Set to test relations with India, Nepal has awarded a contract to a Chinese firm for printing currency notes featuring a political map that includes some Indian territories that Nepal claims as its own. Watch in for more details!

Nepal's New Controversial Currency Notes To Cost Nearly $9 Million

Japan began circulating its first new banknotes in 20 years on Wednesday (July 3), featuring three-dimensional portraits of the founders of financial institutions and a women's university in an attempt to frustrate counterfeiters.

Japan renews its banknotes for the first time in 20 years

The State Bank of Pakistan (SBP) has announced its plans to introduce new currency notes embedded with enhanced international security features. The central bank's governor Jameel Ahmad said that the upcoming notes would showcase new serial numbers, designs, and advanced security elements.

This comes as inadequate policy decisions, coupled with a sequence of setbacks such as the impact of COVID-19, the devastating floods in 2022, and unfavorable global circumstances, have led to a deceleration in Pakistan's economic growth. The country has seen a rise in poverty while human development indicators persist at levels comparable to much less affluent nations, and per capita income growth has been diminishing.&nbsp;

SBP governor also provided insight into the timeline, mentioning that the design framework for the new notes had already commenced, with an expectation to finalise it by March.&nbsp;“I hope that their design framework will be finalised by March," he said.&nbsp;

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Reports citing sources familiar with the matter disclosed that the central bank's decision stems from concerns about counterfeit currency notes circulating in the country. Financial expert Khurram Schehzad, CEO of Alpha Beta Core, cautiously appraised the SBP's move as a "positive development" but also said that it is early to say how the decision proves out to be.

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He further dismissed the idea that the introduction of new notes alone would tackle the issue of black money. Schehzad emphasised the necessity to concurrently address the large circulation of higher denomination currency notes.

Watch |&nbsp;<a href="https://www.wionews.com/videos/us-and-uk-sanction-network-accused-of-plotting-to-kill-iranian-dissidents-685106">US and UK sanction network accused of plotting to kill Iranian dissidents</a>

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Schehzad stressed the importance of assessing the extent of cash hoarded by the public, noting that, in times of heightened inflation, people tend to convert cash into assets such as property, cars, gold, or foreign currencies. "It is to be seen how the central bank moves forward, whether it's discontinuing the higher denomination currency notes, or is simply introducing new ones," he said.

Schehzad highlighted the need for the SBP to control the printing of currency notes, identifying it as an important&nbsp;factor contributing to rising inflation.

(With inputs from agencies)

The State Bank of Pakistan (SBP) has announced its plans to introduce new currency notes embedded with enhanced international security features. The central bank's governor Jameel Ahmad said that the upcoming notes would showcase new serial numbers, designs, and advanced security elements.

The State Bank of Pakistan (SBP) has announced its plans to introduce new currency notes embedded with enhanced international security features. The central bank's governor Jameel Ahmad said that the upcoming notes would showcase new serial numbers, designs, and advanced security elements. This comes as inadequate policy decisions, coupled with a sequence of setbacks such as the impact of COVID-19, the devastating floods in 2022, and unfavorable global circumstances, have led to a deceleration in Pakistan's economic growth. The country has seen a rise in poverty while human development indicators persist at levels comparable to much less affluent nations, and per capita income growth has been diminishing. SBP governor also provided insight into the timeline, mentioning that the design framework for the new notes had already commenced, with an expectation to finalise it by March. “I hope that their design framework will be finalised by March," he said. Also Read | Cipher case: Imran Khan, Shah Mahmood sentenced to 10 years in prison Reports citing sources familiar with the matter disclosed that the central bank's decision stems from concerns about counterfeit currency notes circulating in the country. Financial expert Khurram Schehzad, CEO of Alpha Beta Core, cautiously appraised the SBP's move as a "positive development" but also said that it is early to say how the decision proves out to be. Also Read | Ex-IRS contractor who stole and leaked Trump’s tax records, sentenced to 5 years in prison He further dismissed the idea that the introduction of new notes alone would tackle the issue of black money. Schehzad emphasised the necessity to concurrently address the large circulation of higher denomination currency notes. Watch | US and UK sanction network accused of plotting to kill Iranian dissidents × Schehzad stressed the importance of assessing the extent of cash hoarded by the public, noting that, in times of heightened inflation, people tend to convert cash into assets such as property, cars, gold, or foreign currencies. "It is to be seen how the central bank moves forward, whether it's discontinuing the higher denomination currency notes, or is simply introducing new ones," he said. Schehzad highlighted the need for the SBP to control the printing of currency notes, identifying it as an important factor contributing to rising inflation. (With inputs from agencies)

