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Tag: demonetization

Gujarat Election Results 2017 LIVE: Rajnath Singh takes a dig at Rahul Gandhi, says ‘sar mundwate hi ole pade’

Union Home Minister Rajnath Singh on Monday took a direct dig at newly appointed Congress President Rahul Gandhi after the assembly elections verdict in Gujarat and Himachal Pradesh.”Won’t say anything now as he has recently been made party president, ‘sar mundwate hi ole pade’ (Abhi toh kuch nahi bolunga kyunki woh haal hi mein adhyaksh bane hain lekin),” Rajnath Singh told ANI.The Bharatiya Janata Party (BJP) is all set to form a government in the state of Gujarat for the sixth time and wrest power from Congress in Himachal Pradesh.However, Rahul Gandhi on Monday said he is not disappointed with the party’s loss in the state assembly elections.According to ABP News, the Congress President reportedly made the statement while interacting with party MPs inside Parliament in New Delhi.Rahul Gandhi had personally spearheaded the Congress’ campaign in Gujarat, which is home to Prime Minister Narendra Modi and BJP President Amit Shah. He raised issues such as lack of jobs, Goods and Service Tax, and Demonetization. The Congress President, however, did not focus his energy on the Congress-ruled Himachal Pradesh.

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Aadhaar to track benami property: PM Modi

Saying that he was ready to pay a political price for fighting corruption as part of his government’s efforts to change the “broken system” of the past 70 years, Prime Minister Narendra Modi Thursday asserted that there was a visible behaviour change in the country.He also insisted that his government’s decision to demonetise high-value banknotes and usher in a new Goods and Services Tax (GST) had scared the corrupt scared and brought black money back into the economy.Modi also said the Aadhaar number would be used to track “benami property”.”There is a behaviour change in the country you can see today… the corrupt are afraid to deal in black money and there is a healthy and clean corporate culture… Going forward, organised corruption will come down by these steps. I may have to pay a political price for the path I have taken but I’m ready for it,” he said. The Prime Minister was speaking at the inaugural session of a Leadership Summit organised by a newspaper group.His statement assumes significance since it is coming in the midst of the ongoing Gujarat Assembly election campaign, where the opposition Congress and others have tried to corner him over the shortcomings in the implementation of the GST as well as the effectiveness of the demonetization.”This government cannot be stopped by anyone from taking steps which will bring permanent changes in the system and ensure the interest of the nation.”He added, “I think those who feel this country cannot be changed using a magic wand are grappling with frustration and disappointment,” Modi said.He also said the information on “black economy” that the government had collected after demonetization would help India in its war against corruption.”Demonetization brought in proof of black money… finished parallel economy,” he claimed.Saying that Aadhaar, the Constitutional validity of which is pending before a bench of the Supreme Court, was an irreversible change, Modi said this and other schemes like Swachh Bharat, Jan Dhan bank accounts, Ujjwala cooking gas scheme, etc, had given the poor of the country a new belief in their country.”In 2014, people didn’t vote only to change the government. They voted to change the system; they voted for a system that is permanent, irreversible…a system that is corruption-free, citizen-centric and development-friendly.” he said.Referring to the “policy paralysis” during the UPA regime, Modi said, “When we came to power what did we get as legacy? The condition of the economy, governance, fiscal order and banking system were in a bad shape. .. Bhrashtachar hi shishtachar tha (corruption was the norm).”PM said…This government cannot be stopped by anyone from taking stepsDemonetization brought in proof of black money… finished parallel economy
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Battle for Gujarat: Surat, India’s diamond capital, has accepted reforms but…

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Surat is the heart of diamond industry in India. An industry which remained politically inert in the past suddenly woke up to new tax regime succeeded by demonetization exercise. Industry supports the reform goal but not the implementation process. Many say that Centre should have surveyed the diamond industry before making new rules for them.Unlike other industries, diamond sector is workers-led industry as skill set remains central to the manufacturing process.On an average, a worker can start from Rs 15,000 and end up making Rs 5 lakh a month, all depending upon skill set he possesses. It is this skill set which revolted against demonetization.Most of the workers preferred cash. It meant less taxes and no compliance. Owners were left baffled and sore. Many workers changed their master leading to closures. Those who could manage the cash retained the best and those who couldn’t had to stop work on the floor.An industry where workers choose the owners, demonetization tested the resolve of the owners to keep the talent in their nest.“For the first-time owner worker conflict erupted in our industry. It was unprecedented. We had to run from pillar to post to manage the business,” said Dinesh Navadiya, known diamond merchant.The workers had to be convinced of the benefits of the measure Prime Minister had undertaken. The mindset changed very slowly. Most of the workers come from rural areas with no personal history of banking.It also meant they had no knowledge of paper work required for opening a bank account. With money going through the banking system and papers in place they became eligible for loans. Many applied for Awas Yojans schemes too. It eventually benefited them.But heart burn remains. Many owners privately admit that the government banks did a bad job during demonetization.“Private banks did a better job. Infrastructure should have been in place for demonetization,” said Dinesh Navadiya.Surat’s diamond industry is the processing centre of the precious stones in India. It imports 100 per cent of the raw material and imports 94 per cent of it. Only 6 per cent of the polished diamonds are sold domestically. It also do not enjoy a high profit margin. At maximum owners enjoy profit margins between 1 to 2 per cent.The pinch increased after the GST rollout. Unlike demonetization whose effect was temporary, the GST changed the way industry operated. It understood its benefits but was appalled at its implementation. It was this shock which provided muscle to the Congress in South Gujarat.Textile sector was even hit harder. Demonetization had decreased their sales in the rural areas shrinking both production and consumption leading to job less in small and medium scale industry. It was this combined resentment which streets witnessed in succeeding months.Diamond industry escaped the full wrath of the GST as it was only manufacturing locally and exporting abroad whereas Textile Industry was not only manufacturing locally but also traded the rural areas where economy entirely depended on the cash.Even then there are major irritants. Industry wants B2B (Business to Business) form to be done away with. It allows the government to impose interstate the GST when goods are moved from one state to another independent of whether they are being sold or not. Traders crib that it adds to the cost. They argue that two other biggest hubs of diamond manufacturing, Israel and Belgium do not have such limitations.Traders also want 3 per cent GST done away on local consumption. On an average 25 per cent of the material has to be moved locally for processing and polishing because every owner doesn’t possess all the high skill set workers.For example, if the import has a stock of 20 per cent of raw diamond which can only be shaped in oval and the owner has masters of squares and circle, the rest has to be processed in someone else’s unit.On this government decided to levy 3 per cent tax. Traders find it very unfair. With low percentage of profit, it adds to the cost.More than paper work adjustment, industry’s major battle is with the attitude. It is about compliance and taxation. Most of the owners are willing to give their share of Provident Fund and Employee Welfare Fund but the workers aren’t. Many say that it becomes difficult to impose such policies on workers as they tend to move away.Though no one denies that the GST has opened the gates for new export schemes, subsidies for machinery and better priced loans but attitudes are slow change.Implementation does remain a concern but they want the government to remember that it is small and medium industry which generates jobs for a big chunk of Indian population and their convenience must be kept in mind.Prime Minister Narendra Modi has taken a risk to implement the GST but no reforms are without risk. The results will show whether economic issues will remain on top or ‘Gujarati asmita’ appropriated by PM Modi. Jury is still out on it.

