Demonitisation Of Notes

The government today said demonetisation of high-value currency notes in November 2016 achieved the objectives "quite substantially", even as the RBI report outlined that 99.3 per cent of junked notes came back to banks.

Senior Congress leader P Chidambaram today slammed the government after the RBI said that as much as 99.3 per cent of the demonetised Rs 500 and Rs 1,000 notes have returned to the banking system, saying the Indian economy had suffered due to the notes ban by way of job loss, closure of industries and the GDP growth.

Three persons were arrested today and demonetised notes worth Rs 3.36 crore were seized from them in Surat's Khatodara locality, police said.

A former sugar mill manager allegedly shot himself after being pressured by a retired IAS officer to get demonetised currency notes worth Rs 10 crore exchanged in a village in Shamli district, police said today.

The Crime Branch personnel seized Rs 1.68 crore in old notes in Rs 500 and Rs 1,000 denominations from the accused

Madhya Pradesh Chief Minister Shivraj Singh Chouhan today claimed that Rs 2,000 notes were vanishing from the market, and alleged that there was a "conspiracy" behind it.

Demonitisation was one of the crucial decisions of the Modi government against the black money and now the country is progressing towards a digital economy, Commerce and Industry Minister Suresh Prabhu said today.

The returned Rs 500 and Rs 1,000 bills are being "processed in all earnest," the apex bank said.

The government has struck off the names of more than 2.24 lakh companies suspected of being shell companies.

Over the past year, the market has been hit by significant "jolts" in the form of three major market reforms -- demonetization, BSIII/BSIV and GST,

"At no point during my term was the RBI asked to make a decision on demonetisation," the former RBI governor said.

The RBI in its annual report yesterday said banks received Rs 15.28 lakh crore, or 99 per cent of the currency invalidated.

Former finance minister P Chidambaram today used the Reserve Bank of India figures to lash out at it, saying one per cent of the demonetised notes not coming back to the central bank was a "shame on RBI".

The Reserve Bank had received the last tranche of scrapped currency notes of Rs 500 and Rs 1,000 in July.

The Congress took a swipe at the government for the central bank still counting currency notes banned last year, with Rahul Gandhi suggesting that the government needed lessons in mathematics. Former Finance Minister P Chidambaram too wondered why the bank wanted to buy more currency counting machines when it could lease them.

The government today said demonetisation of high-value currency notes in November 2016 achieved the objectives "quite substantially", even as the RBI report outlined that 99.3 per cent of junked notes came back to banks.

Senior Congress leader P Chidambaram today slammed the government after the RBI said that as much as 99.3 per cent of the demonetised Rs 500 and Rs 1,000 notes have returned to the banking system, saying the Indian economy had suffered due to the notes ban by way of job loss, closure of industries and the GDP growth.

Three persons were arrested today and demonetised notes worth Rs 3.36 crore were seized from them in Surat's Khatodara locality, police said.

A former sugar mill manager allegedly shot himself after being pressured by a retired IAS officer to get demonetised currency notes worth Rs 10 crore exchanged in a village in Shamli district, police said today.

The Crime Branch personnel seized Rs 1.68 crore in old notes in Rs 500 and Rs 1,000 denominations from the accused

Madhya Pradesh Chief Minister Shivraj Singh Chouhan today claimed that Rs 2,000 notes were vanishing from the market, and alleged that there was a "conspiracy" behind it.

Demonitisation was one of the crucial decisions of the Modi government against the black money and now the country is progressing towards a digital economy, Commerce and Industry Minister Suresh Prabhu said today.

The returned Rs 500 and Rs 1,000 bills are being "processed in all earnest," the apex bank said.

The government has struck off the names of more than 2.24 lakh companies suspected of being shell companies.

Over the past year, the market has been hit by significant "jolts" in the form of three major market reforms -- demonetization, BSIII/BSIV and GST,

"At no point during my term was the RBI asked to make a decision on demonetisation," the former RBI governor said.

The RBI in its annual report yesterday said banks received Rs 15.28 lakh crore, or 99 per cent of the currency invalidated.

Former finance minister P Chidambaram today used the Reserve Bank of India figures to lash out at it, saying one per cent of the demonetised notes not coming back to the central bank was a "shame on RBI".

The Reserve Bank had received the last tranche of scrapped currency notes of Rs 500 and Rs 1,000 in July.

The Congress took a swipe at the government for the central bank still counting currency notes banned last year, with Rahul Gandhi suggesting that the government needed lessons in mathematics. Former Finance Minister P Chidambaram too wondered why the bank wanted to buy more currency counting machines when it could lease them.