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Demonetisation bank notes

Demonetisation 'biggest scam of 2016': Chidambaram

Demonetisation 'biggest scam of 2016': Chidambaram

Sun, Feb 12, 2017

"I am sorry to make the prediction that 2016-17 will end with growth (rate) between 6 and 6.5 per cent, a good one per cent down from the earlier estimate and that means a hit of Rs 1.5 lakh crore on GDP. The GDP this year is Rs 150 lakh crore, so one per cent hit is Rs 1.5 lakh crore," Chidambaram said at a function here today.

Can Modi's Budget 2017 pave the road to double farm income?

Can Modi's Budget 2017 pave the road to double farm income?

Mon, Jan 30, 2017

With good monsoons and 7th Pay Commission bounty, analysts expect rural India to do well. However, Prime Minister Narendra Modi's demonetisation programme that started on November 9, 2016 has put a spanner in his works.

ITC Q3 today: Demonetisation, cigarette sales key triggers

ITC Q3 today: Demonetisation, cigarette sales key triggers

Fri, Jan 27, 2017

Analysts added, "We model 5% yoy volume decline in cigarettes and 1% yoy growth in FMCG business; among other businesses, we model -15%, 5% and -7% growth in hotels, agri-business and paper boards respectively."

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Thinking of slipping in those demonetised notes in your income tax returns? Think again

Thinking of slipping in those demonetised notes in your income tax returns? Think again

Wed, Dec 14, 2016

In a statement on Wednesday, Ministry of Finance said that a 'Revised Return' can only be filed if any person, who has filed a return under section 139(1) of the Act or in response to notice u/s 142(1), discovers any omission or any wrong statement therein.

RBI direct banks to maintain CCTV footage post demonetisation announcement

RBI direct banks to maintain CCTV footage post demonetisation announcement

Tue, Dec 13, 2016

RBI, "The banks are advised to preserve CCTV recordings of operations at bank branches and currency chests for the period from November 08 to December 30, 2016, until further instructions, to facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to illegal accumulation of new currency notes."

RBI's senior official arrested for illegal exchange of new currency

RBI's senior official arrested for illegal exchange of new currency

Tue, Dec 13, 2016

A PTI report revealed that one of the senior offical named K Micheal of the Reserve Bank of India was also involved in the seizure of Rs 5.70 crore in new currency.

Over 50% of MSS auctioned by RBI so far

Over 50% of MSS auctioned by RBI so far

Tue, Dec 13, 2016

In a move to facilitate liquidity management operations, the RBI revised the ceiling for the issue of securities under the MSS to Rs 6 lakh crore from the earlier Rs 30,000 crore. The move would help it rein in excess liquidity from the system after demonetisation which had seen banks getting high cash deposits.

Nearly Rs 1.5 crore of new currencies seized in Assam

Nearly Rs 1.5 crore of new currencies seized in Assam

Tue, Dec 13, 2016

"We received a tip off that huge amount of black money was hidden in Bedi`s house. We raided his house at Beltola area," he said adding that they seized Rs 1,54,61,000.

Treasury gains may support Indian banks to compensate asset quality

Treasury gains may support Indian banks to compensate asset quality

Mon, Dec 12, 2016

Nitin Aggarwal and Renish Patel analysts of Antique Stock Broking firm said, “Treasury gains will add upto 6% in operating earnings of major public sector undertakings (PSU) banks over second half of current fiscal year (2HFY17), assuming 50 basis point reduction in interest rate across yield curve.”

Bank deposits soar but no sight for lending uptick

Bank deposits soar but no sight for lending uptick

Mon, Dec 12, 2016

Nitin Aggarwal, Renish Patel analysts of Antique Stock Broking Limited said, " We expect credit growth to remain in single digit for FY17 (10% y-y growth in FY16) as capex cycle remains subdued while the demonetisation activity may further put pressure on industrial demand in the near term."

85% ATMs recalibrated till November 30

85% ATMs recalibrated till November 30

Fri, Dec 09, 2016

"Till November 30, a total of 179,614 ATMs have been recalibrated. There are 211,594 ATMs of scheduled commercial banks and 14,324 white label ATMs in the country according to September 30 data," Minister of State for Finance Santosh Kumar Gangwar told the Lok Sabha in a written reply.

