Thursday, 21 November, 2019

King Modi botched up, demonetisation made India suffer

Congress blames Modi's 'reckless' demonetisation move for Congress blames Modi's'reckless demonetisation move for low GDP growth
Christy Curtis | 02 September, 2017, 01:35

"We had an idea that the bulk of the money would come back but the present 99 percent is a surprise for most of us", he said.

India's finance ministry says it is probing 1.8 million bank accounts where cash inflows during the demonetization period "did not appear in line with its tax profile", meaning it can expect some belated tax payments.

A raft of economic data since the note ban decision have signalled that $2 trillion economy was hurt by the cash clampdown, raising fears that the economic growth would stall.

Sharma also asked the government to release manufacturing and IIP numbers as per old and new series.

Indian Prime Minister Narendra Modi plans to reshuffle his cabinet over the next two days and some mid-level ministers have offered to quit to pave the way for changes, sources in the party and aides to the ministers said.

Jaitley questioned the knowledge on black money and its relation with the demonetised currency adding that the demonetisation's objective was also to create a digital economy and India was moving in the right direction.

The idea was to make it hard for hoarders of undeclared wealth, known in India as "black money", to exchange their undeclared cash for legal tender.

United Kingdom not dealing with border issue, claims EU Commission boss
The EU will not negotiate trade before a financial settlement, EU citizen's rights, and the Irish border issues are settled. The criticism contradicted Theresa May's claims that it was the United Kingdom providing clarity on Brexit .

Congress leader Anand Sharma on Thursday hit out at the Narendra Modi government over demonetisation, demanding the Centre to come out with a white paper on the economy, ANI reported. "So more tax payers, bigger tax base, both in direct and indirect tax, more digitisation, lesser cash in the system, integration of the formal with the informal economy. The economist deserves a Nobel Prize!" On the Goods and Services Tax (GST), Jaitley said its inflationary impact has been avoided and there is a scope of convergence of tax rates going forward. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny.

But according to the RBI report, Rs 15.28 lakh crore out of the Rs 15.44 lakh crore in the currency that was ceased to be legal tender on November 8, 2016, has come back into the Indian banking system. "The Reserve Bank figures yesterday exposed the falsehood propagated by the government", he said. Instead of that new Rs, 2000 notes rolled out into the market.

However, at that time when people on the streets were complaining about the difficulties they were facing due to cash crunch in the wake of scrapping of Rs 500 and Rs 1,000 currency notes by Modi regime, Singh chose to come out from his self-imposed exile and spoke eloquently on the subject.

"Some people had expected a very large shock to economic growth on account of demonetisation", the statement read. "Now the prime minister should explain where is that black money", he said.

The RBI annual report said that "subject to future corrections based on verification process when completed, " the estimated value of the banned notes it "received" was Rs15,28,000 crore.

Pointing to the government's claim that demonetisation would be an assault on finances of terrorists and Maoists, he said post-demonetisation there were 36 major terror incidents in Jammu and Kashmir alone and 58 Army personnel and 36 civilians lost their lives.

Interestingly, RBI's annual report shows a spike in the number of so-called suspicious transaction reports filed by banks, financial institutions and intermediaries.

Recommended

Nashville Statement: Conservative Christians Release Manifesto Of Hate Nashville Statement: Conservative Christians Release Manifesto Of Hate He added, "We are pleased to offer this statement as a faithful expression of Christian conviction in a secular age". One of the most discussed elements of the Nashville Statement among evangelicals is something called Article 10.

Lenovo's Mixed Reality Headset Is Called The Explorer Lenovo's Mixed Reality Headset Is Called The Explorer Among the few it mentioned, Windows Story Remix will allow users automatically turn a collage of images into a cohesive narrative. Terry Myerson , head of the Windows group at Microsoft , promised that this fourth update to Windows 10 would be the best yet.

Buhari Congratulates 'Impressive' Super Eagles Buhari Congratulates 'Impressive' Super Eagles Things only got worse when Iheanacho sent Nigeria leading with his 77 minute goal , making it four goals to nothing. Nigeria travel to Youande for the fourth group game against Cameroon which will be played on Monday, September 4.