Demonetization Anniversary: In seven minutes long video, PM Modi highlighting benefits of note-ban

<!– /11440465/Dna_Article_Middle_300x250_BTF –>On demonetization anniversary, Prime Minister Narendra Modi highlighting the benefits of the same shared a video from his twitter handle.The seven minutes long video underlines the need and importance of ban on high-value currency.The video depicts demonetization as one of the bravest steps taken by Prime Minister Modi after coming to power in 2014.The video says that the country was suffering from the menace of corruption and black money before 2014 and the decision of demonetization was a step to ‘clean the Indian economy’.The video claims the poor and the commoner was not troubled with the decision as they always had faith that an ‘honest government’ is fighting for them.The video further claims, that the decision broke the backbone of terrorism and naxalism in the country and reduced stone pelting activity in the Kashmir Valley.On this day last year the old Rs 1,000 and Rs 500 notes – 86 % of currency in circulation – was scrapped after Prime Minister Modi made an unexpected announcement during a surprise television address.He also gave the nation’s 1.3 billion people a 50-day window to either deposit them into bank accounts or exchange them for minted notes.

Economist slams govt for ‘harming the poor’

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Economist Arun Kumar on Tuesday said demonetization and GST has ended up marginalising the poor, apart from producing a ‘double shock’ for the economy.”It has also ended up showing the weakness of the Indian democracy, that it caters to the interest of the ruling elite,” said Kumar, author of ‘The Black Economy’ in India.He said the policies carried out in the name of reforms seem to be more pro-business without concern for the common people.Kumar, considered an authority on black money, said demonetization wiped out 86% of the country’s currency at one go. “This produced a huge shockwave in a well-functioning economy, sent it into a tailspin and the rate of growth turned negative. RBI announced that 99 per cent of the old currency is back in the banks. A year later, it is clear that demonetization did not dent black money, fake notes, corruption or terrorism,” he said.He added that black money does not always mean cash and their is no magic bullet to tackle black economy. “Hundreds of steps have been taken in the past with little success to tackle black money. The problem is political. It can only be dealt with by sustained movements.”He called GST a second shock to the economy within a year of demonetization, calling it a complex tax hard to implement in a complex economy like India.”Political parties have not taken the interest of the unorganized sector into account. They have gone by the interests of the large businesses for whom ‘one nation one tax’ is a seductive slogan,” he said.

From monumental blunder to 2G, CWG loot: Manmohan Singh and Arun Jaitley spar over state of economy

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Former prime minister Manmohan Singh today said the “twin blow” of demonetization and the GST was a “complete disaster” for the country’s economy and chided the Modi government for not having learnt “any lessons” from what he called the “monumental blunder.” Escalating the Congress offensive against Prime Minister Narendra Modi on the eve of the first anniversary of the ban of Rs 500 and Rs 1000 currency notes, Singh also tore into the government over the ambitious bullet train project, calling it an “exercise in vanity.” India’s first high speed rail project will link Mumbai and Ahmedabad.Singh said he is repeating what he said earlier that demonetization was an “organised loot and legalised plunder.” He also called it a “reckless step” and a “disastrous policy” which failed to achieve its stated objectives and said the Goods and Services Tax(GST) was “hastily implemented.” With Gujarat headed for Assembly polls next month, the Congress fielded 85-year-old Singh, an accomplished economist, at a party event to take on Modi in his home state. The gathering comprised mostly those representing small and medium businesses who are up in arms against the continued difficulties faced by them over GST issues. Singh later addressed a news conference where he said Modi’s plan of doubling farmers’ income by 2022 would end up as poll ‘jumla'(rhetoric).Stating that “bravado and drama are poor substitute for courage with conviction and the ability to execute well”, Singh told the party event that demonetization and GST have sown a “deep-rooted fear of tax terrorism” among the business community. Singh said “demonetization was clearly not the way to end the menace of tax evasion and black money.” “demonetization has proved to be a mere blister to reap political dividends while the real offenders have escaped. I repeat, this was an organised loot and legalised plunder,” the former prime minister said.
ALSO READ PM Modi’s promise to double farmers’ income will be another election jumla: Manmohan SinghAt the function organised by the Congress, Singh said that Modi should have taken inspiration from two of the “greatest Gujaratis the world has seen — Mahatma Gandhi and Sardar Vallabhbhai Patel.” “Good governance involves both head and heart. It pains me to say that the Union government has completely failed to do its duty on both fronts,” he said. “Think of the human impact from this lost growth — the lost jobs, the youth whose opportunities have vanished, the businesses which had to shut down and the entrepreneurs whose drive to succeed has turned into discouraged disappointment,” he said.”What is even more tragic is that none of the lessons from this monumental blunder have been learnt by the government,” Singh rued. “Instead of providing relief, as I had requested in Parliament, to the poor and marginalised, farmers, traders, and the small and medium businesses, who suffered the brunt of demonetization, the government chose to inflict on them a badly designed and hastily implemented GST,” he further said.
ALSO READ Demonetization was Centre’s resolve to cure India of ‘dreaded disease of black money’: Arun JaitleyThis “twin blow” was a “complete disaster” for the economy, he said.”Did the prime minister stop to consider the wisdom of the Mahatma when asking the RBI governor to sign on the dotted line or while implementing GST in haste?” Singh said, adding that Modi failed to take into account the impact these two policies had on the informal sector and jobs. “If the prime minister had paid attention to Mahatma Gandhi’s talisman, the poor of India would not have suffered the way they did,” he said, adding tha Modi also failed to take inspiration from Sardar Patel.
ALSO READ Questioning bullet trains doesn’t make one anti-development: Manmohan Singh “When undertaking the endeavour of ‘One Nation, One Tax’, if the prime minister had taken inspiration from Patel’s resolve and attention to detail, the outcome today would have been very different. Bravado and drama are poor substitute for courage with conviction and the ability to execute well.” Modi and his Japanese counterpart Shinzo Abe had in September laid the foundation stone for India’s first high speed rail project between Mumbai and Ahmedabad. “The bullet train project, launched with much fanfare, is sadly an exercise in vanity and will not benefit either 6.5 crore Gujaratis or the nation,” Singh said. “Rs 88,000 crore through a soft loan may seem like easy money, but it still needs to be repaid to the Japanese.Gujarati entrepreneurs know very well that if a deal is too good to be true, it probably is not,” he said. The government should have rather focused on the existing passenger rail network, the Congress veteran said. “At a time when the economy has slowed down considerably, despite favourable global macroeconomic conditions, the fear of tax terrorism has eroded the confidence of businesses to invest,” Singh said. “As you know, the growth in private investment is at a 25-year low. This is terrible for India’s economy.”Taking on former prime minister Manmohan Singh for calling demonetization an “organised loot”, Finance Minister Arun Jaitley said today it was an “ethical drive and moral step” while the “loot” happened under him in 2G, CWG and coal block allocation scams. The demonetization decision has led to a larger formal economy, cleaner economy and bigger tax base, Jaitley said, asserting that the government strongly stands by its decision a year after it made the “historic” announcement, marking an “watershed moment” for the economy.At a BJP press conference, Jaitley said the party has a different perspective than the Congress on the issue of ethics, as its priority is to serve the nation while for the opposition party it is about serving the family. On a day Singh launched a withering attack on the government over demonetization, saying it had harmed India’s image, Jaitley asked him to compare pre-2014 and post-2014 reputation of Indian economy. “You were being considered an economy impacted by policy paralysis… You were off the global radar. Today, there isn’t an international agency which does not eulogise the kind and quality of structural reforms India has taken,” Jaitley said.There was an ethical and moral rationale behind the note ban decision, he said, hitting out at Singh over his loot comments.”Anti-black money drive is an ethical drive. Anti-black money step is a moral step. What is ethically and morally correct has to be politically correct. The loot had happened in 2G, CWG and coal block allocation,” he said. Listing out measures taken by the government to curb black money and corruption, he said Prime Minister Narendra Modi had undertaken a transformation of economy with “structural reforms”. After coming to power, the BJP believed that it was most urgent to “shake up” the status quo. Excessive cash transaction was leading to tax evasion and honest tax payers suffered “double whammy” as they ended up paying taxes for evaders too, the finance minister said. demonetization is not a solution to all problems but it has changed the agenda, ushering in less-cash economy, increasing numbers of tax assessees and squeezing terror funding.Data mining has led to identification of 1.8 million bank account holders with disproportionate income, he said. “The Congress has a history of not taking one big step against black money. We are more than satisfied with the direction we have gone (in),” he said. He parried a question about Raghuram Rajan’s reported stand against demonetization when he was the RBI governor, saying he would choose not to answer it as he does not find it necessary to disclose all the facts he as a finance minister is privy to.To another query, Jaitley played down the political significance of Modi’s meeting with ailing DMK patriarch M Karunanidhi in Chennai yesterday, saying political and social courtesies exist irrespective of political alliances. The Congress has sought to corner the government over demonetization and decided to observe ‘black day’ tomorrow on the first anniversary of the decision which invalidated 86 per cent of the currency in the system.The BJP has announced it will celebrate ‘anti-black money day’ tomorrow, with its leaders fanning out across the country to highlight the “successes” of demonetization. Calling note ban a “reckless” exercise, Singh said during an interactive session with businessmen in Ahmedabad that “demonetization was an organised loot and legalised plunder”.

