Nabard saw nothing unusual in the scrapped Rs 500 and Rs 1,000 notes (worth Rs 746 crore) deposited or exchanged during November 10-14, 2016, and said that only 1.6 lakh out of 17 lakh account holders deposited the amount at an average of Rs 46,795.
The overall credit exposure has shown the highest growth in last five quarters at Rs 54.20 lakh crore as on March 31, 2018, with micro, small and medium enterprises (MSMEs)segment constituting Rs 12.6 lakh crore (23 per cent) of the commercial credit outstanding, the 'MSME Pulse Quarterly Report' by TransUnion CIBIL-SIDBI showed today.
A day after demonetisation was announced, he had said in Parliament that it would lead to a cut in the growth rate by 1.5 percent, Chidambaram recalled.
At the same time, the total currency put in circulation by the Reserve Bank has also more than doubled to over Rs 19.3 lakh crore -- from a low of about Rs 8.9 lakh crore post- demonetisation.
Many of these companies are suspected to have been used for illegal fund flows
On the fourth anniversary of the Modi government, the Congress has announced that they will observe “Vishwasghat Divas” or Betrayal Day across the country “to highlight the failure of pre-poll promises and misgovernance of the BJP-led government
Modi, on November 8, 2016, had announced demonetisation of high value currency notes. Indian currency is widely used in Nepal for day-to-day transactions, especially in the border areas.
Listen in to this podcast as we take a closer look at the evolution of digital payments ecosystem in India since demonetisation
The ratings agency, however, cautioned on the possible widening of the current account deficit (CAD) due to rising oil prices which was creating pressure on the currency.
RTI applicant R L Kain had on November 15, 2016 filed an appeal seeking information on the printing of currency notes and other matters after the government had announced its decision of demonetisation.
Holding placards, the sloganeering demonstrators held protests near the Reserve Bank of India (RBI) as well as other nationalised bank offices in the state capital.
The commitment to have Housing for All by 2022 is ambitious, but not impossible. Main challenge is shortage of land across Indian cities. Easing building density restrictions is another way to ease pressure immediately
"In India, a return to a gradual path of growth-friendly fiscal consolidation is desirable to create fiscal space, but full and smooth implementation of the new goods and services tax is necessary to avoid tax revenue underperformance resulting in cuts to capital expenditures," the IMF said.
In the wake of cash crunch in some parts of the country, he also said there was a possibility that people have lost confidence in the banking system due to the "bank scams" and they were not putting their surplus money into the banks.
Rituraj Sinha, Group MD of the country's second largest cash logistics player SIS, says that Rs 200 and Rs 100 denomination notes should be pushed to rectify the problem.
The Congress chief, who is in his Parliamentary constituency Amethi, took to Twitter to attack Modi, alleging he "snatched" the Rs 500 and Rs 1000 currency notes from every Indian's pocket and "gave" it to Nirav Modi, but was neither speaking a word about it nor facing Parliament.
On November 8, 2016, the Centre banned Rs 500 and Rs 1,000 currency notes to curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activities and terrorism.
Rajan said that the negative effects of demonetisation have already been seen, whereas the positives stemming from it, if any, will only be visible in the future.
With demonetisation, GST, RERA, insolvency bill, GST rates on affordable housing coming down, the real estate market will see a turnaround. There will be a more rationalized market
Highlighting the achievements of the IT department in Karnataka during 2017-18, the principal chief commissioner of Income Tax (Karnataka-Goa region) Rajnish Kumar said post- demonetisation, the department had received lot of data and its analysis helped them track many defaulters.
In a written reply to the Rajya Sabha on Tuesday, which was made available today, he said that at the time of demonetisation, on November 8, 2016, high denomination notes of Rs 500 and Rs 1,000 amounting to Rs 15.44 lakh crore were in circulation.
Murthy was speaking on the government's demonetisation of high value banknotes in November 2016 at a session with students of Presidency University here.
Sinha made these remarks at the launch of a book, Demonetization and the Black Economy, by economist Arun Kumar, who has been critical of the exercise. Suspended BJD MP Baijayant 'Jay' Panda and Congress leader Prithiviraj Chavan were also participating in the panel discussion.
The central bank had earlier estimated the value of old Rs 500 and Rs 1,000 notes received, as on June 30, 2017, at Rs 15.28 trillion.
According to a white paper by ACI Worldwide along with AGS Transact Technologies (AGSTTL), digital transactions in India could be worth USD 1 trillion annually by 2025, with four out of every five transactions being made digitally.