<p><strong>Organised loot and legalised plunder</strong></p>

<p>&quot;I repeat what I said in parliament,&quot; Singh said. &quot;This was organised loot and legalised plunder.&quot;</p>

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<p dir="ltr" lang="en">I repeat what I said in the parliament, this was organised loot &amp; legalized plunder: Manmohan Singh <a href="https://twitter.com/hashtag/Demonetisation?src=hash&amp;ref_src=twsrc%5Etfw">#Demonetisation</a> <a href="https://t.co/AZY56cy8Pl">pic.twitter.com/AZY56cy8Pl</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/927789860756250624?ref_src=twsrc%5Etfw">November 7, 2017</a></blockquote>
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<p>&quot;This twin (demonetisation and GST) blow is (a) complete disaster for our economy, it has broken the back of our small businesses,&quot; he added.&nbsp;</p>

<p>Singh added that the net result of the two moves was an increase in Chinese imports and the loss of Indian jobs.&nbsp;</p>

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<p dir="ltr" lang="en">We had to run for Chinese imports at the cost of Indian jobs: Manmohan Singh on <a href="https://twitter.com/hashtag/Demonetisation?src=hash&amp;ref_src=twsrc%5Etfw">#Demonetisation</a> &amp; <a href="https://twitter.com/hashtag/GST?src=hash&amp;ref_src=twsrc%5Etfw">#GST</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/927790972854968321?ref_src=twsrc%5Etfw">November 7, 2017</a></blockquote>
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<p>&quot;In first half of 2016-17, India&#39;s imports from China stood at Rs 1.96 lakh crore. In 2017-18, it increased to Rs 2.41 lakh crore,&quot; Singh said.&nbsp;</p>

<p>&quot;Unprecedented growth of imports by over Rs 45,000 Cr, a 23% increase in a year, can be attributed largely to demonetisation, GST,&quot; Singh added.&nbsp;</p>

<p>&quot;The fear of tax terrorism has eroded the confidence of Indian business to invest,&quot; Singh said.&nbsp;</p>

<p>In contrast, Singh said of his time in power, &quot;I can proudly say that we lifted 140 million people out of poverty.&quot;&nbsp;</p>

<p><strong>Bullet train exercise in vanity</strong><br />
And still Singh continued his attack on the government.&nbsp;</p>

<p>The bullet train, he said, launched with much fanfare, is an exercise in vanity.&nbsp;</p>

<p>He asked whether the prime minister had considered the alternative of upgrading the broad gauge railway?</p>

<p>And he asked whether questioning the bullet train made one anti-development? Does questioning GST &amp; demonetisation make one a tax evader?&nbsp;</p>

<p>&quot;This attitude of suspecting everyone to be (a) thief or anti-national, low-level rhetoric is damaging to democratic discourse,&quot; Singh said.&nbsp;</p>

<p>&nbsp;</p>


November 8, tomorrow, is the first anniversary of demonetisation

Former Prime Minister Manmohan Singh said Tuesday that November 8, 2016 was a black day for the Indian economy and democracy. 8th November was a black day for our economy & indeed our democracy: Former PM Manmohan Singh in Gujarat #Demonetisation pic.twitter.com/FTdSND8Dpz — ANI (@ANI) November 7, 2017 × Singh was speaking in Ahmedabad. November 8, tomorrow, is the first anniversary of demonetisation. "Tomorrow we mark one year since the disastrous policy was thrust on the people of our country," Singh said. He added that no other country in the world has taken such a "drastic" step that got rid, in one fell swoop, of 86 per cent of its currency. Singh added that "coercive steps like demonetisation" are ineffective at reaching the goal of a less-cash economy. Organised loot and legalised plunder "I repeat what I said in parliament," Singh said. "This was organised loot and legalised plunder." I repeat what I said in the parliament, this was organised loot & legalized plunder: Manmohan Singh #Demonetisation pic.twitter.com/AZY56cy8Pl — ANI (@ANI) November 7, 2017 × "This twin (demonetisation and GST) blow is (a) complete disaster for our economy, it has broken the back of our small businesses," he added. Singh added that the net result of the two moves was an increase in Chinese imports and the loss of Indian jobs. We had to run for Chinese imports at the cost of Indian jobs: Manmohan Singh on #Demonetisation & #GST — ANI (@ANI) November 7, 2017 × "In first half of 2016-17, India's imports from China stood at Rs 1.96 lakh crore. In 2017-18, it increased to Rs 2.41 lakh crore," Singh said. "Unprecedented growth of imports by over Rs 45,000 Cr, a 23% increase in a year, can be attributed largely to demonetisation, GST," Singh added. "The fear of tax terrorism has eroded the confidence of Indian business to invest," Singh said. In contrast, Singh said of his time in power, "I can proudly say that we lifted 140 million people out of poverty." Bullet train exercise in vanity And still Singh continued his attack on the government. The bullet train, he said, launched with much fanfare, is an exercise in vanity. He asked whether the prime minister had considered the alternative of upgrading the broad gauge railway? And he asked whether questioning the bullet train made one anti-development? Does questioning GST & demonetisation make one a tax evader? "This attitude of suspecting everyone to be (a) thief or anti-national, low-level rhetoric is damaging to democratic discourse," Singh said.

I repeat... was organised loot and legalised plunder: Manmohan Singh on demonetisation

<p>Ministers in the Modi government will fan across the country on Tuesday and Wednesday to highlight the crackdown on black money to mark the first anniversary of demonetisation on November 8 which the BJP will observe as &#39;anti-black money day&#39; and Congress as &#39;black day&#39;.</p>

<p>Many of them will speak to media on Tuesday in major cities, while BJP leaders, including ministers, MPs and MLAs, will hold several events to highlight the Modi dispensation&#39;s policies to curb illicit money, party sources said.</p>

<p>Finance Minister Arun Jaitley will interact with journalists in the national capital on Tuesday, while Law Minister Ravi Shankar Prasad and Bihar Deputy Chief Minister Sushil Kumar Modi will speak in Bhopal and Patna respectively.</p>

<p>On November 8, Union ministers Nitin Gadkari, Ananth Kumar, Nirmala Sitharaman, Mukhtar Abbas Naqvi, Suresh Prabhu and Smriti Irani will speak in Mumbai, Hyderabad, Chennai, Chandigarh, Jaipur and Lucknow respectively.</p>

<p>Prakash Javadekar will speak to media in Bengaluru and Piyush Goyal in Ahmedabad. Union minister Jayant Sinha has also been drafted for the exercise, sources said.</p>

<p>BJP chief Amit Shah will be in Gujarat that day.</p>

<p>With the BJP and the Congress involved in a war of words over demonetisation&#39;s implications, Prime Minister Narendra Modi has turned up the heat on the opposition party over the issue of black money and corruption during his election rallies.</p>

<p>The Congress too has planned a nation-wide exercise to project demonetisation as a &quot;failure&quot;.&nbsp;</p>


Ministers in the Modi government will fan across the country on Tuesday and Wednesday to highlight the crackdown on black money to mark the first anniversary of demonetisation on November 8.

Ministers in the Modi government will fan across the country on Tuesday and Wednesday to highlight the crackdown on black money to mark the first anniversary of demonetisation on November 8 which the BJP will observe as 'anti-black money day' and Congress as 'black day'. Many of them will speak to media on Tuesday in major cities, while BJP leaders, including ministers, MPs and MLAs, will hold several events to highlight the Modi dispensation's policies to curb illicit money, party sources said. Finance Minister Arun Jaitley will interact with journalists in the national capital on Tuesday, while Law Minister Ravi Shankar Prasad and Bihar Deputy Chief Minister Sushil Kumar Modi will speak in Bhopal and Patna respectively. On November 8, Union ministers Nitin Gadkari, Ananth Kumar, Nirmala Sitharaman, Mukhtar Abbas Naqvi, Suresh Prabhu and Smriti Irani will speak in Mumbai, Hyderabad, Chennai, Chandigarh, Jaipur and Lucknow respectively. Prakash Javadekar will speak to media in Bengaluru and Piyush Goyal in Ahmedabad. Union minister Jayant Sinha has also been drafted for the exercise, sources said. BJP chief Amit Shah will be in Gujarat that day. With the BJP and the Congress involved in a war of words over demonetisation's implications, Prime Minister Narendra Modi has turned up the heat on the opposition party over the issue of black money and corruption during his election rallies. The Congress too has planned a nation-wide exercise to project demonetisation as a "failure".

