Former Prime Minister Manmohan Singh on Monday cautioned the “hasty” implementation of the goods and services tax (GST).
Eight months on, no argument advanced by the government or its backers in favor of demonetisation has been validated by any authority.
According to the RBI data, Rs 100 notes in March made up Rs 2.5 lakh crore, or 19.3 per cent of the total notes in circulation.
While the jury is out on the costs and benefits of demonetisation, for the RBI at least, the note ban was one of the key reasons for lower profits.
“Rs 16000 cr out of demonetised notes of Rs 1544,000 cr did not come back.That is 1%. Shame on RBI which ‘recommended’ demonetisation,” Chidambaram said.
Number of Tax Payers added after demonetization – Clarification regarding number of Taxpayers added after Demonetization
The Reserve Bank of India (RBI) has stopped printing the Rs 2,000 currency notes and will not be bringing new notes of that denomination in the current financial year.
The Supreme court said that the plea of those who had genuine difficulties in exchanging old currency due to demonetisation must be considered.
Reddy is also against recapitalising public sector banks from the RBI’s reserves. Edited excerpts:
Maharashtra government said it would give farmers Rs. 10,000 cash to meet their immediate needs. But the legacy of demonetisation has stalled the cash handout.
State Bank of India (SBI), has expressed apprehensions that demonetisation may continue to result in slowing down of the economy.
Government authorities have detected 18 lakh cases after demonetisation where the income profiles of people do not match their account profile.
CTBT Press Release on Income Tax Department’s Operation Clean Money gets Overwhelming Response
Fake Rs 2,000 bills are entering India through Bangladesh, three months after the newly minted banknote was introduced as an upshot of the central government’s demonetisation drive to fight corruption, counterfeiting and terrorist funding.
Limit on Cash Withdrawals from SB Accounts raised to 50, 000 per week – Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts – Reserve Bank