A report by The Economic Times, said that the Modi government had announced fresh restrictions on deposits to check ‘laundering of unaccounted cash’ using bank accounts.
 

“Large deposits cannot be made multiple times in bank accounts. People can deposit up to Rs 5,000 on which there is no restriction,” a senior finance ministry official told ET.

It’s, however, not clear whether the restriction will apply retrospectively and bar anyone, who has already made some deposits of more than Rs 5000 into their accounts since 8 November.

The Reserve Bank of India is likely to issue fresh circular later on Monday announcing measures to check deposits over Rs 5,000.

More to follow

Courtesy: Janta Ka Reporter
 

The post Old notes exceeding more than Rs 5,000 can be deposited only once till 30 December appeared first on SabrangIndia.

 
“The sheer number of notifications and circulars being issued one after another since 8.11.2016, unerringly demonstrate that the respondents are into a trial and error mode, at the cost of life of ordinary people. The summery demonetisation has resulted in total disruption of the payments and settlements that are part of daily life of the daily wage labourers, fishermen, small businessmen, street vendors, poor people working in the informal sector and lakhs of similarly situated persons.” 
 
The petition also stated that the decision of the government to introduce new notes of Rs 2,000 denomination is against the very object of demonetisation, as legal and illegal cash-based transactions are likely to resume with the new Rs 2,000 notes. The petition also stated that the move would not yield the desired result of unearthing black money. 
 
“The claim that demonetisation will check black money, fake currency, corruption and terrorism lacks substance. The bulk of black money generation and storage is in off-shore accounts in foreign currency, an issue which has already been seized of by this court. The basic avenues for money laundering through Participatory notes and diversions through tax havens remain untouched.
 
 There is no attempt to curb the roots of generation of black money and this questions the bonafideness of the government,” the petition stated. It said another immediate victim of the summery demonitisation is the cooperative sector. “The cooperative banking sector, which deals with rural economy, has been severally crippled by virtue of this summery act,” it said 
 
Another PIL challenging vires of S. Section 26(2) of RBI Act and Demonetisation Notifications Another PIL was filed in the Supreme Court, challenging Notification No. 3407 dated 08.11.2016 issued by the Ministry of Finance (Department of Economic Affairs), Govt. of India as amended from time to time. Petitioner-advocate Adil Alvi challenged the vires of Section 26(2) of the Reserve Bank of India Act, 1934, to the extent it permits the government to decide the date from which it wishes to de-recognise legal tender. 
 
The petitioner assailed the constitutionality of Section 26(2) of the RBI Act, 1934, on the ground of excessive delegation. It is stated that since the decision of the Central Government is of wide importance and pivotal to the monetary policy in India, it cannot be left to the whims of the government. That the precedent of 1978 (i.e. The High Denomination Bank Notes, (Demonetisation) Act, 1978, repeating High Denomination Bank Notes (Demonetisation) Ordinance 1978) and even Section 26A of the Act, clearly suggests that demonitisation of this scale and with such draconian effect can only be done by statute of Parliament. According to the petitioner, the mandate of Section 26(2) of the Reserve Bank of India Act, 1934, was not followed. 
 
The Central Board of the RBI did not “give” a recommendation independently after detailed consideration of all the issues; but the same was elicited by the Central government. The petitioner alleged that the failure of the government to grant exemption to essential services such as all hospitals (including private), doctors, lawyers, court houses etc., affects the exercise of fundamental right to health and access to justice. Meanwhile the Supreme Court today refused to stay the proceedings in PILs challenging demonetisation filed in various High Courts but issued notice to all petitioners.

The post Left Moves SC, Plea to Allow 500 Rs Notes appeared first on SabrangIndia.

पूरी खबर के लिए यहाँ क्लिक करें

आभार : अमर उजाला

The post अमर उजाला का खुलासा: शिमला के चिंतपूर्णी मंदिर में काले धन को सफेद करने का चल रहा खेल appeared first on SabrangIndia.

