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Demonetisation

Rs 7,755 crore worth of withdrawn Rs 2,000 banknotes still in circulation

Rs 7,755 crore worth of withdrawn Rs 2,000 banknotes still in circulation

Mon, Jun 03, 2024

97.82 per cent of the total value of the high-value Rs 2,000 banknotes are back in the banking system by the end of May 2024.

2,000-rupee note: A barrage of memes on social media as RBI presses 'exit' on 2,000 currency bill

2,000-rupee note: A barrage of memes on social media as RBI presses 'exit' on 2,000 currency bill

Sat, May 20, 2023

Rs 2,000 withdrawal from circulation: The RBI's announcement on Friday evening that the Rs 2,000 currency note has served its purpose and thus will be withdrawn from circulation left social media platforms in splits, with a string of memes doing rounds on microblogging website Twitter.

Bye bye, Rs 2,000 banknote! 10 things to know about the bill that has been in circulation for 6 years

Bye bye, Rs 2,000 banknote! 10 things to know about the bill that has been in circulation for 6 years

Fri, May 19, 2023

BREAKING | Rs 2,000 note to be withdrawn: The RBI will start withdrawing 2,000-rupee notes from circulation. But worry not! The 2,000 note will remain legal tender. You will get a chance to deposit the Rs 2,000 note at the bank, or exchange it up to 10 (Rs 20,000) at a time.

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Demonetisation cut cash in economy by 20%: Economic Survey-II

Demonetisation cut cash in economy by 20%: Economic Survey-II

Sat, Aug 12, 2017

Describing the impact of demonetisation on the Indian economy, Chief Economic Adviser (CEA) Arvind Subramanian said on Friday that there has been a 20 per cent reduction in cash in the economy.

A Historic Low: What's really happening with bank credit growth?

A Historic Low: What's really happening with bank credit growth?

Fri, Aug 11, 2017

Since the start of fiscal year 2017-18 (FY18) all scheduled commercial banks (SCBs) business ( advances and deposits has seen decline in both year-to-date (YTD) and year-on-year (YoY) basis.

Why are banks choosing to cut savings account interest rates?

Why are banks choosing to cut savings account interest rates?

Wed, Aug 09, 2017

Two banks namely Axis Bank and SBI have brought down their savings account interest rates by 50 basis points.

Govt seizes Rs 2.55 crore in fake notes post demonetisation; more than half from Gujarat

Govt seizes Rs 2.55 crore in fake notes post demonetisation; more than half from Gujarat

Tue, Aug 08, 2017

Even after the government banned Rs 500 and Rs 1000 notes to curb fake notes over Rs 2.55 crore fake notes have now been seized by the government post demonetisation.

After SBI, Axis Bank cuts interest rate on savings account

After SBI, Axis Bank cuts interest rate on savings account

Tue, Aug 08, 2017

Few days after when SBI revised down its interest rates on savings account, private lender Axis Bank too followed the suit by making 50 basis points revision.

Slowdown in loan growth takes securitisation to all-time high of Rs 1 lakh crore

Slowdown in loan growth takes securitisation to all-time high of Rs 1 lakh crore

Mon, Aug 07, 2017

As bank credit growth perform at single-digit, banks and firms are tapping the securitisation market so much so that transactions through this has risen by 47% in FY17.

Note ban has little impact on increments in FY17: Survey

Note ban has little impact on increments in FY17: Survey

Sun, Aug 06, 2017

Finance professionals within logistics and engineering sectors were offered the highest increment of 20% whereas retail saw the lowest 5% followed by telecom and BFSI.

Income Tax: Do not forget to fill in demonetisation deposit details in ITR form

Income Tax: Do not forget to fill in demonetisation deposit details in ITR form

Mon, Jul 31, 2017

The Income Tax Department has added a new column where the taxpayer’s will have to report the details of cash deposited in their bank accounts if the aggregate cash deposits for all accounts exceeds Rs 2 lakh during the demonetisation period.

RBI August monetary policy: A 25 basis point rate cut or higher?

RBI August monetary policy: A 25 basis point rate cut or higher?

