I-T raids Axis bank in Noida, finds Rs 60 cr in 20 shell company accounts

On a trail of a jeweller who allegedly sold bullion worth Rs 600 crore, the Income Tax Department on Thursday unearthed Rs 60 crore from the accounts of 20 shell companies in a raid at an Axis bank branch at sector 51 in Noida.

A team of the department on Thursday raided the Axis bank branch in Noida and searched the accounts.

In the search, Rs 60 crores were found in 20 accounts of as many shell companies, an official said, adding that the I-T team was scanning the records to trace the directors of these companies.

An I-T team had earlier found that a jeweller in Noida had sold gold bricks worth Rs 600 crore after demonetisation and has accounts in the same branch of the bank.

The jeweller's name has not been disclosed by the officials yet.(http://www.business-standard.com/article/pti-stories/i-t-raids-axis-bank-finds-rs-60-cr-in-accounts-of-shell-116121500585_1.html)

Hurry! Your old Rs 500 notes won't be accepted outside banks after midnight tonight

The deadline to use the old Rs 500 note will end today at midnight. The Narendra Modi government had announced a series of exemptions where the old Rs 500 could be used.

From December 15 midnight onwards, the old Rs 500 note can only be deposited in bank accounts till December 30.

While the government had earlier disallowed the usage of Rs 1,000 notes, the government had allowed the usage of old Rs 500 notes till December 15 midnight.

The deadline was extended twice and when the last one was to expire on November 24, it amended it to state that only the old Rs 500 rupee could be used for payment of utility bills like electricity and water, school fees, pre-paid mobile top-up.

"Exemptions for use of old Rs 500 notes will end on December 15 midnight," Economic Affairs Secretary Shaktikanta Das tweeted.(read more)

PM Modi reviews note ban, discusses ways of digitisation

Prime Minister Narendra Modi Wednesday reviewed his decision to demonetise Rs 1,000 and Rs 500 notes with his Cabinet colleagues and discussed ways to fast track digitisation to enable larger cashless transactions.

The Prime Minister initiated the discussion on the move, which was announced last month, with the ministers after the meeting of the Union Cabinet ended here this evening.

As it was not on the agenda, the issue was taken up after the Cabinet meeting was over.

The meeting assumes importance with the Centre's deadline of December 30, wherein people can deposit the old notes, nears, as the government pushes for improving digitisation to enable a larger number of cashlesstransactions through various means.(read more)

Data crunching: Why Modi's 50-day deadline for re-monetisation will fail

We are 17 days away from Prime Minister Narendra Modi’s 50-day deadline to end the worst effects of the scrapping of 86%–by value–of India’s currency. In the chest-thumping, hand-wringing and controversy that has ensued since the announcement on November 8, 2016, there has been an absence of facts on the question of re-monetising India.

An extrapolation of 2016 Reserve Bank of India (RBI) dataon the capacity of Indian printing presses and currency distribution indicates that, at current rates, the Prime Minister’s deadline will not be met. Getting adequate money to banks and ATMs nationwide will depend on how many bank notes the government wants to put back into circulation.

If the government wants to introduce Rs 9 lakh crore ($135 billion)–or 35% less money than it pulled out–it will take up to May 2017, and if it wants to reintroduce the entire Rs 14 lakh crore ($210 billion) that it withdrew, that could take up to August 2017.(readmoreData crunching: Why Modi's 50-day deadline for re-monetisation will fail)