Page 2 - Demonetisation

SC reserves verdict on demonetisation, asks govt, RBI for submissions

AG said note ban's success or failure in curbing black money not a reason to invalidate the decision judicially as the move was made in good faith, after following due process

SC directs Centre, RBI to put on record relevant info on demonetisation

The Supreme Court on Wednesday directed the Centre and the Reserve Bank of India (RBI) to put on record relevant records relating to the government's 2016 decision to demonetise currency notes of Rs 1000 and Rs 500 denomination. Reserving its verdict on a batch of pleas challenging the Centre's 2016 decision, a five-judge constitution bench headed by Justice S A Nazeer heard the submissions from Attorney General R Venkataramani, RBI's counsel and the petitioners lawyers including senior advocates P Chidambaram and Shyam Divan. "Heard. judgement reserved. Learned counsels of the Union of India and Reserve Bank of India are directed to produce the relevant records," the bench also comprising Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna, said. The AG submitted before the bench that he will submit relevant records in a sealed cover. The top court was hearing a batch of 58 petitions challenging the demonetisation exercise announced by the Centre on November 8,

SC directs Centre, RBI to produce records relating to 2016 demonetisation

The Supreme Court on Wednesday directed the Centre and the Reserve Bank of India (RBI) to put on record relevant records relating to the government's 2016 decision to demonetise currency notes of Rs 1000 and Rs 500 denomination for its perusal. Reserving its verdict on a batch of pleas challenging the Centre's 2016 decision, a five-judge constitution bench headed by Justice S A Nazeer heard the submissions from Attorney General R Venkataramani, RBI's counsel, and the petitioners' lawyers, including senior advocates P Chidambaram and Shyam Divan. The top court directed the parties to file written submissions by December 10. "Heard. Judgement reserved. Learned counsels of the Union of India and Reserve Bank of India are directed to produce the relevant records," the bench, also comprising Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna, said. The AG submitted before the bench that he will submit relevant records in a sealed cover. The top court was hearing a b

Demonetisation: Can't put the clock back, govt tells Supreme Court

Resisting the Supreme Court's attempt to revisit the 2016 demonetisation exercise, the government said on Friday the court cannot decide a matter when no tangible relief can be granted by way of "putting the clock back" and "unscrambling a scrambled egg". The remarks by Attorney General R Venkataramani came after the apex court asked the Union government to explain whether it consulted the the Central Board of Reserve Bank of India (RBI) before undertaking demonetisation of Rs 500 and Rs 1000 denomination notes in 2016. A five-judge Constitution bench headed by Justice S A Nazeer is hearing a batch of 58 petitions challenging the demonetisation exercise. "The only submission you have made is that these are all economic issues done by experts (so) don't touch it. What is your opposition to the plea of the other side? Tell us what is your submission to counter their submissions. They said it is not in conformity with section 26 (2) of the RBI Act. "You are arguing that the objective

Six years after demonetisation, deployment of ATMs set for biggest spike

ATM deployments had hovered between 225,000 and 235,500 units, before sniffing the 260,000-mark recently

Note ban was to counter black money, terror finance, Centre tells SC

'The withdrawal of the legal tender character of the specified bank notes was one of the critical steps in the series of transformational economic policy steps'

Rahul says only Cong can protect Constitution, attacks Centre on note-ban

Congress leader Rahul Gandhi on Tuesday claimed the Bharatiya Janata Party (BJP) keeps attacking the Constitution everyday as it does not want to accept that Dalits, tribals and the poor should get rights, and hit out at Hindutva ideologue V D Savarkar for "working" for the British. Gandhi, whose Bharat Jodo Yatra entered its 69th day and reached Washim district in the Vidarbha region of Maharashtra from Hingoli on Tuesday, said it is only the Congress that can protect the Constitution, give education to tribals and safeguard their land and rights. The Lok Sabha MP from Kerala addressed two rallies during the day and stepped up his attack on the BJP over a range of issues - from the Constitution, to 2016 note-ban, to Goods and Service Tax (GST) to farm loans. The first public meeting, addressed by him in the afternoon, was organised on the occasion of tribal freedom fighter Birsa Munda's birth anniversary, which is also celebrated as the Janjatiya Gaurav Divas or Tribal Pride Day. T