Mon, Jul 31, 2017

Market expects a 25 bps rate cut in August policy. Currently, policy repo rate under the liquidity adjustment facility (LAF) stands at 6.25%.

RBI to procure 50 note verifying machines

RBI to procure 50 note verifying machines

Sun, Jul 30, 2017

As per the Request for Proposal (RFP), the machines should be computer based and microprocessor controlled and capable of processing, counting, sorting and authenticating banknotes into 'fit for circulation', 'unfit for circulation', 'reject notes', 'suspect/forged notes', and 'emission-wise sorting on design and series', among other categories.

Turning around Tata Motors domestic biz need of the hour: Chandrasekaran

Turning around Tata Motors domestic biz need of the hour: Chandrasekaran

Sun, Jul 30, 2017

Addressing shareholders in the company's Annual Report 2016-17, he said Tata Motors' standalone net revenues increased by 3.7%to Rs 44,777 crore for the 12 months ended March 31, 2017 but standalone loss before tax for the year fell to Rs 2,421 crore, compared with Rs 67 crore in the prior year.

Here’s how much it cost the government to make Rs 2000 notes

Here’s how much it cost the government to make Rs 2000 notes

Thu, Jul 27, 2017

It took the RBI eight months to restore currency circulation to pre-demonetisation era. Zeebiz analyses cost to print old Rs 1000 and Rs 500 notes and new notes by the government.

6 steps Govt took to control Benami transactions

6 steps Govt took to control Benami transactions

Wed, Jul 26, 2017

Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Rajya Sabha, mentioned about five big steps, the government took:

RBI stops printing Rs 2000 note: Is the one with you still valid?

RBI stops printing Rs 2000 note: Is the one with you still valid?

Wed, Jul 26, 2017

Key Highlights: Sources say RBI stopped printing of Rs 2000 note Rs 200 note will hit the market soon Rs 2000 note in your possession remains legal tender

Will ensure minimum possible direct interface between assesses and ITD Officers, says FM Jaitley

Will ensure minimum possible direct interface between assesses and ITD Officers, says FM Jaitley

Mon, Jul 24, 2017

Arun Jaitley praised Revenue Secretary, Minister of Finance, Hasmukh Adhia for successful implementation of Income Declaration Scheme and activities during and after demonetisation.

Income Tax: This is how you can show Rs 2 lakh deposit transaction in ITR copy

Income Tax: This is how you can show Rs 2 lakh deposit transaction in ITR copy

Mon, Jul 24, 2017

This year the department has added a new column where the taxpayer’s will have to report the details of cash deposited in their bank accounts (including loan account) if the aggregate cash deposits for all accounts exceeds Rs 2 lakh during the demonetisation period

Undisclosed income of Rs 71,941 crore found in 3 yrs: Govt to SC

Undisclosed income of Rs 71,941 crore found in 3 yrs: Govt to SC

Sun, Jul 23, 2017

Massive searches, seizures and surveys by the Income Tax (IT) department over the last three years have led to the detection of around Rs 71,941 crore of "undisclosed income", the Centre has told the Supreme Court.

Demonetisation, GST to widen tax base, make cash dealing difficult: Jaitley

Demonetisation, GST to widen tax base, make cash dealing difficult: Jaitley

Sat, Jul 22, 2017

Jaitley said the government has come out with laws to contain overseas black money as well as those dealing with domestic black money and cracking down on shell companies.

I-T Department unearths income of Rs 5,400 crore post-note ban

I-T Department unearths income of Rs 5,400 crore post-note ban

Sat, Jul 22, 2017

"During the period from November 9, 2016 to January 10, 2017, more than 1,100 searches and surveys were conducted by the I-T Department apart from issuing more than 5,100 verification notices in the cases of suspicious high value cash deposits or related activities," Minister of State for Finance Arjun Ram Meghwal told the Lok Sabha.

No more chances to deposit demonetised notes, Govt tells Supreme Court

No more chances to deposit demonetised notes, Govt tells Supreme Court

Tue, Jul 18, 2017

The Central government on Monday refused to give another opportunity to exchange demonetised currency notes of Rs 500 and 1,000 to those who couldn`t do it by the deadline of December 30, 2016, saying this would defeat the very objective of eliminating black money.

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