-Hindustan Times New Delhi: At least Rs 3,900 crore was laundered through shell companies between November-December after the ban on high-value banknotes, investigations by a central agency have found. The probe by the Serious Fraud Investigation Office (SFIO) has also identified at least 54 people who helped 559 beneficiaries with laundering the illicit cash, sources said. The government recalled 500 and 1000-rupee notes on November 8 in a move it said was aimed...
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Right to Food activists demand for safeguards to reduce hardships of demonetisation
A press statement issued from the Right to Food Campaign on 27 December, 2016 says that the demonetisation of old currency notes of Rs. 500/- and Rs. 1000/- denomination wreaked havoc on the livelihood security of the poor people. The labouring and toiling masses, who are mostly engaged in the informal sector, have been adversely affected due to the scrapping of old currency notes of Rs. 500/- and Rs. 1000/-...
More »Why demonetisation notification is illegal and violates the Constitution -Namita Wahi
-The Economic Times One month after demonetisation, the Supreme Court is hearing several public interest petitions challenging the constitutional validity of the “demonetisation notification”, which declared that Rs 500 and Rs 1,000 notes would no longer be legal tender post midnight on November 8, 2016. The preamble to the notification stated that its objective was to eliminate fake currency used for financing terrorism and to address the problem of “unaccounted money” in...
More »Questions on cash goalposts -Jayanta Roy Chowdhury
-The Telegraph New Delhi: The Narendra Modi government has started to fumble for explanations, with the original raison d'etre for the demonetisation drive coming under strain because of the high volume of cash deposits that have poured into bank accounts. Almost 80 per cent of the Rs 500 and Rs 1,000 notes that were demonetised on November 9 has come straight back into the banking system, prompting the government to change the...
More »Demonetization: Witless and Anti-People -Prabhat Patnaik
-TheCitizen.in NEW DELHI: Narendra Modi went on national television at 8 p.m. on November 8 to announce that from midnight of that very date, i.e. in a mere four hours’ time, 500 and 1000 rupee notes would cease to be legal-tender. The justification advanced for this bizarre move was that it would strike at “black money”. An additional argument was thrown in, to the effect that fake currency notes used by “terrorists”...
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