Even now, Modigovernment is not ready to admit its fault about how the note ban has pushed back the economy of the country in several fronts, causing harm to the people, espcially the poor and those employed in unorganised sectors.
Former Union minister Kapil Sibal said, "Demonetised black money successfully laundered!" He was referring to Modi's promises to uncover black money, remove counterfeit notes and hit at financing of terrorism. "Was demonetisation a scheme created to convert black money into white?", Chidambaram said on Twitter. Before the notes ban, the volume of digital transactions was much higher at 1,452 million in September 2016.
He said that apart from all these aims, the note-ban also was a jolt to the separatists and they suffered heavy financial losses as money was seized and could not reach the terrorists also.
"99% notes legally exchanged!"
The finance ministry rushed out a lengthy statement detailing the positive impacts, including improved tax collection, a widening of the tax base and new information on possible tax evaders.
The Opposition on Thursday stepped up its attack on the government over the RBI'sannual report that revealed low efficacy of demonetisation, with the Congress terming the move to junk high currency notes as the "biggest scam" and the CPI-M demanding a "black paper" on the issue.
The hope was that black money held in the form of cash wouldn't be deposited into banks, given that people holding it wouldn't want to be identified - in the process, a vast amount of illegal money would be destroyed. The RBI yesterday said about 99 per cent of Rs 15.44 lakh crore demonetised currency came back into the system. According to reports from The Indian Express, RBI has released a report confirming that out of the 15.44 lakh crore worth of old notes that were present in the market during the demonetization period, Rs 15.28 lakh, crore worth of old notes had been returned to the bank. The government has been gradually making enrolment to its national electronic database "Aadhaar" mandatory for tax returns, opening of bank accounts and any purchases above 50,000 rupees.
The government of India banning high value currency notes on November 8 previous year - a move that has come to be known as demonetisation - is truly a non-event, contrary to how the government had projected it.
He further said that the government needs to take other measures to tackle black money.
According to Niti Aayog member Bibek Debroy, the most estimated figure of counterfeit currency in 2016 was Rs 2,000 crore but according to the RBI report, only Rs. 41 crore of the fake notes discovered over the last one year.
The Congress leader also said the FDI had fallen by seven per cent and credit to the industry was lowest in the last 63 years.
Left: Indian PM Modi during demonetization speech; Right: People standing in long queues during note ban.
"The total expenditure of the RBI also increased by 107.84 per cent from ₹14,990 crore in 2015-16 to ₹31,155 crore in 2016-17", reportedThe Telegraph. We had told the Prime Minister and the Government, this money belongs to the people of India, to the farmers, to the workers, to the housewives, to Government employees, to small entrepreneurs, to small industries, Mr Sharma said.
The American was pushed hard by the little known 19-year-old but eventually came through 6-3 3-6 6-2 to reach the second round. Williams held at love to open the deciding set, and then broke for another 2-0 lead when Kuzmova hit a forehand wide.
Astronomers have detected repeated radio signals from a mysterious source in a dwarf galaxy 3 billion light-years away. That's unusual in of itself; FRBs tend to pop once, and that's it, at least in the ten years we've been hunting them.
The Lebanese army said the ceasefire would allow negotiations on the return of nine soldiers held by ISIS since 2014. He said the army could have freed those soldiers from the first day had there been political will.
Legal penalties run to as much as $20,000 per occurrence, or up to $250,000 if the victim is 65 or older. There have been over 550 complaints so far about price gouging on everything from food to gasoline .
Unlike traditional gene therapy, the new treatment doesn't replace disease-causing genes with healthy ones. But he said he doubts their efforts will persuade Novartis to set a reasonably affordable price.
More broadly, it doesn't help that competitors are taking share from Dollar General in higher-margin categories, he noted. For the past 5 years, the company's revenue has grown -1.8%, while the company's earnings per share has grown 0.7%.
Ghana contributed over 6,000 pilgrims for the 2017 Hajj. - More than two million pilgrims are taking part this year. In a hospital opposite the mountain, an area was set aside for people suffering dehydration or heat exhaustion.
Users are rightly complaining that this game is presently not a purchase but a rental of unknown duration. Users are reporting that the Steam version of Sonic Mania needs an internet connection in order to boot.
Check out the videos below to see how the Logitech Craft keyboard works and how the MC Sound speakers perform. The Logitech Easy-Switch technology will allow them to easily switch between audio sources.
The firm earned "Buy" rating on Wednesday, August 16 by Piper Jaffray. (NASDAQ:CSCO) on Wednesday, April 6 to "Neutral" rating. This trend gives us conviction in analysts' expectations as CSCO has already illustrated their ability to grow at this rate.
Toronto gas prices expected to hit $1.32 on weekend
Marie, Thunder Bay, and Timmins have been reporting the highest gas prices, in the range of 131.9 to 133.9 cents per litre. Locally, prices across the Greater Toronto Area may hit between $1.329 and $1.339 per litre on September 2.
Angels acquire Justin Upton from Tigers
Entering play Thursday, Anaheim is one game back of the Minnesota Twins for the second American League Wild Card place. Acquired in the off-season, the Tigers may have found their centerfielder of the future in the form of Mikie Mahtook.
CC Sabathia Rips Nunez, Red Sox Over Bunting
The Red Sox went 1-for-8 with men on base against Sabathia and were 0-for-10 with runners in scoring position. Sabathia pitched in a tight game before the Yankees added four runs in the sixth and seventh.
Asteroid Florence passes by Earth relatively close
The closest passing of a large asteroid to Earth will happen Friday, according to scientists who study "near-Earth objects". EDT on Saturday, according to S&T, as this is when the asteroid will pass much dimmer stars.
Toddler rescued, clinging to body of drowned mother in Texas
Hurricane Harvey hit landfall in Texas on Friday and has caused billions in damage while taking almost a dozen lives already. Two police officers and fire rescue officers used a rubber boat to reach the pair and managed to drag them onto the boat.
Tropical Storm Irma forms in Atlantic Ocean
The next big hurricane has already formed and this could become a big newsmaker in the U.S.in 10 days or so. That said, all interests in those areas should monitor the progress of Irma closely for many days to come.
Mortgage rates continue their month-long slide
Mortgage buyer Freddie Mac said today the rate on 30-year, fixed-rate mortgages fell to 3.82 percent from 3.86 percent last week. ARM interest rates in the 10 year category have been published at 3.000% today and the April is 3.709%.
May, Abe pledge to increase pressure on North Korea
She will hold a joint press conference with Abe today evening and meet Emperor Akihito on Friday before leaving. Last week, Japan expanded its own sanctions against the North, after a similar United States move.
N Korean leader's third child born
Rumors about her pregnancy persisted previous year as she was removed from the public eye for some nine months. Kim and his wife, Ri Sol Ju, have two other children who were believed to have been born in 2010 and 2013.