One year of demonetisation: Ministers to highlight govt's fight against black money

<p>Finance Minister Arun Jaitley has called November 8, 2016, the day when the BJP government banned the existing currency notes and replaced them with new ones a &ldquo;watershed moment in the history of Indian economy&rdquo;.</p>

<p>In a blog post on the first anniversary of demonetisation, Jaitley said, &ldquo;November 8, 2016 would be remembered as a watershed moment in the history of Indian economy.&nbsp;This day signifies the resolve of this Government to cure the country from &lsquo;dreaded disease of black money&rsquo;.&rdquo;</p>

<p>Highlighting his government&rsquo;s resolve to cleanse the economy and strengthen its foundations, Jaitley wrote in his blog that the process was started soon after the BJP came to power in 2014. &ldquo;This Government took decisions and implemented the earlier provisions of law in a well-considered and planned manner over three years to meet the objective of fight against black money.&nbsp; These decisions span from setting up of SIT to passing of necessary laws for foreign assets to demonetisation and to implementation of GST,&rdquo; Jaitley said.</p>

<p>The government has made elaborate plans to celebrate the first anniversary of demonetisation and has <a href="http://www.wionews.com/business-economy/one-year-of-demonetisation-ministers-to-highlight-govts-fight-against-black-money-23637">deployed many Union ministers</a> to highlight government&rsquo;s fight against black money. The government is celebrating November 8, 2017, as &lsquo;anti-black money day&rsquo;.</p>

<p>The opposition has hit back at the government saying the entire exercise has been a failure. In his blog post, Jaitley highlights the positive outcome of demonetisation to counter opposition charge. &ldquo;RBI has reported in their Annual Accounts that Specified Bank Notes (SBNs) of estimated value of Rs.15.28 lakh crore have been deposited back as on 30.6.2017.&nbsp;The outstanding SBNs as on 8th November, 2016 were of Rs.15.44 lakh crore value.&nbsp; The total currency in circulation of all denominations as on 8th November, 2016 was 17.77 lakh crore. One of the important objective of demonetisation was to make India a less cash economy and thereby reduce the flow of black money in the system.&nbsp; The reduction in currency in circulation from the base scenario reflects that this intended objective has been met,&rdquo; the finance minister says in his blog post.</p>

<p><strong>READ JAITLEY&#39;S ENTIRE BLOG:</strong></p>

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<p>&nbsp;</p>


Finance Minister Arun Jaitley has called November 8, 2016, the day when the BJP government banned the existing currency notes and replaced them with new ones a ?watershed moment in the history of Indian economy?.

Finance Minister Arun Jaitley has called November 8, 2016, the day when the BJP government banned the existing currency notes and replaced them with new ones a “watershed moment in the history of Indian economy”. In a blog post on the first anniversary of demonetisation, Jaitley said, “November 8, 2016 would be remembered as a watershed moment in the history of Indian economy. This day signifies the resolve of this Government to cure the country from ‘dreaded disease of black money’.” Highlighting his government’s resolve to cleanse the economy and strengthen its foundations, Jaitley wrote in his blog that the process was started soon after the BJP came to power in 2014. “This Government took decisions and implemented the earlier provisions of law in a well-considered and planned manner over three years to meet the objective of fight against black money. These decisions span from setting up of SIT to passing of necessary laws for foreign assets to demonetisation and to implementation of GST,” Jaitley said. The government has made elaborate plans to celebrate the first anniversary of demonetisation and has deployed many Union ministers to highlight government’s fight against black money. The government is celebrating November 8, 2017, as ‘anti-black money day’. The opposition has hit back at the government saying the entire exercise has been a failure. In his blog post, Jaitley highlights the positive outcome of demonetisation to counter opposition charge. “RBI has reported in their Annual Accounts that Specified Bank Notes (SBNs) of estimated value of Rs.15.28 lakh crore have been deposited back as on 30.6.2017. The outstanding SBNs as on 8th November, 2016 were of Rs.15.44 lakh crore value. The total currency in circulation of all denominations as on 8th November, 2016 was 17.77 lakh crore. One of the important objective of demonetisation was to make India a less cash economy and thereby reduce the flow of black money in the system. The reduction in currency in circulation from the base scenario reflects that this intended objective has been met,” the finance minister says in his blog post. READ JAITLEY'S ENTIRE BLOG: ×

Demonetisation: 'November 8 watershed moment in history of Indian economy', says Arun Jaitley

<p>The National <a href="http://www.wionews.com/south-asia/nia-questions-syed-geelanis-close-aide-over-terror-funding-charges-18403">Investigation Agency(NIA) today seized demonetised currency </a>worth over 36 crores in terror funding case linked to&nbsp;Jammu and Kashmir.</p>

<p>NIA investigators said <a href="http://www.wionews.com/south-asia/national-investigation-agency-conducts-raids-in-jammu-and-kashmir-delhi-over-terror-funding-16384">the notes seized were worth Rs 36,34,78,500,</a> nine people were also arrested in the case.</p>

<p>The NIA officials also seized four vehicles - BMW X3, Hyundai Creta SX, Ford EcoSport and BMW X1 in Delhi. Seven people were intercepted by the NIA team in Connaught Place area, PTI reported.</p>

<p>The NIA officials also recovered 28 cartons filled with demonetised currency of Rs 1,000 and Rs 500 notes in the four cars.</p>

<p>&quot;After initial questioning, nine people were arrested today in the Jammu and Kashmir terror funding case and they will be produced in a special NIA court tomorrow,&quot; an official told PTI.</p>

<p>During the probe, the NIA official said, it emerged that people and entities linked to separatists and terrorists were still in possession of a significant amount of demonetised currency notes that could not be converted into new ones, PTI reported.</p>

<p>&quot;Surveillance was mounted on such persons and entities. This led to unearthing of a conspiracy wherein a gang of such persons were making an attempt to convert this demonetised money into valid currency (notes),&quot; the official said.</p>

<p>In September, &nbsp;the NIA had conducted raids in Jammu &amp; Kashmir and Delhi in the terror funding case. The raids are being conducted in at least eleven locations in Srinagar and five areas in Delhi including Gurugram.</p>

<p>The NIA has been trying to find a link in the terror funding case after conducting raids across J&amp;K against separatists in Srinagar, Baramulla and Handwara.</p>

<p>The NIA had earlier questioned close aide of separatist leader Syed Ali Shah Geelani for routing funds to separatists from their Pakistan-based handlers.</p>

<p>In July, seven separatist leaders - Nayeem Khan, Bitta Karate, Altaf Funtoosh and Shahid-ul-Islam - were arrested by the NIA in terror funding case. Altaf Funtoosh is the son-in-law of Hurriyat hardliner Syed Ali Shah Geelani.&nbsp;</p>


In July, seven separatist leaders - Nayeem Khan, Bitta Karate, Altaf Funtoosh and Shahid-ul-Islam - were arrested by the NIA in the terror funding case.

The National Investigation Agency(NIA) today seized demonetised currency worth over 36 crores in terror funding case linked to Jammu and Kashmir. NIA investigators said the notes seized were worth Rs 36,34,78,500, nine people were also arrested in the case. The NIA officials also seized four vehicles - BMW X3, Hyundai Creta SX, Ford EcoSport and BMW X1 in Delhi. Seven people were intercepted by the NIA team in Connaught Place area, PTI reported. The NIA officials also recovered 28 cartons filled with demonetised currency of Rs 1,000 and Rs 500 notes in the four cars. "After initial questioning, nine people were arrested today in the Jammu and Kashmir terror funding case and they will be produced in a special NIA court tomorrow," an official told PTI. During the probe, the NIA official said, it emerged that people and entities linked to separatists and terrorists were still in possession of a significant amount of demonetised currency notes that could not be converted into new ones, PTI reported. "Surveillance was mounted on such persons and entities. This led to unearthing of a conspiracy wherein a gang of such persons were making an attempt to convert this demonetised money into valid currency (notes)," the official said. In September, the NIA had conducted raids in Jammu & Kashmir and Delhi in the terror funding case. The raids are being conducted in at least eleven locations in Srinagar and five areas in Delhi including Gurugram. The NIA has been trying to find a link in the terror funding case after conducting raids across J&K against separatists in Srinagar, Baramulla and Handwara. The NIA had earlier questioned close aide of separatist leader Syed Ali Shah Geelani for routing funds to separatists from their Pakistan-based handlers. In July, seven separatist leaders - Nayeem Khan, Bitta Karate, Altaf Funtoosh and Shahid-ul-Islam - were arrested by the NIA in terror funding case. Altaf Funtoosh is the son-in-law of Hurriyat hardliner Syed Ali Shah Geelani.

