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.
Given the dominance of cash in everyday transactions it was inevitable that demonetization would temporarily affect economic activity, said IMF Deputy Managing Director Tao Zhang.
Gandhi is on a five-day trip to the Southeast Asian countries. He began the Malaysia leg of his visit today and interacted with an "enthusiastic gathering" of Indian diaspora in Kuala Lumpur.
Improvement in private consumption, increase in capacity utilisation and private capex cycle revival will be driving higher growth, a report by HDFC Bank's economists said.
The Income Tax department and Enforcement Directorate have been apprised of the recovery of the demonetized currency for further investigation.
In its annual report for 2016-17 released on August 30 last year, the RBI said Rs 15.28 lakh crore, or 99 percent of the demonetised notes, had returned to the banking system.
Of the 58 companies in the list, 18 had deposited around Rs 10,000 crore, each contributing over Rs 100 crore. The remaining companies deposited over Rs 25 crores each, totaling more than Rs 1,000 crores.