-The Times of India MUMBAI: The Reserve Bank of India (RBI) on Wednesday said that Rs 15.28 lakh crore --or 99% of the Rs 15.44 lakh crore demonetised by withdrawal of Rs 500 and Rs 1000 notes on November 8, 2016 --has been deposited with banks. The disclosure dashes hopes of the government earning a windfall by extinguishing trillions of rupees worth demonetised currency that has not been returned. In its annual report, the...
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As money flowed back in, how goalposts were shifted -Manoj CG & Ravish Tiwari
-The Indian Express A scrutiny of RBI’s earlier provisional disclosures and the government’s structured public remarks reveal a pattern: aware that much of the money would return, the government and the political establishment kept shifting the goalposts. New Delhi: “Tab (previous UPA) aawaz uthti thi ki kitna gaya, ab aawaz uth rahi hai ki kitna laye. Isse bada jeevan ka santosh kya ho sakta hai…Yahi toh sahi kadam hai…Woh zamana tha tab...
More »Demonetisation: Figure may hit 100% if 'pipeline' collections taken into account, say officials -Ritu Sarin
-The Indian Express Demonetisation: The “pipeline” demonetised collections, according to these officials, include banned notes lying with Citizens in Nepal as deliberations between the RBI and the Nepal Rashtra Bank (NRB) for the exchange of such notes did not fructify. New Delhi: On a day when the Reserve Bank of India (RBI) released the data for collected demonetised currency, top RBI officials told The Indian Express that the figure could creep closer...
More »Beware, not just Rs 2 lakh cash payment, even Rs 10,000 transaction can invite penalty; what you really must know
-The Financial Express As per the fresh proposal, Citizens were also required to pay a service charge on all cash transactions above Rs 2 lakh. In a bid to curb black money as well as to limit the number and amount of cash transactions, the government has come out with some new rules and prohibited some types of cash payments. It may be recalled that the government had in March this year...
More »Rain pounds Mumbai to standstill; no relief in sight -Gautam S Mengle
-The Hindu Suburban train services on all three lines suspended, to be resumed in phases Mumbai: Heavy and incessant rain in Mumbai, which began in the early hours of Tuesday and continued unabated throughout the day, brought the city to a virtual standstill, with lakhs of people stranded across the city as transport systems collapsed. According to the India Meteorological Department, the city had recorded 297 mm of rain. The BMC, the Mumbai...
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