Demonetization, GST complete disaster for our economy: Manmohan Singh

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Former Prime Minister Manmohan Singh has termed demonetisation, and goods and services tax (GST), a complete disaster for the Indian economy. These steps have broken the back of the small business in India, he alleged. Commenting on the bullet train, he called it an exercise in vanity. Manmohan Singh is visiting Ahmedabad on the eve of the first anniversary of demonetization to highlights the “ill-effects” of demonetization. He expressed his opinions while discussing the current economic situation with traders and businessmen in Ahmedabad. “November 8 was a black day for our economy and indeed our democracy”, said Singh. He called it a disastrous policy which was thrust on the people of the country. “Nowhere in the world has any nation taken such a drastic step that sweeped off 86% of the currency,” he said. He repeated his earlier allegations made in the parliament that demonetization was “organised loot and legalized plunder”. “The fear of tax terrorism has eroded the confidence of Indian business to invest” he claimed.(With ANI inputs)

Mersal row: Criticising GST, demonetization does not make you anti-national: Senior BJP leader Shatrughan Sinha

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Senior BJP leader Shatrughan Sinha on Saturday spoke out on the Mersal row that has triggered a nationwide storm, given that GST was criticised in a Tamil film.Some support GST,some don’t.Some support Demonetization some don’t. This doesn’t mean critics are anti-national,” he told news agency ANI.References to the Goods and Services Tax (GST) in ‘Mersal’ have not gone down well with the BJP. The party objected to what it termed “untruths” about the central taxation regime in the film and demanded that the references be deleted. Union minister Pon Radhakrishnan demanded the removal of the “untruths” about the GST, rolled out by the BJP-led NDA government on July 1, while his party colleague H Raja claimed the film exposed Vijay’s “anti-Modi hatred”.In a scene in Mersal, where Vijay says people in Singapore get free treatment although the country charges only 7 per cent GST, whereas people are charged 28 per cent GST in India, but still don’t get free treatment. In another scene, the movie takes a swipe at the digital India policy.Meanwhile, actor Vijay’s father and film director SA Chandrasekhar said, “Censor board has members of all parties and it’s reviewed by them. If there is something objectionable they will inform. Once approved by the board no one can criticise the board’s decision.”Congress Vice President Rahul Gandhi, keeping in line with his new strategy on social media tweeted, “Mr. Modi, Cinema is a deep expression of Tamil culture and language. Don’t try to demon-etise Tamil pride by interfering in Mersal.”

Sounds like Tusshar Kapoor’s dialogue from Golmaal: Twitter full of jokes after Finance Ministry tweets gibberish

<!– /11440465/Dna_Article_Middle_300x250_BTF –>The Diwali festive season turns offices into a virtual graveyard, and those poor souls still stuck at their workplace often wonder why they are working, while the rest of the country is out celebrating with friends and family.Perhaps pulling a shift during the Diwali season hit the poor soul handling the Finance Ministry’s Twitter account exceptionally hard, as handle ended up tweeting gibberish on Friday morning: “Sawa we h we s see see.”As usual eagle-eyed Twitterati were quick to notice as they roundly mocked FinMin handle for tweeting gibberish. Some wondered if it was a code to start a second round of demonetization, while others compared it Donald Trump’s immortal covfefe tweet.Other users wondered, if this was the government’s attempt to ‘explain’ GST and all in all, Twitter had a whale of a time cracking jokes.

Demonetization ‘largest money-laundering scheme’ by govt: Arun Shourie

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Days after senior BJP leader Yashwant Sinha lashed out at Modi government over the economic slowdown, former Union Minister Arun Shourie has said that note ban was largest money-laundering scheme ever.Blaming the demonetization move for the economic slowdown, in an interview to NDTV, Arun Shourie said that it was the largest money-laundering scheme ever, conceived and implemented entirely by the government.Stating that it was an ‘idiotic jolt’ and everyone who had black converted it into white, he said, “The RBI has said that nearly 99% of the banned currency has been returned to banks, which suggests that black or untaxed money was not destroyed by the giant move.”Shourie also said that he agrees with Yashwant Sinha’s assessment that others in the BJP share their concern over the government’s economic policies but are either prevented from or scared to raise questions. ALSO READ Demonetization, GST have dealt heavy blow to economy: Sharad PawarEarlier, in a newspaper article headlined, ‘I need to speak up now’, Yashwant had criticised Jaitley over what he called the ‘mess the finance minister has made of the economy’ and flayed demonetization and the way the GST had been rolled out.Sinha, a member of the BJP s ‘margdarshak mandal’ that was set up in 2014 to guide the party, has also said a revival by the time of the next Lok Sabha elections due in 2019 was ‘highly unlikely’ and a ‘hard landing’ appeared inevitable.”The demonetization has proved to be an unmitigated economic disaster, a badly conceived and poorly implemented GST has played havoc with businesses and sunk many of them and countless millions have lost their jobs with hardly any new opportunities coming the way of the new entrants to the labour market,” Sinha said.However, Finance Minister Arun Jaitley struck back at Yashwant Sinha by calling him a job applicant at the age of 80 who has forgotten his own record while heading the critical ministry.He also charged Sinha with acting in tandem with a fellow former FM and senior Congress leader P Chidambaram, saying the two seemed to have forgotten the barbs they have used for each other. ALSO READ Economy isn’t paralysed, but demonetization, GST were ill-timed: Yashwant Sinha

