The minister said the government is taking various initiatives to make India a cashless economy
GN Bureau | November 9, 2016
While there is no co-relation between scrapping of higher denomination currency notes with elections, but if this move makes poll costs cheap, it is good, said finance minister Arun Jaitley.
Addressing the media in Delhi on Wednesday over the decision to do away with Rs 500 and Rs 1,000 currency notes, the minister stressed that there would be significant long term advantages to the economy and said that the government is taking various initiatives to make India a cashless economy.
“There is no chaos or disruption, and if inconvenience prevails for a short period, we will try to resolve it,” he added.
He said the decision to ban currency notes of Rs 500 and Rs 1,000 denomination will impact the black economy.
The Morarji Desai government, in 1978, had also banned high denomination currency notes to curb black money.
Jaitley said that there cannot be any comparison between the two as the size of the economy and black economy has grown.
The minister said there is adequate currency for replacement of the bank notes that stand withdrawn and it will be easily available at all banks and post offices in 2-3 weeks.
He denied rumors of GPS-enabled chip in new currency notes. He said reports of people profiteering from converting withdrawn currency notes into lower denominations are exaggerated.
Jaitley said that there is a sense of satisfaction among honest tax payers to what is happening.
Questioning the development model pushed ahead for profit oriented growth, social and political activists, academicians, financial analysts and civil society organisations are holding a three day confluence of Peoples’ Convention on Infrastructure Financing in Mumbai. &nb
About one-fourth of India’s elderly face abuse at the hands of those they trust the most – the son (52%) followed by the daughter in law (34%),spouse/partner (14%), daughter(6%) grandchild (6%), son in law(3%), parent(1%) and care giver(1%), reveals a report by the HelpAge Ind
The official statistics provided by the department of industrial policy and promotion (DIPP) under the ministry of commerce and industry shows that between January 2000 and December 2017, India received $368 billion of foreign direct investment (FDI). It also says that Mauritius was the source of $125 bill
The declaration communicated through the director general of military operations (DGMO) of Pakistan and India on May 29, 2018, to implement the ceasefire agreement of 2003 between the two countries in “letter and spirit” has opened up an opportunity to restore peace in the disturbed Kashm
It’s a sultry March afternoon and students at a municipal school in Santacruz East are engrossed in their lecture. It’s 4 pm already but the training session in the mobile repairing course is in full swing. Twenty-four boys and four girls of class IX are in the last leg of their course before t
Courier services and sales teams have soared into efficiency using smartphone apps to monitor deliveries, visits, timeliness and performance. Taking a leaf from their book, Gujarat is equipping accredited social health activists (ASHAs) and midwives with smartphones and an app to bring down infant and ma