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Currency Ban

Parliamentary committee to question RBI governor on cash crunch

Parliamentary committee to question RBI governor on cash crunch

Sun, Jan 08, 2017

A parliamentary committee, probing the government`s decision to scrap high-value bank notes, has sent the country`s central bank governor a list of questions on the demonetisation process and asked him to appear before it on Jan. 20.

Tax dept to rope in auditors to probe bank deposits

Tax dept to rope in auditors to probe bank deposits

Sun, Jan 08, 2017

With an estimated Rs 15 lakh crore back in the banking system post demonetisation, the income tax department is in talks with leading global tax consultants, including EY, KPMG and PricewaterhouseCoopers, for forensic audit of the data to see if any of it is laundered money.

IT department asks banks to report cash deposits in accounts from April-November

IT department asks banks to report cash deposits in accounts from April-November

Sun, Jan 08, 2017

The Income Tax department on Sunday asked banks to report on cash deposits in accounts from the period April 1 to November 9, 2016, Times Now tweeted.

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Demonetisation aftermath: Card swipes grow but sales recovery slow

Demonetisation aftermath: Card swipes grow but sales recovery slow

Wed, Dec 07, 2016

People have resorted to PM Modi’s much advocated ‘cashless’ transactions wherein high amount of payments are being made via credit or debit cards but this is slowing recovery of sales in other segments.

Demonetisation positive? Inflation could fall further, RBI says

Demonetisation positive? Inflation could fall further, RBI says

Wed, Dec 07, 2016

Inflation may come down marginally due to the withdrawal of higher denominations in November.

CBDT detects over 30 tax irregularity cases, seizes over Rs130 crore

CBDT detects over 30 tax irregularity cases, seizes over Rs130 crore

Tue, Dec 06, 2016

Detecting ‘serious’ irregularities while disclosing income, the Central Board of Direct Taxes (CBDT) on Tuesday said that over 30 such cases have been reported to the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED).

Now your Paytm wallet will become your Paytm Payments Bank account

Now your Paytm wallet will become your Paytm Payments Bank account

Mon, Dec 05, 2016

Digital wallet service company, Paytm owned by One97 Communications Ltd, said on Monday that it will be converted into Paytm Payments Bank after the company is granted licenses by Reserve Bank of India.

India’s gold imports at 11-month high in October at over 99 tons

India’s gold imports at 11-month high in October at over 99 tons

Mon, Dec 05, 2016

Ministry of Commerce and Industry, on Monday revealed the details of gold imports in India over the past year and October’s imports which amounted to 99.62 tons valued at $3.5 billion.

Yes Bank partners with Ola to set up mobile ATMs in 10 cities

Yes Bank partners with Ola to set up mobile ATMs in 10 cities

Mon, Dec 05, 2016

On account of the cash crunch prevailing in India after PM Modi's decision to demonetise higher currency notes, Yes Bank announced on Monday a partnership with Ola cabs to set up mobile ATMs in 10 cities.

Indian services activity plunges into contraction in November on cash crackdown

Indian services activity plunges into contraction in November on cash crackdown

Mon, Dec 05, 2016

Indian services activity dived into contraction in November after Prime Minister Narendra Modi`s surprise move to withdraw high denomination banknotes led to a sharp decline in demand, a survey showed on Monday.

Queues outside banks, ATMs were expected, says FM Jaitley

Queues outside banks, ATMs were expected, says FM Jaitley

Fri, Dec 02, 2016

Speaking at an event in New Delhi, Finance Minister, Arun Jaitley on Friday said that queues outside banks and ATMs were factored in while making plans to ban higher denomination currency.

Government wants Aadhaar-enabled payment to replace debit, credit cards

Government wants Aadhaar-enabled payment to replace debit, credit cards

Fri, Dec 02, 2016

The Unique Identification Authority of India has planned to increase biometric authentication capacity through Aadhaar to 40 crore a day from 10 crore to encourage more use of the platform for realising a cashless society.