Arun Jaitley calls Sinha job applicant at 80

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Finance Minister Arun Jaitley on Thursday struck back at Yashwant Sinha, a former finance minister and a BJP party leader, by calling him a job applicant at the age of 80 who has forgotten his own record while heading the critical ministry.He also charged Sinha with acting in tandem with a fellow former FM and senior Congress leader P Chidambaram, saying the two seemed to have forgotten the barbs they have used for each other.Jaitley, however, refrained from naming Sinha while speaking at an event of release of a book titled ‘India @70 Modi @3.5’ in the national capital, instead choosing to take an indirect swipe.”Acting in tandem itself won’t change the facts…Probably, a more appropriate title for the book would have been ‘India @70, Modi @3.5 and a job applicant @ 80,” he said.”I must confess that I do not have the luxury as yet of being a former finance minister nor do I have the luxury of being a former finance minister who has turned a columnist,” he said in a barely-concealed jibe at Sinha and Chidambaram, respectively.Jaitley also invoked both his predecessors’ records, saying “I can conveniently forget a policy paralysis (during UPA-II).I can conveniently forget the 15 per cent NPAs of 1998 and 2002 (during Sinha’s term as finance minister). I can conveniently forget the $4 billion reserve left in 1991 and I can switch over and change the narrative.”Sinha in an article on Wednesday criticised Jaitley over the “mess the finance minister has made of the economy” and went on to slam the government over decisions like note ban and the GST, the new universal tax regime.Recalling Sinha and Chidambaram’s running down of each other, Jaitley said “One said of the other ‘Chidambaram will have to be born again to match my record as finance minister’. He then linked Finance MinisterChidambaram to an incompetent doctor for failing to curb India’s alarming fiscal deficit.”Sinha, Jaitley recounted, had also accused Chidambaram of running the economy into the ground, and of bugging his phones.In the same vein, he also recounted how Chidambaram had called Sinha’s tenure during the Vajpayee government as the “worst years since liberalisation”.In defence of the current National Democratic Alliance (NDA) government, Jaitley said it is making incremental changes in the economy.”Changing the old normal of black money and shadow economy was never the agenda of those who are criticising government’s economic policies. Our government took decisive steps and we changed the normal with demonetisation. Prime Minister Narendra Modi had a very strong agenda on creating a new normal as far as India shadow economy was concerned,” he said.”A new ideological polarisation is taking place in the country,” Jaitley asserted, adding that “Demonetization was intended to make sure that this anonymous tender (money) get identified to its owner. Shadow economy was playing under the old normal and those who opposed it were the ones under whom shadow economy was operating,” the minister said.

Kolkata pandal choses demonetization as theme for Durga Puja

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Demonetization or ‘notebandi’ has been chosen as the theme by organisers of at least two community Durga Pujas in West Bengal this year.The theme has found place in Mitra Sanghati’s puja in east Kolkata’s Belighata area and the organisers have printed over 30,000 replicas of the banned currency notes to portray it. Mitra Sanghati’s puja pandal will feature a money tree having the prints of the banned Rs 500 and Rs 1000 currency notes as its leaves and images of people from various walks of life standing beside the money tree with helpless looks as the notes are of no use, the president of Mitra Sanghati Pradeep Kumar Nemani said.A traditional earthen bowl meant for saving money will be kept near the Durga idol and a human face with teary eyes will signify the sufferings of the people due to the note ban, he said. “Demonetization caused a lot of pain to all sections of people. People had money but suddenly it became just a piece of paper. People had money in their accounts but couldn’t withdraw it from their banks,” Nemani added. The idea to take up demonetization as a theme came from the sufferings that the common man had to face due to the note ban. “As Durga Puja is a festival of the people, we thought it would be an apt theme,” he said. A puja committee in North 24 Parganas district which also opted for the ‘notebandi’ theme is using the replica of an ATM machine which is out of money on one side of the pandal and on the other the replica of another machine dispensing new Rs 500 and Rs 2000 notes.”We want to show how the people, irrespective of their financial condition, had to stand in queue for long hours to withdraw money,” a puja organiser told PTI. The lights of the pandal will portray Demonetization and its after effects.

Return of scrapped notes endorses success of demonetization: Piyush Goyal

<!– /11440465/Dna_Article_Middle_300x250_BTF –>The BJP on Thursday rejected the opposition’s criticism of demonetization, saying it has been the “biggest success” as it has proved to be a major step towards establishing a “clean and honest” economic order.All suspected black money transactions with banks are under the government’s scanner and those found having deposited unaccounted cash will be taxed. It will give a boost to revenue collection, Union minister Piyush Goyal said. “Demonetization has been the biggest success. It has made all the money deposits in banks traceable and the economy clean. It also enhanced liquidity with banks, resulting in lower taxes and more money for welfare measures,” he said.Dismissing the opposition’s attack on the government, Goyal claimed that those criticising the measure do not understand economics. Demonetization instilled a sense of “fear” among tax evaders and increased compliance among people, leading to the “success” of the Goods and Services Tax.
ALSO READ Opposition thrashes govt post RBI data on demonetization, Rahul Gandhi asks, ‘Will PM own up'”It has been a big step towards creating a clean and honest economic order,” he said, adding that it has led to a huge increase in digital transactions. It has also led to creation of massive data for the government, he said. According to the RBI as much as 99 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system and has prompted the opposition to question the efficacy of the government’s unprecedented note ban decision to curb black money and corruption.”The fact we have been able …to get all the money back into the system is a great endorsement of the big fight that the government has picked up against the black money, against corruption… I think it is a great endorsement of the success of demonetization,” Goyal said. The minister further said the government is moving towards the path of honest governance unlike the previous Congress regime which had “encouraged people to indulge in corruption and do business by unethical means.” He said that the opposition Congress “cannot understand a simple thing that money coming into the bank will help spur the economy and will pay back.”

ITR filings for 2016-17 grow 25% to 2.8 cr

<!– /11440465/Dna_Article_Middle_300x250_BTF –>The number of income-tax returns has registered an increase of 24.7 per cent for 2016-17 at 2.82 crore owing to demonetisation and operation clean money, the Finance Ministry said on Monday.As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns (ITRs) filed. The number of returns filed as on August 5 this year stands at 2.82 crore as against 2.26 crore filed during the corresponding period of 2016-2017, registering an increase of 24.7 per cent compared to growth rate of 9.9 per cent in the previous year, according to an official statement.The growth in returns filed by individuals is 25.3 per cent with 2.79 crore returns having been received up to August 5 as against 2.22 crore returns in the corresponding period of 2016-2017.This clearly shows that substantial number of new tax payers have been brought into the tax net subsequent to demonetization, the statement said.The effect of demonetization is also clearly visible in the growth in Direct Tax Collections. The advance tax collections of personal Income Tax ( other than Corporate Tax) as on August 5 showed a growth of about 41.79 per cent over the corresponding period in 2016-2017.Personal Income Tax under Self Assessment Tax (SAT) grew at 34.25 per cent over the corresponding period in 2016-2017.