 
Datum 2: Currency in denominations of Rs 500 and Rs 1,000 increased 50% over three years (from Rs 9.6 lakh crore in 2012-13 to Rs 14.1 lakh crore in 2015-16), according to RBI data, while India’s gross domestic product (GDP) increased 22%, and per capita income rose 18% over this period.
 
With the base created by bank accounts linked to Aadhaar, the national identification system, and the upcoming Unified Payments Interface, which will offer payments through mobile phones linked to bank accounts through a unique number, demonetisation will help speed the transition of a predominantly cash economy to a cashless one, Nandan Nilekani, former chairman, Unique Identification Authority of India, told Mint.
 
At the same time, the shadow economy–meaning people do not account for it and do not pay taxes on it–is about a quarter of India’s GDP, according to this 2016 note from the finance ministry. Only 1% of India’s population pay income tax, according to Income Tax department data.
 
Prime Minister Narendra Modi on November 8, 2016, announced a war on black money, declaring that two currency denominations Rs 500 and Rs 1,000–which constituted 85% of cash with Indians–were no longer legal tender. His intention was to have money earned legitimately but held in cash deposited in banks and unaccounted money rendered useless.
 
As banks reopened after a mandatory one-day closure on November 10, and ATMs reopened on November 11, Indians thronged them, mostly to deposit available money rather than withdraw it or exchange old notes, evident when IndiaSpend visited various banks in Mumbai and Delhi.

 
15 years ago, notes of Rs 100, Rs 50, Rs 20 and Rs 10 were 70% of the cash economy
 
It was in 2004-05 that the value of Rs 500 and Rs 1,000 notes put together exceeded the value of all other denominations, namely Rs 100, Rs 50, Rs 20 and Rs 10.
 
In 2000-01, denominations other than Rs 500 and Rs 1,000 constituted 70% of the cash in the economy; they constitute 15% today. 

Source: Notes and coins circulation, Reserve Bank of India
 
The value of money made up by Rs 500 and Rs 1,000 notes went up from a quarter of cash in circulation in 2001 to 85% in 2016. 
 
The currency with people rose rapidly during the last three years–2013 to 2016–against deposits kept by people in banks, RBI data show.
 
From being almost equal in 2007, currency with Indians was 50% more than bank deposits in these three years. 

Source: Reserve Bank of India Bulletin

 
Rural bank branches rise 28%, rural ATMs 200% in 3 years
 
The Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) government, in its first budget in 2014-15, announced the Pradhan Mantri Jan Dhan Yojana (Prime Minister Financial Inclusion Scheme) to boost financial inclusion in the country. As many as 250 million bank accounts have been opened in two years to 2016.
 
There are 132,834 bank branches in India, of which 38% (50,554) are rural, according to RBI data. Rural branches rose 28% from 39,368 in 2013 to 50,554 in 2016.
 
However, in the last two years, the rate of addition of rural bank branches has slowed down while the rate of addition of urban branches has remained fairly constant.
 
There is one bank branch per 10,000 Indians while there is one ATM per 5,000 Indians.
 
State Bank of India, the biggest bank in India, has close to 50,000 ATMs. The State Bank group—six banks under the State Bank banner—has more ATMs than all private bank ATMs put together across India.
 
Maharashtra, India’s most industrialised state, has the highest number of ATMs. But, the density of ATMs—machines per million population—which determines the ease with which people can access their money, is the highest in Tamil Nadu with more than 343 ATMs per million people.

 

Source: Reserve Bank of India
 
Maharashtra comes a distant fifth in ATM density amongst the big states in India with 208 ATMs per million. Bihar is worst among the big states with 74.
 
ATMs in rural areas have increased 200%—or tripled—in three years from June 2013 to June 2016 when the total number of ATMs rose by 75%. 

 
Source: Reserve Bank of India
 
The number of debit cards in India more than doubled between 2012 and 2016. Over the same period, point-of-sale or PoS machines—the credit/debit card-swiping machines in hotels and shopping malls—also more than doubled. 
 
All these have contributed not just to financial inclusion but also to making a gradual shift towards cashless economy, which reduces dependence on cash.
 
Online transactions through the National Electronic Fund Transfer—popularly known as NEFT—rose from Rs 4 lakh crore in 2009-10 to Rs 83 lakh crore in 2015-16, a 2000% rise. 