Pakistan to soon roll out new currency notes with advanced security features: Report

West Bengal Chief Minister Mamata Banerjee on Friday hit out at the BJP-led Central government after the Reserve Bank of India (RBI) notified to withdraw Rs 2,000 denomination banknotes from circulation and termed it "billion dollar dhoka" urging people not forgive those responsible for such a move.

RBI on Friday announced that it has decided to withdraw the Rs 2,000 denomination banknotes from circulation but they will continue to remain legal tender.

In a tweet, the West Bengal CM said, "So it wasn't Rs 2000 dhamaka but a billion dollar dhoka to a billion Indians. Wake up my dear brothers and sisters. The suffering we have endured due to demonetisation can't be forgotten and those who inflicted that suffering shouldn't be forgiven."

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RBI has advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect. 
Meanwhile, RBI said that citizens will continue to be able to deposit Rs 2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch up to September 30, 2023.

The Rs 2000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time.

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The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped subsequently in 2018-19, stated RBI.

About 89 per cent of the Rs 2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life span of four-five years.

The total value of these banknotes in circulation has declined from Rs 6.73 lakh crore at its peak as of March 31, 2018 (37.3 per cent of Notes in Circulation) to Rs 3.62 lakh crore constituting only 10.8 per cent of Notes in Circulation on March 31, 2023.

Watch | Who was behind the 2022 clashes in Leicester?

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"It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public," RBI said Friday.

"In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2000 banknotes into banknotes of other denominations can be made upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023," RBI said.&nbsp;

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&nbsp;

West Bengal Chief Minister Mamata Banerjee on Friday hit out at the BJP-led Central government after the Reserve Bank of India (RBI) notified to withdraw Rs 2,000 denomination banknotes from circulation and termed it "billion dollar dhoka" urging people not forgive those responsible for such a move.

West Bengal Chief Minister Mamata Banerjee on Friday hit out at the BJP-led Central government after the Reserve Bank of India (RBI) notified to withdraw Rs 2,000 denomination banknotes from circulation and termed it "billion dollar dhoka" urging people not forgive those responsible for such a move. RBI on Friday announced that it has decided to withdraw the Rs 2,000 denomination banknotes from circulation but they will continue to remain legal tender. In a tweet, the West Bengal CM said, "So it wasn't Rs 2000 dhamaka but a billion dollar dhoka to a billion Indians. Wake up my dear brothers and sisters. The suffering we have endured due to demonetisation can't be forgotten and those who inflicted that suffering shouldn't be forgiven." Also Read | Another 7.1 earthquake rocks east of New Caledonia in Pacific Ocean, tsunami warning issued RBI has advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect. Meanwhile, RBI said that citizens will continue to be able to deposit Rs 2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch up to September 30, 2023. The Rs 2000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time. Also Read | Macron depicted as Hitler on posters in France's Avignon, police initiate probe The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped subsequently in 2018-19, stated RBI. About 89 per cent of the Rs 2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life span of four-five years. The total value of these banknotes in circulation has declined from Rs 6.73 lakh crore at its peak as of March 31, 2018 (37.3 per cent of Notes in Circulation) to Rs 3.62 lakh crore constituting only 10.8 per cent of Notes in Circulation on March 31, 2023. Watch | Who was behind the 2022 clashes in Leicester? × "It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public," RBI said Friday. "In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2000 banknotes into banknotes of other denominations can be made upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023," RBI said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

'A billion-dollar dhoka': Mamata Banerjee takes jibe at centre after RBI withdraws ₹2,000 note

You must have seen bank notes with handwritten messages or drawings on them. Remember the ‘Sonam Gupta bewafa hai’ fiasco? But the pertinent question remains- does scribbling on bank notes make them invalid? Watch this to know more.

Scribbling on bank notes valid or not?

