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Senior Congress Leader Ahmed Patel Attacks Prime Minister Narendra Modi Over Demonetisation

Senior Congress leader Ahmed Patel attacked Prime Minister Narendra Modi at Jan Vedna Sammelan and said time has come to punish him. Citing PM Modi’s 50 days remarks after demonetisation, Patel said it’s people’s turn to “choose chauraha (intersection) and punish PM.” “Modiji ne kaha tha sirf 50 din dijiye, agar uske baad kuch na kr paaun to choraha pasand kariye, saza bhugatne ko tayyar hun(Modi Ji has demanded 50 days and said if he comes out unsuccessful, then choose and intersection, he will be ready to face punishment),” he said….

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Demonetisation is the most disruptive policy innovation in India since the 1991 reforms

Former Reserve Bank governor D Subbarao today termed demonetisation as “creative destruction and the most disruptive policy innovation since 1991 reforms” that has helped destroy blackmoney. “On November 8, the Prime Minister (Narendra Modi) and the Reserve Bank have demonetised 86 per cent of currency in circulation overnight, which is what is arguably the most disruptive policy innovation in India since the 1991 reforms,” he said. “Demonetisation, in that sense, is creative destruction. But it is a very special type of creative destruction. Because what it has destroyed is a…

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97% Cash Back In Banks – Says Report.

New Delhi: PM Narendra Modi’s much-hyped demonetisation move against black money and corruption has been a dealt a severe blow as almost 97% of the banned currency has been accounted for and deposited in banks. Indians have deposited currency bills for almost all the banned notes by the December 30 deadline, a Bloomberg report by Siddhartha Singh and Bibhudatta Pradhan states. As of December 30, banks have received Rs 14.97 trillion in old currency, the report states. Around Rs 5 trillion of the Rs 15.4 trillion rendered useless since demonetization…

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Ordinance to Penalize People holding Banned notes beyond March 31st 2017 is cleared by Cabinet

The Union cabinet cleared on Wednesday an ordinance to penalize those found holding a “high amount” of scrapped banknotes. The Specified Bank Notes Cessation of Liabilities Ordinance makes holding a large number of old Rs 1000 and Rs 500 notes a criminal offence that will attract a jail term and a monetary penalty of five times the amount of old cash one is caught with. #Cabinet clears promulgation of an ordinance to penalise persons holding junked Rs 500 & 1000 notes. pic.twitter.com/GRM0yZWawf — All India Radio News (@airnewsalerts) December 28,…

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Modi defends frequent changes in note-ban rules, slams critics

New Delhi:  Dismissing criticism of frequent changes in rules post demonetisation, Prime Minister Narendra Modi today alleged that those who cannot endorse corruption and black money openly are relentlessly finding fault with his government and vowed to take forward the fight by implementing a strong law against benami properties. “I assure you this is just the beginning in our fight against corruption. We have to win this war. There is no question of stopping… there is no question of retreat,” said Modi, who has been under sharp attack from the…

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IT dept spot Rs 3,185 crore black money & Rs 86 crore in new currency post note-ban

Over Rs 3,185 crore of un-disclosed income has been detected while Rs 86 crore worth new notes have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetization of two high value currencies by the government. Official sources said the taxman carried out a total of 677 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on November 8, even as the department has issued over 3,100 notices to various…

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