Source: Monthly Bulletin, Reserve Bank of India
 
Businesses that work on cash and credit are are in a dilemma after the currency shock. E-commerce firms have discontinued cash-on-delivery option, and daily sales have reduced, e-commerce experts told IndiaSpend.
 
(Waghmare is an analyst with IndiaSpend.)

Courtesy: IndiaSpend

The post How Demonetisation Will Boost Cashless Economy appeared first on SabrangIndia.

Read the Jagran Report, dated October 27, 2016, here:

अब आएगा दो हजार का नोट, पहले जारी हो चुका दस हजार का नोट

27 अक्टूबर 2016 00:50 AM

कानपुर (बृजेश दुबे)। केंद्र सरकार काला धन निकालने के लिए जल्द ही नया कदम उठा रही है, जिसके लिए सरकार दो हजार रुपये का नोट जारी करने की तैयारी में है। आरबीआइ जल्द ही हाई सिक्योरिटी फीचर वाले दो हजार रुपये का नोट प्रचलन में ला सकती है। इसके साथ ही जाली नोटों पर अंकुश लगाने के लिए एक हजार व पांच सौ रुपये के नोट को लेकर भी गंभीरता से विचार किया जा रहा है।माना जा रहा है कि आय घोषणा योजना 2016 में घोषित आय को नाकाफी मानते हुए सरकार यह रुख अपना रही है। सूत्रों का कहना है कि इसकी तैयारी हो चुकी है। आरबीआइ ने दो हजार रुपये के हाई सिक्योरिटी फीचर वाले नोट छपने के लिए दे दिए हैं। जल्द ही यह नोट बाजार में दिख सकते हैं। जानकारी के अनुसार देश में प्रचलित करेंसी में सबसे बड़ा हिस्सा पांच सौ और एक हजार रुपये के नोट का है। हालांकि इसके लिए अभी कोई आधिकारिक सूचना जारी नहीं हुई है लेकिन सूत्रों का कहना है कि सरकार विभिन्न मूल्य वर्ग के नए नोट जारी करने जा रही 

दस हजार का नोट हो चुका जारी
आरबीआइ इससे पहले दस हजार रुपये का नोट भी छाप चुकी है। 1935 में स्थापना के बाद आरबीआइ ने 1938 में दस हजार रुपये मूल्य का नोट छापा था। इसे 1946 में वापस ले लिया गया था। तब कानपुर का भारतीय रिजर्व बैंक कार्यालय बर्मा (अब म्यांमार) से लेकर भारत के एक बड़े हिस्से के लिए करेंसी चेस्ट का काम करता था। 1954 में भी दस हजार रुपये के नोट छापे गए थे जो 1978 तक चले।
 
More than one serious question has been raised with the ‘surgical strike’ announcement of prime minister Modi on de-monetization of high currency notes. How secret was the move? Did selected players, close to the regime, know and crudely benefit from the decision, being hailed by the rich and prominent as a decisive move against ‘black money’ ad ‘terrorism?’
 
The intrepid chief minister of Delhi, Arvind Kejriwal appears to have touched a raw establishment nerve. “Utterly shameful. Do people want their PM to model for pvt cos? Tomorow, if these companies do wrongdoings, who will act against them? Paytm biggest beneficiary of PM’s announcement. Next day PM appears in its ads. Wha’ts the deal, Mr PM?” Kejriwal asked.

Sharma tweeted back, “Dear Sir, the biggest beneficiary is our country. We are just a tech start-up, trying to solve financial inclusion and make India proud.”
 
Arvind Kejriwal’s statement on de-monetization.

Was the information about the demonetisation made available to select ‘friends’ before PM Modi made the dramatic announcement? 

The Hindustan Times in an interview with Sharma had reported him as saying, “the removal of Rs 500 and Rs 1,000 notes will help the company, as a lot of people will use Paytm.”
 
