The good and bad of demonetisation
Prime Minister Narendra Modi on November 8 announced a ban on old Rs 500 and Rs 1,000 notes. Here are the good and bad highlights of this move.
Ever since demonetisation initiative was announced by Prime Minister Narendra Modi on November 8, several developments have taken place related to the move. While some have been encouraging, others highlight the flip side of the historic step taken by the Centre. We bring to you the good and bad developments related to demonetisation that have taken place in the last couple of days:
GOOD
DEMONETISATION LEADS TO LARGEST NAXAL SURRENDERS
DEMONETISATION LEADS TO LARGEST NAXAL SURRENDERS
Government policies in Left-wing extremism affected states, pressure built up by security forces for past few months and the latest demonetisation decision seem to be making a strong impact in the region with 564 Naxals and their sympathisers surrendering before the authorities in the last 28 days, the highest number to do so in a month ever.
BAD
DAD IN HOSPITAL WITH CANCER, GIRL TWEETS PM MODI FOR HELPUnable for days to withdraw money from her account for her ailing father's medicines, a 25-year-old woman from Agra has tweeted to Prime Minister Narendra Modi and UP Chief Minister Akhilesh Yadav for help, saying she cannot stand in serpentine bank queues, leaving her cancer-stricken father alone at home. Twenty-five-year-old Juhi Prakash tweeted asking for financial help in the face of crisis due to currency demonetisation. She is unable to spend hours waiting for cash withdrawal at banks and ATMs because her father is a cancer patient.
DAD IN HOSPITAL WITH CANCER, GIRL TWEETS PM MODI FOR HELPUnable for days to withdraw money from her account for her ailing father's medicines, a 25-year-old woman from Agra has tweeted to Prime Minister Narendra Modi and UP Chief Minister Akhilesh Yadav for help, saying she cannot stand in serpentine bank queues, leaving her cancer-stricken father alone at home. Twenty-five-year-old Juhi Prakash tweeted asking for financial help in the face of crisis due to currency demonetisation. She is unable to spend hours waiting for cash withdrawal at banks and ATMs because her father is a cancer patient.
GOOD
IAS OFFICERS SET EXAMPLE BY OPTING FOR COURT MARRIAGEDesperate times desperate measures. But this could be an exemplary marriage for many who are struggling in queues in front banks to get Rs 2.5 lakh for their marriages. But IAS officer Ashish Bashisht and his newly-wed IAS officer Saloni Sadna both decided to skip the trouble of social marriage and make it simple. Yesterday, in front of ADM court in Bhind, MP, both the bureaucrats got married, legally. Their marriage was solemnised in the court in the presence of members of both the families and few friends.
IAS OFFICERS SET EXAMPLE BY OPTING FOR COURT MARRIAGEDesperate times desperate measures. But this could be an exemplary marriage for many who are struggling in queues in front banks to get Rs 2.5 lakh for their marriages. But IAS officer Ashish Bashisht and his newly-wed IAS officer Saloni Sadna both decided to skip the trouble of social marriage and make it simple. Yesterday, in front of ADM court in Bhind, MP, both the bureaucrats got married, legally. Their marriage was solemnised in the court in the presence of members of both the families and few friends.
BAD
OLD NOTES IN DANCE BARS
Sting operation on dance bars operating in Mumbai have revealed that old currencies are getting transacted across the table. Owners of the bar say either take the old currency or spend the entire new currency amount. In a way, black money is being flushed out. The most shocking amongst them all is that parallel currency is running in the dance bars. It is another way of keeping black money in circulation. The dance bars have generated and developed their own parallel currency with Mahatma Gandhi's photo printed on it. If in an original Rs 20 note it is written, 'I promise to pay the bearer the sum of twenty rupees' with RBI Governor's signature, in the dance bar currency it is written, 'I promise to play with the coupon of twenty or 20 rupee' with the Governor as Santa Clause of Children Bank of India guaranteed by Children Bank. Rest all printing is same.