NIA seizes demonetised currency worth over 36 crores in terror funding case

<p>West Bengal Chief Minister Mamata Banerjee today slammed the Narendra Modi government by terming the Goods and Services Tax &quot;Great Selfish Tax to harass people and finish the economy&quot;.</p>

<p>She said demonetisation was a disaster and urged social media users to change their profile pictures to a black square on November 8 to protest against the note ban.</p>

<p>&quot;Great Selfish Tax (GST) to harass the people. To take away jobs. To hurt businesses. To finish the economy. GoI totally failed to tackle #GST (sic),&quot; she posted on Twitter.</p>

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<p dir="ltr" lang="en">Great Selfish Tax (GST) to harass the people.To take away jobs. To hurt businesses. To finish the economy. GoI totally failed to tackle <a href="https://twitter.com/hashtag/GST?src=hash&amp;ref_src=twsrc%5Etfw">#GST</a></p>
&mdash; Mamata Banerjee (@MamataOfficial) <a href="https://twitter.com/MamataOfficial/status/927413460094218241?ref_src=twsrc%5Etfw">November 6, 2017</a></blockquote>
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<p>&quot;#Noteban is a disaster. On #Nov8BlackDay to protest against this scam that destroyed the economy, let us also change our Twitter DP to black,&quot; the chief minister tweeted.</p>

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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/Noteban?src=hash&amp;ref_src=twsrc%5Etfw">#Noteban</a> is a disaster. On <a href="https://twitter.com/hashtag/Nov8BlackDay?src=hash&amp;ref_src=twsrc%5Etfw">#Nov8BlackDay</a> to protest against this scam that destroyed the economy, let us also change our Twitter DP to black <a href="https://t.co/yrheSPiZE5">pic.twitter.com/yrheSPiZE5</a></p>
&mdash; Mamata Banerjee (@MamataOfficial) <a href="https://twitter.com/MamataOfficial/status/927440847699718144?ref_src=twsrc%5Etfw">November 6, 2017</a></blockquote>
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<p>Trinamool Congress had earlier announced that it would observe &#39;Black Day&#39; on November 8 to protest against demonetisation across West Bengal.&nbsp;</p>


West Bengal Chief Minister Mamata Banerjee termed the Goods and Services Tax "Great Selfish Tax to harass people and finish the economy".

West Bengal Chief Minister Mamata Banerjee today slammed the Narendra Modi government by terming the Goods and Services Tax "Great Selfish Tax to harass people and finish the economy". She said demonetisation was a disaster and urged social media users to change their profile pictures to a black square on November 8 to protest against the note ban. "Great Selfish Tax (GST) to harass the people. To take away jobs. To hurt businesses. To finish the economy. GoI totally failed to tackle #GST (sic)," she posted on Twitter. Great Selfish Tax (GST) to harass the people.To take away jobs. To hurt businesses. To finish the economy. GoI totally failed to tackle #GST — Mamata Banerjee (@MamataOfficial) November 6, 2017 × "#Noteban is a disaster. On #Nov8BlackDay to protest against this scam that destroyed the economy, let us also change our Twitter DP to black," the chief minister tweeted. #Noteban is a disaster. On #Nov8BlackDay to protest against this scam that destroyed the economy, let us also change our Twitter DP to black pic.twitter.com/yrheSPiZE5 — Mamata Banerjee (@MamataOfficial) November 6, 2017 × Trinamool Congress had earlier announced that it would observe 'Black Day' on November 8 to protest against demonetisation across West Bengal.

Mamata Banerjee slammed Narendra Modi government, Again!

<p>Ahead of the first anniversary of demonetisation, Finance Minister Arun Jaitley said today that excessive cash in the economy has &quot;its own cost&quot; and India is gradually moving towards digital transactions.</p>

<p>Prime Minister Narendra Modi announced on November 8 last year the scrapping of old Rs 500 and Rs 1,000 notes as part of the government&#39;s efforts to fight black money and corruption.</p>

<p>Following that, the Centre has been pushing for digital payments and transactions through the banking channel so as to promote a &#39;less-cash&#39; economy.</p>

<p>However, the opposition parties have criticised demonetisation and plan to observe November 8 as &quot;black day&quot; across the country.</p>

<p>Jaitley said some people have a problem with accepting the fact that transactions through the digital mode and banking instruments are going to witness a rapid growth as compared to cash dealings.</p>

<p>At the inauguration of the new building of Punjab National Bank (PNB) head office here, Jaitley said: &quot;Excessive dependence on cash has its own cost.</p>

<p>&quot;It is not just cost but there is a curse of cash. It has an impact on both society and economy.&quot;</p>

<p>He said there is a clear change taking place as to how India and Indians are spending money and the change is only in one direction.</p>

<p>It will not happen abruptly but the movement towards a less-cash economy is very clear, he said, adding that it will lead to more deposits with banks, increasing their lending ability at affordable rates.</p>

<p>Banking is the lifeline of the economy and it will gain further importance in the coming days, he said.</p>

<p>A healthy banking system will help support growth of the economy, he added.</p>

<p>Jaitley also launched two products of the PNB -- Rupay Credit Card and e-Rupaya.</p>

<p>Minister of State for Finance Shiv Pratap Shukla asked banks to focus on rural India and work towards improving customer experience.</p>

<p>He also said that management of banks should focus on the welfare of their employees.&nbsp;</p>


Prime Minister Narendra Modi announced on November 8 last year the scrapping of old Rs 500 and Rs 1,000 notes as part of the government's efforts to fight black money and corruption.

Ahead of the first anniversary of demonetisation, Finance Minister Arun Jaitley said today that excessive cash in the economy has "its own cost" and India is gradually moving towards digital transactions. Prime Minister Narendra Modi announced on November 8 last year the scrapping of old Rs 500 and Rs 1,000 notes as part of the government's efforts to fight black money and corruption. Following that, the Centre has been pushing for digital payments and transactions through the banking channel so as to promote a 'less-cash' economy. However, the opposition parties have criticised demonetisation and plan to observe November 8 as "black day" across the country. Jaitley said some people have a problem with accepting the fact that transactions through the digital mode and banking instruments are going to witness a rapid growth as compared to cash dealings. At the inauguration of the new building of Punjab National Bank (PNB) head office here, Jaitley said: "Excessive dependence on cash has its own cost. "It is not just cost but there is a curse of cash. It has an impact on both society and economy." He said there is a clear change taking place as to how India and Indians are spending money and the change is only in one direction. It will not happen abruptly but the movement towards a less-cash economy is very clear, he said, adding that it will lead to more deposits with banks, increasing their lending ability at affordable rates. Banking is the lifeline of the economy and it will gain further importance in the coming days, he said. A healthy banking system will help support growth of the economy, he added. Jaitley also launched two products of the PNB -- Rupay Credit Card and e-Rupaya. Minister of State for Finance Shiv Pratap Shukla asked banks to focus on rural India and work towards improving customer experience. He also said that management of banks should focus on the welfare of their employees.

India moving towards digital economy post-demonetisation: Arun Jaitley

<p>Prime Minister Narendra Modi lashed out at Congress for not taking effective measures to curb black money in the country. &quot;We needed to do it in 1971. We have caused huge losses by not doing this since 1971,&quot; Modi told BJP MPs.</p>

<p>Narendra Modi also quoted former bureaucrat Madhav Godbole&#39;s book in which he has recorded how then Home Minister YB Chavan had recommended demonetisation to curb ill-gotten and hidden wealth.</p>

<p>&quot;Godbole says in the book that Gandhi replied saying &#39;are no more elections to be fought by the Congress&#39;? Chavan got the message and the recommendation was (dropped),&quot; Modi said.</p>

<p>&quot;This was in 1971 when everybody recommended this. Had it (demonetisation) been done in 1971, the nation wouldn&#39;t have been in this situation today.&quot;</p>

<p>Modi&#39;s remarks came during a BJP parliamentary party meeting on the last day of the winter session.</p>

<p>&nbsp;Modi further targeted Congress by saying that Congress has always put its interest over that of the country while for the BJP the nation&#39;s interests are supreme.</p>

<p>To remove corruption and black money from the society Modi again pitched for the digital economy as he made an appeal to the masses to adopt digital economy as a &#39;way of life.&#39;</p>

<p>While criticizing Congress Modi also attacked former Prime minister Manmohan Singh saying that he advocated strong measures against corruption and black money but did nothing during his rule of 10 years.</p>

<p>&nbsp;Manmohan Singh has been openly criticizing demonetisation from the start; he said that&nbsp; &quot;I don&#39;t think demonetisation was at all required, I don&#39;t think it was technically, economically necessary to launch this adventure,&quot; in 2016</p>


Prime Minister Narendra Modi lashed out at Congress for not taking effective measures to curb black money in the country. "We needed to do it in 1971. We have caused huge losses by not doing this since 1971," Modi told BJP MPs.