This is one company that seems to have profited from the demonetisation immediately, with the HT reporting, “According to data from the company, in the days after the demonetisation, Paytm’s traffic grew seven times, app downloads increased three times, people added 30% more money to their wallets on Thursday (the first day increase was 10 times over normal days), online transactions grew three times, and offline (payment to retailers) grew five times. Paytm’s transaction value continued to grow 200% every day for the past couple of days.” 

As importantly is the question raised by former Finance Minister P.Chidambaram at a press briefing in Delhi: Why has the government introduced the Rs 2000 note if the intention behind the demonetisation was to bust the black money market? “This is a puzzle” said the former Congress Minister.

Gujarati and Hindi newspapers appeared to have been somewhat in the know of the government’s decision. While the editor of the Rajkot-based Akila told Sabrangindia that his newspaper’s bang on prediction of the de-monetization move, that too on April 1, 2016, was an ‘April Fool’s Day prediction, on October 27,2016  the Kanpur edition of the Jagran newspaper published a report under the headline “ab ayega Rs 2000 ka note” (now there will be a Rs 2000 note). Written by journalist Brijesh Dubey, the news item described the features of the new note—that are only now being reported by the Economic Times and others newspapers after it was officially released—and stated clearly that the Rs 500 and Rs 1000 notes were likely to be withdrawn. 

Dubey, when contacted by the media said that the news had been reported in Gujarat newspapers much earlier and was not such a big deal. He said that photographs of the Rs 2000 denomination note, the introduction of which first came to be known to most Indians only after PM Modi’s announcement, had started circulating for several weeks now on Whatsapp application on mobile telephones.
 

The post How Secret was Modi’s Demonetisation Decision? appeared first on SabrangIndia.

The following information has come into public domain: the West Bengal unit of the BJP got 2 large cash deposits, worth 60 lakhs and 40 lakhs each on, made into its account on November 8, 2016, just a few hours before Narendra Modi announced the demonetization plan of 500/1000 notes. 

An article in Bengali and appearing in the CPI(M) party mouthpiece, Ganashakti, today claimed that around Rs 1 crore worth of cash was deposited in the Chittaranjan Avenue branch of Indian Bank here in Kolkata. Money was deposited in savings account no 554510034 (Indian Bank, Central Avenue Branch, Branch Code – 00C004, IFSC Code – IDIB 000C004, MICR Code – 700019008, Savings Bank Account No), which is in the name of the West Bengal unit of the Bharatiya Janata Party.

The West Bengal unit of the CPI(M) today alleged that a huge amount of cash has been deposited in the bank account of the state unit of the BJP. The deposits were made before the Prime Minister demonetised Rs 500 and Rs 1,000 notes late in the evening on November 8.

It claimed that cash deposits with Rs 1,000 and Rs 500 notes for Rs 60 lakh and Rs 40 lakh respectively were made on November 8 immediately before demonetisation was announced. The article further raises the question as to whether people close to the BJP were aware of the demonetisation move and, accordingly, took advantage.

Incidentally, CPI(M) spokespersons were asked as to whether this deposit of Rs 1 crore in cash was an aberration or if it was a spike when compared to the regular amount of transactions or deposits made in this account. It is yet to comment on the same or get back with the details.

Source: Front page news in Ganashakti

BJP denies
Meanwhile, Dilip Ghosh, President, West Bengal unit of BJP, has denied the allegations. In an interview with Businessline, he claimed that there were no irregularities. Ghosh maintains that the money will be used mostly for by-elections due in Bengal. “This is money that is accounted for and if required we can give details of these transactions to any investigating authority,” he told BusinessLine.

By-polls will be held on November 19 across Cooch Behar and Tamluk Parliamentary constituencies of West Bengal and in the Monteswar legislative assembly seat (in Burdwan district).Asked specifically why there was such a high-value cash transaction, Ghosh pointed out that these were mostly donations received by the party from various quarters.“Normally, party funding is through donations and a part of this is in cash. We issue receipts against the cash received. Copies of such receipts are also available with the party for verification,” he added.

A party spokesperson, on the other hand, questioned the authenticity of the news sources.

The post BJP State Units Knew-Mammoth Cash Deposits Before De-Monetization appeared first on SabrangIndia.

