General Affairs
'Should We Shut Out Corruption Or Shut Down Nation,' PM Modi Asks At UP Rally
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Prime Minister Narendra Modi took on the opposition over its Monday's strike call at the BJP's Parivartan Rally in Uttar Pradesh's Kushinagar, asking whether it was preferable to put a stop to corruption and black money or shut down the country.
Without referring to the opposition strike call, PM Modi asked, "Should we shut out corruption or shut down the nation?"
Urging the audience in the poll-bound state to shift to cashless transactions, he said irrespective of whether one has gone to school, people are buying tickets online, sending messages on WhatsApp and using social media to share pictures they click.
"You can also easily learn how to run business, transact money through your phone, without the need of any cash," he said. "Technology has advanced so much that one does not need to carry a wallet, but just your phone. Your phone has turned into your bank branch".
With the government's ban on currency of high denomination, banks and ATMs have witnessed block-long queues since November 8. The matter has turned a political controversy with the opposition blaming the government for the hardships the people are facing. Launching a sharp attack on the government in parliament, the opposition parties have called for a nationwide protest tomorrow.
The Opposition responded almost immediately, with the Congress saying it has not called for a "Bharat bandh" or a countrywide shutdown on Monday but 'Jan Aakrosh Diwas' to hold protests over currency ban.
"There will be protest rallies; we have not called for a 'Bharat bandh' (shutdown). Misinformation has been spread by the BJP which is ill-informed," said senior Congress leader Jairam Ramesh.
Trinamool Congress chief and West Bengal Chief Minister Mamata Banerjee called PM Modi's radio programme Mann Ki Baat, a "misuse of state machinery". Mann ki Baat has now become "Modi ki Baat," Ms Banerjee said in a statement. "Instead of finding solutions to the suffering and pain of millions, he is doing personal vendetta, personal publicity and business."
Bahujan Samaj Party leader Mayawati said, "We are opposing the decision because it affects 90 per cent people."
Without referring to the opposition strike call, PM Modi asked, "Should we shut out corruption or shut down the nation?"
"You can also easily learn how to run business, transact money through your phone, without the need of any cash," he said. "Technology has advanced so much that one does not need to carry a wallet, but just your phone. Your phone has turned into your bank branch".
With the government's ban on currency of high denomination, banks and ATMs have witnessed block-long queues since November 8. The matter has turned a political controversy with the opposition blaming the government for the hardships the people are facing. Launching a sharp attack on the government in parliament, the opposition parties have called for a nationwide protest tomorrow.
The Opposition responded almost immediately, with the Congress saying it has not called for a "Bharat bandh" or a countrywide shutdown on Monday but 'Jan Aakrosh Diwas' to hold protests over currency ban.
"There will be protest rallies; we have not called for a 'Bharat bandh' (shutdown). Misinformation has been spread by the BJP which is ill-informed," said senior Congress leader Jairam Ramesh.
Trinamool Congress chief and West Bengal Chief Minister Mamata Banerjee called PM Modi's radio programme Mann Ki Baat, a "misuse of state machinery". Mann ki Baat has now become "Modi ki Baat," Ms Banerjee said in a statement. "Instead of finding solutions to the suffering and pain of millions, he is doing personal vendetta, personal publicity and business."
Bahujan Samaj Party leader Mayawati said, "We are opposing the decision because it affects 90 per cent people."
India Will Shine Like Gold After Demonetisation Fire: PM Narendra Modi
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Prime Minister Narendra Modi on Sunday said he was confident that India would shine like gold after the government's decision to demonetise high value currency notes that would curb unaccounted wealth in the country.
"Just like gold we will emerge glowing from this fire. The main reason behind this confidence is our people," said the Prime Minister, defending the demonetisation move in his monthly radio broadcast "Mann ki Baat".
PM Modi said he had cautioned that there would be inconveniences caused by the move and that "we would face new problems".
"I had said it will take about 50 days for the situation to normalise. It is not easy to get rid of the 70-year-old problem" of corruption and black money, he emphasised.
"Your support despite severe problems touched me. You have not wavered despite efforts to misguide you," he said in his address to the nation, weeks after the surprise move that has caused unprecedented crash crunch in the country.
"Just like gold we will emerge glowing from this fire. The main reason behind this confidence is our people," said the Prime Minister, defending the demonetisation move in his monthly radio broadcast "Mann ki Baat".
PM Modi said he had cautioned that there would be inconveniences caused by the move and that "we would face new problems".
"I had said it will take about 50 days for the situation to normalise. It is not easy to get rid of the 70-year-old problem" of corruption and black money, he emphasised.
"Your support despite severe problems touched me. You have not wavered despite efforts to misguide you," he said in his address to the nation, weeks after the surprise move that has caused unprecedented crash crunch in the country.
Punjab Jailbreak: Rajnath Singh Seeks Report, Directs Tightening Of Security
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Home Minister Rajnath Singh today spoke to Punjab Chief Minister Parkash Singh Badal about the Nabha jailbreak in which a Khalistani terrorist escaped along with five other prisoners and sought a detailed report from the state government.
The Home Minister, who was in Hyderabad, also asked the Chief Minister to take urgent steps to tighten security in all jails in Punjab, officials said.
During the 15-minute telephonic conversation, Mr Badal briefed Mr Singh about the incident and steps taken to nab the culprits.
"I have told the Home Secretary to get a report from the Punjab government immediately. If the Punjab government needs any assistance, we will provide it," Mr Singh said.
