Page 12 - Demonetisaton

Note ban takes away Pakistan cotton export relief cushion

According to the Indian cotton industry, Pakistan might import 700,000-800,000 bales in 2016-17

Deadline for cash wage payments to Assam's tea garden workers ends Saturday

Cash wage payments to switch to e-payment; infrastructure issues as big as ever, with talks on for alternatives to ATMs

Private wealth on course to touch Rs 558 trillion by 2022

In the long-run, the country is expected to outshine its emerging market peers, including China, owing to changing positive dynamics

Demonetisation: Farmers finding it tough to repay crop loans, Odisha CM to PM

Currency chest branches of commercial banks are unable to provide notes to DCCBs to cope with demands of farm families at PACS

Demonetisation will help SMEs in long-run, says Federal Bank

Expects 50 basis point reduction in rates due to demonetisation, said Bank MD Shyam Srinivasan

Rs 70 cr cash, 170 kg gold seized at airports in India post note ban

The seizures were made by various agencies after the CISF provided them tip-offs about the passengers carrying cash and gold.

Demonetisation pulls down wholesale inflation to five-month low of 3.15% in Nov

Food inflation declined to 1.25% from 3.31% due to demonetisation-enforced cash crunch

Exemptions not extended: Old Rs 500 notes not acceptable from Dec 15 midnight

People can use old Rs 500 notes for paying utility bills or buying medicines till tomorrow mid-night as the government has decided not to extend exemptions beyond December 15. At the same time, mobile recharge facility with old Rs 500 notes will not be available. However, people can deposit invalid Rs 500 currency in their bank accounts. "Exemptions for use of old Rs 500 notes will end on December 15 midnight," Economic Affairs Secretary Shaktikanta Das tweeted. That means old 500 currency notes will not be acceptable at medicine shops and for paying public utility services such as payment of electricity and water bill etc. The government had already withdrawn some of the relaxations like booking railway or plane tickets and payment at petrol pump and toll plaza by using the old Rs 500 notes. While cancelling legal tender of 500 and 1,000 notes on November 8, the government had allowed them to be used for utility bill payments for the first 72 hours. This deadline was extended ...

Long queues continue at banks, ATMs run dry after 3-day long weekend

The situation at bank branches has not improved as ATMs are still not dispensing adequate cash

Gaya based Industrialist's Rs 9 cr bank transaction under IT scanner

Income Tax sleuths raided three premises of the industrialist who owns Moti Lal Cotton Pvt Ltd in Pattua Toli locality

Over Rs 1 crore in Rs 2,000 currency notes seized in Thane, three detained

On Monday evening, two persons were held in neighbouring Navi Mumbai with Rs 23.70 lakh

Gurgaon man held with Rs 7.92 lakh in new currency notes of Rs 2,000 denomination

The accused was arrested around 8:30 am after they intercepted a car at Rajeev Chowk on Delhi-Gurgaon Expressway following on a tip-off

Demonetisation: Rajasthan Police recovers Rs 4 lakh in new currency

The accused had come to exchange new notes with old ones against a 35% commission

How co-operative societies outsmart the taxman

Financial Intelligence Unit data show many of these societies have become the biggest draw for laundering money

Oil firms, railways to stump up Rs 2,425-crore cashless freebies

Offering free insurance to passengers to cost railways Rs 25.2 crore

In TN, Centre's digital transaction push falls flat in wake of Cyclone Vardah

Online transactions have been affected severely due to lack of internet connectivity and electricity; essential goods remain out of reach of cashless public

Retain CCTV footage from Nov 8-Dec 30: RBI to banks

Banks have been asked to preserve the CCTV recordings of operations at bank branches and currency chests post demonetisation

Demonetisation: RBI seeks details of fake notes from banks

To ascertain the amount of counterfeit currency, the Reserve Bank has asked all banks to send details of all fake notes detected during exchange and deposits of defunct old high-value notes post demonetisation. Banks are required to send details of fake currencies in three different dates, the first of which is December 16. The RBI in an advisory issued to banks earlier had said that banks needed to daily report the counterfeit notes detected from specified bank notes (i.E. Scrapped old Rs 500 and Rs 1,000 notes) received by them till December 30, 2016. "In continuation by the same, the banks are advised to send branch-wise report on detection of counterfeit notes," the RBI said in a notification. For counterfeit notes detected between November 10 to December 9, banks need to furnish the report in a specified sheet prescribed by the RBI on December 16. For reporting period December 10-16, the details are to be sent on December 23; while for December 17-30 period, RBI has asked ...

FPIs shunning Indian debt for other markets

At Rs 43,024 cr and climbing, sales may gain momentum after this week's US rate hike

Demonetisation raises Bitcoin exchanges' hope

Exchanges believe its legal status may now change, with the government pushing for digitised transactions