From chaos in Parliament to acquisition by Bharat Forge: 5 key developments

In other news, banks to exchange notes only for own customers today

Business Standard brings to you a list of five key developments across the country.
 
Demonetisation continues to stall Parliament

The stand-off on the way demonetisation had been handled persisted on Friday. The Bharatiya Janata Party (BJP) demanded that Opposition leader Ghulam Nabi Azad apologise to the nation for equating people dying in Uri as a result of Pakistan’s attacks with those who had died as a result of the stress brought on by the need to exchange currency notes. The Congress refused to apologise and rallied behind Azad. It also joined the rest of the Opposition in demanding that Prime Minister Narendra Modi come to the House to reply.

ALSO READ: Demonetisation stand-off continues in Parliament

Banks open today, but only senior citizens can exchange old notes

Indian Banks’ Association (IBA) on Friday said banks on Saturday will not exchange old Rs 500 and Rs 1,000 notes with the new ones to perform other banking related duties, which have been on hold since November 8. Senior citizens would be exempted from this restriction. However, a customer can still withdraw and deposit money at the counters. A customer can withdraw up to Rs 24,000 in a window of seven days, starting from the first day of withdrawal.


 
I-T department summons Tata Trusts officials 

The Income Tax (I-T) department has summoned top officials of the Tata Trusts to explain the misuse of tax exemption granted to the trusts for charitable purposes. The Tata Trust officials, who were summoned on Friday, sought more time and are expected to meet tax officials next week.

 
Situation after demonetisation serious, fears riots: SC

The Supreme Court on Friday refused to stop high courts from entertaining petitions challenging the Centre’s demonetisation notification saying that people were seriously affected and doors of courts cannot be shut in a situation which “may lead to riots”.

 
Bharat Forge buys Walker Forge Tennessee

World’s largest forging company Bharat Forge, group company from Kalyani Group on Friday announced the acquisition of US-based Walker Forge Tennessee for a value of $14 million. The acquisition highlights the need for the company to diversify its portfolio in the US. This proposed acquisition is focused establishing its manufacturing footprint in North America and on increasing product offering into the passenger Car and Commercial Vehicle segments as well into industrial sectors such as Construction & Mining and allied industries. This will also enable them to expand their presence in North America.