Shock as Kenya court cancels election result, demands re-run Shock as Kenya court cancels election result, demands re-run However, violence broke out as opposition activists cried foul in days of unrest which claimed the lives of at least 28 people. During the ruling, Maraga said the court found no evidence of misconduct on the part of the third respondent who is Kenyatta.

Chelsea Target Fernando Llorente Pulls On Tottenham Shirt Chelsea Target Fernando Llorente Pulls On Tottenham Shirt Spurs have reportedly spent £12.1 million for the 32-year-old Llorente and is having his medical examination done today. However, they are now willing to do business with Wilfried Bony linked with a return to the Liberty Stadium.

US Factory-Sector Activity Hits Six-Year High US Factory-Sector Activity Hits Six-Year High Nine of the ten index components grew, while the customers' inventories index contracted for the second consecutive month. It may not be the largest share of the United States economy, but the manufacturing sector is on fire.

'The Hurricane Harvey effect:' storm behind gas price hikes 'The Hurricane Harvey effect:' storm behind gas price hikes The cheapest local listing remains Costco at 4411 Walker Rd., selling regular gas at 113.9 cents as of 10:30 a.m. Across Canada, gas prices are up an average of 9.5 cents compared with last week.

Ox to Liverpool and Sterling for Sanchez? Neville 'sad' at Arsenal plight Ox to Liverpool and Sterling for Sanchez? Neville 'sad' at Arsenal plight "Not only have we lost a great player we've lost a great guy in the changing room and It is sad to see you go mate". Per the source, Sanchez who has under 12 months left on his contract - is demanding a £400,000-a-week contract deal.

Ogun Hajj Board Denies Death Of Pilgrims Ogun Hajj Board Denies Death Of Pilgrims Confirming this development, the Commissioner in Charge of health, National Hajj Commission of Nigeria, NAHCON, Dr. On Friday, they will move on to Mina before sunrise for the hajj ritual of the symbolic "Stoning of the Devil".

Celtics, Cavaliers reach agreement on Kyrie Irving, Isaiah Thomas trade Celtics, Cavaliers reach agreement on Kyrie Irving, Isaiah Thomas trade Celtics General Manager, Danny Ainge had seen talents like Paul George , Jimmy Butler and Chris Paul pass on by to other teams. So who won the trade? Irving is exactly the type of player the Celtics need, a proven playoff performer and a victor .

Thomas Lemar scores stunner for France against Netherlands Thomas Lemar scores stunner for France against Netherlands Despite being a popular player around Liverpool , his relationship with the club has soured in recent weeks. Therefore, Coutinho is a viable target for Barcelona , who can be a long-term solution at Camp Nou.

Mueller reportedly working with top Trump foe, could end-run presidential pardon Mueller reportedly working with top Trump foe, could end-run presidential pardon The sources told NBC News that prosecutors want to know what Trump knew about the meeting and whether he sought to hide its goal . The president has repeatedly called it a "witch hunt", has denied any collusion with Moscow and has been critical of Mueller.

Texas Oil Industry Sees Production, Permit Gains Texas Oil Industry Sees Production, Permit Gains US crude futures settled 98 cents lower at $47.43 a barrel and Brent crude ended down 53 cents a barrel, or 1 percent, at $52.04. Sharara recently reached output of 280,000 barrels per day (bpd), but closed earlier this week due to a pipeline blockade.

Total's Port Arthur, Texas, refinery expects water to recede by weekend Total's Port Arthur, Texas, refinery expects water to recede by weekend Neither the Bob Bowers Civic Center nor the Carl Parker Center could be reached by phone in time for this report's publication. The National Hurricane Center described the flooding in southeastern Texas as "catastrophic" and "life-threatening".

Historic FDA Approval Makes First Gene Therapy Available in US Historic FDA Approval Makes First Gene Therapy Available in US The treatment reprograms a patient's T cells to carry a "chimeric antigen receptor" that targets cancer cells. Auto directs the T cells to target and attack leukemia cells that have CD19 on the surface.