Almost 90% ATMs re-caliberated but cash crunch still prevails

Almost 90% ATMs re-caliberated but cash crunch still prevails

Thu, Dec 01, 2016

Nearly 90 % of the 2 lakh ATMs deployed across the country have been re-calibrated to dispense the new 500 and 2,000 rupee notes, says a key maker of the machines even as millions of people continue to face acute cash shortages in the aftermath of demonetisation last month.

Demonetisation: Paytm records over 35 million online recharge transactions

Demonetisation: Paytm records over 35 million online recharge transactions

Wed, Nov 30, 2016

Paytm has recorded over 35 million online recharge transactions in the last few days after the Government of India started its demonetisation drive few weeks back which forced mobile users to shift their recharge transactions from offline to online ones.

Demonetisation: India cash ban slims down big fat weddings

Demonetisation: India cash ban slims down big fat weddings

Wed, Nov 30, 2016

Jatin Pal`s wedding was just days away and his family were finalising plans for an extravagant multi-day celebration -- then Indian Prime Minister Narendra Modi banned high denomination notes overnight, casting a dark shadow over the festivities.

Demonetisation: A timeline of flip-flops since November 8

Demonetisation: A timeline of flip-flops since November 8

Mon, Nov 28, 2016

Prime Minister Narendra Modi shocked the country on November 8 by abolishing 500 and 1,000 rupee notes, which accounted for 86% of the cash in circulation. The move was aimed at cracking down on the shadow economy, but has brought India`s cash economy to a virtual standstill.

Govt needs to be vigilant about sources of black economy: SBI Research

Govt needs to be vigilant about sources of black economy: SBI Research

Thu, Nov 24, 2016

The current size of digital banking is around Rs 1.2 lakh crore and this has to reach at least Rs 3 lakh crore.

Paytm's user base doubles in just two weeks

Paytm's user base doubles in just two weeks

Wed, Nov 23, 2016

Paytm founder and CEO Vijay Shekhar on said that user base on its platform now stands at 150 million. Just a week after PM Modi’s announcement the company’s user base touched 75 million with 700% increase in overall traffic and 1000% increase in money transactions on its platform.

Getting married soon? Can withdraw cash only if pandits, florists don’t have bank accounts

Getting married soon? Can withdraw cash only if pandits, florists don’t have bank accounts

Tue, Nov 22, 2016

The Reserve Bank of India (RBI) on Monday added further terms and conditions to the government’s rule to allow wedding ceremonies to proceed as ‘business as usual.’

Harvard Professor Larry Summers says demonetisation costs exceed benefits

Harvard Professor Larry Summers says demonetisation costs exceed benefits

Tue, Nov 22, 2016

Surprised by the 'dramatic' Indian decision to ban higher currencies in India, Harvard Professor, Lawrence Summers (Larry) and PhD candidate Natasha Sarin said in a blog post on Monday that this was the ‘most sweeping change in currency policy that has occurred anywhere in the world in decades.’

Will credit payments to milk producers through banks, says Amul

Will credit payments to milk producers through banks, says Amul

Tue, Nov 22, 2016

Amul Chairman Jethabhai Patel on Monday said that the group will credit payments to its milk producers directly through the bank.

Cash crunch may push demand for luxury products to revive only next year

Cash crunch may push demand for luxury products to revive only next year

Mon, Nov 21, 2016

Luxury products will bear the brunt of the recent demonetisation move by the government. The cash crunch has impacted the demand side and the supply chain of the economy, placing luxury commodities in a pretty tight situation.

Demonetisation chaos: Urjit Patel should resign, bank union chief demands

Demonetisation chaos: Urjit Patel should resign, bank union chief demands

Mon, Nov 21, 2016

The head of All India Bank Officer’s Confederation, D Thomas Franco, on Monday called for the resignation of Reserve Bank of India (RBI) governor, Urjit Patel, on moral grounds.

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