60,000 notices afoot as I-T spots Rs 10K cr black money

<!– /11440465/Dna_Article_Middle_300x250_BTF –>A specialised ‘risk assessment wing’ of the Income Tax Department has prepared a list of 60,000 people, including 1,300 so-called ‘high-risk individuals’, who are suspected to laundering about Rs 10,000 crore following the demonetization of high-value currency notes announced by Prime Minister Narendra Modi in November last year.The Friday actions mark the second phase of ‘Operation Clean Money’, which was launched on January 31, 2017 for e-verification of cash deposits made following demonetization.According to sources, these people – which included builders, petrol pump owners, bankers and senior government officials – had deposited cash in banks as well as routed it into real estate and gold holdings. These persons deposited devalued Rs 500 and Rs 1,000 notes in a structured manner to mask their real identities between November 9, 2016 and December 30, 2016.More than 6,000 of the cases being investigated are related to high-value property purchase, while 6,600 are cases of outward remittances.”The cases where no response received are also a matter of enquiry,” a spokesperson for the Central Board of Direct Taxes (CBDT) said.Action against illegal cash depositors is expected to take at least another year.The I-T department has also found that high-risk persons converted black money into white during the demonetization period, while government officials and other private individuals made huge cash transactions through shell entities to hide their funds.Department sources told DNA that more than 25 per cent of petrol and CNG pumps became centres of cash conversion during the demonetization period. Petrol pumps’ accounts show they accepted more cash than the sale of petroleum products accounted for. Finance ministry sources, speaking on condition of anonymity, told DNA that in Delhi alone, 96 of a total of 398 petrol pumps had taken in more than Rs 1 crore in excess, unaccounted-for cash, while a similar trend has been found in 179 CNG filling stations.Since the November 9, 2016 announcement of demonetization through February 28, 2017, the I-T department has conducted 2,362 searches, seizures and surveys. They have seized more than Rs 818 crore in assets, including Rs 622 crore in cash, and detection of undisclosed income of more than Rs. 9,334 crores. It has referred about 400 cases to the Enforcement Directorate and the CBI.Fighting black money has been a key promise of the Modi government since it stormed to power in 2014. Since then, it has taken steps to go after domestic as well as foreign black money hoarders. It has used the Black Money (Undisclosed Foreign Income and Assets) Act to expose unaccounted for cash stashed abroad, launched an Income Disclosure Scheme (IDS-I), and scrapped Rs 500 and Rs 1,000 notes to choke the circulation of black as well as counterfeit money. At the same time, it also gave tax evaders a chance to come clean under a new scheme called the Pradhan Mantri Garib Kalyan Yojana or IDS-II.Demonetization ImpactThe government has received 21.7 per cent more income tax in FY 2016-17 over the previous fiscal. FY2017 has also seen a 16 per cent growth in gross tax collection, the highest in the past five years.How the I-T Dept went after dodgy depositorsThe Financial Intelligence Unit (FIU), a specialised watchdog for bank transactions, has tallied details of cash depositors’ Permanent Account Number (PAN) and their earning profiles using advanced data analytics, including integration of data sources, relationship clustering, and fund tracking. The analysis has identified about 17.92 lakh dodgy depositors. Notices have been sent via mail and SMS to people who entered into cash transactions that weren’t in line with their tax profiles. Around 9.46 lakh persons have responded, while the rest are being investigated.

United in defeat: Cong CM loses in Uttarakhand; BJP CM in Goa

<!– /11440465/Dna_Article_Middle_300x250_BTF –>One of the biggest surprises in the state elections came from Uttarakhand and Goa where both incumbent chief ministers – Harish Rawat and Laxmikant Parsekar – lost miserably.It was not an easy election for the Uttarakhand chief minister Harish Rawat yet nobody expected him to lose by such a huge margin. Pitted directly against Prime Minister Narendra Modi — along with his team of more than a dozen cabinet ministers— who carried out an unprecedented election campaign, Rawat was virtually reduced to a one man army in Uttarakhand.Swept away by the Modi factor, Rawat lost from both seats — Haridwar Rural and Kichha in Udham Singh Nagar. Incidentally, he had chosen to fight from these two seats to tackle the Modi factor on the 21 seats that lie in the plains.“Rawatji played a big gamble to emerge as the tallest leader of Uttarakhand but failed miserably in understanding BJP’s election craft and Modi’s popularity that transcended across class and caste divide. Moreover, he did not have enough resources, money wise, to match BJP’s massive campaign,” says a close aide of Rawat. One underlying factor that now Congressmen in the state concede is that they failed to gauge the massive undercurrent in favour of PM Modi non-corrupt image, along with the pro-poor schemes that he took over from Congress-led UPA government but was instrumental in actual delivery.“It was PM Ujjawala Yojna of giving subsidised LPG cylinders that gained BJP a lot of women voters in hill region where women spend a lot of time in searching wood each day. Demonetization which Congress thought would work against the BJP actually worked in its favour as money does not count much in the hill economy,” says Vikram Singh Damoga, a political analyst In Delhi, Congress spokesperson Randeep Singh Surjewala said that the party will have to deliberate on various factors, especially on whether the exodus of Congress leaders defecting to the BJP had affected them.“It is a consideration that needs to be discussed openly and frankly. Harish Rawat did commendable work. But why were we not able to communicate that work at the grassroots is the question,” said Surjewala.Meanwhile on the other side, Goa Chief minister Laxmikant Parsekar also suffered a shock defeat to former party leader Dayanand Sopte who had joined the Congress in 2012. Parsekar’s loss in Mandrem was one of the biggest setbacks for the BJP in the coastal state where it was facing tough fight from the Congress.A staunch BJP politician, Parsekar took over as chief minister in 2014 after Manohar Parrikar left for to take up the post of minister for defence in Modi cabinet.According to BJP insiders, Parsekar was trying to impose his will on the party and the government. During election campaigning, the local BJP leadership had refused to endorse Parsekar as chief minister.

From dynasty politics to alliance with Congress: Watch Akhilesh Yadav’s full interview with Sudhir Chaudhary