Prime Minister Narendra Modi lashed out at Congress for not taking effective measures to curb black money in the country. "We needed to do it in 1971. We have caused huge losses by not doing this since 1971," Modi told BJP MPs. Narendra Modi also quoted former bureaucrat Madhav Godbole's book in which he has recorded how then Home Minister YB Chavan had recommended demonetisation to curb ill-gotten and hidden wealth. "Godbole says in the book that Gandhi replied saying 'are no more elections to be fought by the Congress'? Chavan got the message and the recommendation was (dropped)," Modi said. "This was in 1971 when everybody recommended this. Had it (demonetisation) been done in 1971, the nation wouldn't have been in this situation today." Modi's remarks came during a BJP parliamentary party meeting on the last day of the winter session. Modi further targeted Congress by saying that Congress has always put its interest over that of the country while for the BJP the nation's interests are supreme. To remove corruption and black money from the society Modi again pitched for the digital economy as he made an appeal to the masses to adopt digital economy as a 'way of life.' While criticizing Congress Modi also attacked former Prime minister Manmohan Singh saying that he advocated strong measures against corruption and black money but did nothing during his rule of 10 years. Manmohan Singh has been openly criticizing demonetisation from the start; he said that "I don't think demonetisation was at all required, I don't think it was technically, economically necessary to launch this adventure," in 2016

'Note ban should have done in 1971' says Narendra Modi while slamming Congress

<p>The Centre told the Supreme Court on Friday that no criminal action would be taken against people with demonetised notes in their possession.&nbsp;</p>

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<p dir="ltr" lang="en">Centre told Supreme Court no criminal action would be taken against those petitioners who were holding old currency notes of Rs500 &amp; Rs 1000</p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/926333277576630272?ref_src=twsrc%5Etfw">November 3, 2017</a></blockquote>
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<p>The Supreme Court was hearing a petition filed by one Sudha Mishra, seeking a direction from the Supreme Court to the Centre for people unable to deposit old notes into their bank accounts.&nbsp;</p>

<p>The government had demonetised Rs 500- and 1,000-notes on November 8 last year.&nbsp;</p>

<p>The government had said the demonetised notes were to be deposited with banks by December 31 last year, and had at the time said criminal action would be taken against anyone failing to do so.&nbsp;</p>

<p><br />
&nbsp;</p>


The Supreme Court was hearing a petition filed by one Sudha Mishra, seeking a direction from the Supreme Court to the Centre for people unable to deposit old notes into their bank accounts

The Centre told the Supreme Court on Friday that no criminal action would be taken against people with demonetised notes in their possession. Centre told Supreme Court no criminal action would be taken against those petitioners who were holding old currency notes of Rs500 & Rs 1000 — ANI (@ANI) November 3, 2017 × The Supreme Court was hearing a petition filed by one Sudha Mishra, seeking a direction from the Supreme Court to the Centre for people unable to deposit old notes into their bank accounts. The government had demonetised Rs 500- and 1,000-notes on November 8 last year. The government had said the demonetised notes were to be deposited with banks by December 31 last year, and had at the time said criminal action would be taken against anyone failing to do so.

No action against those holding demonetised notes: Centre to SC

<p>The BJP on Wednesday attacked the Congress by saying that &#39;ease of doing corruption&#39; has been replaced by the ease of doing business.</p>

<p>&quot;The difference between the UPA and NDA - &#39;The ease of doing corruption has been replaced by the ease of doing business&#39;,&quot; tweeted Finance Minister Arun Jaitley.</p>

<p>Jaitley was responding to Rahul Gandhi&#39;s charge that there was no ease of doing business in India as demonetisation and GST destroyed everything.</p>

<p>Addressing a public meeting in Gujarat&#39;s Bharuch,&nbsp; Gandhi said that BJP will &quot;get a&nbsp;shock of their life&quot; on the day of Gujarat election and added, &quot;there was no ease of doing business in India as demonetisation and GST have destroyed everything&quot;.</p>

<p>&quot;The BJP has been in power for the last three years. How many Swiss account holders are in jail? Tell me,&quot; the Gandhi scion asked saying that Vijay Mallya was still enjoying in the&nbsp;UK, he further said.<br />
&nbsp;<br />
&quot;Modiji gave loan worth Rs 33,000 crore for Tata Nano plant, almost free, charging the least possible rate. Using that money, they could have written off the loans of the farmers. Farmers in Gujarat are crying, they are being suppressed,&#39;&#39; he added.&nbsp;</p>

<p>Earlier BJP spokesperson Sambit Patra accused the UPA dispensation under the rule of&nbsp;Manmohan Singh of draining the country of its resources worth approximately 12-14 lakh crore through various corrupt scams.</p>

<p>&quot;Today when Rahul Gandhi is, in fact, challenging the World Bank&#39;s data saying that he knows as to how this data is produced, Rahul Gandhi should be answering whom he believes,&nbsp;his Pidi or the world bank,&quot; Patra added.<br />
&nbsp;</p>


Addressing a public meeting in Gujarat, Rahul Gandhi said there was no ease of doing business in India as demonetisation and GST have destroyed everything.

The BJP on Wednesday attacked the Congress by saying that 'ease of doing corruption' has been replaced by the ease of doing business. "The difference between the UPA and NDA - 'The ease of doing corruption has been replaced by the ease of doing business'," tweeted Finance Minister Arun Jaitley. Jaitley was responding to Rahul Gandhi's charge that there was no ease of doing business in India as demonetisation and GST destroyed everything. Addressing a public meeting in Gujarat's Bharuch, Gandhi said that BJP will "get a shock of their life" on the day of Gujarat election and added, "there was no ease of doing business in India as demonetisation and GST have destroyed everything". "The BJP has been in power for the last three years. How many Swiss account holders are in jail? Tell me," the Gandhi scion asked saying that Vijay Mallya was still enjoying in the UK, he further said. "Modiji gave loan worth Rs 33,000 crore for Tata Nano plant, almost free, charging the least possible rate. Using that money, they could have written off the loans of the farmers. Farmers in Gujarat are crying, they are being suppressed,'' he added. Earlier BJP spokesperson Sambit Patra accused the UPA dispensation under the rule of Manmohan Singh of draining the country of its resources worth approximately 12-14 lakh crore through various corrupt scams. "Today when Rahul Gandhi is, in fact, challenging the World Bank's data saying that he knows as to how this data is produced, Rahul Gandhi should be answering whom he believes, his Pidi or the world bank," Patra added.

'Ease of doing corruption' replaced by ease of doing business: Arun Jaitley taunts UPA

<p>Congress vice-president Rahul Gandhi, who met leaders of his party ahead of the first anniversary of demonetisation, said November 8 was a &quot;sad day&quot; for India.</p>

<p>Rahul Gandhi said that the very fact that Prime Minister Narendra Modi said that November 8 will be celebrated conveyed the message that he has not understood pain and feelings of people.</p>

<p>The Congress vice-president said that PM Modi had hit&nbsp;the country&#39;s economy with &quot;two torpedoes of demonetisation and GST which have destroyed it.&quot;</p>

<p>Yesterday, while addressing a public meeting in Karnayaka, PM Modi and said that there would be no roll-back of the reforms of demonetisation and GST.&nbsp;</p>

<p>The government has said that it will celebrate November 8, the day the ban of Rs 500 and Rs 1000 currency notes was announced last year, as anti-black money day.<br />
&nbsp;</p>


Rahul Gandhi said that the very fact that Prime Minister Narendra Modi said that November 8 will be celebrated conveyed the message that he has not understood pain and feelings of people.

Congress vice-president Rahul Gandhi, who met leaders of his party ahead of the first anniversary of demonetisation, said November 8 was a "sad day" for India. Rahul Gandhi said that the very fact that Prime Minister Narendra Modi said that November 8 will be celebrated conveyed the message that he has not understood pain and feelings of people. The Congress vice-president said that PM Modi had hit the country's economy with "two torpedoes of demonetisation and GST which have destroyed it." Yesterday, while addressing a public meeting in Karnayaka, PM Modi and said that there would be no roll-back of the reforms of demonetisation and GST. The government has said that it will celebrate November 8, the day the ban of Rs 500 and Rs 1000 currency notes was announced last year, as anti-black money day.

Torpedoes of demonetisation, GST have destroyed economy: Rahul Gandhi

<p>Nearly a year after Prime Minister Narendra Modi announced demonetisation, the Rs 500 and Rs 1,000 bills returned to banks are still being &quot;processed in all earnest&quot; through a sophisticated currency verification system, the RBI has said.</p>

<p>In reply to an RTI query, the central bank said it has processed about 1,134 crore pieces of Rs 500 notes and 524.90 crore pieces of Rs 1,000 junked notes, having face value of Rs 5.67 lakh crore and Rs 5.24 lakh crore respectively, as on September 30.</p>

<p>The combined value of the processed notes is Rs 10.91 lakh crore approximately, according to the reply.</p>

<p>&quot;Specified Bank Notes are being processed in all earnest in double shift on all available machines (sophisticated counting machines),&quot; the Reserve Bank of India (RBI) said in reply to the RTI query filed by a PTI correspondent.</p>

<p>The central bank was asked to provide details of demonetised notes counted so far.</p>

<p>Replying to a question on providing the deadline for completing the counting exercise, it said, &quot;The verification of notes withdrawn from the circulation is an ongoing process&quot;.</p>

<p>The RBI said at least 66 Sophisticated Currency Verification and Processing (CVPS) machines were being used for counting of junked Rs 500 and Rs 1,000 notes that were deposited with various banks post demonetisation.</p>

<p>The government had on November 8 last year banned the use of old Rs 500 and Rs 1,000 notes and allowed the holders of these currency bills to deposit them with banks or use them at certain notified utilities.</p>

<p>The notes deposited or collected are being verified by the central bank at its offices to establish the total number of currency bills returned and to weed out those that are fake.</p>

