-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...

-The Indian Express The demonetisation deadline ends on December 30, and a day later, the I-T officers are expected to complete their scrutiny assessment work. New Delhi: Even if just one per cent of the total 40 crore Bank accounts are red-flagged as “suspicious” during analysis by the Income-Tax department after sifting through data made available to it by Banks, the tax officers would be saddled with a staggering 40 lakh...

-Business Standard The year-on-year growth in credit was just 6.6%, down from 9.3% a year ago Mumbai: Showing effect of demonetisation, Bank credit in India shrunk by Rs 61, 000 crore (0.8% in fifteen days ended November 25, 2016) on the demand destruction. In contrast, Banks are trying to cope with the huge inflow of money as people deposited Rs 4,03,000 crore during the same period. The outstanding credit of Banking system in...

-The Indian Express According to him, the currency shortage in the country is unlikely to ease any time in the near future. Mumbai: India’s former Chief Economic Advisor and former chief economist of the World Bank, Kaushik Basu has warned the government that the economy would take a turn for the worse next year besides greater suffering for people in the days ahead and of a new form of corruption building...

-Business Standard Say old Rs 500 and Rs 1,000 notes coming back to Banking channels in much higher proportion than expected New Delhi: Burdened by the deluge of suspected black money cases after demonetisation of high denomination currency, two staff associations of income tax (I-T) department have in a recent letter to Prime Minister Narendra Modi said they are reaching the breaking point. "Personnel and infrastructure are severely short," the Income Tax Employees...