Supreme Court lists pleas on 2016 demonetisation for hearing on Nov 24

Meanwhile, Attorney General R Venkataramani seeks a week's time to prepare the comprehensive affidavit that the court had directed to file in the last hearing

Bharat Jodo Yatra: Rahul Gandhi targets PM Modi over demonetisation, GST

Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of unleashing an "economic tsunami" by carrying out demonetisation in November 2016. Addressing a meeting in Nanded district of central Maharashtra on the 63rd day of his Bharat Jodo Yatra, he also said that projects like Tata- Airbus military aircraft venture and Vendanta-Foxconn semiconductor plant were taken away from the state and given to Gujarat because of the Assembly elections in the neighbouring state. "These projects will be given to two-three industrialists who are the prime minister's friends, and the country's wealth is accumulating in their hands. Ports, infrastructure, telecom, agriculture sectors have been given to these people," Gandhi alleged. Referring to his encounters with locals during the day, he said a young boy told him about the lack of practical education in the country due to which there are no job opportunities, while a little girl told him that her parents love her brother ..

No new Rs 2,000 currency notes printed from 2019-2022, says RTI reply

An RTI reply has disclosed that no new Rs 2,000 denomination currency notes were printed during 2019-20, 2020-21 and 2021-22.

Demonetisation anniversary: Cong demands white paper from Modi govt

The Congress on Tuesday alleged that demonetisation was independent India's "greatest organised loot" and demanded a white paper from the Modi government on the 2016 move. Addressing a press conference on the sixth anniversary of demonetisation at the AICC headquarters here, Congress leader Gourav Vallabh said Prime Minister Modi had surprised all by declaring that currency notes of Rs 500 and Rs 1,000 were being scrapped on this day in 2016 and the decision triggered "panic, creating unspeakable problems linked to cash and destroying countless small and medium businesses". It has been six years since independent India's "greatest organised loot", Vallabh said and accused the government of destroying the economy through demonetisation. Cash in circulation today is Rs 30.88 lakh crore, while it was merely Rs 17.97 lakh crore in November 2016, he said. "One of the stated objectives of the demonetisation was to promote digital transactions as the government felt too much cash was in .

Opposition parties term demonetisation 'economic genocide', 'criminal act'

Describing demonetisation as an "economic genocide", a "criminal act" and an "organised loot", opposition parties slammed the BJP-led Centre for its decision taken on this day in 2016 to scrap high-value currency notes. On November 8, 2016, Prime Minister Narendra Modi announced the demonetisation of the old Rs 1,000 and Rs 500 banknotes. The key objectives of the decision were to promote digital payments and curb black money, besides eliminating terror funding. At a press briefing here, the Congress alleged that demonetisation was the "greatest organised loot" in independent India and demanded a white paper on it from the Modi government. In a tweet, Kharge said: "6 years of 'Organised Loot and Legalised Plunder'. Tribute to those 150 people who lost their lives due to #Demonetisation disaster. As we observe 6 years of this epic failure, it is important to remind the PM about the ill-conceived calamity which he thrust upon the nation." Former Congress chief Rahul Gandhi also hit o

PM Modi yet to acknowledge 'epic failure' of demonetisation move: Kharge

Congress president Mallikarjun Kharge attacked Prime Minister Narendra Modi on Monday over his government's 2016 demonetisation move, saying the PM is yet to acknowledge this "epic failure" that led to the "fall of the economy". Kharge's remarks, a day before demonetisation's sixth anniversary, came over a media report which said that the currency with the public has jumped to a new high of Rs 30.88 lakh crore as of October 21. "Demonetisation was promised to free the country of black money. But it destroyed businesses and ruined jobs. 6 years after the 'masterstroke' the cash available in public is 72% higher than that in 2016," Kharge said in a tweet. "PM is yet to acknowledge this epic failure that led to fall of economy," the Congress president said. According to the fortnightly data on money supply released by the RBI on Friday, the currency with the public increased to Rs 30.88 lakh crore as on October 21. The central bank data for Reserve Money had put the currency in ...