गूगल पर अब लोग ब्लैक मनी सर्च कर रहे हैं। जैसे ही गूगल पर How to Black लिखा जाता है, सबसे पहला रिजल्ट 'how to convert black money to white' का आ रहा है। इससे ये भी पता चलता है कि लोगों के पास ब्लैक मनी है और वे उसे कैसे भी व्हाइट में कनवर्ट करना चाहते हैं।
 

 
लेकिन आपको जानकर आश्चर्य होगा कि जिन पीएम मोदी ने कालाधन को खत्म करने के लिए नोटों को बैन किया है उनका गृह राज्य गुजरात इसमें पहले नम्बर पर है। इसके बाद बीजेपी शासित राज्यों महाराष्ट्र और हरियाणा का ही नम्बर आता है।
 
महाराष्ट्र में देश की वित्तीय राजधानी मुम्बई है और हरियाणा पिछले काफी समय से रियल एस्टेट डील के चलते मशहूर रहा है। इतना ही नहीं शहरों की बात करें तो नोएडा पहले नम्बर पर आता है। उसके बाद गुरुग्राम और फिर मुम्बई का नम्बर आता है।
 
बता दें कि प्रधानमंत्री नरेंद्र मोदी ने 9 नवंबर की रात बड़ा ऐलान करते हुए कहा था कि 10 नवंबर से पुराने 500 और 1000 रुपए के नोट नहीं चलेंगे। गवर्नमेंट ने इसकी जगह नए 500 रुपए के नोट के साथ पहली बार 2000 रुपए का नोट भी निकाला है।
 
एक दिन पहले तक देश में लोग जिओ की बातें कर रहे थे। इतना ही नहीं गूगल पर How to लिखने पर 'how to get jio sim' सर्च में सबसे पहले आता था। ऐसे में अब यहां पर Black Money से रिलेटेड रिजल्ट सर्च हो रहे हैं।

Courtesy: National Dastak

The post गुजरातियों के पास सबसे ज्यादा ब्लैकमनी! गूगल पर ढूंढ रहे सफेद करने के तरीके appeared first on SabrangIndia.

बता दें कि 23 जनवरी 2014 को ज़ी न्यूज में एक खबर प्रकाशित हुई थी जिसमें बीजेपी की प्रवक्ता मीनाक्षी लेखी ने यूपीए सरकार के बड़े करेंसी नोटों के वापस लेने के फैसले का खुला विरोध किया था। तब बीजेपी के प्रधानमंत्री पद के उम्मीदवार नरेंद्र मोदी जोर-शोर से अपने प्रचार में जुटे हुए थे। उसी समय यूपीए की सरकार ने 2005 से पहले के करेंसी नोटों को वापस लेने का निर्णय किया था लेकिन विपक्ष में बैठी एनडीए ने उसका पूरी तरह से विरोध किया था।

 

 
भाजपा ने आरोप लगाया था कि सरकार ने कालेधन पर काबू पाने के नाम पर वर्ष 2005 से पहले के सभी करेंसी नोट वापस लेने का जो निर्णय किया है वह आम आदमी को परेशान करने और उन चहेतों को बचाने के लिए है जिनका भारत के कुल सकल घरेलू उत्पाद के बराबर का कालाधन विदेशी बैंकों में जमा है। भाजपा ने कहा था कि यह निर्णय दूर दूराज के इलाकों में रहने वाले उन गरीब लोगों की खून पसीने की गाढ़ी कमाई को मुश्किल में डाल देगा जिसे उन्होंने जरूरत के वक्त के लिए जमा किया है।

भाजपा प्रवक्ता मीनाक्षी लेखी ने कहा था सरकार का यह फैसला विदेशी बैंकों में अमेरिकी डालर, जर्मन ड्यूश मार्क और फ्रांसिसी फ्रांक आदि करेंसियों के रूप में जमा भारतीयों के कालेधन में से एक पाई भी वापस नहीं ला सकेगा। सरकार का विदेशों में जमा भारतीयों के कालेधन को वापस लाने का कोई इरादा नहीं है और वह केवल चुनावी स्टंट कर रही है।
 