<p>Several opposition parties including the Congress and Mamata Banerjee&#39;s TMC have announced that they would observe November 8, the first anniversary of demonetisation, as &#39;Black Day&#39; and would hold protests across the country to highlight its &quot;ill-effects&quot; on the economy.</p>

<p>To counter the opposition protest, the ruling BJP has decided to observe the note ban anniversary as &quot;anti- blackmoney day&quot;.</p>

<p>In its annual report for 2016-17 released on August 30, the RBI had said Rs 15.28 lakh crore, or 99 per cent of the demonetised Rs 500 and Rs 1,000 notes, have returned to the banking system.</p>

<p>In the annual report, which was for the year ended June 30, 2017, the central bank said only Rs 16,050 crore out of the Rs 15.44 lakh crore in old high-denomination notes have not returned.</p>

<p>As on November 8, 2016, there were 1,716.5 crore pieces of Rs 500 and 685.8 crore pieces of Rs 1,000 notes in circulation, totalling Rs 15.44 lakh crore, it had said.</p>

<p>&quot;Subject to future corrections based on verification process when completed, the estimated value of specified bank notes received as on June 30, 2017, is Rs 15.28 trillion,&quot; RBI had said in the report.</p>

<p>While the counterfeit currency notes made for a minuscule number, RBI post-demonetisation spent Rs 7,965 crore on printing new Rs 500 and Rs 2,000 bills and notes of other denominations, more than double the Rs 3,421 crore spent in the previous year, it said.</p>


'Specified Bank Notes are being processed in all earnest in double shift on all available machines (sophisticated counting machines),' the RBI said in reply to an RTI query

Nearly a year after Prime Minister Narendra Modi announced demonetisation, the Rs 500 and Rs 1,000 bills returned to banks are still being "processed in all earnest" through a sophisticated currency verification system, the RBI has said. In reply to an RTI query, the central bank said it has processed about 1,134 crore pieces of Rs 500 notes and 524.90 crore pieces of Rs 1,000 junked notes, having face value of Rs 5.67 lakh crore and Rs 5.24 lakh crore respectively, as on September 30. The combined value of the processed notes is Rs 10.91 lakh crore approximately, according to the reply. "Specified Bank Notes are being processed in all earnest in double shift on all available machines (sophisticated counting machines)," the Reserve Bank of India (RBI) said in reply to the RTI query filed by a PTI correspondent. The central bank was asked to provide details of demonetised notes counted so far. Replying to a question on providing the deadline for completing the counting exercise, it said, "The verification of notes withdrawn from the circulation is an ongoing process". The RBI said at least 66 Sophisticated Currency Verification and Processing (CVPS) machines were being used for counting of junked Rs 500 and Rs 1,000 notes that were deposited with various banks post demonetisation. The government had on November 8 last year banned the use of old Rs 500 and Rs 1,000 notes and allowed the holders of these currency bills to deposit them with banks or use them at certain notified utilities. The notes deposited or collected are being verified by the central bank at its offices to establish the total number of currency bills returned and to weed out those that are fake. Several opposition parties including the Congress and Mamata Banerjee's TMC have announced that they would observe November 8, the first anniversary of demonetisation, as 'Black Day' and would hold protests across the country to highlight its "ill-effects" on the economy. To counter the opposition protest, the ruling BJP has decided to observe the note ban anniversary as "anti- blackmoney day". In its annual report for 2016-17 released on August 30, the RBI had said Rs 15.28 lakh crore, or 99 per cent of the demonetised Rs 500 and Rs 1,000 notes, have returned to the banking system. In the annual report, which was for the year ended June 30, 2017, the central bank said only Rs 16,050 crore out of the Rs 15.44 lakh crore in old high-denomination notes have not returned. As on November 8, 2016, there were 1,716.5 crore pieces of Rs 500 and 685.8 crore pieces of Rs 1,000 notes in circulation, totalling Rs 15.44 lakh crore, it had said. "Subject to future corrections based on verification process when completed, the estimated value of specified bank notes received as on June 30, 2017, is Rs 15.28 trillion," RBI had said in the report. While the counterfeit currency notes made for a minuscule number, RBI post-demonetisation spent Rs 7,965 crore on printing new Rs 500 and Rs 2,000 bills and notes of other denominations, more than double the Rs 3,421 crore spent in the previous year, it said.

One year after demonetisation, RBI says returned notes still being counted

<p>The Madras High Court today dismissed a petition seeking to revoke the censor certificate issued to Vijay-starrer &#39;Mersal&#39; over certain controversial dialogues relating to GST, holding that people&#39;s right to freedom of expression applies to films also.</p>

<p>The petitioner in his PIL had contended that the movie contained scenes and dialogues, which were against the interests of the country&#39;s sovereignty and integrity and the security of the state.</p>

<p>&quot;This is a democracy and people have their right to freedom of expression, and this applies to films as well,&quot; a division bench comprising Justices MM Sundresh and M Sundar observed dismissing the plea by advocate A Ashvathaman.</p>

<p>&quot;Even today the media has reported that the Leader of Opposition in the state has criticised demonetisation, can the court pass a gag order against him from making such statements,&quot; the bench said.</p>

<p>The petition contended there was apparent false information about GST and Digital India Scheme, which would encourage people to indulge in tax evasion.</p>

<p>Wondering how the Censor Board had issued certification for the above movie, the petitioner had said &quot;the film was full of wrong propaganda about India and fake dialogues and scenes which obviously lead to misconception about the new taxation system (Goods and Service Tax).&quot;</p>

<p>Coming down on the petitioner, the bench said, &quot;if you were really concerned about public and the society you should have started campaigns against various social evils like untouchability and safety of women. But you choose to target a particular movie.&quot;</p>

<p>Noting that the PIL had in fact helped the film get more publicity, the court dismissed the plea as devoid of merit.</p>

<p>The movie released on October 18, Diwali day, had kicked up a row with the BJP&#39;s Tamil Nadu unit taking exception to references on GST and &#39;Digital India&#39;.</p>


The petitioner in his PIL had contended that the movie contained scenes and dialogues, which were against the interests of the country's sovereignty and integrity and the security of the state.

The Madras High Court today dismissed a petition seeking to revoke the censor certificate issued to Vijay-starrer 'Mersal' over certain controversial dialogues relating to GST, holding that people's right to freedom of expression applies to films also. The petitioner in his PIL had contended that the movie contained scenes and dialogues, which were against the interests of the country's sovereignty and integrity and the security of the state. "This is a democracy and people have their right to freedom of expression, and this applies to films as well," a division bench comprising Justices MM Sundresh and M Sundar observed dismissing the plea by advocate A Ashvathaman. "Even today the media has reported that the Leader of Opposition in the state has criticised demonetisation, can the court pass a gag order against him from making such statements," the bench said. The petition contended there was apparent false information about GST and Digital India Scheme, which would encourage people to indulge in tax evasion. Wondering how the Censor Board had issued certification for the above movie, the petitioner had said "the film was full of wrong propaganda about India and fake dialogues and scenes which obviously lead to misconception about the new taxation system (Goods and Service Tax)." Coming down on the petitioner, the bench said, "if you were really concerned about public and the society you should have started campaigns against various social evils like untouchability and safety of women. But you choose to target a particular movie." Noting that the PIL had in fact helped the film get more publicity, the court dismissed the plea as devoid of merit. The movie released on October 18, Diwali day, had kicked up a row with the BJP's Tamil Nadu unit taking exception to references on GST and 'Digital India'.

Madras high court junks PIL against 'Mersal', says 'freedom of expression' applies to films too

<p>The government came out all guns blazing, defending the economic measures it has taken in recent years after concerns raised by the&nbsp;opposition on GDP growth.</p>

<p>Finance Minister Arun Jaitley, along with economic affairs secretary Subhash Chandra Garg and finance secretary Ashok Lavasa, gave a presentation on the economic plan charted out by the government to put India on a higher-growth track.</p>

<p>&quot;There have been lot of discussions and reviews of the economy in the past few weeks within the ministry. When results of the GDP of the first quarter came out then I had said that we will be ready for the response,&quot; Jaitley said.</p>

<p>India has remained the world&#39;s fastest-growing large economy for the past three years, he added.</p>

<p>Hailing GST, Subhash Chandra Garg said it has been the biggest reform, along with others like demonetisation and the battle against black money. He then delved into the presentation, giving details about the reduced amount of current account deficit and the overall health of the economy.</p>

<p>Then Lavasa took over and talked about how the government is creating more jobs and has increased its public spending.</p>

<p>&quot;We have launched the biggest component of road-building programme, the ?Bharat Mala programme which has been cleared by the Union Cabinet today. It will lead to building of 34,800 km of roads,&quot; Lavasa said highlighting government&rsquo;s push towards infrastructure.</p>

<p>About 2000 km of coastal roads will be constructed in first phase of Bharat Mala, he added.</p>

<p>The government said a total of&nbsp;83,677 kms of roads would be built over the next five years, creating &quot;more jobs&quot; and leading to &quot;more growth&quot;.&nbsp;&nbsp;</p>

