Sahil got a shock when the bank employee told him that one of the 20 notes of Rs 500 he had brought to deposit was a counterfeit. He was also embarrassed – at being fooled as well as being po
The government is expected to disclose the names of 60 individuals and Indian entities as prosecution proceedings have been initiated against them. Speaking to the media on Monday, f
The rise of Switzerland as a financial centre began about 100 years ago. However, it is only in the last five decades that its reputation has catapulted from one of relatively modest standing &ndas
In pursuit of black money, the government is hauling up ordinary tax payers and seeking additional details in the new income tax return (ITR) form for assessment year 2015-16. This will be applicab
The black money bill is likely to be taken up for consideration in the Lok Sabha on Monday. The legislation, known officially Undisclosed Foreign Income and Assets Bill, provides for heavy penaltie
Prime Minister Narendra Modi will arrive here at Ufa (Russia) today on a three-day visit to attend the BRICS and Shanghai Cooperation Organisation summits. During his visit he is expected to meet C
Should black money be brought back to In
Filmstars and business tycoons are among the 500 Indian names that were revealed through the Panama Papers, which are over 11 million leaked documents – bringing into focus black money, a pol
In a written reply to the rajya sabha, minister for state for finance, Jayant Sinha said, “Determination of black money sent to foreign countries is subject to investigation and other f
The Modi government’s crackdown on black money has “jammed” traditional black money laundering machines in the country, resulting in an increase in preference for cash and a decli
Prime Minister Narendra Modi’s quick visit to Geneva had all the headline-grabbing thematic ingredients—black money, a nuclear issue, and a trade deal. Modi, in a press statemen
Benami Transactions (Prohibition) Amendment Bill, 2015, the legislation for tackling the problem of black money in the country has been passed by the Rajya Sabha on Tuesday. T
The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The scheme has come
How is the response to the IDS? The response has been good. A number of declarations have come and there have been a large number of inquiries too.
Black money, since the colonial times, has been the elephant in the room: it is everywhere and yet rarely talked about. In recent years, however, the middle class has become more strident i
Black money is essentially a popular name for black economy. By now it has ‘evolved’ into a grey, that is an indistinguishable mixture of black (i.e., illegal-immoral) and white (i.e.,
What do the income disclosure or amnesty schemes reflect on the government? What it suggests is that the government under the normal schemes is not able to take care
Calling it a significant amount, finance minister Arun Jaitley has said that black money worth Rs 65,250 crore has been disclosed under the Income Declaration Scheme (IDS) so far. Addressing a pres
In a bold step, prime minister Narendra Modi on Tuesday announced demonetising Rs 500 and Rs 1,000 notes. He said that the decision will check corruption and black money. The decision has come soon
If banning high denomination currency notes can curb black money, the whole problem would have been solved in 1978 – when the Morarji Desai government did it. Banning Rs 500 and Rs
Digital payment companies have hailed PM’s decision of banning high denomination currency notes (Rs 500 and Rs 1,000) as a major step towards cashless economy. “This is t
Harshad Mehta The superhero stock-broker dropped a bomb in July 1993, when he told a press conference that he had paid prime minister PV Narasimha Rao a bribe of Rs
Although I am not an expert on economy, I do understand that the latest step taken by the Narendra Modi-led NDA government has created a lot of noise and will play a significant role in combating b
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.
Prime minister Narendra Modi’s address to the nation on Tuesday evening caught everyone, not just black money hoarders, by surprise. Minutes after the announcement, the news about Rs 500 and
As banks started exchanging currency notes from November 10 onwards, long queues were seen outside banks and post offices.
