Note ban: PM Modi silent on gains, hints pain may last little longer

Prime Minister Narendra Modi addressed a well-attended public rally in Kanpur, the precursor to what many expect to be his game changing rally in Lucknow on January 2. The Lucknow public rally will come at the end of his promised 50 days of “pain” of note ban.

He had earlier promised that days of pain would lead to “gain” for the public. However, the PM on Monday seemed to be suggesting that the pain might last a little bit longer, and he didn’t for once utter the word “gain” in nearly an hour long speech, and exhorted people to be willing to suffer inconveniences for a few more days for a brighter future of the country.
The PM railed against the Opposition for not letting Parliament function, for obstructing his fight against black money and corruption and for lying and trying to mislead people. Modi said India, post-Demonetisation, was divided into two halves – a small minority of politicians trying to protect black money, corruption and dishonesty, and the other half comprising the hardworking and honest poor and middle classes of the country who are fighting this battle to reclaim their right.(Read More)

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)

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)

Hawala operator arrested in Karnataka, CBI seize Rs 5.70 cr in new Rs 200 notes

CBI today arrested an alleged hawala operator K V Veerendra in connection with seizure of Rs 5.70 crore of new currency notes of Rs 2000 denomination from his premises in Karanataka.

The agency sources said CBI has registered a case against officials of four banks--State Bank of India, State Bank of Mysore, ICICI Bank and Kotak Mahindra Bank.

They said Veerendra was produced before Special courtin Bengaluru which has sent him to six days of CBIcustody for questioning.(read more)