<p>The second large scheme announced by Team Jaitley today was an &quot;unprecedented&quot; recapitalisation -- by Rs 2.11 lakh crore -- of public sector banks.&nbsp;</p>

<p>The recapitalisation, Team Jaitley said, had come after a cleaning up of the banks and their&nbsp;non-performing assets and would encourage the banks to lend to private enterprise.&nbsp;</p>

<p>Since it came to power three years ago, the Modi government has taken many bold steps to give boost to India&rsquo;s economy, like the a new tax regime the Goods and Services Tax and demonetisation. But both the decisions have been slammed by the opposition and other sections of society.</p>

<p>The Congress has even said that it will mark November 8, 2017 - the first anniversary of demonetisation - as a &#39;Black Day&#39;.</p>

<p>But the government has been firm in its resolve and has maintained that these economic reforms will have positive impact in long term. Many global bodies, including the IMF, have given thumbs up to government&rsquo;s reforms and have predicted bright future for Indian economy.</p>


Team Jaitley said 83,677 kms of roads would be built over the next five years, creating 'more jobs' and leading to 'more growth'

The government came out all guns blazing, defending the economic measures it has taken in recent years after concerns raised by the opposition on GDP growth. Finance Minister Arun Jaitley, along with economic affairs secretary Subhash Chandra Garg and finance secretary Ashok Lavasa, gave a presentation on the economic plan charted out by the government to put India on a higher-growth track. "There have been lot of discussions and reviews of the economy in the past few weeks within the ministry. When results of the GDP of the first quarter came out then I had said that we will be ready for the response," Jaitley said. India has remained the world's fastest-growing large economy for the past three years, he added. Hailing GST, Subhash Chandra Garg said it has been the biggest reform, along with others like demonetisation and the battle against black money. He then delved into the presentation, giving details about the reduced amount of current account deficit and the overall health of the economy. Then Lavasa took over and talked about how the government is creating more jobs and has increased its public spending. "We have launched the biggest component of road-building programme, the ?Bharat Mala programme which has been cleared by the Union Cabinet today. It will lead to building of 34,800 km of roads," Lavasa said highlighting government’s push towards infrastructure. About 2000 km of coastal roads will be constructed in first phase of Bharat Mala, he added. The government said a total of 83,677 kms of roads would be built over the next five years, creating "more jobs" and leading to "more growth". The second large scheme announced by Team Jaitley today was an "unprecedented" recapitalisation -- by Rs 2.11 lakh crore -- of public sector banks. The recapitalisation, Team Jaitley said, had come after a cleaning up of the banks and their non-performing assets and would encourage the banks to lend to private enterprise. Since it came to power three years ago, the Modi government has taken many bold steps to give boost to India’s economy, like the a new tax regime the Goods and Services Tax and demonetisation. But both the decisions have been slammed by the opposition and other sections of society. The Congress has even said that it will mark November 8, 2017 - the first anniversary of demonetisation - as a 'Black Day'. But the government has been firm in its resolve and has maintained that these economic reforms will have positive impact in long term. Many global bodies, including the IMF, have given thumbs up to government’s reforms and have predicted bright future for Indian economy.

New highways, job creation part of govt plan to push India on high-growth track

<p>The government launched the Goods and Services Tax (GST) in July this year after much resistance from opposition and some sections of public. But the heat has still not subsided; this year, traders in Allahabad are selling Diwali firecrackers with a message condemning the&nbsp;GST pasted on the boxes&nbsp;to express their unhappiness with the government&rsquo;s decision.</p>

<p>&quot;We have launched &#39;GST Bomb&#39;&nbsp;to increase our sales. All these firecrackers are of good quality,&quot; said Kadir, a trader in Allahabad.</p>

<p>But there is more. A range of &#39;anar&#39; (flower pots), one of the most popular Diwali firecrackers, has been named &#39;notebandi (note ban)&#39; -&nbsp;a&nbsp;jibe at government&rsquo;s decision last year to replace the old Rs 500 and 1000 notes with new currency.</p>

<p>These items are a hit in Allahabad market. They are scaling new peaks as far as the sale is concerned, much higher than personality-based firecrackers like &#39;Yogi crackers&#39;, &#39;Modi rocket&#39; and &#39;Rahul Anar&#39;, launched in the market keeping in view elections in Gujarat and Himachal Pradesh.</p>

<p>&quot;You can see&nbsp;the photos of many politicians&nbsp;on&nbsp;firecracker boxes here. I am here to buy firecrackers, and I&#39;m thrilled to see all this, how they capitalise on politicians&#39; names during election season,&quot; said Poonam, a resident of Allahabad.</p>

<p>The government has been claiming that GST will usher in a new unified tax regime&nbsp;and make it easier for companies to transact across state borders.</p>

<p>But many are finding that doing business is more complicated than ever.</p>

<p>Ambiguous rules under the new, multi-rate sales tax that went into effect on July 1 have left firms confused on how to price their products. The tax&rsquo;s complex structure - four main rates ranging from 5 to 28 per cent - has hurt sales and risks denting economic growth and government revenues in the months ahead.</p>

<p>Since the launch of the GST, there has been several meetings of the GST Council - a government panel headed by the finance minister - to revise the tax slabs. But traders aren&rsquo;t happy.</p>

<p>&quot;People are either overcharging or undercharging for their work,&quot;&nbsp;said Surinder Paul, who runs one workshop in South Delhi.</p>

<p>Billed as India&rsquo;s biggest tax reform since independence in 1947, the GST replaced more than a dozen federal and state levies and was meant to unify the country into a single market.</p>

<p>While teething troubles were expected, the ensuing chaos has some officials worrying about the repercussions for Asia&rsquo;s third-largest economy. Annual growth slowed in the July-September quarter to 5.7 per cent, its weakest pace in more than two years.</p>

<p><em>(With inputs from Reuters)</em></p>


The government launched the Goods and Services Tax (GST) in July this year after much resistance from opposition and some sections of public. But the heat has still not subsided.

The government launched the Goods and Services Tax (GST) in July this year after much resistance from opposition and some sections of public. But the heat has still not subsided; this year, traders in Allahabad are selling Diwali firecrackers with a message condemning the GST pasted on the boxes to express their unhappiness with the government’s decision. "We have launched 'GST Bomb' to increase our sales. All these firecrackers are of good quality," said Kadir, a trader in Allahabad. But there is more. A range of 'anar' (flower pots), one of the most popular Diwali firecrackers, has been named 'notebandi (note ban)' - a jibe at government’s decision last year to replace the old Rs 500 and 1000 notes with new currency. These items are a hit in Allahabad market. They are scaling new peaks as far as the sale is concerned, much higher than personality-based firecrackers like 'Yogi crackers', 'Modi rocket' and 'Rahul Anar', launched in the market keeping in view elections in Gujarat and Himachal Pradesh. "You can see the photos of many politicians on firecracker boxes here. I am here to buy firecrackers, and I'm thrilled to see all this, how they capitalise on politicians' names during election season," said Poonam, a resident of Allahabad. The government has been claiming that GST will usher in a new unified tax regime and make it easier for companies to transact across state borders. But many are finding that doing business is more complicated than ever. Ambiguous rules under the new, multi-rate sales tax that went into effect on July 1 have left firms confused on how to price their products. The tax’s complex structure - four main rates ranging from 5 to 28 per cent - has hurt sales and risks denting economic growth and government revenues in the months ahead. Since the launch of the GST, there has been several meetings of the GST Council - a government panel headed by the finance minister - to revise the tax slabs. But traders aren’t happy. "People are either overcharging or undercharging for their work," said Surinder Paul, who runs one workshop in South Delhi. Billed as India’s biggest tax reform since independence in 1947, the GST replaced more than a dozen federal and state levies and was meant to unify the country into a single market. While teething troubles were expected, the ensuing chaos has some officials worrying about the repercussions for Asia’s third-largest economy. Annual growth slowed in the July-September quarter to 5.7 per cent, its weakest pace in more than two years. (With inputs from Reuters)

Firecracker traders take on government this Diwali with 'GST Bomb'

<p>The Congress party&nbsp;on Monday&nbsp;downplayed Union Finance Minister Arun Jaitley`s assertion that world is praising India for demonetisation and Goods and Services Tax (GST) and said they are living in delusion.</p>

<p>Speaking to ANI, Congress leader Ranjeet Ranjan said, &quot;Jaitley ji is saying that world is praising India for demonetisation and GST. On that note, we should also not forget about the statements made by their own party leader Yashwant Sinha and Arun Shourie&quot;.</p>

<p>She added &quot;they are in a delusion that the world is impressed with India`s structural reforms. On what basis he is saying that all the countries across the world are praising India for these reforms? They are not even able to provide employment. Jaitley ji is senior advocate but not a Finance Minister.</p>

<p>&quot;The Union Finance Minister&nbsp;on Saturday&nbsp;said that countries across the world are lauding India for having the guts to bring in major structural reforms like demonetisation and Goods and Services Tax (GST).</p>