Punjab Deputy Chief Minister Sukhbir Singh Badal also spoke to the National Security Advisor Ajit Doval and apprised him of the details of the incident. He updated the NSA on steps being taken to apprehend the culprits.
Concerned over the incident, Home Ministry asked the Punjab government to send the report as early as possible.
Union Home Secretary Rajiv Mehrishi also spoke to Director General of Punjab Police and asked him to ensure adequate security in all jails in Punjab.
In the sensational jailbreak, a group of armed men in police uniform attacked the high-security Nabha Jail in Patiala and fled with six prisoners, including Khalistan Liberation Front chief Harminder Singh Mintoo, an accused in 10 cases.
The incident came two days after Home Minister Singh asked security forces to guard against attempts to disturb peace through "vicious" political campaign or by external extremist forces during the election process in Punjab and four other states.
"We have to keep strict vigil against external extremist elements who may try to create disturbance in Punjab. There have been increased activities of the Sikh terrorists in recent months. Similarly in Manipur, we have to ensure peace keeping in mind the ethnic divide. In Uttar Pradesh too, there may be attempts to disturb law and order through vicious political campaigning. We have to keep strict vigil and take proper steps to ensure peace during election," he said at the DGPs conference in Hyderabad on Friday.
The Home Minister, who was in Hyderabad, also asked the Chief Minister to take urgent steps to tighten security in all jails in Punjab, officials said.
"I have told the Home Secretary to get a report from the Punjab government immediately. If the Punjab government needs any assistance, we will provide it," Mr Singh said.
Punjab Deputy Chief Minister Sukhbir Singh Badal also spoke to the National Security Advisor Ajit Doval and apprised him of the details of the incident. He updated the NSA on steps being taken to apprehend the culprits.
Concerned over the incident, Home Ministry asked the Punjab government to send the report as early as possible.
Union Home Secretary Rajiv Mehrishi also spoke to Director General of Punjab Police and asked him to ensure adequate security in all jails in Punjab.
In the sensational jailbreak, a group of armed men in police uniform attacked the high-security Nabha Jail in Patiala and fled with six prisoners, including Khalistan Liberation Front chief Harminder Singh Mintoo, an accused in 10 cases.
The incident came two days after Home Minister Singh asked security forces to guard against attempts to disturb peace through "vicious" political campaign or by external extremist forces during the election process in Punjab and four other states.
"We have to keep strict vigil against external extremist elements who may try to create disturbance in Punjab. There have been increased activities of the Sikh terrorists in recent months. Similarly in Manipur, we have to ensure peace keeping in mind the ethnic divide. In Uttar Pradesh too, there may be attempts to disturb law and order through vicious political campaigning. We have to keep strict vigil and take proper steps to ensure peace during election," he said at the DGPs conference in Hyderabad on Friday.
Protest Over Currency Ban Tomorrow, No Bharat Bandh: Congress
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Congress today made it clear it has not called for a 'Bharat bandh' tomorrow, but will hold protests across the country against demonetisation, which it alleged "was a political move being sold as a fight against corruption".
Speaking to reporters in Delhi, party leader Jairam Ramesh said Prime Minister Narendra Modi believes in "dhamaka" politics and the decision to scrap high-value currency notes was taken because he had seen the "writing on the wall" in Uttar Pradesh, where polls are due next year.
He claimed that Rs. 1,000 and Rs. 500 notes were scrapped to cover up the government's failure to deliver on the Prime Minister's big electoral promise of bringing back black money stashed abroad and PM Modi wanted to do something "dramatic".
"It is a political move which is being sold as a fight against corruption," Mr Ramesh said hitting out at the Centre.
He said people who have amassed wealth by illegal means are not suffering, but those who do not have black money are facing hardships.
"Unfortunately, people who needed to be attacked have gone scot-free," he said, adding that one section of "suited-booted" people was still leading a life of luxury.
Mr Ramesh, a former Union Cabinet minister, claimed that BJP was spreading misinformation that Congress and other parties have called for a 'Bharat bandh'.
The Opposition parties will hold protests across the country by observing "Jan Aakrosh Diwas", he said.
Taking a swipe at the Modi government, he said economic activity has anyway come to a standstill since November 9.
Asked what will be the Opposition's strategy in Parliament, Mr Ramesh said a debate will happen if the Prime Minister participates in it.
The Congress leader also questioned government's preparedness to bring in new currency notes, saying that according to estimates, it may take up to 250 days to print new notes and bring economy back on the track.
He also criticised the Prime Minister's call for a "cashless" or "lesscash" society, saying that in India, a majority of people use cash for daily transactions."
Speaking to reporters in Delhi, party leader Jairam Ramesh said Prime Minister Narendra Modi believes in "dhamaka" politics and the decision to scrap high-value currency notes was taken because he had seen the "writing on the wall" in Uttar Pradesh, where polls are due next year.
"It is a political move which is being sold as a fight against corruption," Mr Ramesh said hitting out at the Centre.
He said people who have amassed wealth by illegal means are not suffering, but those who do not have black money are facing hardships.
"Unfortunately, people who needed to be attacked have gone scot-free," he said, adding that one section of "suited-booted" people was still leading a life of luxury.
Mr Ramesh, a former Union Cabinet minister, claimed that BJP was spreading misinformation that Congress and other parties have called for a 'Bharat bandh'.
The Opposition parties will hold protests across the country by observing "Jan Aakrosh Diwas", he said.
Taking a swipe at the Modi government, he said economic activity has anyway come to a standstill since November 9.
Asked what will be the Opposition's strategy in Parliament, Mr Ramesh said a debate will happen if the Prime Minister participates in it.