OLD NOTES IN DANCE BARS
Sting operation on dance bars operating in Mumbai have revealed that old currencies are getting transacted across the table. Owners of the bar say either take the old currency or spend the entire new currency amount. In a way, black money is being flushed out. The most shocking amongst them all is that parallel currency is running in the dance bars. It is another way of keeping black money in circulation. The dance bars have generated and developed their own parallel currency with Mahatma Gandhi's photo printed on it. If in an original Rs 20 note it is written, 'I promise to pay the bearer the sum of twenty rupees' with RBI Governor's signature, in the dance bar currency it is written, 'I promise to play with the coupon of twenty or 20 rupee' with the Governor as Santa Clause of Children Bank of India guaranteed by Children Bank. Rest all printing is same.
GOOD
PARENTS OF PATIENT REFUSE FINANCIAL HELP IN 'BLACK MONEY'At a time when PM Modi is harping on the need to combat black money, a poor family in Kolkata is doing its bit to send across a strong message. Kolkata teen Sumana has been suffering from a rare genetic disorder and requires at least Rs 3 lakh per month for her medicines and treatment, failing which she slips into coma. Her family has been finding it impossible to make ends meet. But soon after the PM's demonetisation announcement, the family is flooded with calls from the rich willing to fund Sumana's treatment. But with a rider - hey will have to accept the money in their account and must return it in due course only for a tiny amount in return. Shocked and hurt, the family has refused point blank. Her parents say they are willing to sacrifice their daughter's life but will not accept black money for her treatment.
PARENTS OF PATIENT REFUSE FINANCIAL HELP IN 'BLACK MONEY'At a time when PM Modi is harping on the need to combat black money, a poor family in Kolkata is doing its bit to send across a strong message. Kolkata teen Sumana has been suffering from a rare genetic disorder and requires at least Rs 3 lakh per month for her medicines and treatment, failing which she slips into coma. Her family has been finding it impossible to make ends meet. But soon after the PM's demonetisation announcement, the family is flooded with calls from the rich willing to fund Sumana's treatment. But with a rider - hey will have to accept the money in their account and must return it in due course only for a tiny amount in return. Shocked and hurt, the family has refused point blank. Her parents say they are willing to sacrifice their daughter's life but will not accept black money for her treatment.
BAD
NEWLY-WED KILLED FOR BRINGING SCRAPPED NOTES AS DOWRYA newly-wed woman was allegedly killed by her in-laws for bringing demonetised notes as dowry. In the shocking incident, Pravati Mandal (18) was found dead in her home at Badasahi in Rangipur village under Golanthpur police limits in Ganjam district. Pravati's husband, Laxmi Nahaka, and his family defended that she had committed suicide. But the victim's father, Siba Mandal, has alleged that it as a dowry killing.
NEWLY-WED KILLED FOR BRINGING SCRAPPED NOTES AS DOWRYA newly-wed woman was allegedly killed by her in-laws for bringing demonetised notes as dowry. In the shocking incident, Pravati Mandal (18) was found dead in her home at Badasahi in Rangipur village under Golanthpur police limits in Ganjam district. Pravati's husband, Laxmi Nahaka, and his family defended that she had committed suicide. But the victim's father, Siba Mandal, has alleged that it as a dowry killing.
GOOD
MAN IN WHEELCHAIR SUPPORTS PM MODI
A man in wheel chair supports PM Modi on demonetisation. He said freedom fighter Subash Chandra Bose had asked for blood for freedom while Modi is asking only for 50 days. The man, a paraplegic, said he is in support of action against black money.
MAN IN WHEELCHAIR SUPPORTS PM MODI
A man in wheel chair supports PM Modi on demonetisation. He said freedom fighter Subash Chandra Bose had asked for blood for freedom while Modi is asking only for 50 days. The man, a paraplegic, said he is in support of action against black money.
