Note ban in India News
The Supreme Court has pronounced its judgment today on a batch of pleas challenging the government's 2016 decision to demonetise currency notes of Rs 1,000 and Rs 500.
The centre said the demonetisation was a "well-considered" decision and part of a larger strategy to combat the menace of fake money, terror financing, black money, and tax evasion.
Niti Aayog Vice-Chairman Arvind Panagariya on Wednesday said the government's demonetisation drive will leave a "very positive" impact on the economy in the long term as more people will move towards digital transactions.
Nudging retailers such as malls and shop owners to deposit their daily collections with banks, RBI has said they would be allowed to withdraw the deposited sum in Rs 2,000 and Rs 500 notes, irrespective of the existing withdrawal limits.
Lok Sabha has passed Income Tax Amendment Bill, which provides yet another opportunity to black money holders to legalise their wealth.
The government had after the shock demonetisation, given a 50-day window beginning November 10 for either depositing the 500 and 1000 rupee notes in circulation or exchanging them for new currency.
The Nepal Rastra Bank (NRB) has reduced the exchange limit of Indian to Rs 2000 from Rs 5000 after India introduced new bank notes of Rs 500 and Rs 2000.
Rajya Sabha on Thursday resumed debate over demonetisation in presence of Prime Minister Narendra Modi.
The Centre is likely to extend use of old Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees as well as purchases from co-operative stores by another 10 days.
People can deposit the now- invalid Rs 500 and Rs 1000 denomination currency notes in their Post Office savings accounts, the Finance Ministry said Wednesday.
Holding RBI Governor Urjit Patel responsible for ineffective handling of the crisis post the demonetisation drive, All India Bank Employees Association vice-president Vishwas Utagi on Wednesday said that bank unions are adamant on their demand for the former`s resignations as well as lockdown of the apex bank.
The lady slammed PM Narendra Modi's detractors in a strongly-worded argument.
Know where you can use old Rs 500 and Rs 1,000 currency notes till Nov 24.
The amounts can be withdrawn only if the date of marriage is on or before December 30, 2016.
Some 10 percent of the Rs 14,50,000 crore worth of now-demonetised Rs 500 and Rs 1,000 currency notes that were in circulation have been exchanged or withdrawn with banks till November 18, the Reserve Bank of India (RBI) said on Monday.
Further relaxing cash withdrawal norms, the Reserve Bank on Monday said overdraft and cash credit account holders can now withdraw up to Rs 50,000 in a week.
The Indian government has allowed farmers to purchase seeds with old 500 rupee banknote from state-run outlets, the finance ministry said in a statement on Monday.
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