The Congress leader also questioned government's preparedness to bring in new currency notes, saying that according to estimates, it may take up to 250 days to print new notes and bring economy back on the track.
He also criticised the Prime Minister's call for a "cashless" or "lesscash" society, saying that in India, a majority of people use cash for daily transactions."
Demonetisation To Have Gains In Long Run: Chandrababu Naidu
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Demonetisation problems are temporary but the gains in the long run will be fruitful, Andhra Pradesh Chief Minister N Chandrababu Naidu said as he enlisted the steps taken by his government to help the people in this situation.
The Andhra government has adopted several innovative ways to solve the problems of the people and become a role model state in the country in cashless transactions, he said.
The steps taken by the state government include setting up of four committees to oversee cashless transactions, arrangement of 19,000 e-PoS (Point of Sales) machines involving students and self-helf women's groups and starting a mobile application 'AP Purse'.
"The demonetisation problems are temporary but the gains in the long run will be fruitful," he said.
The Chief Minister urged the people to endure the currency crisis for some more time to come and asked them to face it in a challenging spirit.
To overcome the problems post scrapping of the high value currency of Rs. 500 and Rs. 1,000, the Andhra government is planning to distribute free mobile phones to people, particularly the economically-backward classes to undertake cashless transactions, Mr Naidu said.
Mr Naidu, who has been holding teleconferences with bankers
and officials to ensure that problems of people are minimised, has announced the decision to set up four committees to oversee cashless transactions, Jan Dhan bank account and Rupay dealings and overall expenditure.
The state government is also planning to start 'AP Purse' to provide short term, middle term and long term benefits to the people.
While terming as unfortunate that the demonetisation problem has prolonged, he lauded the people for having patience by being in such long queues at banks and ATMs.
He asked the people to make effective use of mobile currency, online transactions and debit and credit cards and Rupay cards.
He has written to Union Finance Minister Arun Jaitley, seeking more funds of smaller denominations to the state to ease out the problems of people.
The Chief Minister said the state government had received an additional Rs. 2,000 crore, of which Rs. 400 crore is in the denominations of Rs. 100. He hoped that this would bring some
relief to the people.
Mr Naidu said he had requested the Centre and RBI to send Rs. 5,000 crore to the state. He suggested that out of this, at least Rs. 1,000 crore should contain smaller denominations like Rs. 10, Rs. 20, Rs. 50 and Rs. 100.
He added that the state government had earmarked Rs. two crore to each of the districts, which would be of great help to small businessmen to continue their business transactions non-stop.
The Andhra government has adopted several innovative ways to solve the problems of the people and become a role model state in the country in cashless transactions, he said.
The steps taken by the state government include setting up of four committees to oversee cashless transactions, arrangement of 19,000 e-PoS (Point of Sales) machines involving students and self-helf women's groups and starting a mobile application 'AP Purse'.
"The demonetisation problems are temporary but the gains in the long run will be fruitful," he said.
To overcome the problems post scrapping of the high value currency of Rs. 500 and Rs. 1,000, the Andhra government is planning to distribute free mobile phones to people, particularly the economically-backward classes to undertake cashless transactions, Mr Naidu said.
Mr Naidu, who has been holding teleconferences with bankers
and officials to ensure that problems of people are minimised, has announced the decision to set up four committees to oversee cashless transactions, Jan Dhan bank account and Rupay dealings and overall expenditure.
The state government is also planning to start 'AP Purse' to provide short term, middle term and long term benefits to the people.
While terming as unfortunate that the demonetisation problem has prolonged, he lauded the people for having patience by being in such long queues at banks and ATMs.
He asked the people to make effective use of mobile currency, online transactions and debit and credit cards and Rupay cards.
He has written to Union Finance Minister Arun Jaitley, seeking more funds of smaller denominations to the state to ease out the problems of people.
The Chief Minister said the state government had received an additional Rs. 2,000 crore, of which Rs. 400 crore is in the denominations of Rs. 100. He hoped that this would bring some
relief to the people.
Mr Naidu said he had requested the Centre and RBI to send Rs. 5,000 crore to the state. He suggested that out of this, at least Rs. 1,000 crore should contain smaller denominations like Rs. 10, Rs. 20, Rs. 50 and Rs. 100.
He added that the state government had earmarked Rs. two crore to each of the districts, which would be of great help to small businessmen to continue their business transactions non-stop.
Business Affairs
RBI Governor Urjit Patel breaks his silence post demonetisation
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Breaking his silence over the demonetisation issue, RBI Governor Urjit Patel on Sunday said the central bank is monitoring the situation on a daily basis and taking all necessary actions to "ease the genuine pain of citizens" with a clear intent to normalise the things as early as possible.
Patel also said the RBI has announced an incremental CRR (Cash Reserve Ratio) of 100 per cent "because of the large increase in deposits of banks on account of the return of Rs 1,000 and Rs 500 notes" and the decision would be reviewed immediately once the government issues adequate quantum of MSS (Market Stablisation Scheme) bonds which they have promised to do.
In an exclusive interview to PTI, Patel said the situation arising out of the decision to withdraw Rs 500/1,000 notes is being monitored on a daily basis and the printing presses have started to rebalance the production of new notes towards Rs 100 and Rs 500 bills.
He also urged the people to start using cash substitutes like debit cards and digital wallets, saying it will make transactions cheaper and easier and in the long term, it will help India "leapfrog into a less cash-use economy at par with more developed nations."
"We are also urging banks to make a big push with PoS (Point of Sale) machines with traders so that debit card use becomes more prevalent," he said.