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Recently, UP CM Akhilesh Yadav and Editor-in-Chief of DNA, Zee News and WION spoke to Akhilesh Yadav in a freewheeling interview. Yadav spoke at length about various issues, including the alliance with Congress, UP’s law-and-order situation and his prime ministerial ambitions. He also spoke about the family feud within the Samajwadi Party and PM Modi’s attacks on the SP-Cong alliance. Check out excerpts from the interview and the video below: On alliance with Congress:The alliance was formed to remove all the confusion in people’s mind. We will win a largest number of seats. Going solo would have helped us win 250 seats, now we are hoping for 300 seats. Tie-up will ensure our victory. It will give a strong message to entire country.On giving Congress 105 seats: We need to be large-hearted for a strong friendship. Friendship of misers don’t last long. We have given them more seats so that we can maintain the friendship. This is a dosti of two young people. Rahul and I both want to see this state progress.On Congress’ previous stand against SP:Slogans can be changed. “Paanch saal UP Behal” can be converted to “Agale 27 saal UP khushhaal”. Congress and Rahulji had said a few things earlier but I will only count the days since we started our relationship.On Rahul Gandhi playing big brother:No leader is small or big, senior or junior in politics. Here, seniors become junior and vice versa as the situation changes. Congress is a national party and has been at power in the centre for long. But when Congress is at its weakest, the Samajwadi Party would be its closest friend. We both will oust communal forces from UP.On his ambition to become PM:I haven’t thought of that. I do dream but not that big. I rather want to complete my work in UP. Metro, extension of expressway, skill centres, 24-hour power in villages etc. I am not thinking of the Centre. I can stay longer in Lucknow. The stay at Centre is usually much shorter. People remain happy till they are in the state.On whether BSP or BJP were their main rival: We just ride bicycle without looking behind. We wanted to present a secular alliance before people. We are doing just that.On MSY and allegations of staged drama: Whatever I had felt during those days, nobody can understand. I did whatever was possible in that situation. Like me, Netaji (father Mulayam Singh Yadav) also wanted to take the party ahead. He is campaigning for our candidates now. I consider this his blessing. After this election, Netaji will emerge as the most respected person. On law and order, women’s safety, 12% share in crime:Those who blame us for failing on law-and-order, must compare us with other states. UP has 22 crore population so don’t play up some incidents. The people who have failed on development are now raking up law and order issue. Sultanpur rape and murder case is a conspiracy. None of the party leader is associated with this case. They can do CBI probe. Women in UP are going outside home in the night. We are doing our best to give them safe environment. On Agra expressway, police are present at every 30 km.Yadavization of state in general, police in particular:This is untrue that 60% police stations in UP are headed by Yadavs. These are old figures, and the station officer post is very small. By the way, have you seen any Yadav as DIG, IG or SP. If someone is capable, he will get the post. Most people who die on the border are Yadavs.On UP’s ‘backwardness’:In capital investment, only Maharashtra is ahead of us. GDP figure is much better now. UP had won several awards for excellent work in skill education, improving forest cover and infant mortality rate and maternal mortality rate. We are giving 24-hour power in cities, we have made largest expressway. We are number 1 in producing sugarcane, milk, potato and wheat.On bad press and why?I think crimes cases of UP are covered disproportionately in the national media. When the Bulandhshahar rape incident happened, at the same time a rape case in Gurgaon also came up where a woman was violated twice. The news was not covered by the national media the way Bulandshahar case was covered. I think we are being targeted as we don’t have share in media companies.On Modi’s statements against him:I think Modi ji and Amit Shah are frustrated. The vote bank which they were hoping to grab is slipping away. They are running a negative campaign against us. But please let the people know about your good work. He (Modi) must tell what he has done for Lucknow rather than blaming us for not doing anything. Since, they have done nothing, they are giving long speeches in a desperate attempt to misguide people.On impact of demonetization: Money is not black or white, but the transactions are. Demonetization was projected as a move against corruption and black money. People faced huge trouble standing in queue for hours. They lost businesses and jobs. They will queue up again to support us.On Lohia’s Samajwad Vs SP’s Samajwad: We have not deviated from our principles. If some people are earning individually through business and riding on expensive cars, it doesn’t mean the party has dumped the socialism. We have firm belief in socialist principles. Most of our schemes such as laptops for youths and pension for poor are socialist ones.On dynasty politics in SP: I will ensure that my family persons come in politics only if they get elected by people. I won’t give them a walkover. If the situation arises where that I have to cut down the family members from politics, then I would start it with Dimple (wife). I would request her to stay at home and take care of children and leave politics. Watch the full video below:

Opposition attacks govt in LS for failing to give estimate of black money recovered due to demonetization

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Government today came under attack from Opposition parties in Lok Sabha for “failing” to come out with an estimate of recovery of black money as a result of demonetization, which was cited as a major aim of banning the high-value notes.Raising the issue during discussion on the budget, CPI(M) leader P Karunakaran said the government was duty-bound to inform Parliament about the quantum of black money it had recovered through demonetization and the details must be made public. “The Prime Minister is not ready to give the details. The Finance Minister is also not answering the question on it. The government must inform the Parliament how much black money it managed to recover through demonetization,” he said.The member from Kerala also said government has all the means including agencies like CBI and Income Tax department to get the details of recovery of black money if it does not have the figure. He also targeted the RBI for not sharing details about the fallout of the demonetization move and partcularly criticised the central bank for putting restrictions on cooperative banks in exchange of old currencies.Dhananjay Bhimrao Mahadik of NCP also attacked the government for “failing” to furnish how much blackmoney was recovered through the demonetization exercise. Containing blackmoney was a major aim of the demonetization exercise. The government must now tell us how much blackmoney was recovered,” he said. Karunakaran his state Kerala had suffered a loss of Rs 3,000 to 4,000 crore due to demonetization and demanded compensation from the Centre to negate the adverse impact.

High voltage campaign for phase-I of UP polls ends tomorrow

<!– /11440465/Dna_Article_Middle_300x250_BTF –>The campaigning for the first phase of the high-stake Uttar Pradesh Assembly elections will come to an end on Thursday in 73 constituencies spread over 15 districts including riot-scarred Muzaffarnagar and Shamli.Polling in these constituencies will be held on February 11.BJP had won just 11 of the 73 seats in 2012, but improved its performance significantly in the 2014 Lok Sabha polls. The party has gone all out this time to woo the electorate.The saffron brigade was led by none other than Prime Minister Narendra Modi and BJP National President Amit Shah, both of whom hopped from one venue to another in a race against time.Modi asked people to “rid the state of SCAM – S for Samajwadi (party), C for Congress, A for Akhilesh (Yadav) and M for Mayawati”, saying they have to choose between development agenda of BJP and those who give shelter to criminals, indulge in vote bank politics and encourage land and mine mafias.Not to take the comment lying down, Samajwadi Party President and Chief Minister Akhilesh Yadav in his rallies told the electorate that SCAM actually stood for ‘Save the Country from Amit Shah and Modi’.Hitting back at Modi, Congress Vice President Rahul Gandhi alleged that one who is in the wrong, sees scam in everything and said “S infact stands for ‘service’, C for ‘courage’, A for ‘ability’ and M for ‘modesty’.”Both Modi and Shah slammed Congress and Samajwadi Party, saying Rahul ran a campaign against the SP government and wondered as to what happened overnight that they were embracing each other.Taking potshots at Rahul and Akhilesh, the BJP chief said “both are ‘khoobsurat shehzade’ (good-looking princes) who are out to mislead the public… Mother is fed up with one and father is fed up with the other. How will they help UP? One has looted the country, while the other has looted the state”.In his no-holds-barred attack, Shah said, “Congress-SP alliance is an alliance of corruption and criminalisation”.Rahul, on the other hand, harped on the issue of note ban and attacked Modi, saying, “Demonetization has hurt the poor most”.There would be a three-cornered fight between BJP, BSP and SP-Congress alliance in UP.Out of the 403 assembly seats, SP would be contesting 298 and Congress the rest 105.

TMC to boycott Parliament for 2 days

<!– /11440465/Dna_Article_Middle_300x250_BTF –>At the customary all- party meeting prior to the Budget session of Parliament, the Opposition parties on Monday made it amply clear that they will not allow the government to just walk away after presenting the Budget but would ask difficult questions.Even as the host, Prime Minister Narendra Modi requested MPs to let the “Mahapanchayat” (Parliament) function from February 1 by rising above their party lines and engaging in fruitful discussions. The Opposition parties were unequivocal in putting their differences on record on the timing of the budget session.Their common refrain being — one, why was it so necessary to advance the budget when it was clashing with the ongoing polls and two, how would the government factor in the economic data for the crucial third quarter that weathered demonetization. “The presentation of the Budget on February 1 is not just unseemly with regard to polls in five states but also that the economic data from the third quarter will not be factored in,” said CPM General Secretary Sitaram Yechury.“Demonetization has had a devastating impact on the economy and the figures from the third quarter will not be available, so the Budget exercise won’t reflect this disruption at all,” added Yechury. The opposition also questioned the government for keeping the first half of the budget session for just five effective days from February 1 to February 9.Questioning the truncated session, chief whip of Congress Jyotiraditya Scindia said, maximum time will be spent on clearing the motion of thanks to the President for his address to the joint Houses of Parliament, and the Union Budget.“Nevertheless, we have asked for a discussion on demonetization, frequent violations of ceasefire between India and Pakistan and the undermining of institutions like the Reserve Bank of India,” he said.Meanwhile, angry over the arrest of its two MPs and protesting demonetization, Trinamool Congress skipped the all-party meetings and decided to stay away from the Parliament on Tuesday and Wednesday. The ruling National Democratic Alliance’s key ally, Shiv Sena, also kept away from the meeting. Trying to explain their absence, Minister for Parliamentary Affairs, Ananth Kumar said, “Some parties could not attend not just due to Assembly polls, but also due to local body polls in some States.”The Business Advisory Committees of both the Houses will schedule discussions on the three ordinances promulgated recently by the government, including the Enemy Property Ordinance, said Kumar.

