Demonetisation

CII: India’s growth rate to fall due to demonetisation

December 15, 2016

India’s economic growth is slated to fall significantly in the second half of the current fiscal due to cash crunch spread by demonetisation. The consumer goods section has also seen significant drop in sales to the tune of 20 percent. The government had scrapped the high-value currency notes of...

CPI Inflation eases to two-year low

December 13, 2016

The annual Consumer Price Index has cooled-off to two-year low of 3.63%, its lowest level in last 2 years. This has been brought about by the sharp fall in food prices. The figure for October was 4.2%. This is the first macro data to be released by the government...

Venezuela orders 100-unit banknotes out of circulation

December 12, 2016

Venezuela’s President Nicolas Maduro has signed an emergency decree ordering the 100 bolivar bill, the country’s largest banknote, out of circulation in the next 72 hours. This move has been taken to thwart mafias from hoarding cash in Colombia. Investigations conducted by Venezuelan agencies have found that billions of...

Central Government to launch plastic currency notes

December 9, 2016

Central Government will soon launch plastic currency notes in place of paper notes to deal with counterfeiting. The bank notes will be made of plastic or polymer substrate for which the process of procurement has been initiated. It was in February 2014 that the government had informed the Parliament...

RBI revises Market Stabilisation Scheme (MSS), raises ceiling to Rs. 6L crore

December 3, 2016

In a major move to deal with extra liquidity created in the system due to the demonetisation drive, the Central government as per the directions of the Reserve Bank of India raised the ceiling on Market Stabilization Scheme from Rs. 30,000 Crores to Rs. 6 Lakh Crores. The Banks...

Vittiya Saksharta Abhiyan launched by Central Government

December 2, 2016

India is witnessing a paradigm shift towards a digital economy and a major financial revolution. In pursuit of its efforts to move towards a cashless economy the Government of India has launched “Vittiya Saksharta Abhiyan” to promote active participation of youth of Higher Educational Institutions to motivate all payers...

RBI has introduced Incremental CRR

November 28, 2016

To absorb the surplus liquidity available in the banking system post demonetisation, the Reserve Bank of India (RBI) has mandated the banks to maintain incremental cash reserve ratio of 100% effective the fortnight ended November 26. It will be applicable to deposits made between September 16 and November 11...

Union Cabinet approved proposal to levy 60% deduction on accounted deposits

November 25, 2016

The Union Cabinet has approved a proposal to levy close to 60% deduction on unaccounted deposits in banks above a threshold by amending the Income Tax (I-T) Act. The move was taken amid banks reporting over Rs 21,000 crore being deposited in zero-balance Jan Dhan accounts post demonetisation, which the government...

NABARD to disburse Rs. 21,000 to farmers via cooperative banks

November 24, 2016

The union government has allowed National Bank for Agriculture and Rural Development (NABARD) to disburse Rs 21,000 crore to cash-starved farmers ahead of the sowing season to sow rabi crops like Wheat. NABARD will disburse the money to District Central Cooperative Banks (DCCBs) which will pass it on to the...

Bharat Bandh on Nov 28 against demonetisation

November 23, 2016

United Opposition consisting of major political parties like Congress, Trinamool Congress, and the BSP have given a call for nationwide Bharat Bandh to escalate their protest over the demonetisation drive of the union government. They said they will observe November 28 as ‘Aakrosh Divas’. The opposition parties have been...

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