Petrol Pumps, Airlines Will Not Take Old Notes From Saturday | DEMONETIZATION

Old notes will no longer be accepted at petrol pumps and airline ticket counters starting from Saturday, according to sources. So far, petrol pumps and airlines had been given an exemption from demonetization of 500 and 1000 rupee notes. However, in an effort to control the widespread ‘whitening’ of black money, the government is gearing […]

DEMONETIZATION: How some earned lakhs standing in queues

The government has banned over-the-counter exchange of old 500- and 1000-rupee notes due to suspected gaming of the system by those with black money. According to banking industry sources, the over-the-counter exchange system was being massively misused by hawala operators and others who had illegal funds to convert their old currency into new notes. “The system […]

Despite Demonetization, India will beat China in GDP growth: Fitch Ratings

Despite a moderation in India’s GDP growth rate in the short term due to cash crunch, the Indian economy will still grow faster than that of China, global ratings agency Fitch said. “We still expect India’s GDP growth to trend higher than China’s in the medium term,” said the agency, whose primary job is to […]

Rahul Gandhi seeks Parliamentary probe into ‘leak of information’ ahead of demonetization

Congress Vice President Rahul Gandhi dismissed charges that the opposition was not speaking in one voice on demonetization and said the entire opposition is united in their demands. Asked whether the opposition parties wanted a roll-back, Gandhi said there were only two demands — one that Modi should speak in Parliament, and the secondly that […]

No Note Exchange, only Account Withdrawals Tomorrow as banks take a breather

There will no over the counter exchange of currency tomorrow (Saturday) as banks have requested for a one-day break from the heavy workload. The only exception will be for senior citizens. Deposits and withdrawals will continue. “The entire staff of the banks have been dedicated to this for several days. Our own customers have been […]

Praful Patel says Modi has made it difficult to fight elections

Nationalist Congress Party leader Praful Patel said political parties are facing a lot of problems in fighting elections due to the ongoing crack-down on cash by Narendra Modi government. “You know what is going on with fighting elections.. you have also been a treasurer,” Patel said in the Rajya Sabha today, looking at a fellow […]

Kerala merchant’s union strike against black-money currency move

Kerala’s merchants and traders union has asked its members to shut all shops from Tuesday to protest the Center’s decision to swap currency notes to control black money. The central government has withdrawn existing 500 and 1000 rupee notes and asked everyone holding the same to get them exchanged with new notes from their nearest […]