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demonetisation

Dec 10, 2019, 06.17 PM IST

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DEMONETISATION

No need to worry: Minister on reports of government withdrawing Rs 2000 note

The government had in November 2016 demonetised Rs 1,000 and Rs 500 denominations notes.

No reason that employment has come down, says Gangwar

In response to remarks on demonetisation and the job cuts it caused these years, Labour...

Demonetisation led to economic slowdown: Bengal FM Amit Mitra

"Seventeen reasons were given to justify demonetisation, but none of those hold...

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  • In the second quarter ended September 2019, the total number of microfinance loan accounts were at 9.79 crore as compared to 7.43 crore account in the year-ago period, according to a quarterly report by Microfinance Institutions Network (MFIN). Since March 2017, an estimated 1.83 crore unique borrowers have been added, which is an average of 0.73 crore per year.

    Analysts said Nifty might have kicked off the next leg of up-move, where it is likely to scale fresh all-time highs in the short term

    The former Union finance minister, who spent 106 days in jail and was released on bail on Wednesday, said the BJP government believed problems faced by the economy were cyclical even after seven months of this financial year.

    Mired in debt Assam micro borrowers’ indebtedness is more than double the national average.

    Various organisations in the upper part of the northeastern state have joined the chorus seeking an inquiry into the operation of microfinance lenders as several micro borrowers are said to be exposed to high debt. Reports of unrest have come from various districts of Assam. Indebtedness of micro borrowers in Assam is more than double the national average.

    A recent survey by LocalCircles pointed out that cash continues to dominate the real estate market.

    Thakur said as part of the government’s drive against black money, undisclosed income of about Rs 8,465 crore has been brought to tax and penalty of Rs 1,294 crore levied in the HSBC cases.

    "Who were standing in queue when demonetisation took place? Not a single industrialist was standing. Common people, poor and tribals were standing in queue. 'Gabbar Singh Tax' (GST) was implemented as funds were generated from small traders and all money of demonetisation and GST went to only 15 industrialists who are friends of Modi," said Rahul Gandhi

    These companies have together sold around 44 million sq ft of residential space in 2018-19 against around 17 million sq ft in 2016-17— the demonetisation period — and 27 million sq ft in 2014-15. Their sales have collectively grown by 63% since the housing market's peak years of 2014-15, showed data from ANAROCK Research.

    "We have opposed these amendments in Parliament and will continue to oppose them in practice. We condemn this piecemeal destruction of our democratic institutions and will continue to fight the Modi government in these self-serving actions which are the very opposite of national interest," she said.

    According to ANAROCK Property Consultants even three years after demonetisation, up to 30 percent of the total transaction value on the secondary (resale) residential market across India can still be paid in cash.

    Addressing an election rally in Yashwanthapura assembly constituency seeking votes for party candidate T N Javarayi Gowda, he said, "Give a thought to the prevailing situation in India. The country's situation is worsening. There is a financial anarchy in the nation."

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