<p>In an exclusive interview with ANI, the Finance Minister, who was in the US to attend the annual meeting of the IMF and World Bank, said that the comments made by the experts worldwide on India`s structural reforms underline the country`s confident image.&nbsp;</p>

<p><img src="https://ssl.gstatic.com/ui/v1/icons/mail/images/cleardot.gif" /></p>


'They are in a delusion that the world is impressed with India`s structural reforms. On what basis he is saying that all the countries across the world are praising India for these reforms? They are not even able to provide employment', said the Congress leader

The Congress party on Monday downplayed Union Finance Minister Arun Jaitley`s assertion that world is praising India for demonetisation and Goods and Services Tax (GST) and said they are living in delusion. Speaking to ANI, Congress leader Ranjeet Ranjan said, "Jaitley ji is saying that world is praising India for demonetisation and GST. On that note, we should also not forget about the statements made by their own party leader Yashwant Sinha and Arun Shourie". She added "they are in a delusion that the world is impressed with India`s structural reforms. On what basis he is saying that all the countries across the world are praising India for these reforms? They are not even able to provide employment. Jaitley ji is senior advocate but not a Finance Minister. "The Union Finance Minister on Saturday said that countries across the world are lauding India for having the guts to bring in major structural reforms like demonetisation and Goods and Services Tax (GST). In an exclusive interview with ANI, the Finance Minister, who was in the US to attend the annual meeting of the IMF and World Bank, said that the comments made by the experts worldwide on India`s structural reforms underline the country`s confident image.

BJP living in delusion: Congress on Jaitley's remark on GST, demonetisation

<p>Finance minister Arun Jaitley took questions from ANI on GST, demonetisation, and Jay Shah.&nbsp;</p>

<p>The government has of late been pilloried for its handling of the economy, the state of which critics says has been worsened by the twin &quot;shocks&quot; of demonetisation and GST.&nbsp;</p>

<p>Most of the blame for the state of the economy has fallen on Jaitley.&nbsp;</p>

<p><em>Watch video below:&nbsp; </em></p>

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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a>: FM Arun Jaitley replies to question on issues like GST, Jay Shah and Demonetisation being raised in Gujarat polls. <a href="https://t.co/by6dMLCSo4">pic.twitter.com/by6dMLCSo4</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/919414072650506246?ref_src=twsrc%5Etfw">October 15, 2017</a></blockquote>
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<p>Jaitley said demonetisation was necessary to get rid of black money.&nbsp;</p>

<p>On GST, he said the idea of the goods and services tax had been introduced by the Congress.&nbsp;</p>

<p>He added that the upcoming Gujarat polls would lay to rest all questions, and that they would be the surest barometer of whether people supported the Narendra Modi-led government&#39;s policies or not.&nbsp;</p>


Jaitley was asked how those issues might affect the Gujarat elections

Finance minister Arun Jaitley took questions from ANI on GST, demonetisation, and Jay Shah. The government has of late been pilloried for its handling of the economy, the state of which critics says has been worsened by the twin "shocks" of demonetisation and GST. Most of the blame for the state of the economy has fallen on Jaitley. Watch video below: #WATCH: FM Arun Jaitley replies to question on issues like GST, Jay Shah and Demonetisation being raised in Gujarat polls. pic.twitter.com/by6dMLCSo4 — ANI (@ANI) October 15, 2017 × Jaitley said demonetisation was necessary to get rid of black money. On GST, he said the idea of the goods and services tax had been introduced by the Congress. He added that the upcoming Gujarat polls would lay to rest all questions, and that they would be the surest barometer of whether people supported the Narendra Modi-led government's policies or not.

WATCH: Arun Jaitley asked about GST, demonetisation, Jay Shah

<p>Union Finance Minister Arun Jaitley on Saturday said that countries across the world are lauding India for having the guts to bring in major structural reforms like demonetisation and Goods and Services Tax (GST).</p>

<p>In an exclusive interview with ANI, the Finance Minister, who was in US to attend annual meeting of the IMF and World bank, said that the comments made by the experts worldwide on India&#39;s structural reforms underline the country&#39;s confident image.</p>

<p>&quot;The comments made by the experts here in US and other countries, on India&#39;s structural reforms, highlight our countries self-confidence. The economy of various countries was going through recession since past three years and that time India was comparatively in a better state. So, we took advantage of this and introduced various structural reforms including Insolvency and Bankruptcy Code, demonetisation and GST. It needs a lot of courage and guts to bring in structural reforms in the economy. What I gather here and what people from all parts of the world are saying is that &#39;it is laudable that India has courage to bring in such structural reforms,&quot; Jaitley said.</p>

<p><a href="http://www.wionews.com/world/us-world-divide-spills-out-at-imf-world-bank-meetings-22450" target="_blank">Also read:&nbsp;Divide between US &amp; rest of world spills out at World Bank-IMF meetings in Washington</a></p>

<p>The Finance Minister slammed the Congress party for criticizing the structural reforms introduced by the government and said that the opposition&#39;s criticism has no weightage.</p>

<p>&quot;The aim of demonetisation was to crack the backbone of shadow economy, which was running on black money. To curb the menace of black money was never Congress&#39; priority. So now they are tensed, and it is justified. Talking about GST, it was Congress&#39; proposal and now they are trying to change their stand. Finance ministers of all Congress run states back the GST but Congress being an opportunist party is opposing the uniform tax reform. So I think Congress&#39; criticism has no strength,&quot; he added.</p>

<p>Ever since the Centre has introduced demonetisation and GST, the Congress party has been critical of the reforms.(ANI)</p>


'It needs a lot of courage and guts to bring in structural reforms in the economy,' the finance minister added

Union Finance Minister Arun Jaitley on Saturday said that countries across the world are lauding India for having the guts to bring in major structural reforms like demonetisation and Goods and Services Tax (GST). In an exclusive interview with ANI, the Finance Minister, who was in US to attend annual meeting of the IMF and World bank, said that the comments made by the experts worldwide on India's structural reforms underline the country's confident image. "The comments made by the experts here in US and other countries, on India's structural reforms, highlight our countries self-confidence. The economy of various countries was going through recession since past three years and that time India was comparatively in a better state. So, we took advantage of this and introduced various structural reforms including Insolvency and Bankruptcy Code, demonetisation and GST. It needs a lot of courage and guts to bring in structural reforms in the economy. What I gather here and what people from all parts of the world are saying is that 'it is laudable that India has courage to bring in such structural reforms," Jaitley said. Also read: Divide between US & rest of world spills out at World Bank-IMF meetings in Washington The Finance Minister slammed the Congress party for criticizing the structural reforms introduced by the government and said that the opposition's criticism has no weightage. "The aim of demonetisation was to crack the backbone of shadow economy, which was running on black money. To curb the menace of black money was never Congress' priority. So now they are tensed, and it is justified. Talking about GST, it was Congress' proposal and now they are trying to change their stand. Finance ministers of all Congress run states back the GST but Congress being an opportunist party is opposing the uniform tax reform. So I think Congress' criticism has no strength," he added. Ever since the Centre has introduced demonetisation and GST, the Congress party has been critical of the reforms.(ANI)

World praising India for reforms like demonetisation, GST: Arun Jaitley

<p>India&#39;s GDP may slow from 8.6 per cent in 2015 to 7.0 per cent in 2017 because of disruptions by demonetisation and the GST, the World Bank has forecast and warned that subdued private investment due to internal bottlenecks could put downside pressures on the country&#39;s potential growth.</p>

<p>The International Monetary Fund yesterday also lowered India&#39;s growth projection to 6.7 per cent in 2017, 0.5 percentage points less than its previous two forecasts and slower than China&#39;s 6.8 per cent.</p>

<p>India&#39;s economic momentum has been affected by disruptions from the withdrawal of banknotes and uncertainties around the Goods and Services Tax (GST), the World Bank said in its South Asia Economic Focus, a biannual economic update.</p>

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<h5>The IMF also lowered, yesterday, India&#39;s growth forecast to 6.7% in 2017</h5>
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<p>As a result, growth is expected to slow from 8.6 per cent in 2015 to 7.0 per cent in 2017. Sound policies around balancing public spending with private investment could accelerate growth to 7.3 per cent by 2018, it said.</p>

<p>While sustained growth is expected to translate to continued poverty reduction, more focus could be made to help benefit the informal economy more, said the report released here ahead of the annual meeting of the International Monetary Fund and the World Bank.</p>

<p>A slowdown in India&#39;s growth rate, the bank said, has also affected the growth rate of South Asia. As a result, South Asia has fallen to second place after East Asia and the Pacific.</p>

<p>&quot;Real GDP growth slowed to 7.1 per cent in 2016, from 8 per cent in 15/16, and further to 5.7 per cent in Q1 FY2017,&quot; it said.</p>

<p>On the one hand, public and private consumption gained pace: after implementation of the 7th central pay commission recommendations; and due to the revival in rural demand after normal monsoon and agricultural impetus. On the other hand, overall demand slowed as public investments started to wane.</p>

