High Value Currency Demonetisation

Fifty lakh men lost their jobs in the past two years beginning November 2016, when Prime Minister Narendra Modi announced an overnight ban on high value currency, according to a new report. The timing of the start of the decline in jobs coincides with demonetisation but no "causal link" can be established based on the available data, says the repor...

The printing of Rs. 2,000 notes, which debuted after Prime Minister Narendra Modi's shock demonetisation move in 2016, has been reduced to the "minimum" by the Reserve Bank of India (RBI), a top finance ministry official said today amid reports that it is being phased out.

The RBI has said that Rs 500 and Rs 1,000 notes, returned to banks when the government demonetised high value currency 15 months ago, are still being "processed for their arithmetical accuracy and genuineness"

The demonetisation of high value currency notes along with a series of other reform measures have resulted in formalising a large part of the Indian economy, Prime Minister Narendra Modi said today in the Philippines capital Manila.

Prime Minister Narendra Modi tweeted a seven-minute film early on Wednesday morning that he said encapsulates "the benefits of demonetisation," also stating that "125 crore Indians fought a decisive battle and WON." A year ago today, the Prime Minister had suddenly banned high value notes yanking 86 per cent of the currency in circulation at the ti...

In his speech on November 8 last year, announcing the ban on high value currency, Prime Minister Narendra Modi set out the reasons for the dramatic move - striking a blow against black money, terrorism and fake currency.

External Affairs Minister Sushma Swaraj has ruled out any new window of opportunity for NRIs or people of Indian-origin to deposit their high value Indian currency which was declared illegal after the demonetisation policy, a statement said on Tuesday.

Hinting that the RBI's latest revelations on demonetisation pointed to a "big scam", West Bengal Chief Minister Mamata Banerjee on Wednesday claimed the entire exercise of banning high value currencies was a "total flop show' and demanded a thorough investigation on the issue while urging the Supreme Court to provide justice to people.

The parliamentary panel on finance is likely to finalise its report on demonetisation of high value currency notes tomorrow, sources said.

The Income Tax Department has seized cash and valuables totalling Rs 600 crore in search and survey operations post demonetisation of high value currency notes of Rs 500 and Rs 1000. Based on intelligence reports, the department carried out searches and surveys in over 1,100 cases during the two-month period ending January 10 leading to seizure of ...

The factory output, measured in terms of Index of Industrial Production (IIP), had contracted by 0.1 per cent in December on account of cash crunch following demonetisation of high value currency notes.

The demonetisation of high value currency notes of Rs 500 and Rs 1,000 announced on November 8 led to scrapping of Rs 15.4 lakh crore from the system.

On the sectoral impact of demonetisation, the survey said agriculture, cement, fertilizers, automobile, textiles, real estate and retail will have negative impact.

December 19 was the last time the RBI gave any information on how much of the demonetised currency was back. Even the tally on new notes circulated are not available.

As it analyses bank deposits post-demonetisation, the government has found that an estimated Rs 3-4 lakh crore of tax-evaded income could have been deposited during 50-day window provided to get rid of scrapped high value Rs 500/1000 notes.

Fifty lakh men lost their jobs in the past two years beginning November 2016, when Prime Minister Narendra Modi announced an overnight ban on high value currency, according to a new report. The timing of the start of the decline in jobs coincides with demonetisation but no "causal link" can be established based on the available data, says the repor...

The printing of Rs. 2,000 notes, which debuted after Prime Minister Narendra Modi's shock demonetisation move in 2016, has been reduced to the "minimum" by the Reserve Bank of India (RBI), a top finance ministry official said today amid reports that it is being phased out.

The RBI has said that Rs 500 and Rs 1,000 notes, returned to banks when the government demonetised high value currency 15 months ago, are still being "processed for their arithmetical accuracy and genuineness"

The demonetisation of high value currency notes along with a series of other reform measures have resulted in formalising a large part of the Indian economy, Prime Minister Narendra Modi said today in the Philippines capital Manila.

Prime Minister Narendra Modi tweeted a seven-minute film early on Wednesday morning that he said encapsulates "the benefits of demonetisation," also stating that "125 crore Indians fought a decisive battle and WON." A year ago today, the Prime Minister had suddenly banned high value notes yanking 86 per cent of the currency in circulation at the ti...

In his speech on November 8 last year, announcing the ban on high value currency, Prime Minister Narendra Modi set out the reasons for the dramatic move - striking a blow against black money, terrorism and fake currency.

External Affairs Minister Sushma Swaraj has ruled out any new window of opportunity for NRIs or people of Indian-origin to deposit their high value Indian currency which was declared illegal after the demonetisation policy, a statement said on Tuesday.

Hinting that the RBI's latest revelations on demonetisation pointed to a "big scam", West Bengal Chief Minister Mamata Banerjee on Wednesday claimed the entire exercise of banning high value currencies was a "total flop show' and demanded a thorough investigation on the issue while urging the Supreme Court to provide justice to people.

The parliamentary panel on finance is likely to finalise its report on demonetisation of high value currency notes tomorrow, sources said.

The Income Tax Department has seized cash and valuables totalling Rs 600 crore in search and survey operations post demonetisation of high value currency notes of Rs 500 and Rs 1000. Based on intelligence reports, the department carried out searches and surveys in over 1,100 cases during the two-month period ending January 10 leading to seizure of ...

The factory output, measured in terms of Index of Industrial Production (IIP), had contracted by 0.1 per cent in December on account of cash crunch following demonetisation of high value currency notes.

The demonetisation of high value currency notes of Rs 500 and Rs 1,000 announced on November 8 led to scrapping of Rs 15.4 lakh crore from the system.

On the sectoral impact of demonetisation, the survey said agriculture, cement, fertilizers, automobile, textiles, real estate and retail will have negative impact.

December 19 was the last time the RBI gave any information on how much of the demonetised currency was back. Even the tally on new notes circulated are not available.

As it analyses bank deposits post-demonetisation, the government has found that an estimated Rs 3-4 lakh crore of tax-evaded income could have been deposited during 50-day window provided to get rid of scrapped high value Rs 500/1000 notes.