-The Tribune Industries reduce number of shifts as sales fall Faridabad: Industrial units here have started laying off the excess employees, courtesy demonetisation. In the past one month since Rs 500 and Rs 1,000 notes were declared invalid, around 45,000 employees, mostly contractual, have reportedly lost their job in this industrial city. A large number of employees who received their salaries through cheque are still waiting to cash it due to delay in...

-The Times of India BIJNOR: Despite the government's announcement that old currency notes can be used to buy seeds, the sowing of wheat has fallen significantly in West UP districts because the seed department has stopped giving them to farmers. According to agriculture department officials, seed centres have stopped selling them since November 24 although it is the peak of the wheat sowing season for the Rabi crop. The reason, officials...

-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...

-The Hindu The government has declared an incentive package to encourage non-cash payments for fuel, new insurance policies from public sector firms, train tickets and highway toll, among other things. For credit and debit card transactions up to Rs.2,000, the Reserve Bank of India has relaxed its stringent two-factor authentication requirement, and service tax stands waived. Taken together, these moves to encourage cashless payments are significant not just because they can...