Giving details of the steps being taken by RBI, he said, "Both RBI and government have been getting the printing presses to work at capacity to get the new notes available to meet demand.
"The RBI is interacting with the banks every day. They are telling us that the situation is gradually easing. The queues in branches and ATMs are shorter and the markets are starting to function, and there are no reported shortages of daily items of consumption.
"Also, about 40-50,000 people were deployed to refit the ATMs. Currency is available and banks are working in a mission mode to lift currency and take them to their branches and ATMs. The staff members of all banks have worked very hard, and we all owe them our gratitude," Patel said.
"Having said that, it is important to regularly review the situation, and taking the required decisions to ease the genuine pain of citizens who are honest and who have been hurt. There are no precedents on this subject at this scale and we have to be reactive to the situation.
"People have asked why the new currency introduced was different in size and thickness from the old. This is because the new currency has been designed to make it hard to counterfeit. When you are going to make a change of this magnitude, you need to get the best standards in place," Patel said.
This is the first-ever interview as RBI Governor by Patel, who is known to keep a low profile.
Asked why it was necessary to have undertaken demonetisation, the Governor said the Prime Minister in his address to the nation explained why the withdrawal of legal tender status of Rs 1,000 and Rs 500 notes was required.
"In his speech, he explained the reasons why this was important. He had given a commitment to the people of India that he would clamp down on black money to bring in much needed transparency and accountability and eradicate counterfeiting.
"A number of steps were taken around this, first by pushing Jan Dhan accounts, an income tax amnesty scheme and the push to get GST passed. This is part of the measures to get people to pay tax and hence expand the tax base.
"People were holding high denomination notes to keep tax unaccounted for money. Some sectors like real estate were using cash to avoid tax. It also strikes at counterfeit currency and pushes businesses and people to go cashless which greatly increases convenience. Towards the last, banks have waived debit card charges," he said.
On why there have been long queues and a reduction in trade and business, Patel said, "This is a once in a lifetime event. It is very rare to remove 86 per cent of the currency in circulation in one go. The logistics of such an operation are mammoth.
"And yet for withdrawal of legal tender status to be effective, complete secrecy was required. So it is difficult to get all banks ready and fully prepared in 24 hours for a big step like this. Obviously this has caused some dislocation. That is why we request support from all Indians for the larger cause of fighting tax evasion and the black economy."
To a question on when he expects the situation to settle, the economist-turned-central banker said, "The bankers are saying the situation is getting better and in the metros things are stabilising but the remote locations are still feeling some pain.
"Liquidity in the banking system has increased and so credit should be becoming more easily available. The intent is to normalise as soon as possible."
On the announcement about incremental CRR yesterday, Patel said, "This was done because of the large increase in deposits of banks on account of the return of Rs 1,000 and Rs 500 notes.
"This has led to large excess liquidity in the system. To absorb this liquidity the incremental CRR has had to be used on a purely temporary basis. While the RBI has a significant stock of government securities available, we felt that if the increase in deposits continues we may fall short, hence the decision. Once the government issues adequate quantum of MSS bonds, which they have promised to, we will immediately review the incremental CRR."
Breaking his silence over the demonetisation issue, RBI Governor Urjit Patel on Sunday said the central bank is monitoring the situation on a daily basis and taking all necessary actions to "ease the genuine pain of citizens" with a clear intent to normalise the things as early as possible.
Patel also said the RBI has announced an incremental CRR (Cash Reserve Ratio) of 100 per cent "because of the large increase in deposits of banks on account of the return of Rs 1,000 and Rs 500 notes" and the decision would be reviewed immediately once the government issues adequate quantum of MSS (Market Stablisation Scheme) bonds which they have promised to do.
In an exclusive interview to PTI, Patel said the situation arising out of the decision to withdraw Rs 500/1,000 notes is being monitored on a daily basis and the printing presses have started to rebalance the production of new notes towards Rs 100 and Rs 500 bills.
He also urged the people to start using cash substitutes like debit cards and digital wallets, saying it will make transactions cheaper and easier and in the long term, it will help India "leapfrog into a less cash-use economy at par with more developed nations."
"We are also urging banks to make a big push with PoS (Point of Sale) machines with traders so that debit card use becomes more prevalent," he said.
Giving details of the steps being taken by RBI, he said, "Both RBI and government have been getting the printing presses to work at capacity to get the new notes available to meet demand.
"The RBI is interacting with the banks every day. They are telling us that the situation is gradually easing. The queues in branches and ATMs are shorter and the markets are starting to function, and there are no reported shortages of daily items of consumption.
"Also, about 40-50,000 people were deployed to refit the ATMs. Currency is available and banks are working in a mission mode to lift currency and take them to their branches and ATMs. The staff members of all banks have worked very hard, and we all owe them our gratitude," Patel said.
"Having said that, it is important to regularly review the situation, and taking the required decisions to ease the genuine pain of citizens who are honest and who have been hurt. There are no precedents on this subject at this scale and we have to be reactive to the situation.
"People have asked why the new currency introduced was different in size and thickness from the old. This is because the new currency has been designed to make it hard to counterfeit. When you are going to make a change of this magnitude, you need to get the best standards in place," Patel said.
This is the first-ever interview as RBI Governor by Patel, who is known to keep a low profile.
Asked why it was necessary to have undertaken demonetisation, the Governor said the Prime Minister in his address to the nation explained why the withdrawal of legal tender status of Rs 1,000 and Rs 500 notes was required.
"In his speech, he explained the reasons why this was important. He had given a commitment to the people of India that he would clamp down on black money to bring in much needed transparency and accountability and eradicate counterfeiting.