Twitter current chief Elon Musk and its co-founder Jack Dorsey engaged in a war of words on Monday over the social media platform’s vision and the “Birdwatch” feature.

The verbal tussle between the two began when Musk earlier argued that Twitter should become the platform that provides accurate information.

"Twitter needs to become by far the most accurate source of information about the world. That's our mission," Musk tweeted.

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Twitter needs to become by far the most accurate source of information about the world. That’s our mission.
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1589413653190938624?ref_src=twsrc%5Etfw">November 7, 2022</a></blockquote>
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“Accurate to who?” Dorsey asked.

To which the 51-year-old billionaire replied, “As judged by the people of Twitter via Community Notes (formerly Birdwatch).”

This was when the former Twitter CEO expressed dislike over the name “Community Notes”.

I still think...Birdwatch is a far better name. And 'more informative' a far better goal," Dorsey responded.

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I still think…Birdwatch is a far better name 
 
And “more informative” a far better goal
— jack (@jack) <a href="https://twitter.com/jack/status/1589449670337916931?ref_src=twsrc%5Etfw">November 7, 2022</a></blockquote>
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Elon Musk shot back saying, “Birdwatch gives me the creeps”, inviting a sharp retort from Dorsey&nbsp;who said, “Community notes is the most boring Facebook name ever.”

Watch |&nbsp;Elon Musk to introduce a new feature on Twitter, UN urges CEO to ensure respect of human rights

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Twitter’s "Community Notes program (formerly called Birdwatch) helps tackle misinformation by adding comments to relevant posts if people with a wide range of opinions find them "helpful."

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Musk earlier said that the tool has "incredible potential for improving information accuracy" on Twitter.

Birdwatch notes was launched as a pilot programme in January 2021. It became available to the public in October.

Also read |&nbsp;<a href="https://www.wionews.com/world/yup-says-elon-musk-when-user-claims-twitter-employees-asked-for-usd-15k-for-blue-tick-531703" hreflang="en">'Yup', says Elon Musk when user claims Twitter employees asked for USD 15k for blue tick</a>

According to Twitter, the feature "allows people to identify information in Tweets they believe is misleading and write notes that provide informative context."

"We believe this approach has the potential to respond quickly when misleading information spreads, adding context that people trust and find valuable," Twitter Vice President of Product Keith Coleman wrote in a blog post.

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Twitter current chief Elon Musk and its co-founder Jack Dorsey engaged in a war of words on Monday over the social media platform’s vision and the “Birdwatch” feature.

Twitter current chief Elon Musk and its co-founder Jack Dorsey engaged in a war of words on Monday over the social media platform’s vision and the “Birdwatch” feature. The verbal tussle between the two began when Musk earlier argued that Twitter should become the platform that provides accurate information. "Twitter needs to become by far the most accurate source of information about the world. That's our mission," Musk tweeted. Twitter needs to become by far the most accurate source of information about the world. That’s our mission. — Elon Musk (@elonmusk) November 7, 2022 × “Accurate to who?” Dorsey asked. To which the 51-year-old billionaire replied, “As judged by the people of Twitter via Community Notes (formerly Birdwatch).” This was when the former Twitter CEO expressed dislike over the name “Community Notes”. I still think...Birdwatch is a far better name. And 'more informative' a far better goal," Dorsey responded. I still think…Birdwatch is a far better name And “more informative” a far better goal — jack (@jack) November 7, 2022 × Elon Musk shot back saying, “Birdwatch gives me the creeps”, inviting a sharp retort from Dorsey who said, “Community notes is the most boring Facebook name ever.” Watch | Elon Musk to introduce a new feature on Twitter, UN urges CEO to ensure respect of human rights Twitter’s "Community Notes program (formerly called Birdwatch) helps tackle misinformation by adding comments to relevant posts if people with a wide range of opinions find them "helpful." Also read | Elon Musk issues warning to Twitter parody account users Musk earlier said that the tool has "incredible potential for improving information accuracy" on Twitter. Birdwatch notes was launched as a pilot programme in January 2021. It became available to the public in October. Also read | 'Yup', says Elon Musk when user claims Twitter employees asked for USD 15k for blue tick According to Twitter, the feature "allows people to identify information in Tweets they believe is misleading and write notes that provide informative context." "We believe this approach has the potential to respond quickly when misleading information spreads, adding context that people trust and find valuable," Twitter Vice President of Product Keith Coleman wrote in a blog post. WATCH WION LIVE HERE:

Twitter boss Elon Musk and co-founder Jack Dorsey spar over new feature

A research scholar on Tuesday went to Madras High Court with a plea&nbsp;to remove the word &#39;Mahatma&#39; as a prefix from&nbsp;Gandhi&#39;s name, reports said. The court rejected his plea and&nbsp;slapped a fine of&nbsp;Rs 10,000.&nbsp;

The scholar, S Muruganantham, from Jadavpur University in Kolkata, filed his&nbsp;petition as a&nbsp;public interest litigation (PIL) but was rejected by&nbsp;Chief Justice Indira Banerjee and Justice M Sundar.

According to reports, they stated that this kind of petitions only lead to wastage of time and trapped the courts business.&nbsp;

Muruganantham argued that the act of the government violates Article 14 and 18 of the constitution and further questioned the gravity of adding &#39;Mahatma&#39;&nbsp;before the name of M K Gandhi in Indian currency notes, says&nbsp;reports.&nbsp;&nbsp;

Moreover, the scholar further said that when RBI uses &#39;Mahatma&#39;, it violates the principle of equality which constitutes a basic foundation of the constitution, reports said.&nbsp;&nbsp;

A research scholar asked the Madras HC to direct the Centre to refrain from using the prefix 'Mahatma' before Gandhi?s name on notes.

A research scholar on Tuesday went to Madras High Court with a plea to remove the word 'Mahatma' as a prefix from Gandhi's name, reports said. The court rejected his plea and slapped a fine of Rs 10,000. The scholar, S Muruganantham, from Jadavpur University in Kolkata, filed his petition as a public interest litigation (PIL) but was rejected by Chief Justice Indira Banerjee and Justice M Sundar. According to reports, they stated that this kind of petitions only lead to wastage of time and trapped the courts business. Muruganantham argued that the act of the government violates Article 14 and 18 of the constitution and further questioned the gravity of adding 'Mahatma' before the name of M K Gandhi in Indian currency notes, says reports. Moreover, the scholar further said that when RBI uses 'Mahatma', it violates the principle of equality which constitutes a basic foundation of the constitution, reports said.

'Waste of time': Court slams man who wanted 'Mahatma' removed from before Gandhi's name

A research scholar on Tuesday went to Madras High Court with the aim to remove the word &#39;Mahatma&#39; as a prefix to Gandhi&#39;s name, got slammed with a cost of Rs.10,000, reports said.&nbsp;

The scholar, S Muruganantham, at Jadavpur University in Kolkata, whose petition was declined as public interest litigation (PIL) by Chief Justice Indira Banerjee and Justice M Sundar.

According to reports, they stated that this kind of petitions only lead to wastage of time and trapped the courts business.&nbsp;

Muruganantham argued that the act of the government violates Article 14 and 18 of the constitution and further questioned the gravity of adding &#39;Mahatma&#39;&nbsp;before the name of M K Gandhi in Indian currency notes, says&nbsp;reports.&nbsp;&nbsp;

Moreover, the scholar further said that when RBI uses &#39;Mahatma&#39;, it violates the principle of equality which constitutes a basic foundation of the constitution, reports said.&nbsp;&nbsp;

A research scholar on Tuesday went to Madras High Court with the aim to remove the word 'Mahatma' as a prefix to Gandhi's name, got slammed with a cost of Rs.10,000, reports said. The scholar, S Muruganantham, at Jadavpur University in Kolkata, whose petition was declined as public interest litigation (PIL) by Chief Justice Indira Banerjee and Justice M Sundar. According to reports, they stated that this kind of petitions only lead to wastage of time and trapped the courts business. Muruganantham argued that the act of the government violates Article 14 and 18 of the constitution and further questioned the gravity of adding 'Mahatma' before the name of M K Gandhi in Indian currency notes, says reports. Moreover, the scholar further said that when RBI uses 'Mahatma', it violates the principle of equality which constitutes a basic foundation of the constitution, reports said.