The government’s announcement to scrap Rs 500 and 1000 currency notes will go a long way towards bringing halt to the circulation of counterfeit currency in the country. The common ma
Anjali Thakur, a resident of Indirapuram, Ghaziabad is getting married on November 15. Her wedding preparations are on full swing. However, as the government has scrapped Rs 500 and Rs 1000 notes,
Now that the government has decided to scrap currency notes of Rs 500 and Rs 1,000 denomination, the millions of notes will end up as briquettes that can even be used for land fillings or for makin
While you are in queue to get your cash replaced at banks and post-offices or awaiting your turn at ATMs, we present a quick reading list that might give you certain idea on demonetisation, bla
ICAI has issued show cause notice to two Chartered Accountants, who were caught on tape talking about converting black money by charging a commission of 30% to 40%. The premier accou
As soon as the government announced its decision to demonetise Rs 500 and Rs 1,000 notes on the night of November 8, there has been an emergency-like situation across the country. With serpentine q
It’s been 10 days of suffering and chaos for people,and the way the government is continuously learning from its mistakes - announcing reliefs and exemptions, and then even rolling back some
It may not be wrong to say that a major part of the black money arises from corruption, and that it is usually the downtrodden who is affected the most. A book published in 2011 by e
“Our farmers have been modifying their crops for centuries through the method of conventional breeding. But here we have not modified but *genetically engineered* the mustard parental l
You have read (or heard or seen) countless analyses, points-counterpoints, theories-conspiracy theories and allegations-counter-allegations on the historic move to ban high-denomination currency no
It is high time the authorities woke up to the “pathetic, gruelling conditions” that bank employees are being subjected following the move to scrap Rs 500 and Rs 1,000 currency notes, s
Demonetisation is not the way to tackle black economy and it will in fact affect the white economy, believes Arun Kumar, a former professor of economics at the Jawaharlal Nehru University (JN
Former prime minister Manmohan Singh and finance minister Arun Jaitley sparred over demonetization in parliament on Thursday. Manmohan spoke of the “monumental management failure” in im
After prime minister Narendra Modi announced demonetization on November 8, people were allowed to use the old currency notes at government hospitals, railway ticketing, public transport, airline ti
Remember the Lokpal? The one-point panacea for all corruption and black money. It is a law, on the statute book. And while the government has launched a surgical strike against black money that has
The sudden announcement of demonetisation came as an inconvenience to 76-year-old SK Nangia. The morning after November 8, he had to travel to Hastinapur from Delhi by road, covering a distance o
Since November 8, never-ending queues, rising tempers, despair and frustration have become a routine. It’s a nightmare for people who are struggling to deposit or exchange money at banks. And
By far the most sweeping change in currency policy that has occurred anywhere in the world in decades: that’s what former US treasury secretary and Harvard economist Lawrence H Summers along
Prime minister Narendra Modi has asked all MPs and MLAs of his party to come clean, and declare their bank transaction details to the party chief. Somewhat like demonetisation itself, it is pointle
The prime minister has directed MPs of his Bharatiya Janata Party (BJP) to declare their bank transactions to the president of the party in a bid to lead by example to come clean on their actions a
Chances are you have already chosen which side of the fence you are on when it comes to the demonetisation debate. Demonetising 86% of the currency is an unprecedented step and India is flying by t
On November 8, the Government of India announced its decision to pull high-value currency notes of Rs. 500 and Rs. 1,000 denomination out of circulation, with immediate effect. A detailed procedure
How do you see demonetisation as a way of curbing black economy? Demonetisation is not the way to tackle black economy. The reason is that the black money is in circulation
Reasons given for demonetisation To control counterfeit notes that could contribute to terrorism To undermine or eliminate black econom
Villages are emptying out, but 67 percent of people still live in rural and semi-rural areas – where there are few banks, where getting to an ATM may take half a day, where many have not seen
Demonetisation has been testing the patience of the public across the country. Imphal, the capital of Manipur, is no exception.
Do you think demonetization will help weed out black money? It is too early to say. Only when the final results are in by December 31, we will know if black money has bee
Dr KC Chakrabarty, former deputy governor, Reserve Bank of India, headed currency management at the central bank before taking premature retirement in March 2014. Known for his frank an
If you are planning to file a revised income tax return following demonetisation, then be warned. The income tax department will be looking out for manipulation or fudging and such cases may be tak
The government has initiated numerous steps to combat the scourge of corruption and black money in the last two and a half years, said NITI Aayog CEO Amitabh Kant on Thursday. Addres
India is in the throes of an unprecedented social experiment in enforced digital disruption, and the world has much to learn from it, said an article: ‘India’s Botched War on Ca
How can one sustain people’s support for demonetisation when they are beginning to realise that there was zero planning behind it, none of its touted benefits are coming true, and their pain
A close friend, stock market wizard and intellectual sparring partner, also a Marvel Comics and Stan Lee fan, has been keenly following the demonetisation debate in media and elsewhere. &ld
