The debate over the achievements of demonetization is not settled yet. Ever since the Reserve Bank of India put out its annual report which revealed that close to 99 per cent currency returned to the banks, political parties such as Congress, CPI(M) and TMC have attacked the government and asked Prime Minister Narendra Modi to apologise for undertaking a move that disrupted the country's growth momentum. Senior politicians like P Chidambaram and Mamata Banerjee called the demonetization a big scam which facilitated the conversion of black money. Their argument is fairly simple. They say that the government had expected dividend of close to Rs 4-5 lakh crore, however, the RBI data shows it got just Rs 16,050 crore. So, was it wise decision to lose one per cent GDP for just Rs 16,000 cror...
Sebi today said steps taken by it on P-notes are “sufficient enough” to address the concerns of SIT on black money, but the regulator is open to further suggestions, even as it asserted that consistent tightening of norms have made these instruments less attractive. “The consistent tightening of Offshore Derivative Instrument (ODI) norms by Sebi has not only been through increased compliances but also improved transparency,” the regulator said after its board meeting where the issue was also discussed. Over the years, foreign portfolio investments through ODIs, popularly known as Participatory Notes (P-notes), has come down significantly. The regulator said the simultaneous liberalisation in registration process of foreign portfolio investors has made the P-notes “less attractive vi
Contending that black money had “destroyed” the country, Prime Minister Narendra Modi Thursday reached out to the youth, asking them to fight against it along with social problems like caste discrimination, untouchability and harassment of women. Hailing the youth for their contribution to various aspects of the society, he pitched for new thinking while underlining the need for channelising the tremendous energy of the young people and preventing them from getting misled. The Prime Minister asked the youth to focus on six social challenges — ending of illiteracy, insensitivity, perverted thinking, failure to rise above caste considerations, ill-treatment of women and callous attitude towards the environment. “Black money has destroyed the country… Recently we took a major dec
Hailing Prime Minister Narendra Modi for demonetising Rs 1,000 and Rs 500 currency notes, Yoga guru Baba Ramdev today said printing of Rs 2,000 currency notes should also be stopped in future. ”The adverse effect of high denomination currency is evident as the fake currency in the denomination of Rs 2,000 notes has arrived (in the market). The bigger value note has the same problem for which Modiji has scrapped the other ones,” Ramdev told reporters here. “Fake currency note in high denomination is convenient for printing, transportation and difficult to trace. I feel the printing of Rs 2,000 note should be stopped in future,” he added. “In future, wherever there will be a strong need, cash should be used otherwise we should move towards a cashless economy. As we move ahead towa
PM Narendra Modi reached out to the young NRIs by calling them a valuable partner in the journey of development as he delivered the keynote address at the 14th Pravasi Bharatiya Divas in Bengaluru. While lauding the Indian diaspora for extending their support in the government’s fight against corruption and black money, Modi urged them to first develop India by investing and contributing its expertise in the land of its origin. Catch the highlights here: – Remittance of close to 69 billion dollars annually by overseas Indians makes an invaluable contribution to the Indian economy. We want to turn ‘brain-drain’ into ‘brain-gain’ and your support in this is very important. – NRIs and PIO have made outstanding contributions. Among them are politicians of great stature, scienti
Narendra Modi Speech Highlights: Indian Prime Minster Narendra Modi addressed citizens of the nation on New Year’s Eve, 31st December 2016. PM Modi had addressed public after the end of his 50st-day trial period of demonetisation came to an end on December 30. After demonetisation, Modi had said: “Help me for 50 days and I will give you the India you desired.” Here are the top initiatives PM had announced: For rural poor Home loans in villages up to Rs 2 lakh to get 3% interest exemption, available for building a new house or expanding an old one. In this fight against corruption and black money, it is clear that you wish to walk shoulder to shoulder with us 33% more homes to be built in rural areas under the Pradhan Mantri Awas Yojana (PMAY). 30 million Kis
To understand this lets take an example - you are walking on a road. A thorn pierces your heel and the thorn contains a sort of slow poison, though you are not aware of this and ignores it thinking of it as a small issue. Now you feel pain therefore takes a pain killer. However, even after taking the pain killer, the pain returns after a couple of days. You take a double dose of the pain-killer, but again the pain returns after a week. Now, the pain killers are of no use whatsoever. The poison has become stronger with time. Meanwhile you also noticed swelling in your heels so you decide to go to a doctor. The doctor takes a scan and a test and says that the thorn had a slow poison which has now slowly started infecting your blood. However, there is still hope. The doctor says that the poi...
India has decided to end the use of Rs500 and Rs1,000 currency notes from Nov. 09. During a televised address late today (Nov. 08), prime minister Narendra Modi said that the drastic measure was taken to curb the flow of black money and prevent the counterfeiting of notes in Asia’s third-largest economy. The government will issue new Rs500 and Rs2,000 denomination notes. Account holders can deposit Rs500 and Rs1000 notes in banks and post offices over the next 50 days with proof of identification such as a PAN card or an Aadhaar card. ATMs in India won’t operate on Nov. 09 and Nov. 10 to facilitate the replacement process. Banks will also remain closed to the public on Nov. 09. This is, so far, the biggest move made by the Modi government to stop the circulation of illegal
We have been trying to find colour in this bicolored black and white world. When it comes to the colour of money, it gets more covert and enthralling. We have been hearing about lakhs and thousands of crores of “black money” being amassed away in “benaam” bank accounts, “chupa rustam” lockers, tax havens and even in big boots of imported bravura cars of loaded businessmen, corrupt officials, mafias and some “honest” politicians. So what does this term “Black Money” or “Kala Dhan” which we habitually hear our society use for anyone who lives a lavish lifestyle actually mean? Where does it come from? Where can it be used? As Wikipedia suggests, “Black money refers to funds earned on the black market, on which income and other taxes have not been paid.” Sounds tricky, right? I be