'Waste of time': Court slams man who wanted Mahatma removed before Gandhi's name

The government today (August 8) dismissed the Opposition&#39;s allegations that two types of Rs 500 notes and also Rs 2000 notes were being printed by the Reserve Bank of India (RBI).

The government said all Rs 500 notes had a single unique dimension, as did the Rs 2000 notes. 
 
&quot;Bank notes in each denomination has a distinct dimension. The size of new design Rs 500 bank note is 66mm x 150mm and the size of new design Rs 2,000 bank note is 66mm x 166mm,&quot; Minister of State for Finance Arjun Ram Meghwal said in a written reply to a question in the Rajya Sabha. 
 
The Rajya Sabha was adjourned after the Opposition Congress, supported by the TMC and the JD(U), alleged that two different sizes for the new currencies were being printed in what it called the &quot;biggest scam of this century&quot;.

The Congress said the high denomination notes varied in terms of their size, design and other features and asked the government to explain where and how they were printed since the issue &quot;raises questions over financial structure of the country&quot;.

The Congress said that two types of dimensions &quot;jeopardises the credibility of Indian currency&quot; and asked Prime Minister Narendra Modi to come clear on the issue.

In a separate reply, Meghwal said that National Crime Records Bureau data indicates that the incidents of Fake Indian Currency Notes (FICN) have been reported in some parts of the country. However, examination of the specific parameters reveals that the notes are of low quality. 
 
&quot;No high quality counterfeit new currency notes have been seized by any agency so far,&quot; Meghwal said.&nbsp;

Finance Minister Arun Jaitley said the opposition party has been raising &quot;frivolous&quot; issues without giving notices to stall Zero Hour proceedings. 
Senior Congress leader Kapil Sibal, who raised the issue in the Rajya Sabha earlier in the day, said the party would keep flagging it in Parliament until the government comes out with an explanation.

The former Union minister also alleged that the demonetisation move &quot;failed&quot; to achieve its stated objectives of combating black money, corruption, counterfeit currency and terrorism.

He asked the government to explain its&nbsp;motive in invalidating the old Rs 1,000 and Rs 500 currency notes.

&quot;First they should explain which dye was used (for printing the notes), what types of notes were printed, at which printing press notes of different sizes were printed.

&quot;Having different size of currency notes jeopardises the credibility of the currency. The prime minister, finance minister, RBI governor should come to the fore and explain,&quot; Kapil Sibal told the press. 
 
&nbsp;

 
&nbsp;

The Opposition forced adjournment of the proceedings in the Rajya Sabha over what it called as the 'biggest scam of this century' in the printing of two different sizes for the same currency

The government today (August 8) dismissed the Opposition's allegations that two types of Rs 500 notes and also Rs 2000 notes were being printed by the Reserve Bank of India (RBI). The government said all Rs 500 notes had a single unique dimension, as did the Rs 2000 notes. "Bank notes in each denomination has a distinct dimension. The size of new design Rs 500 bank note is 66mm x 150mm and the size of new design Rs 2,000 bank note is 66mm x 166mm," Minister of State for Finance Arjun Ram Meghwal said in a written reply to a question in the Rajya Sabha. The Rajya Sabha was adjourned after the Opposition Congress, supported by the TMC and the JD(U), alleged that two different sizes for the new currencies were being printed in what it called the "biggest scam of this century". The Congress said the high denomination notes varied in terms of their size, design and other features and asked the government to explain where and how they were printed since the issue "raises questions over financial structure of the country". The Congress said that two types of dimensions "jeopardises the credibility of Indian currency" and asked Prime Minister Narendra Modi to come clear on the issue. In a separate reply, Meghwal said that National Crime Records Bureau data indicates that the incidents of Fake Indian Currency Notes (FICN) have been reported in some parts of the country. However, examination of the specific parameters reveals that the notes are of low quality. "No high quality counterfeit new currency notes have been seized by any agency so far," Meghwal said. Finance Minister Arun Jaitley said the opposition party has been raising "frivolous" issues without giving notices to stall Zero Hour proceedings. Senior Congress leader Kapil Sibal, who raised the issue in the Rajya Sabha earlier in the day, said the party would keep flagging it in Parliament until the government comes out with an explanation. The former Union minister also alleged that the demonetisation move "failed" to achieve its stated objectives of combating black money, corruption, counterfeit currency and terrorism. He asked the government to explain its motive in invalidating the old Rs 1,000 and Rs 500 currency notes. "First they should explain which dye was used (for printing the notes), what types of notes were printed, at which printing press notes of different sizes were printed. "Having different size of currency notes jeopardises the credibility of the currency. The prime minister, finance minister, RBI governor should come to the fore and explain," Kapil Sibal told the press.