Demonetisation: Big jump in cash with public at Rs 30.88 trn in 6 yrs

Currency with the public has jumped to a new high of Rs 30.88 lakh crore as of October 21, illustrating that cash usage is still robust even six years after the demonetisation move. At Rs 30.88 lakh crore, the currency with the public is 71.84 per cent higher than the level for the fortnight ended November 4, 2016. On November 8, 2016, Prime Minister Narendra Modi had announced the decision to withdraw Rs 500 and Rs 1,000 denomination notes with the ultimate aim of reducing corruption and black money in the economy. The intent of the move, which was criticised by many experts for poor planning and execution, was to make India a "less cash" economy. As per the fortnightly data on money supply released by the RBI on Friday, the currency with the public increased to Rs 30.88 lakh crore as on October 21. The central bank data for Reserve Money had put the currency in circulation at Rs 17.7 lakh crore on November 4, 2016. Currency with public refers to notes and coins used by people to

Demonetisation behind the buoyancy in tax collections, says RBI MPC member

RBI Monetary Policy Committee (MPC) member Ashima Goyal has attributed the rise in tax collections to demonetisation and said that it will help the nation move towards the ideal situation where low taxes are levied on a large base. On November 8, 2016, Prime Minister Narendra Modi announced the demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to curb black money flows and promote digital payments. Noting that demonetisation had short-term costs but some long-term benefits, Goyal said it enhanced digitisation and formalization in the economy and reduced tax evasion, although all this has further to go. "It contributed to the buoyancy in taxes the country is benefitting from today. This helps us move towards the ideal of low tax rates on a large base," she told PTI. The tax department on October 9 said that the gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current

SC to consider on Oct 12 pleas challenging Centre's decision on note ban

The top court was hearing a batch of 58 petitions challenging the Centre's November 8, 2016 decision to demonetise currency notes of denomination of Rs 500 and Rs 1,000

SC to hear pleas against 2016 demonetisation by govt on October 12

The Supreme Court on Wednesday said it will hear on October 12 a batch of pleas challenging the Centre's 2016 decision to demonetise currency notes of denomination of Rs 500 and Rs 1000. A constitution bench headed by Justice S A Nazeer said it will consider if the pleas are an academic exercise. The bench, also comprising Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna was hearing a batch of 58 petitions challenging the Centre's November 8, 2016 decision to demonetise the currency notes.

Demonetisation was financial attack on traders, says Rahul Gandhi

Congress leader Rahul Gandhi on Thursday attacked Prime Minister Narendra Modi on demonetisation of old Rs 1,000 and Rs 500 notes, alleging that it was a financial attack on traders which affected their cash flow and destroyed their businesses. Gandhi alleged that Prime Minister Narendra Modi knew the consequences of the demonetisation on the small and medium businesses. The Congress leader was addressing a massive gathering at Chalakudy in the district as part of Bharat Jodo Yatra, which entered Thrissur district. Today's march was attended by senior Congress leader and Rajasthan Chief Minister Ashok Ghelot among others. The BJP-led Central government had on November 8, 2016, demonetised 500 and 1,000 rupee notes and asked holders of such notes to deposit in bank accounts by December 30, 2016. Gandhi said many people think demonetisation was a mistake made by the Prime Minister and that he didn't really understand its consequences. "Brothers and sisters, this is not true. The Pri

SC fast-forwards, to hear 25 cases, including note ban, starting next week

The hearing of these cases will start from August 29, two days after Justice UU Lalit will take over as the Chief Justice of India

Most companies floated in Bengal after demonetisation vanished: Report

A number of companies floated in West Bengal immediately after demonetisation period have been wound up in the past five years, as per Income Tax department sources.