Income Tax Department recovers Rs 106 crore cash, 127 kg gold in searches

Income Tax Department recovers Rs 106 crore cash, 127 kg gold in searches

Fri, Dec 09, 2016

"127 kg gold in 1 kg bars and 96 crore in old currency and Rs 10 crore in Rs 2,000 notes has been seized by the sleuths after the operation," top I-T department officials said.

Rs 11.85 crore back but RBI has supplied only Rs 3.81 lakh crore worth of currency

Rs 11.85 crore back but RBI has supplied only Rs 3.81 lakh crore worth of currency

Wed, Dec 07, 2016

Gandhi said, "The motivations for the demonetisation decision are to deal with the problem of high quality counterfeit notes in these denominations and unearth black money that may be held in cash."

RBI slashes GVA growth for FY17 to 7.1%

RBI slashes GVA growth for FY17 to 7.1%

Wed, Dec 07, 2016

RBI said, “Outlook for GVA growth has turned uncertain after the unexpected loss of momentum by 50 basis points in Q2 and the effects of the withdrawal of SBNs (specified bank notes) which are still playing out.”

How time has changed for RBI in deciding rate cut

How time has changed for RBI in deciding rate cut

Wed, Dec 07, 2016

Care said, "Based on the movements of these economic parameters, we expect a 25 bps rate cut in tomorrow’s RBI policy view and another 25 bps cut for the rest of the fiscal."

Modi's demonetisation drive may stunted bank credit growth further

Modi's demonetisation drive may stunted bank credit growth further

Fri, Dec 02, 2016

Care Ratings said, “The latest GDP reveals that capital formation continues to decline to a new low of 27.1% as of September, which indicates that there would be less demand for funding until such time that demand for other goods pick up significantly.”

Digital banking may eat into ATM business

Digital banking may eat into ATM business

Fri, Dec 02, 2016

According to V. Balasubramanian, President, Financial Software and Systems (FSS), the demand for ATMs is unlikely to be affected in the next couple of years, but "it is not possible to make a growth estimate after two years given the changed situation".

Demonetisation impact: GDP growth may fall to three-year lows

Demonetisation impact: GDP growth may fall to three-year lows

Fri, Dec 02, 2016

Sunil Kumar Sinha, Principal Economist and Director Public Finance of India Ratings said, “Disruption has been caused at various level of economy due to de-legalisation of banknotes of Rs 500 and Rs 1000 denominations. Ind-Ra analysis shows that the economic cost of the de-legalisation will be Rs1.5 lakh crore for FY17.”

TVS Motors recorded flat November sales; three-wheeler segment down 24%

TVS Motors recorded flat November sales; three-wheeler segment down 24%

Thu, Dec 01, 2016

The company said, "Due to the demonetization exercise, the Company witnessed a short-term impact on November sales."

India Inc's bond market fund raising grew 93% in November

India Inc's bond market fund raising grew 93% in November

Thu, Dec 01, 2016

Corporate bond market, so far this year, has seen a growth of 30.35%, at Rs 8.96 lakh crore compared to Rs 6.87 lakh crore in the corresponding period of the previous year.

M&M's November sales decline 22%

M&M's November sales decline 22%

Thu, Dec 01, 2016

Pravin Shah, President & Cheif Executive (Automotive), M&M said, “While we expected an improved auto industry performance on the back of the festive season and other positive parameters such as rural demand and interest rates softening, the sudden announcement of demonetisation has brought in an immediate disruption and uncertainty.”

Serpentine queues, chaos outside banks on salary day

Serpentine queues, chaos outside banks on salary day

Wed, Nov 30, 2016

Many showed resentment over the same issue and complained their demands were not met by the bankers, who feel that if they go by the RBI upper limit, they will be able to please only some of their customers -- while the queues outside keep getting longer.

Here is why banks stocks are falling on RBI's CRR strike

Here is why banks stocks are falling on RBI's CRR strike

Mon, Nov 28, 2016

As the liquidity under banks keeps increasing, they will have to mandatorily park their increments as CRR with RBI, for which Care feels will affect banks profit & loss account.

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