Govt dismisses Opposition claim of two sizes of Rs 500 and Rs 2000 notes

Indian Prime Minister Narendra Modi on Friday said that Indira Gandhi rejected suggestions for demonetisation in 1971, saying she wanted to win elections.

Indira Gandhi sold out India by ignoring advice to demonetise, the prime minister said.

Implementation of demonetisation policy was required in 1971, but it was implemented now, Modi said, hitting out at the opposition during the ruling party&#39;s parliamentary meet. &quot;For the Congress, party is bigger than nation; but for us, the nation is above the party,&quot; he said.

Modi also thanked chief ministers of India&#39;s eastern states of Odisha and Bihar for supporting demonetisation.

Prime Minister Modi said that unlike earlier when opposition parties stalled House proceedings against scams, Congress-led parties are now doing so against government&#39;s steps to curb black money and corruption.

He pitched for a&nbsp;digital economy as he urged masses to adopt it as a &quot;way of life&quot; to rid the society of corruption and black money.

Modi also noted that the Wanchoo Committee in the&nbsp;early 70s had recommended demonetisation when Indira Gandhi was Prime Minister, recalling that the then senior Left leader Jyotirmoy Basu had demanded its quick implementation, parliamentary affairs minister Ananth Kumar told reporters following the meeting.

On a day that marks the anniversary of Bangladesh&#39;s liberation, Modi also targeted the opposition over its remarks on the army&#39;s surgical strikes.

The opposition in 1971-72 did not seek evidence of the army&#39;s valour unlike that of today, he said.

(WION with inputs from agencies)

Then prime minister Indira Gandhi sold the nation by not adopting demonetisation, Modi alleged

Indian Prime Minister Narendra Modi on Friday said that Indira Gandhi rejected suggestions for demonetisation in 1971, saying she wanted to win elections. Indira Gandhi sold out India by ignoring advice to demonetise, the prime minister said. Implementation of demonetisation policy was required in 1971, but it was implemented now, Modi said, hitting out at the opposition during the ruling party's parliamentary meet. "For the Congress, party is bigger than nation; but for us, the nation is above the party," he said. Modi also thanked chief ministers of India's eastern states of Odisha and Bihar for supporting demonetisation. Prime Minister Modi said that unlike earlier when opposition parties stalled House proceedings against scams, Congress-led parties are now doing so against government's steps to curb black money and corruption. He pitched for a digital economy as he urged masses to adopt it as a "way of life" to rid the society of corruption and black money. Modi also noted that the Wanchoo Committee in the early 70s had recommended demonetisation when Indira Gandhi was Prime Minister, recalling that the then senior Left leader Jyotirmoy Basu had demanded its quick implementation, parliamentary affairs minister Ananth Kumar told reporters following the meeting. On a day that marks the anniversary of Bangladesh's liberation, Modi also targeted the opposition over its remarks on the army's surgical strikes. The opposition in 1971-72 did not seek evidence of the army's valour unlike that of today, he said. (WION with inputs from agencies)

Demonetisation should have been done in 1971: Indian Prime Minister

India&#39;s highest court chastised the federal government for ineffective implementation of its demonetisation policy.

The Supreme Court asked the government how the rich were getting caught with large amounts of money while the ordinary people were struggling to get even Rs 24,000.

&ldquo;People are not getting even ?24,000 per week. Then how come some people have got&nbsp;lakhs&nbsp;of new currency? It seems that there are two kinds of people, one who have plenty of new notes and others who have nothing,&rdquo; the Chief Justice of India TS&nbsp;Thakur asked AG Rohatgi, the Attorney General for India.

The apex court said the banks should not deny minimum weekly withdrawal of Rs 24,000 per week per account and asked to reduce the citizens&#39; inconvenience due to demonetisation.