No impact of demonetization on polls: Experts

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Rubbishing claims of impact of demonetization on undergoing polls in five states, experts on elections and black money have claimed that there has been no effect of the note ban on funding and expenditure of political parties on elections.According to former Chief Election Commissioner HS Brahma, demonetization has had no impact on political party funding as political parties can submit any amount of money, and there is no restriction on their expenditure.”It’s easy to convert black money by shifting it into the accounts of political parties. One way of curtailing it is putting a threshold limit of Rs 2,000 as the ECI has recommended, and political parties must be made accountable for the conduct of candidates they field during elections,” said Brahma.He was speaking at a discussion on the Effects of Demonetization on Political Financing and Black Money, organised by Association of Democratic Reforms (ADR), a non-political group aiming at governmental and electoral reforms.Well known expert on black money, Professor Arun Kumar of JNU said the demonetization has affected only 6 per cent of total black money and had not affected the sources of black money income at all.”Even cash caught in tax raids was easily justified by businesses as working capital. A long term sustained movement of engaging the youth through new media and social media that can impact consciousness of people is required to make a dent on black money,” said Professor Kumar.Another expert, Prof Jagdeep Chhokar said that the government’s demonetization move had no effect on the political finances.”The whole purpose of demonetization was to eliminate black money, but it can’t be eliminated from the country until it is eliminated from the political process,” he said.He emphasised that the provisions under the Income Tax Act, Representation of People Act and Company’s Law have nothing to do with the demonetization move.Former Chief Election Commissioner, Dr SY Quraishi questioned the nexus between bureaucracy and politicians’ intent on recovering their election expenditures.As political parties could not agree on expenditure limits or the rationalisation of expenditure limits, he recommended state funding of political parties based on their performance, instead of state funding of elections.He proposed that in such a model regular CAG audits would be conducted and there will be a total ban on any private donations

DNA Morning Must Reads: Latest on protests against Jallikattu ban; Manmohan saves Urjit Patel as Parl panel grills him; & more

<!– /11440465/Dna_Article_Middle_300x250_BTF –>1. Demonetization: Manmohan rescues RBI Governor Urjit Patel as parl panel grills himAs parliamentary panel grills RBI Governor on demonetization and its effects, former PM tells him that he doesn’t have to answer all questions. Read more.2. Live updates | Jallikattu ban: Protests continue for third day, CM Panneerselvam to meet ModiThe protesters are also seeking a ban on the People for Ethical Treatment of Animals (PETA). Read more.3. I think we’re going to be OK, says Obama in final press conference as US PresidentObama hopes for quiet after White House but will defend ‘core values’. Read more.4. UP elections 2017: Despite winning cycle symbol, Akhilesh Yadav faces hurdlesUttar Pradesh Chief Minister Akhilesh Yadav’s tracks are full of hurdles despite winning cycle symbol. Read more.5. IND vs ENG: High-flying India seek 2-0 leadAfter successful run-chase, Kohli & Co will go all out against England, who are searching for 1st international win on tour. Read more.

PM Modi’s propaganda of soaring national income is hollow: Manmohan Singh

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Former prime minister Manmohan Singh on Wednesday said Prime Minister Narendra Modi’s propaganda of national income going up in the last two years has been proven to be hollow.Speaking at the Jan Vedna convention organised by the Congress party here, Singh said, “Modi ji keeps on saying he will transform India’s economy, we know now that the beginning of the end has come. Modi Ji’s propaganda of national income going up in last two years has been proven to be hollow.”Cautioning the Centre on demonetization, Singh said things have gone from bad to worse in the past few months.”Demonetization has hurt the country very badly. Things have gone from bad to worse in past few months. Some say GDP can be as low as 6.3 percent. We can imagine that what kind of a disaster demonetization is,” he added.He further said demonetisation will have a ?very significant adverse effect?.Meanwhile, continue to tear into Prime Minister Modi over his demonetization drive, Congress vice-president Rahul Gandhi said for the first time in the history, the Prime Minister of India is being ridiculed all over the world for taking an ?incompetent and ill-planned? decision.He also said the demonetization move was not RBI’s decision but a ‘personal decision’ of Prime Minister Modi.

Shiv Sena hits out at BJP over demonetization, projects women’s plight

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Hitting out at the Bharatiya Janata Party (BJP)-led government over the demonetisation drive, the Shiv Sena mouthpiece ‘Saamna’ has highlighted the plight of the women community, while asserting that the party is forced to face problems.”What we haven’t faced during the Congress rule, we are facing during the regime of our own people,” an editorial in Saamna said.The editorial also featured about a title of Marathi movie ‘What she does these days’, saying that the answer of this question is, “she is struggling with her life while standing in ATM queue.””What she does these days? This interesting question is being asked these days. A Marathi movie ‘What she does these days’ which is being promoted rigorously, is expected to make a good business despite demonetization drive,” it added.”What she does these days? If anybody would ask this question from us then we will say that she has been standing in the queue for last 50 days, struggling with the situation, and concerned about future,” the article further read.The article also highlighted that while in some places in Delhi women expressed outrage and went almost naked, in several other places they died while struggling with the demonetization brunt.”She is not well. All the relations like mother, wife, sister, grandmother which are being performed by her, have become numb while standing in the queue,” it added.Emphasising issues like economic growth, unemployment, farmers’ suicide, fight against terrorism, the article has also put forth a woman’s outlook and agony.”Demonetization has badly hit the market. The economic growth of the country has also been slowed down which hampered the work of many small scale and large scale industries. Because of the poor market condition, many people are forced to give up their jobs and she asks, if my husband or son loses his job and I would not be able to cook then who would be held responsible for it,” it further stated.The article further highlighted the plight of a woman and questioned the government that what if her husband who is a farmer commits suicide as his vegetables and grains have to be thrown away because of the demonetization fiasco.”What I and my children would do if my husband commits suicide… the woman may ask,” the editorial stated.The editorial also condemned the government’s claim of fighting terrorism through demonetization saying that it is merely an illusion.