"A number of steps were taken around this, first by pushing Jan Dhan accounts, an income tax amnesty scheme and the push to get GST passed. This is part of the measures to get people to pay tax and hence expand the tax base.
"People were holding high denomination notes to keep tax unaccounted for money. Some sectors like real estate were using cash to avoid tax. It also strikes at counterfeit currency and pushes businesses and people to go cashless which greatly increases convenience. Towards the last, banks have waived debit card charges," he said.
On why there have been long queues and a reduction in trade and business, Patel said, "This is a once in a lifetime event. It is very rare to remove 86 per cent of the currency in circulation in one go. The logistics of such an operation are mammoth.
"And yet for withdrawal of legal tender status to be effective, complete secrecy was required. So it is difficult to get all banks ready and fully prepared in 24 hours for a big step like this. Obviously this has caused some dislocation. That is why we request support from all Indians for the larger cause of fighting tax evasion and the black economy."
To a question on when he expects the situation to settle, the economist-turned-central banker said, "The bankers are saying the situation is getting better and in the metros things are stabilising but the remote locations are still feeling some pain.
"Liquidity in the banking system has increased and so credit should be becoming more easily available. The intent is to normalise as soon as possible."
On the announcement about incremental CRR yesterday, Patel said, "This was done because of the large increase in deposits of banks on account of the return of Rs 1,000 and Rs 500 notes.
"This has led to large excess liquidity in the system. To absorb this liquidity the incremental CRR has had to be used on a purely temporary basis. While the RBI has a significant stock of government securities available, we felt that if the increase in deposits continues we may fall short, hence the decision. Once the government issues adequate quantum of MSS bonds, which they have promised to, we will immediately review the incremental CRR."
PM slams Opposition for bandh call, asks people to switch to e-wallet
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Prime Minister Narendra Modi on Sunday hit out at opposition parties for their 'Bharat Bandh' call against demonetisation, saying they are organising the strike at a time when he is trying to root out corruption and black money.
"I am stopping black money and corruption and some are giving call for Bharat Bandh," he said at BJP's 'Parivartan Yatra' rally here in eastern Uttar Pradesh.
Without naming any opposition party, Modi said, "We are trying to curb corruption and they are organising 'Bharat Bandh'. Should there be 'Bharat Bandh' or should the route of corruption be blocked?"
Several opposition parties have given a call for 'Akrosh Diwas' tomorrow to protest against the Centre's demonetisation of Rs 500 and Rs 1,000 currency notes.
The Prime Minister said the decision on demonetisation was tough, "but (the) future will be bright".
Referring to the problems being faced by the common man including villagers in withdrawing money, he advised them to take the e-wallet route.
"Era of wallet has gone, you can use your mobile phone as your bank branch with the same ease with which you take snaps and send them to friends," Modi said.
Prime Minister Narendra Modi on Sunday hit out at opposition parties for their 'Bharat Bandh' call against demonetisation, saying they are organising the strike at a time when he is trying to root out corruption and black money.
"I am stopping black money and corruption and some are giving call for Bharat Bandh," he said at BJP's 'Parivartan Yatra' rally here in eastern Uttar Pradesh.
Without naming any opposition party, Modi said, "We are trying to curb corruption and they are organising 'Bharat Bandh'. Should there be 'Bharat Bandh' or should the route of corruption be blocked?"
Several opposition parties have given a call for 'Akrosh Diwas' tomorrow to protest against the Centre's demonetisation of Rs 500 and Rs 1,000 currency notes.
The Prime Minister said the decision on demonetisation was tough, "but (the) future will be bright".
Referring to the problems being faced by the common man including villagers in withdrawing money, he advised them to take the e-wallet route.
"Era of wallet has gone, you can use your mobile phone as your bank branch with the same ease with which you take snaps and send them to friends," Modi said.
Pakistan suspends import of cotton from India due to rising tension in ties
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Pakistan has suspended the import of cotton and other agriculture commodities, including vegetables, from India due to rising tensions between the two countries along the LoC, a media report in Islamabad said.
Officials of Department of Plant Protection (DPP) said that import of agri items from India through the Wagah border crossing and Karachi port and issuing permits for future imports has been halted, the Dawn reported.
Cotton importers and customs clearing agents claimed that the department had stopped the import of agriculture commodities from India without a warning or written order because of increase in tensions across the LoC.
Imran Shami, chief of DPP which is a subordinate department of the national food security and research ministry, however sought to dispel the impression.
"We have stopped import of tomatoes and other fresh vegetables in order to protect our farmers. We have enough tomato and other vegetables stocks, which we import from India only in case of shortages in the domestic market," he said.
The reason behind the "suspension" of cotton imports from India was, nevertheless, different, he said.
"No. We have not stopped cotton imports from India. It has just been halted over reports that the Indian exporters are not meeting our bio-security conditions. We're looking into these reports and will lift restriction on cotton imports if our apprehensions are proved wrong," Shami said.
He said only those cotton consignments would be allowed to enter Pakistan through surface or sea routes where importers had already secured permits from his department and carried phyto-sanitary certificates.
"Our cotton consignments are not being allowed to enter Pakistan through Wagah and Karachi for reasons known to the ministry but cheaper, subsidised Indian yarn is being brought in without any let or hindrance. At least 11 trucks of Indian yarn entered Pakistan on Thursday when the department stopped cotton consignments from coming to this side of the border," a textile factory owner told Dawn.
