Congress holds protest march from Jantar Mantar to the Reserve Bank of India (RBI) office as a part of the Jan Vedna campaign against the government's demonetisation move. Stay with us for updates.
Congress leader Rahul Gandhi today compared Prime Minister Narendra Modi to Roman emperor Nero and then accused him of banning high-value notes to benefit e-wallet companies like Paytm, ANI reported.
Government will waive service tax on debit and credit card transactions of up to Rs 2,000 in a bid to promote digital transactions amid cash crunch following withdrawal of old Rs 500 and 1,000 banknotes.
10:56 AM (IST)
Demonetisation has negative impact as well. Industries are suffering, people are losing jobs
Mohd Akhtar, a roadside biryani seller in East Delhi, heard the word Paytm for the first time about three weeks ago. Slowly and cautiously, the migrant from Bihar has embraced the world of mobile wallet business.
Uttar Pradesh became first state in the country to announce compensation for family of those who died under the impact of the demonetization move after November 8, including those who lost their lives standing in queues in front of banks and ATMs.
09:05 AM (IST)
Chief Ministers Shivraj Singh Chouhan (Madhya Pradesh), Devendra Fadnavis (Maharashtra), Navin Patnaik (Odisha), Pawan Kumar Chamling (Sikkim), V Narayanasamy (Puducherry) and NITI Aayog Vice-Chairman Arvind Panagariya, among others, are members of the panel. RBI Governor Urjit Patel and CMDs of banks have been invited to attend the meeting and share their experiences post the November 8 demonetisation drive.
09:04 AM (IST)
Chief minister's panel on demonetisation headed by Andhra Pradesh CM Chandrababu Naidu to meet at RBI headquarters in Mumbai today.
The agency received tipoffs from the Income Tax department which has specific information on banks receiving huge deposits of unaccounted income in shell companies and Jan Dhan accounts.
Upset over the manner in which demonetisation has been implemented, Frank Hans Dannenberg Castellanos, dean of diplomatic corps which represents 157 foreign missions here, has said the buck stopped at PM Modi's door and he should intervene to resolve the issue soon.
Finance minister Arun Jaitley said on Wednesday that demonetisation indicated a shift in the policymaking psychology and the transitory pain was "regrettable" but would lead to a "cleaner economy and better GDP growth in the long run".
Between November 8 and 15, the total deposits in Jan Dhan accounts were Rs 20,206 crore. In the second week since demonetisation, between November 16 and 22, it was Rs 11,347 crore while in the third week between November 23 and 30, it was Rs 4,867 crore.
The diagnosis was correct: Black money has been Indian society and business's bane. The prescription wasn't wrong: Replacement of high-value currencies to shut out hoarding black money in cash. It's the administering of the pill that seems to have gone wrong, maybe very wrong.
Digital wallets and payments ventures riding the demonetisation wave are seeing initial growth numbers fade. Companies say while the dramatic surge of the first 10 days post the note ban is over, the cash crunch continues to fuel demand.
In a bid to defuse opposition protests over the implementation of demonetisation and the distress it has caused, Union Finance Minister Arun Jaitley on Wednesday said that Prime Minister Narendra Modi has 'broad shoulders' to face the consequences of the move.
Government on Wednesday asked the opposition in Rajya Sabha to "honestly" say whether they wanted a debate on demonetisation and asked them not to impose "unreasonable and impossible" conditions, as the proceedings were disrupted amid unabated noisy protests on the issue.
Reserve Bank of India's deputy governor R Gandhi on Wednesday claimed that the decision to demonetising Rs 500 and Rs 1,000 notes was taken after detailed deliberations and not in haste.
05:17 PM (IST)
More money in banking system, more capacity of banks to support economy, more transactions under taxation post demonetisation.
Arun Jaitley
05:16 PM (IST)
Decision of this kind has pain in transition, which is regrettable but had been factored in: @arunjaitley on #demonetisation.
ED tab eye on those accounts in which huge amount of money is deposited at one time: ANI quoting ED Sources
We have started checking up those account who have suspicious transaction post demonetisation: ED Sources
05:41 PM (IST)
RBI will shortly issue Rs 100 banknotes without inset letter in both the numbering panels. Old Rs 100 to continue as legal tender: RBI
03:21 PM (IST)
Directed all the ministries/departments of the Government of India to ensure the same with immediate effect: Finance Ministry
03:21 PM (IST)
Any payment above Rs 5,000 to suppliers, contractors, grantee/loanee institutions etc by government departments to be made now through e-payment, finance ministry says
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