<p>According to the bank, the GST is expected to disrupt economic activity in early 2018, but the momentum may pick-up.</p>

<p>Evidence suggests that post-GST, manufacturing and services contracted sharply, it said.</p>

<p>The growth activity is expected to stabilise within a quarter ? maintaining the annual GDP growth at 7.0 per cent in 2018.</p>

<p>Growth is projected to increase gradually to 7.4 per cent by 2020, underpinned by a recovery in private investments, which are expected to be crowded-in by the recent increase in public capex and an improvement in the investment climate (partly due to the passage of the GST and Bankruptcy Code, and measures to attract the FDI), the bank report said.</p>

<p>The most substantial medium-term risks are associated with private investment recovery, which continues to face several domestic impediments such as corporate debt overhang, regulatory and policy challenges, along with the risk of an imminent increase in US interest rates, it said.</p>

<p>&quot;If the internal bottlenecks are not alleviated, subdued private investment would put downside pressures on India&#39;s potential growth,&quot; the report said. Downside risks to the global economy ? and accordingly to export growth and capital flows ? are also substantial given the possibility of monetary policy normalisation in the USA and risks of protectionism, it added.&nbsp;</p>


India's GDP may slow from 8.6 per cent in 2015 to 7.0 per cent in 2017 because of disruptions by demonetisation and the GST, the World Bank has forecast and warned that subdued private investment due to internal bottlenecks could put downside pressures on the country's potential growth. The International Monetary Fund yesterday also lowered India's growth projection to 6.7 per cent in 2017, 0.5 percentage points less than its previous two forecasts and slower than China's 6.8 per cent. India's economic momentum has been affected by disruptions from the withdrawal of banknotes and uncertainties around the Goods and Services Tax (GST), the World Bank said in its South Asia Economic Focus, a biannual economic update. The IMF also lowered, yesterday, India's growth forecast to 6.7% in 2017 × As a result, growth is expected to slow from 8.6 per cent in 2015 to 7.0 per cent in 2017. Sound policies around balancing public spending with private investment could accelerate growth to 7.3 per cent by 2018, it said. While sustained growth is expected to translate to continued poverty reduction, more focus could be made to help benefit the informal economy more, said the report released here ahead of the annual meeting of the International Monetary Fund and the World Bank. A slowdown in India's growth rate, the bank said, has also affected the growth rate of South Asia. As a result, South Asia has fallen to second place after East Asia and the Pacific. "Real GDP growth slowed to 7.1 per cent in 2016, from 8 per cent in 15/16, and further to 5.7 per cent in Q1 FY2017," it said. On the one hand, public and private consumption gained pace: after implementation of the 7th central pay commission recommendations; and due to the revival in rural demand after normal monsoon and agricultural impetus. On the other hand, overall demand slowed as public investments started to wane. According to the bank, the GST is expected to disrupt economic activity in early 2018, but the momentum may pick-up. Evidence suggests that post-GST, manufacturing and services contracted sharply, it said. The growth activity is expected to stabilise within a quarter ? maintaining the annual GDP growth at 7.0 per cent in 2018. Growth is projected to increase gradually to 7.4 per cent by 2020, underpinned by a recovery in private investments, which are expected to be crowded-in by the recent increase in public capex and an improvement in the investment climate (partly due to the passage of the GST and Bankruptcy Code, and measures to attract the FDI), the bank report said. The most substantial medium-term risks are associated with private investment recovery, which continues to face several domestic impediments such as corporate debt overhang, regulatory and policy challenges, along with the risk of an imminent increase in US interest rates, it said. "If the internal bottlenecks are not alleviated, subdued private investment would put downside pressures on India's potential growth," the report said. Downside risks to the global economy ? and accordingly to export growth and capital flows ? are also substantial given the possibility of monetary policy normalisation in the USA and risks of protectionism, it added.

World Bank lowers India's growth forecast to 7%

<p>In a major breakthrough, the government today confirmed that it has received vital information from 13 banks on&nbsp;bank account operations and post-demonetisation transactions.</p>

<p>The government said around&nbsp;2,09,032 suspicious companies were&nbsp;struck off from the Register of Companies list earlier this year. It may be recalled that after being struck off the list, the operation of the bank accounts of the suspicious companies was restricted for the discharge of liabilities only.</p>

<p>The&nbsp;13 banks have submitted their first data instalment. The data received from them pertains to merely about 5,800 companies (out of more than 2 lakh that were struck off) involving 13,140 accounts. This in itself is a revealing figure.</p>

<p>Few of the companies have been found to have more than 100 accounts to their names. The highest grosser among these are&nbsp;companies&nbsp;with 2,134 accounts, followed by others who have&nbsp;accounts in the range of 900 to 300.</p>

<p>The data for the pre demonetisation account balances and transactions conducted from the accounts of these companies during the demonetisation period is even more startling. &nbsp;After separating the loan accounts, these companies showed a meagre balance of Rs 22.05 crore to their credit on November 8th, 2016.</p>

<p>However, from November 9th, 2016, that is after the announcement of demonetization, till the date of their being struck off, these companies deposited a huge amount of Rs. 4,573.87 crore in their accounts and withdrew an equally large amount of Rs 4,552 crore. With loan accounts, there was a negative opening balance of Rs 80.79 crore.</p>

<p>Disturbing facts&nbsp;have been identified on&nbsp;companies with&nbsp;multiple accounts which have&nbsp;minuscule or negative balance as on November 8th, 2016. The companies&nbsp;have deposited and withdrawn amounts in several crores from these accounts.</p>

<p>The accounts were thereafter again left as dormant accounts with a paltry balance. As mentioned earlier, this exercise of swindling the authorities was carried out post-demonetisation till the companies were struck off.</p>

<p>In some cases, certain companies made deposits and withdrawals even after being struck off.</p>

<p>For example, in one of the Banks, 429 companies with&nbsp;zero balance each as on November 8th, 2016 deposited and withdrew over Rs 11 crore and left again with a cumulative balance of just Rs 42,000 on&nbsp;the date of freezing.</p>

<p>Similarly, in the case of another Bank, more than 3,000 such companies, most having multiple accounts, have been located.</p>

<p>From having a cumulative balance of about Rs 13 crore as on November 8th, 2016 these companies have deposited and withdrew Rs 3800 crore, leaving a negative cumulative balance of almost Rs 200 crore at the time of freezing of their accounts.</p>

<p>Sources stress that this data is only about 2.5% of the total number of suspected companies that have been struck off by the Centre.</p>

<p>The investigative agencies have been asked to complete necessary investigation in a time-bound manner.</p>


The?13 banks have submitted their first data instalment

In a major breakthrough, the government today confirmed that it has received vital information from 13 banks on bank account operations and post-demonetisation transactions. The government said around 2,09,032 suspicious companies were struck off from the Register of Companies list earlier this year. It may be recalled that after being struck off the list, the operation of the bank accounts of the suspicious companies was restricted for the discharge of liabilities only. The 13 banks have submitted their first data instalment. The data received from them pertains to merely about 5,800 companies (out of more than 2 lakh that were struck off) involving 13,140 accounts. This in itself is a revealing figure. Few of the companies have been found to have more than 100 accounts to their names. The highest grosser among these are companies with 2,134 accounts, followed by others who have accounts in the range of 900 to 300. The data for the pre demonetisation account balances and transactions conducted from the accounts of these companies during the demonetisation period is even more startling. After separating the loan accounts, these companies showed a meagre balance of Rs 22.05 crore to their credit on November 8th, 2016. However, from November 9th, 2016, that is after the announcement of demonetization, till the date of their being struck off, these companies deposited a huge amount of Rs. 4,573.87 crore in their accounts and withdrew an equally large amount of Rs 4,552 crore. With loan accounts, there was a negative opening balance of Rs 80.79 crore. Disturbing facts have been identified on companies with multiple accounts which have minuscule or negative balance as on November 8th, 2016. The companies have deposited and withdrawn amounts in several crores from these accounts. The accounts were thereafter again left as dormant accounts with a paltry balance. As mentioned earlier, this exercise of swindling the authorities was carried out post-demonetisation till the companies were struck off. In some cases, certain companies made deposits and withdrawals even after being struck off. For example, in one of the Banks, 429 companies with zero balance each as on November 8th, 2016 deposited and withdrew over Rs 11 crore and left again with a cumulative balance of just Rs 42,000 on the date of freezing. Similarly, in the case of another Bank, more than 3,000 such companies, most having multiple accounts, have been located. From having a cumulative balance of about Rs 13 crore as on November 8th, 2016 these companies have deposited and withdrew Rs 3800 crore, leaving a negative cumulative balance of almost Rs 200 crore at the time of freezing of their accounts. Sources stress that this data is only about 2.5% of the total number of suspected companies that have been struck off by the Centre. The investigative agencies have been asked to complete necessary investigation in a time-bound manner.

Post-demonetisation: Banks submit data on suspicious transactions to government

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