He said the suspension of cotton import from India would create a huge problem for the textile exporters as the truncated domestic crop target of 11.25 million bales for this year appeared difficult if not impossible to meet.
"The industry requires 14 million bales. We will still be short by three million bales of cotton even if the crop target is achieved," he said.
He said cotton shortages after the ban on Indian imports would make domestic prices shoot up at the expense of exports.
Pakistan had imported 2.7 million bales of cotton (1 bale is 170 kgs) - about 40 percent of India's total cotton exports in 2015-16 - due to crop failure that wiped off 0.5 percent of GDP growth. The industry is expecting to import 2 million bales this year.
Pakistan has suspended the import of cotton and other agriculture commodities, including vegetables, from India due to rising tensions between the two countries along the LoC, a media report in Islamabad said.
Officials of Department of Plant Protection (DPP) said that import of agri items from India through the Wagah border crossing and Karachi port and issuing permits for future imports has been halted, the Dawn reported.
Cotton importers and customs clearing agents claimed that the department had stopped the import of agriculture commodities from India without a warning or written order because of increase in tensions across the LoC.
Imran Shami, chief of DPP which is a subordinate department of the national food security and research ministry, however sought to dispel the impression.
"We have stopped import of tomatoes and other fresh vegetables in order to protect our farmers. We have enough tomato and other vegetables stocks, which we import from India only in case of shortages in the domestic market," he said.
The reason behind the "suspension" of cotton imports from India was, nevertheless, different, he said.
"No. We have not stopped cotton imports from India. It has just been halted over reports that the Indian exporters are not meeting our bio-security conditions. We're looking into these reports and will lift restriction on cotton imports if our apprehensions are proved wrong," Shami said.
He said only those cotton consignments would be allowed to enter Pakistan through surface or sea routes where importers had already secured permits from his department and carried phyto-sanitary certificates.
"Our cotton consignments are not being allowed to enter Pakistan through Wagah and Karachi for reasons known to the ministry but cheaper, subsidised Indian yarn is being brought in without any let or hindrance. At least 11 trucks of Indian yarn entered Pakistan on Thursday when the department stopped cotton consignments from coming to this side of the border," a textile factory owner told Dawn.
He said the suspension of cotton import from India would create a huge problem for the textile exporters as the truncated domestic crop target of 11.25 million bales for this year appeared difficult if not impossible to meet.
"The industry requires 14 million bales. We will still be short by three million bales of cotton even if the crop target is achieved," he said.
He said cotton shortages after the ban on Indian imports would make domestic prices shoot up at the expense of exports.
Pakistan had imported 2.7 million bales of cotton (1 bale is 170 kgs) - about 40 percent of India's total cotton exports in 2015-16 - due to crop failure that wiped off 0.5 percent of GDP growth. The industry is expecting to import 2 million bales this year.
Cabinet clears amendments to Income Tax Act
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Big cash deposits made in scrapped 500 and 1000 rupee notes that are declared to the Income Tax authorities are likely to attract a 50 per cent tax and there will be a fouryear bar on withdrawing half of the remaining money.
Amendments to the Income Tax Act were cleared by the Cabinet last night, to pave the way for the new law, which will be forwarded for the approval of Parliament in the current winter session, a senior official confirmed.
Half of the deposit which remains after paying the tax, which is 25 per cent of the original deposit, will not be allowed to be withdrawn from the bank for four years, the official said.
A higher 90 per cent tax and penalty is likely be imposed on those who do not declare the unaccounted cash voluntarily and are later found to be holding unaccounted money in their accounts by the tax authorities.
The tax rate is higher than the 45 per cent tax and penalty charged on undisclosed wealth declared through the one-time compliance window under the Income Disclosure Scheme (IDS) that ended on September 30. The logic being that since the black money holder did not utilise the government offer to declare his ill-gotten wealth, he should pay a higher rate of tax now and curbs placed.
While the tax authorities had talked of levying a peak rate of tax and 200 per cent penalty on top of it for any unexplained deposit above Rs 2.5 lakh during November 10 to December 30 period, it was felt that such a move may not have legal backing.
However, the government has decided to deal with deposits made during the 50-day window provided after the demonetizing of high-value notes as a separate category. The Cabinet is believed to have on Thursday approved amending the Income Tax Act by adding a clause in one of the sections to provide for the tax on an unexplained income during the window, sources said.
The government has taken a huge step in for demonetisation to uproot black money and corruption but its success will be determined by how much ill-gotten cash does not come back into the banking system.
A 60 per cent tax and penalty had been charged on disclosure of foreign black money scheme last year.
Sources said the government is keen to root out benami deposits, particularly in Jan Dhan accounts.
Government is also contemplating coming out with a bond in which the 25 per cent 'lock-in' money would be parked and can be withdrawn after 4-years by the depositor. Out of the additional taxes on unexplained and undisclosed deposits, government will create a fund to build rural infrastructure, a senior official said.
Prime Minister Narendra Modi's November 8 shock ban on highdenomination currency notes had swept away 86 per cent of the currency in circulation in the biggestever crackdown on black money, corruption and counterfeit currency.
The move had led to Rs 14 lakh crore worth currency being withdrawn from circulation. The Income Tax Department has already warned that it would tracking all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs 2.5 lakh in every account.
``The current expectations are that Rs 4 lakh crore of the old 500 and 1,000 rupee notes will end up being destroyed but the exact figure will emerge only after December 30 when the deadline for depositing these notes is over,'' a senior official said.
There has also been a sharp increase in cash deposits in zerobalance Jan Dhan accounts which have recorded a whopping Rs 21,000 crore flowing in during the first 13 days after demonetization.
