Tag: Demonetisation

Kendrapara: Stiff guidelines set by the RBI for withdrawal of Rs 2.5 lakh for a marriage have made it difficult for banks to disburse the amount, making the government’s move to ease cash crunch for wedding families a non-starter. Though bankers received procedural circular in this regard on Tuesday, withdrawal for wedding purpose is yet […]

Kendrapara: The Odisha Police today seized scrapped Rs 1,000 denomination notes worth Rs 25 lakh after intercepting a car in Kendrapara district. Acting on specific information, the demonetised cash was seized and a Cuttack-based Jewellery trader was detained, Inspector Kendrapara Police station, Sanjeev Mohanty said. “We are examining whether the scrapped notes were black money […]

Bhubaneswar: Chief Minister Naveen Patnaik today asked Prime Minister Narendra Modi to exempt the provision of PAN Card number for people belonging to Scheduled Areas of Odisha for bank deposits beyond Rs 50,000. “I would request your good office to kindly exempt the Scheduled Area of our state from the insistence on PAN Card number […]

Bhubaneswar: With touts exploiting people in rural and unbanked regions of the state in the aftermath of the demonetisation, the Odisha government today decided to provide banking service at gram panchayat offices. The decision in this regard was taken at a high level meeting presided over by Chief Minister Naveen Patnaik here. “The panchayat offices […]

Utterances by politicians – and economists – on the second ‘death anniversary’ of the Rs. 1000 note have been on predictable lines. Depending on which side of the political divide they are, these wise heads have either been heaping praise on the Modi government for this ‘bold’ move that allegedly marked a ‘turning point’ in […]

By Sandeep Sahu In the one month since Prime Minister Narendra dropped the bombshell called ‘demonetization’ on an unsuspecting people, the ‘official’ objective of the mammoth exercise that has affected the economic activity of every single Indian has changed from a ‘battle against black money’ to a ‘movement towards a cashless economy’ – something that […]

By Sandeep  Sahu Marriages, they say, are made in heaven. But if you are unfortunate enough to be getting married between now and December 30, 2016, your marriage will be made in the Reserve Bank of India (RBI) boardroom! That, in short, is the key takeaway from the elaborate set of guidelines issued by the […]

By Sandeep Sahu It is a bewildering world out there. Forget the layman, even seasoned hacks of top notch media houses have been overwhelmed by the avalanche of misinformation, disinformation and motivated propaganda unleashed in both the mainstream and social media ever since Prime Minister Narendra Modi stunned the nation with his announcement about the […]

By Sandeep Sahu Indians are nothing if not ingenious. Trust them to turn adversity into a business opportunity. One just has to look at the innovative ways some people have devised to work around the ban on Rs 500 & 1000 notes that came as a bolt from the blue for the nation on November […]

By Sandeep Sahu A disclaimer at the outset: this columnist is an illiterate in economics and financial matters. But since writing on something else would be nothing short of blasphemy on a day when the whole nation has been thrown into a tizzy following the announcement on the demonetization of currency notes of Rs 500 […]

New Delhi: Getting a leg-up from the demonetisation of Rs 500 and Rs 1,000 currency notes in November 2016, the share of e-Money in India’s payment systems grew to 21.5 per cent in 2017 from 0.8 per cent in 2012, according to a new report prepared by the Reserve Bank of India (RBI). With Rs […]

New Delhi: Despite a large growth in digital payments after demonetisation of Rs 500 and Rs 1,000 notes in 2016, cash is “deeply embedded” in the payment system in India, according to a new report from the Reserve Bank of India. At 11.59 per cent of Gross Domestic Product (GDP) India had a high cash […]

New Delhi: After the demonetisation of Rs 500 and Rs 1000 notes in 2016 pushed digital payments, Aadhaar-enabled electronic know your customer (eKYC) resulted in an exponential growth of such payments in the country, according to a new report by the Reserve Bank of India. Transactions in which both the payer and the payee use […]

New Delhi: The Commerce Ministry on Thursday formed an 18-member working group under the chairmanship of Ramesh Chand, member, Niti Aayog, for revision of the current series of the Wholesale Price Index (WPI). The base year for the current series is 2011-12 and since then significant structural changes have taken place in the economy, which […]

New Delhi: The Union Budget has “unnecessarily defensive strokes, drop catches and quite a few no balls”, Congress leader Shashi Tharoor said in Lok Sabha on Monday, slamming the government for allegedly not addressing key issues facing the economy, including farm distress, and raising fuel prices. Tharoor, who was initiating discussion on the Union Budget […]