BAD
NOTE BAN HITS LABOUR INTENSIVE SECTORS
Labourers in the textile, footwear, plastic and metal industry have been adversely affected by the demonetisation move. While chaos over the note ban continues within and outside the walls of the parliament, labourers in the organised and unorganised sectors bear the brunt of this move. Labourers from Delhi have been compelled to leave National Capital Territory after demonetisation as they are unable to get money.
NOTE BAN HITS LABOUR INTENSIVE SECTORS
Labourers in the textile, footwear, plastic and metal industry have been adversely affected by the demonetisation move. While chaos over the note ban continues within and outside the walls of the parliament, labourers in the organised and unorganised sectors bear the brunt of this move. Labourers from Delhi have been compelled to leave National Capital Territory after demonetisation as they are unable to get money.
GOOD
FARMERS UNAFFECTED
Farmers in Assam are saying that they are not affected with demonetisation. They are supporting PM Modi.
FARMERS UNAFFECTED
Farmers in Assam are saying that they are not affected with demonetisation. They are supporting PM Modi.
BAD
SCRAPPED NOTES IN TEMPLECrores of Rs 500 and Rs 1,000 notes were found in Hundi temple of Chittorgarh In Rajasthan as donations.
SCRAPPED NOTES IN TEMPLECrores of Rs 500 and Rs 1,000 notes were found in Hundi temple of Chittorgarh In Rajasthan as donations.
GOOD
NEW NOTES IN BANKS
The banks in Uttrakhand have received new Rs 500 currency notes after 20 days, providing a major relief to the local people.
NEW NOTES IN BANKS
The banks in Uttrakhand have received new Rs 500 currency notes after 20 days, providing a major relief to the local people.
BAD
POLICE LATHICHARGE ON QUEUE
Police resorted to lathicharge on the people standing in queue at ATM to withdraw money in Bulandshahar.
POLICE LATHICHARGE ON QUEUE
Police resorted to lathicharge on the people standing in queue at ATM to withdraw money in Bulandshahar.
GOOD
WINDFALL GAIN FOR LOCAL BODIES & REVENUE DEPARTMENTSAmid many side effects of demonetisation, municipal authorities and revenue departments are profiting. They are also getting record old dues recovered.
WINDFALL GAIN FOR LOCAL BODIES & REVENUE DEPARTMENTSAmid many side effects of demonetisation, municipal authorities and revenue departments are profiting. They are also getting record old dues recovered.
BAD
ADVOCATES THRASH YOUTHA group of advocates beat up a youth standing in queue in Kota. The incident took place at the banks in the court premise.
ADVOCATES THRASH YOUTHA group of advocates beat up a youth standing in queue in Kota. The incident took place at the banks in the court premise.
GOOD
FIRST ATM MACHINE INSTALLEDThe first ATM machine in Golaghat, Assam has been installed inside tea garden for garden workers.
FIRST ATM MACHINE INSTALLEDThe first ATM machine in Golaghat, Assam has been installed inside tea garden for garden workers.
BAD
BAGS WITH BANNED NOTES RECOVEREDThe police raided a mall which is under construction and recovered two bags full of old Rs 500 and Rs 1,000 notes.
BAGS WITH BANNED NOTES RECOVEREDThe police raided a mall which is under construction and recovered two bags full of old Rs 500 and Rs 1,000 notes.
GOOD
PM ASKS MPS & MLAS TO SUBMIT DETAILS OF BANK TRANSACTIONS POST 8TH NOVEMBER
All BJP MPs and MLAs have been asked to submit their bank transactions post November 8 till December 31 to party president Amit Shah on January 1.
BAD
BANKS VANDALISED
PM ASKS MPS & MLAS TO SUBMIT DETAILS OF BANK TRANSACTIONS POST 8TH NOVEMBER
All BJP MPs and MLAs have been asked to submit their bank transactions post November 8 till December 31 to party president Amit Shah on January 1.