The tax authorities have warned that stringent provisions of the Benami Property Transaction Act to deal with cases of misuse of bank accounts belonging to other people for laundering black money. The Act empowers the taxman to confiscate and prosecute both the depositor and the person whose illegal money has parked in the account.
Big cash deposits made in scrapped 500 and 1000 rupee notes that are declared to the Income Tax authorities are likely to attract a 50 per cent tax and there will be a fouryear bar on withdrawing half of the remaining money.
Amendments to the Income Tax Act were cleared by the Cabinet last night, to pave the way for the new law, which will be forwarded for the approval of Parliament in the current winter session, a senior official confirmed.
Half of the deposit which remains after paying the tax, which is 25 per cent of the original deposit, will not be allowed to be withdrawn from the bank for four years, the official said.
A higher 90 per cent tax and penalty is likely be imposed on those who do not declare the unaccounted cash voluntarily and are later found to be holding unaccounted money in their accounts by the tax authorities.
The tax rate is higher than the 45 per cent tax and penalty charged on undisclosed wealth declared through the one-time compliance window under the Income Disclosure Scheme (IDS) that ended on September 30. The logic being that since the black money holder did not utilise the government offer to declare his ill-gotten wealth, he should pay a higher rate of tax now and curbs placed.
While the tax authorities had talked of levying a peak rate of tax and 200 per cent penalty on top of it for any unexplained deposit above Rs 2.5 lakh during November 10 to December 30 period, it was felt that such a move may not have legal backing.
However, the government has decided to deal with deposits made during the 50-day window provided after the demonetizing of high-value notes as a separate category. The Cabinet is believed to have on Thursday approved amending the Income Tax Act by adding a clause in one of the sections to provide for the tax on an unexplained income during the window, sources said.
The government has taken a huge step in for demonetisation to uproot black money and corruption but its success will be determined by how much ill-gotten cash does not come back into the banking system.
A 60 per cent tax and penalty had been charged on disclosure of foreign black money scheme last year.
Sources said the government is keen to root out benami deposits, particularly in Jan Dhan accounts.
Government is also contemplating coming out with a bond in which the 25 per cent 'lock-in' money would be parked and can be withdrawn after 4-years by the depositor. Out of the additional taxes on unexplained and undisclosed deposits, government will create a fund to build rural infrastructure, a senior official said.
Prime Minister Narendra Modi's November 8 shock ban on highdenomination currency notes had swept away 86 per cent of the currency in circulation in the biggestever crackdown on black money, corruption and counterfeit currency.
The move had led to Rs 14 lakh crore worth currency being withdrawn from circulation. The Income Tax Department has already warned that it would tracking all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs 2.5 lakh in every account.
``The current expectations are that Rs 4 lakh crore of the old 500 and 1,000 rupee notes will end up being destroyed but the exact figure will emerge only after December 30 when the deadline for depositing these notes is over,'' a senior official said.
There has also been a sharp increase in cash deposits in zerobalance Jan Dhan accounts which have recorded a whopping Rs 21,000 crore flowing in during the first 13 days after demonetization.
The tax authorities have warned that stringent provisions of the Benami Property Transaction Act to deal with cases of misuse of bank accounts belonging to other people for laundering black money. The Act empowers the taxman to confiscate and prosecute both the depositor and the person whose illegal money has parked in the account.
Govt steps up efforts to trace Indians' Swiss account details
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Stepping up its efforts to trace black money parked abroad, India has shot off at least 20 'administrative assistance' requests to Switzerland in recent months seeking details of Indians suspected to have misused Swiss banks' famed high-secrecy walls to evade taxes.
The individuals and companies about whom India has requested for information include at least three listed companies, former CEO of a real estate major, wife of a Delhi- based former bureaucrat, a Dubai-based Indian origin investment banker, a high-profile fugitive along with his wife and an UAE-based holding company, as also some Gujarati businessmen settled abroad and presumably in trading business.
Many of these are suspected to have maintained accounts in Swiss banks through offshore entities, including in Panama and British Virgin Islands.
These requests for 'administrative assistance', which typically involves exchange of information on submission of proof by the requesting country about the account holder's wrongdoing, have been documented by Swiss authorities in their Federal Gazette as per local laws to give the concerned person or entity a last chance to appeal against sharing of data.
While India and Switzerland last week signed a new pact for automatic exchange of information about account details September 2018 onwards, the pending requests have been made under their existing bilateral tax treaty.
In the past also, names of some Indian nationals figured in Switzerland's Federal Gazette notifications after the Swiss authorities were approached by India for information about those people with regard to the pending tax-related probes against them.
After following the due process prescribed under Swiss law, the information has been shared by Switzerland with India in some cases, pursuant to which the Indian authorities -- including the tax department and Enforcement Directorate -- have proceeded with their prosecution and other actions.
However, the pace of seeking such details seems to have quickened in the recent months, going by the sudden spurt in the number of Indian names figuring in such notifications.
So far in November alone, five Indian names have been disclosed, while a similar number of 'administrative assistance' requests were notified in October as well. Since June this year, at least 20 such requests have been disclosed by the Swiss authorities.
Typically, these notifications include name, nationality and date of birth of the concerned individual, while in case of companies, their names and the country of registration are mentioned.
For long, Switzerland has been known for strict secrecy clauses about details of foreigners having accounts in Swiss banks. However, under growing global pressure, Switzerland has begun sharing information in cases where other countries have been able to present some evidence of suspected illegalities.