The apex court on December 9 also asked the government if the decision made by it was constitutional.

Ever since the Narendra Modi administration announced the replacement of old currency notes on November 8, people have been allowed to withdraw not more than Rs 24,000 per week.

Rohatgi alleged that some bank managers were involved in illegal activities but the government was acting against the culprits. He assured that the government was working around-the-clock to smoothen the creases and blamed corrupt bank managers for putting a spanner in the works.

(WION with inputs from agencies)

The Supreme Court asked why ordinary citizens were struggling to get money from banks while it was the opposite for the rich

India's highest court chastised the federal government for ineffective implementation of its demonetisation policy. The Supreme Court asked the government how the rich were getting caught with large amounts of money while the ordinary people were struggling to get even Rs 24,000. “People are not getting even ?24,000 per week. Then how come some people have got lakhs of new currency? It seems that there are two kinds of people, one who have plenty of new notes and others who have nothing,” the Chief Justice of India TS Thakur asked AG Rohatgi, the Attorney General for India. The apex court said the banks should not deny minimum weekly withdrawal of Rs 24,000 per week per account and asked to reduce the citizens' inconvenience due to demonetisation. The apex court on December 9 also asked the government if the decision made by it was constitutional. Ever since the Narendra Modi administration announced the replacement of old currency notes on November 8, people have been allowed to withdraw not more than Rs 24,000 per week. Rohatgi alleged that some bank managers were involved in illegal activities but the government was acting against the culprits. He assured that the government was working around-the-clock to smoothen the creases and blamed corrupt bank managers for putting a spanner in the works. (WION with inputs from agencies)

Top court raps Indian govt for demonetisation, remonetisation chaos

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

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

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

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

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

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

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

Demonetisation hits truckers hard in India

The Indian government on Wednesday tried to pacify the public following its announcement on Tuesday evening regarding withdrawal of Rs 500 and Rs 100 denomination&nbsp;currency notes.

In a bid to aid the transition, the government has directed all banks to remain operational for full days on Saturday and Sunday, November 12-13.

Banks and post offices will also start giving out replacement currencies from Thursday.

The government today expanded the list of services where the withdrawn notes will be accepted till November 11 midnight. It included payments for metro rail tickets, highway and road toll, purchase of medicines on doctor prescription from government and private pharmacies, LPG gas cylinders, railway catering and ASI monuments entry tickets.

A 72-hour relaxation for use of such notes was given on Tuesday for government hospitals, railway ticketing, public transport, airline ticketing counters at airports; milk booths, crematoria/burial grounds and petrol pumps.

Banks and ATMs were shut through Wednesday to remove old Rs 500/1000 notes and stock them with lower denomination and new hard-to-fake Rs 500 and Rs 2,000 currency notes. Banks will open on Thursday as RBI has sent truckloads of new notes throughout the country, while some ATMs will begin dispensing cash.

(WION with inputs from agencies)

The ATMs will also be stocked with Rs 100 notes by Thursday while the old Rs 500 and 1000 notes will be accepted at most government services

The Indian government on Wednesday tried to pacify the public following its announcement on Tuesday evening regarding withdrawal of Rs 500 and Rs 100 denomination currency notes. In a bid to aid the transition, the government has directed all banks to remain operational for full days on Saturday and Sunday, November 12-13. Banks and post offices will also start giving out replacement currencies from Thursday. The government today expanded the list of services where the withdrawn notes will be accepted till November 11 midnight. It included payments for metro rail tickets, highway and road toll, purchase of medicines on doctor prescription from government and private pharmacies, LPG gas cylinders, railway catering and ASI monuments entry tickets. A 72-hour relaxation for use of such notes was given on Tuesday for government hospitals, railway ticketing, public transport, airline ticketing counters at airports; milk booths, crematoria/burial grounds and petrol pumps. Banks and ATMs were shut through Wednesday to remove old Rs 500/1000 notes and stock them with lower denomination and new hard-to-fake Rs 500 and Rs 2,000 currency notes. Banks will open on Thursday as RBI has sent truckloads of new notes throughout the country, while some ATMs will begin dispensing cash. (WION with inputs from agencies)

Currency switch: Indian banks to remain open this weekend

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