BAD
BANKS VANDALISED
Irate customers vandalised two SBI branches in Manipur on Monday after the bank refused to allow people to withdraw Rs 24,000 each from their accounts citing cash shortage. A policeman was injured in violence in one of the banks while a mob damaged windows in another, witnesses and officials said. Bank work was hit in both places but no one has been arrested.
GOOD
RELAXATION FOR WITHDRAWAL OF CASH FROM BANK DEPOSIT ACCOUNTS
In a press release RBI said it has been reported that certain depositors are hesitating to deposit their monies into bank accounts in view of the current limits on cash withdrawals from accounts. As it is impeding active circulation of currency notes, it has been decided, on careful consideration, to allow withdrawals of deposits made in current legal tender notes on or after November 29 beyond the current limits, preferably, available higher denominations bank notes of Rs 2,000 and Rs 500 are to be issued for such withdrawals.
BAD
RS 9,800 CRORE DEPOSITED IN TAXI DRIVER'S ACCOUNT
RELAXATION FOR WITHDRAWAL OF CASH FROM BANK DEPOSIT ACCOUNTS
In a press release RBI said it has been reported that certain depositors are hesitating to deposit their monies into bank accounts in view of the current limits on cash withdrawals from accounts. As it is impeding active circulation of currency notes, it has been decided, on careful consideration, to allow withdrawals of deposits made in current legal tender notes on or after November 29 beyond the current limits, preferably, available higher denominations bank notes of Rs 2,000 and Rs 500 are to be issued for such withdrawals.
BAD
RS 9,800 CRORE DEPOSITED IN TAXI DRIVER'S ACCOUNT
Rs 9,800 crore was allegedly credited in the account of a taxi driver in Barnala.
GOOD
RS 8.44 LAKH CRORE DEPOSITED, RS 33,948 EXCHANGED
According to RBI, Rs 8.44 lakh crore has been deposited and Rs 33,948 crore has been exchanged till November 27. Consequent to the announcement of withdrawal of legal tender status of banknotes of Rs 500 and Rs 1,000 denominations from the midnight of November 8, the RBI made arrangements for exchange and/or deposit of such notes at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks.
GOOD
RS 8.44 LAKH CRORE DEPOSITED, RS 33,948 EXCHANGED
According to RBI, Rs 8.44 lakh crore has been deposited and Rs 33,948 crore has been exchanged till November 27. Consequent to the announcement of withdrawal of legal tender status of banknotes of Rs 500 and Rs 1,000 denominations from the midnight of November 8, the RBI made arrangements for exchange and/or deposit of such notes at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks.
GOOD
PAY 50 PER CENT TAX ON UNACCOUNTED DEPOSITS, OR 85 PER CENT IF CAUGHT
PAY 50 PER CENT TAX ON UNACCOUNTED DEPOSITS, OR 85 PER CENT IF CAUGHT
Providing yet another opportunity to black money holders to legalise their wealth, the government has proposed to tax at 50 per cent the unaccounted demonetised cash that is disclosed voluntarily till December 30, after which a steep up to 85 per cent tax and penalty will be levied on undisclosed wealth that is discovered by the authorities. The Taxation Laws (Second Amendment) Bill, 2016, was introduced today in the Lok Sabha by Finance MinisterArun Jaitley, nearly three weeks after Prime Minister Narendra Modi banned high denomination currency notes. It also provides for immunity from being questioned on the source of funds.
GOOD
SCRAPPED NOTES ABANDONEDCurrency notes were found thrown on roadside in Ghaziabad. Eyewitnesses said a man came from white car and threw it there.
SCRAPPED NOTES ABANDONEDCurrency notes were found thrown on roadside in Ghaziabad. Eyewitnesses said a man came from white car and threw it there.
GOOD
GANG EXCHANGING NOTES BUSTED
GANG EXCHANGING NOTES BUSTED
Peddapally police of Telangana on Monday busted a seven-member gang involved in exchange of demonetised currency with the newly introduced Rs 2,000 notes. The police after specific information laid a trap at the spot where Rs 10 lakh was being exchanged by the gang and caught them red handed.
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