लेखी ने तर्क दिया था कि इस निर्णय से दूर दराज के इलाकों के गरीबों की मेहनत की कमाई पर पानी फिर जाने का पूरा खतरा पैदा हो जाएगा। उन्होंने कहा था कि गरीब और आदिवासी लोग पाई-पाई जमा करके अपनी बेटियों की शादी ब्याह और अन्य वक्त जरूरत के लिए घर के आटे-दाल के डिब्बों आदि में धन छिपा कर रखते हैं। ऐसे में अधिकतर लोग अपना धन 2005 के बाद की करेंसी से नहीं बदल पाएंगे या बिचौलियों के भारी शोषण का शिकार हो जाएंगे।
 
भाजपा नेता ने कहा था कि देश की बहुत बड़ी आबादी ऐसी होगी जिसे इस खबर का पता भी नहीं होगा और वक्त जरूरत के लिए जब वे अपना यह कीमती धन खर्च करने के लिए निकालेंगे तब उन्हें एहसास होगा कि उनकी कड़ी मेहनत की कमाई कागज का टुकड़ा भर रह गई है। सरकार की कड़ी आलोचना करते हुए उन्होंने कहा था कि यह निर्णय आम आदमी और आम औरत को परेशान करने तथा उन चहेतों को बचाने के लिए है जिनका भारत के कुल सकल घरेलू उत्पाद के बराबर का कालाधन विदेशी बैंकों में जमा है।

Courtesy: National Dastak
 
 

The post ढाई साल पहले नोट बदलने के खिलाफ थी बीजेपी, गरीबों के बरबाद होने का दिया था वास्ता appeared first on SabrangIndia.

 
बताया जा रहा है कि महिला को किसी ने जानकारी दी थी कि अब यह पैसे किसी काम के नहीं हैं। मीडिया खबरों के अनुसार महिला ने पैसे अपनी बेटी की शादी के लिए जमा किए थे और उसने हाल ही में इन रुपयों में से एक लाख रुपये पति के इलाज के लिए खर्च किए थे। 

पूरी खबर यहाँ पढ़ें

The post जमीन बेच जमा किए थे 54 लाख, नोट बैन के सदमे में किया सुसाइड – अमर उजाला appeared first on SabrangIndia.

मामला बेगूसराय के फुलवाड़िया का है जहां एक पांच साल की बच्ची के साथ कथित तौर पर बलात्कार के बाद पीड़िता को सदर अस्पताल में दाखिल कराया गया, लेकिन वहां से उसे पटना मेडिकल कॉलेज रेफर कर दिया। रेफर करने के बाद परिवार एंबुलेंस की तलाश करने लगा लेकिन मोदी सरकार द्वारा 500 और 1000 रुपए के नोट पर बैन लगाने की वजह से कोई भी एंबुलेंस उन्हें ले जाने को तैयार नहीं हुआ। जिसके बाद रेप पीड़िता का परिवार एंबुलेंस के लिेए घंटों तक संघर्ष करता रहा। 
 
मीडिया खबरों के अनुसार जब परिवार ने ड्राइवर से जाने के लिए कहा तो उसने 500 और 1000 के नोट पर बैन का हवाला देकर जाने से मना कर दिया। रेप पीड़िता काफी देर तक तड़पती रही लेकिन कोई भी उसे अस्पताल ले जाने के लिए तैयार नहीं हुआ।
 
ड्राइवर के इस क्रूर रवैये के बाद परेशान परिजनों ने छोटी राशि के नोटों को इकट्ठा करना शुरू कर दिया। इस बीच जब उन्होंने ड्राइवर को चलने के लिए कहा तो वह न जाने के लिए बहाने लगाने लगा। बताया जा रहा है कि बच्ची की इस हालत के बावजूद सदर अस्पताल की ओर से उसके लिए एंबुलेंस का इंतजाम नहीं किया गया। इस तरह की घटना होने के बाद प्रशासन के झूठे वादों की असलियत सामने आ गई है।

Courtesy:National Dastak
 

The post चेंज पैसे न होने की वजह से रेप पीड़िता बच्ची को नहीं मिली एंबुलेंस appeared first on SabrangIndia.