Page 28 - Demonetisation

FinTech: The growth propeller for MSMEs

As an enabler, FinTech has the potential to transform the MSME industry, says Ravi B Goyal

Debate over reforms dissipating as poor benefit, says Arun Jaitley

Outcome of note ban has proved that neither GDP nor agricultural output suffered, says Arun Jaitley

Demonetisation lands sharp blow on microfinance sector

Delinquency rose from 1.4% in September 2016 to peak at 23.7% in February 2017

ICAI acts against four CAs for misconduct post demonetisation

Last year, PM Modi on November 8 announced cancelling of old Rs 500 and 1,000 notes

New Rs 500, Rs 2,000 notes were approved in June 2016: Urjit Patel

The government approved the new design high denomination notes of Rs 500 and Rs 2,000 on June 7, 2016, six months before Prime Minister Narendra Modi announced demonetization of old Rs 500 and Rs 1,000 notes on November 8, RBI governor Urjit Patel has told a parliamentary panel.Patel had appeared before the parliamentary standing committee on finance, which is looking into the controversial demonetization issue, on January 18 and made a verbal presentation. However, as several members were not satisfied with his explanation, the panel had asked Patel to submit written responses to the concerns expressed by them. A copy of the replies submitted by the RBI governor to the panel recently have been accessed by this paper.Sources said Patel has been again asked to appear before the panel on May 25 as there are still a few gaps left in the written responses given by him.The issue cropped up on April 20 when the standing committee on finance met to review issues related the ministry of ...

Demonetisation impact has faded, says IMF

Some estimates point to about 75% of cash has been replaced in the economy, says IMF

House panel seeks details from RBI, bankers on demonetisation outcome

Committee sought details from the RBI and banks about the fraud management system

Ex-RBI governor Rangarajan sees lending rates remaining high

He was replying to question on possibility of rate cuts after surge in deposits post-demonetisation

PM Modi's note ban to have positive impact in long term, says World Bank

But for this to happen, there should be a large shift from cash to electronic payment methods

Withdrawal trend reverses in Jan Dhan accounts; deposits up Rs 1,000 cr

Net balance in accounts opened under PMJDY was Rs 62,972 crore on March 29

Repeat to normalise

People are gradually trained to endure situations they would have previously considered unacceptable

Availability of cash in ATMs worsens in few cities, reveals note ban survey

The finding is conducted by LocalCircles citizen engagement platform

Currency returned to RBI post-note ban being calculated: Jaitley

The finance minister did not specify a time-frame for the same

The government-RBI tango that set the stage for note ban

2016 turned out as the most momentous year for the RBI after inception

Note ban made honest, hardworking taxpayers suffer: Parliamentary committee

New Delhi, 10 AprilA Parliamentary committee has said that the objective of Narendra Modi government's decision to demonetize Rs 500 and Rs 1,000 currency notes may have been to curb corruption but in the process "honest, hardworking and tax paying citizens of India were made to suffer."In its 233rd report tabled in the Rajya Sabha today, the Committee on Subordinate Legislation also said that the decision was an effort to combat corruption, tax evasion, counterfeiting and black money. But it was "inevitably" it was the low income and rural households that were hardest hit by the currency reform. It said that demonetization "weighed heavily on the country's manufacturing sector". The committee recognized that the Finance Ministry took steps to mitigate the effects, "it cannot be ignored that it created significant disruption throughout the economy and threatened economic output."The Committee on Subordinate Legislation scrutinizes whether the executive's power, as delegated to it by ..

Note ban: Loans, card payments over Rs 2 lakh in cash must be shown in ITR

New ITR form provides separate column to disclose such payments during demonetisation

Old notes disguised as books being sent abroad via courier: Customs

People were found trying to send old notes abroad by falsely declaring them as books

Note ban: 1.8 mn accounts being probed for large deposits, says Jaitley

With digitisation, the risk of tampering of technology also increases, says Arun Jaitley

Demonetisation is positive in medium term, says Asian Development Bank

With more people channelising their savings in banks, it will have more money to lend at lower rate

No plans to demonetise Rs 2,000 notes, says Govt

We are seizing fake currency, we should not go by such rumours, says Kiren Rijiju