Stepping up its efforts to trace black money parked abroad, India has shot off at least 20 'administrative assistance' requests to Switzerland in recent months seeking details of Indians suspected to have misused Swiss banks' famed high-secrecy walls to evade taxes.
The individuals and companies about whom India has requested for information include at least three listed companies, former CEO of a real estate major, wife of a Delhi- based former bureaucrat, a Dubai-based Indian origin investment banker, a high-profile fugitive along with his wife and an UAE-based holding company, as also some Gujarati businessmen settled abroad and presumably in trading business.
Many of these are suspected to have maintained accounts in Swiss banks through offshore entities, including in Panama and British Virgin Islands.
These requests for 'administrative assistance', which typically involves exchange of information on submission of proof by the requesting country about the account holder's wrongdoing, have been documented by Swiss authorities in their Federal Gazette as per local laws to give the concerned person or entity a last chance to appeal against sharing of data.
While India and Switzerland last week signed a new pact for automatic exchange of information about account details September 2018 onwards, the pending requests have been made under their existing bilateral tax treaty.
In the past also, names of some Indian nationals figured in Switzerland's Federal Gazette notifications after the Swiss authorities were approached by India for information about those people with regard to the pending tax-related probes against them.
After following the due process prescribed under Swiss law, the information has been shared by Switzerland with India in some cases, pursuant to which the Indian authorities -- including the tax department and Enforcement Directorate -- have proceeded with their prosecution and other actions.
However, the pace of seeking such details seems to have quickened in the recent months, going by the sudden spurt in the number of Indian names figuring in such notifications.
So far in November alone, five Indian names have been disclosed, while a similar number of 'administrative assistance' requests were notified in October as well. Since June this year, at least 20 such requests have been disclosed by the Swiss authorities.
Typically, these notifications include name, nationality and date of birth of the concerned individual, while in case of companies, their names and the country of registration are mentioned.
For long, Switzerland has been known for strict secrecy clauses about details of foreigners having accounts in Swiss banks. However, under growing global pressure, Switzerland has begun sharing information in cases where other countries have been able to present some evidence of suspected illegalities.
General Awareness
List of Space Centres and Units in India
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Hello Readers & Aspirants,
We collected the list of Space Centres and Units in India and provide you in a table Format. We hope, it will help you in Competitive exams.
Location Space Centre New Delhi DOS branch secretariate ISRO branch office Delhi earth station Dehradun Indian Institue of remote sensing Northern RRSC-Regional Remote Sensing Centre Lucknow ISTRAC ground station Shillong North eastern space application centre Kharagpur Eastern RRSC-Regional Remote Sensing Centre Hyderbad NRSA or NRSC – national remote sensing agency /centre Tirupati NMRF-National Atmospheric Research Laboratory Sriharikota Satish Dhawan Space Centre Port Blair Down range station Kerala ALUVA – Ammonium perchlorate experiment plant Mahendra Giri Liquid Propulsion Test Facilities Thiruvananthapuram Vikram Sarabhai Space Centre Liquid Propulsion Systems Centre ISRO Interial Systems Unit Hassan INSAT master control facility Banglore Space commission HQ –ISRO INSAT programme office NNRMS secretriate- National Natural Resources Management System ANTRIX corporation ISTRAC-ISRO Telemetry&Tracking and Command Network ISRO satellite centre Liquid propulsaion systems centre Mumbai ISRO Liasion office Nagpur Central RRSC-Regional Remote Sensing Centre Mount Abu Infrared Observatory Ahmedabad Space Application Centre Physcial Research Laboratory Development & educational communication unit Jodhpur Western RRSC-Regional Remote Sensing Centre Udaipur Solar Obesrvatory Balasore Remote Sensing Centre
Hello Readers & Aspirants,
We collected the list of Space Centres and Units in India and provide you in a table Format. We hope, it will help you in Competitive exams.
| Location | Space Centre |
| New Delhi | DOS branch secretariate |
| ISRO branch office | |
| Delhi earth station | |
| Dehradun | Indian Institue of remote sensing |
| Northern RRSC-Regional Remote Sensing Centre | |
| Lucknow | ISTRAC ground station |
| Shillong | North eastern space application centre |
| Kharagpur | Eastern RRSC-Regional Remote Sensing Centre |
| Hyderbad | NRSA or NRSC – national remote sensing agency /centre |
| Tirupati | NMRF-National Atmospheric Research Laboratory |
| Sriharikota | Satish Dhawan Space Centre |
| Port Blair | Down range station |
| Kerala | ALUVA – Ammonium perchlorate experiment plant |
| Mahendra Giri | Liquid Propulsion Test Facilities |
| Thiruvananthapuram | Vikram Sarabhai Space Centre |
| Liquid Propulsion Systems Centre | |
| ISRO Interial Systems Unit | |
| Hassan | INSAT master control facility |
| Banglore | Space commission |
| HQ –ISRO | |
| INSAT programme office | |
| NNRMS secretriate- National Natural Resources Management System | |
| ANTRIX corporation | |
| ISTRAC-ISRO Telemetry&Tracking and Command Network | |
| ISRO satellite centre | |
| Liquid propulsaion systems centre | |
| Mumbai | ISRO Liasion office |
| Nagpur | Central RRSC-Regional Remote Sensing Centre |
| Mount Abu | Infrared Observatory |
| Ahmedabad | Space Application Centre |
| Physcial Research Laboratory | |
| Development & educational communication unit | |
| Jodhpur | Western RRSC-Regional Remote Sensing Centre |
| Udaipur | Solar Obesrvatory |
| Balasore | Remote Sensing Centre |
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