The Indian government has audaciously put the demonetisation show on the road, though with little consideration of infrastructural, banking and connectivity back-up. After making his own set of pol
One thing consistent about demonetisation has been the ever-changing rules. Monday saw a new rule in place. One can now deposit the scrapped currency of Rs 500 and Rs 1,000
The longer run impact of demonetisation on formal domestic remittances could be significant. Following up on a major financial inclusion initiative (Jan Dhan Yojana) and new payments banks, this mo
The Reserve Bank of India on Wednesday withdrew its order of December 19 which had stipulated that the demonetised currency notes could be deposited only once in the quantum of Rs 5,000 or mo
Liquidity conditions have undergone large shifts in Q3 so far, said the Reserve Bank of India which added that surplus conditions in October and early November were overwhelmed by the impac
Mangal Bhai Rama Harijan is a craftsman from Kawada village, 50 kilometres from the Great Rann of Kutch in Gujarat, the place where India’s most prominent cultural festival takes place every
Prime minister Narendra Modi, for so long a darling of business and industry, has received an editorial rap from business glossy Forbes for demonetisation. The move, which is being criticised heavi
From demonetisation’s impact on the digital economy to the growth of IT industry in the Trump era, NASSCOM president R Chandrashekhar shares his views with Taru Bhatia.&n
The right to food campaign is dismayed by the Indian government`s reckless attempt to renew currency notes, known as "demonetization", without any serious attention to the consequences it
Concerned about the abuse of power, French sociologist David Émile Durkheim in 1912 wrote that there could be no society which, at regular intervals, did not feel the need to uphold and reaf
The Reserve Bank of India on Thursday clarified that it was still in the process of reconciling the figures of the demonetized currency, following media reports which said that most of the scrapped
Demonetisation, while immobilising black money and fighting corruption, may lead to temporary slowdown of the economy, said president Pranab Mukherjee on Thursday. “We all will
People may recall the passionate justification that prime minister gave on November 8 when he announced the decision to demonetise currency notes of Rs 500 and Rs 1,000 denomination. The entire cou
The implementation of the demonetisation decision carried pain. “It can lead to short term criticism and inconveniences. Drop in economic activity on account of the currency squeeze during th
There are considerable uncertainties over the potential positive effects of demonetisation, said global ratings agency Fitch. “Most importantly, demonetisation is a one-off event. People th
The Demonetisation, the black money and the benami property, the three vibrant words in the Indian economy, has impacted the life of people across the country. In the fight against black money, pri
India is in the midst of a revolution. Demonetisation has impacted every family, business and institution, providing popular support to transform society, economy, polity and governance. To get the
If fighting black money is the aim, demonetisation is the wrong weapon, says India’s largest and oldest business body. “Demonetisat
President Pranab Mukherjee addressed parliament on February 23, 2016. In his address, he outlined the major policy priorities of the government across different sectors. PRS legislative research ha
What is the thinking behind launching the Swaraj party? To answer that question, we have to go back in time and see why we formed the Aam Aadmi Party [AAP].
There is no official estimation of percentage of black money held in India in cash, minister of state for finance Santosh Kumar Gangwar informed the Lok Sabha.
In a little over a month, the BJP government would be completing three years in office. Yet, there is no sign of the Lokpal and Lokayuktas who would have battled black money.
Illicit financial flows represent a challenge to economic and social progress in the developing world, said a comprehensive report that pegs trade misinvoicing range in India between 5 percent and
Trying to make the most of the demonetisation drive, the government has taken yet another follow-up step and launched an Operation Clean Portal. Its aim is to “enable citizen engagement for c
Niti Aayog has recommended keeping tax levels moderate in order to tackle black money. “Structural changes to reduce flows of black money will involve keeping
There has been a significant increase in the number of income tax payers following demonetisation that took place on November 8, 2016. The number of e-filed personal income tax returns (I
Prime minister Narendra Modi on Wednesday batted for demonetisation, while Congress leader Rahul Gandhi called it a tragedy as November 8 marked a year since the note ban took place. &ldq
The latest leak of data about international tax offenders, ‘Paradise Papers’, has prompted former UK prime minister Gordon Brown to launch an online petition to the Group of 20, seeking
Post-demonetisation, there has been a crackdown on shell companies, a way to convert black money into white. Recently, prime minister Narendra Modi said that shell companies would all be elimin
The government’s plan to seed Aadhaar with properties will not only help in flushing out black money that is parked in real estate, but also bring down prices that have gone through the roof.
Prime minister Narendra Modi on Thursday said that he may have to pay a political price for the reforms that are aimed at ending corruption, but he was ready for it. Modi said that
During his reply on the Motion of Thanks to the Address of the President of India, in the Lok Sabha on February 7, prime minister Narendra Modi compared his government`s efforts to curb corruption
To curb the use of black money in the coming 2019 General Elections, gather intelligence and keep a strict watch over movement of cash and valuables and other unlawful means of influencing election
Unbounded: My Experiments with Law, Physics, Policing and Super 30 By Abhayanand