-The Economic Times NEW DELHI: Prem covers his face as he sets the line of paddy stubble on fire. While half the field is ready for sowing, it is his turn to get the other half ready. His brother has travelled from their Hansi village to Hissar to stand in queue at the Corporation Bank to withdraw money. The brothers do not have enough to sow their next crop of wheat. ET travelled...
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Cash Crunch In Marathwada Village: In year of good yield, currency ban hits crop prices -Parthasarathi Biswas
-The Indian Express The State Bank of India, Maharashtra Gramin Bank and Nanded District Cooperative Bank have branches in Malegaon. But only the SBI and Gramin Bank branches are dispensing Cash. Malegaon (Nanded): The family of Pralhad Ingole, a farmer who owns about 6 acre of land, is struggling in the absence of Cash. The lone ATM in their village of Malegaon in Nanded district, operated by the State Bank of...
More »Demonetisation: Zero balance accounts suddenly awash with Cash in Andhra, Telangana
-TheNewsMinute.com The normal deposits ranging from Rs 500 to Rs 5000 have recently increased to Rs 10000. Due to the recent demonetisation of higher value notes, people in Telangana and Andhra Pradesh are finding new ways to escape the system. Telangana has witnessed a sudden decrease in the number of ‘Zero Balance Accounts’ of Pradhan Mantri Jan Dhan Yojna from 26 lakh to 23.6 lakh. Nearly 2.5 lakh accounts were suddenly awash...
More »Demonetisation hits transport business; Truckers fail to pay -Megha Manchanda
-Business Standard The All India Motor Transport Congress has said the supply of essential goods will get impacted with immediate effect New Delhi: Government’s suspension of Rs 500 and Rs 1000 denomination notes has hit the truckers hard as they are unable to transport essential food items, including milk and vegetables, due to scarcity of smaller denomination currency and unacceptance of old tender notes by state authorities, toll plazas and labourers. More than...
More »Income Tax officials unsure how to slap 200% penalty on income mismatch -Kiran Kabtta Somvanshi & Sugata Ghosh
-The Economic Times MUMBAI: As India struggles with demonetization, individuals and businesses are using old currency notes to settle debts while income tax officials are at a loss how to go about imposing 200% penalty -- as announced by a senior finance ministry official -- on such funds flowing into banks. Firms are clearing dues to suppliers, depositing Cash in bank accounts to repay old loans, and buying memberships of clubs, SPAs...
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