DNA Must Reads: Samajwadi Party dangal continues, Karan Johar talks about his sexual orientation and more

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Yadav vs Yadav: I am the national President of SP, says Mulayam Singh YadavIn wake of the growing feud between the two warring factions of the Samajwadi Party, Mulayam Singh on Sunday categorically stated that he was still the party president while his son Akhilesh Yadav is the Chief Minister of Uttar Pradesh. Read more hereFull text: Jaitley explains reasons behind demonetization, its impact on economyHere is what Finance Minister Arun Jaitley discussed in his post titled ‘Demonetization-A look back at the last two months’ Read more here Have a bank account? Now you will have to submit your PAN details by Feb 28The government has asked banks to get PAN or Form 60 details from all bank account holders by February 28. Read more hereIstanbul nightclub shooting: Attacker still on the run, identified as Uzbek jihadistThe attacker who shot dead 39 people, including two Indians, on New Year’s night at an Istanbul nightclub has been identified as an Uzbek jihadist who belongs to the extremist Islamic State (IS) group, Turkish press reports said. Read more hereIsrael: At least 4 soldiers dead in Palestinian truck-ramming attack in JerusalemA truck driven by a Palestinian rammed into pedestrians on a popular promenade in Jerusalem on Sunday killing four people, according to Israeli police who called it a deliberate attack. Read more hereKaran Johar BREAKS SILENCE on why he won’t scream out his sexual orientation and nails it like never before!Karan Johar finally opens up about his sexual orientation and why he will not spell it out… Read more here

In poll times, demonetization, surgical strikes hold sway over BJP meet

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Outside the venue of the BJP conclave, an imposing poster showing Prime Minister Narendra Modi and party chief Amit Shah listed out the “schemes after cash curbs”.Inside the hall, where the party’s national executive began on Friday, Modi was given a standing ovation for “historic and bold” decisions like demonetization and surgical strikes.The BJP, hoping the two issues will give it an edge in the assembly elections in five states, including Uttar Pradesh, is all set to make the fight against corruption and terror its key planks.While the party is projecting demonetization and the battle against corruption as a pro-poor move, it has signalled that it will take tough decisions if Pakistan continued to engage in a proxy war.”The surgical strikes ordered by the Prime Minister and the total rejection of the separatist agenda by the people and governments of J&K and the Centre are a categorical assertion to Pakistan that its ulterior designs shall never succeed and the government led by PM Modi will continue to demonstrate zero tolerance for terrorism; and it reserves every right to respond to such threats in an appropriate and out-of- the-box manner in future also,” the party’s political resolution said.Shah, in his inaugural address at the meet, described demonetization and surgical strikes as, “historic and courageous” decisions. He said demonetization would ensure “welfare and justice” to the poor, Union minister Prakash Javadekar told reporters later. He said surveys in all the poll-bound states gave “overwhelming” support for demonetization and of the 10,000 local body elections in various states after November 8, in which the BJP won 8,000.However, when asked if elections would be seen as a referendum on demonetization, Javadekar said: “Whether it will be or not, let’s wait and see after elections.”The BJP, which is confident that Modi’s gamble has paid off politically, is all set to make it a major pro-poor poll plank to take on the Opposition.”The Opposition stands exposed. Earlier, they wanted to know what the government had done about its promise to bring back black money. Now, they are asking why the Prime Minister has taken steps against black money,” Javadekar quoted Shah as saying.Further linking demonetization to the government’s “pro-poor” approach, Shah said it would add to revenue for welfare schemes. “There would be an additional Rs 4-5 lakh crore available for the development of the poor to ensure them food, shelter, health, education,” Javadekar said. Demonetization is expected to figure in the BJP’s economic resolution, which will be passed on Saturday.The other issue on which the BJP has pinned its hopes, particularly in UP, is the surgical strikes, which Shah said was a decision taken after the pain over the Uri attack.”We salute our brave soldiers for valiantly fighting and laying down their lives to secure our borders and honour. That the strikes have had the required effect on our neighbour can be gauged from the fact that there is near normal silence on the Indo-Pak border in the last few weeks and also the initiative taken by Pakistan to call for DGMO level talks between the two countries,” the party’s political resolution said.Underlining Modi’s stress on “antyodaya”, the resolution also made a distinction between reform and transformation. “We are here not merely for reform. Reform is good, but it is largely about tinkering with the existing system. PM Modi’s vision is transformative… Government’s schemes and programmes were intended to bring about a fundamental course correction and transformation at the grassroots,” it said.The resolution took on the Opposition, particularly the Congress, Trinamool Congress and the Left. Taking on the Mamata Banerjee government in West Bengal, it said “in states like Bengal, normal functioning of political activity has become difficult under the draconian TMC rule.”It also said the “extreme appeasement politics” of the governments in West Bengal and Kerala have led to communal tension and strife. “The failure of the TMC in Bengal in safeguarding the majority law-abiding community is most glaring in the recent Dhulagarh riots where the rioters went about torching houses and shouting slogans like Pakistan Zindabad while the state police had looked the other way,” the resolution said.

Visakhapatnam: CBI files case against SBI officials in demonetization case

<!– /11440465/Dna_Article_Middle_300x250_BTF –>The CBI has registered a case against five SBI officials posted in Tanuku branch in West Godavati district for allowing private companies to withdraw over Rs 2.49 crore in a day post-demonetization.The case was registered on December 31, 2016 against the officials for allowing private companies to withdraw over Rs 2.49 crore in a single day, which was against the RBI guidelines that were issued after the demonetization notification, the central agency said in a release on Wednesday.It said that following the withdrawal of Rs 500 and Rs 1,000 currency notes, the RBI had issued directions to all the banks restricting over-the-counter cash withdrawal. “However, with utter disregard to the RBI instructions, the officials posted at SBI’s Tanuku main branch, entered into a criminal conspiracy with several firms and allowed them to withdraw Rs 2.49 crore in a single day,” the CBI said.Public Servants also withdrew amounts beyond the prescribed limits from their own accounts in the branch, it said. “After the registration of the case on December 31, searches were conducted at the residential premises of the accused and several incriminating documents were found,” it added.The investigation is in progress, the CBI release said.

DNA Morning Must Reads: CJI Thakur’s parting shots; effects of demonetization on India Inc; Viswanathan Anand on Chess, and more

<!– /11440465/Dna_Article_Middle_300x250_BTF –>1. CJI Thakur’s parting shot: Mechanism to tackle bad loans not up to the markOn the day he retired, Chief Justice of India TS Thakur heard the non-performing assets (NPAs) case and questioned how the government would step up the debt recovery process. Read more here2. Visually impaired cracks UPSC, Railways refuses to employ herAnd the reason is: the Railways now claims that someone who is visually challenged is ineligible for the job. Read more here3. Note-ban blues wearing off: India Inc”Demonetization was discussed to some extent in the meeting. Overall, things are improving. As for us, we have recovered in business in December,” said Adi Godrej. Read more here4. Viswanathan Anand says he is proud of next generationIt’s hard to think of chess beyond Viswanathan Anand in India. But, the legendary Grandmaster himself is not too worried about it. Read more here5. Sidharth Malhotra gets naughty and Jacqueline Fernandez is flirty on Karan’s showAs Sidharth brings out his naughty side, Jacqueline playfully flirts with her Reloaded hero asking him to marry her in French at one point! Read more here6. Five Indian Americans take oath as members of CongressCreating history for a minority ethnic community that comprises just 1% of the US population, five Indian Americans took oath as members of the Congress. Read more here

Mamata Banerjee advocates ‘industry peace’, slams demonetization

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Strongly advocating industrial peace, Bengal Chief Minister Mamata Banerjee said there was a need to protect industry and create more jobs, even as she continued her attack on Prime Minister Narendra modi on the demonetization issue. “We must cooperate with industry. It is important to protect industry. There must exist very good relation between employees and management,” she said while inaugurating a modern battery plant of Exide Industries here. Blaming the previous Left front regime for loss of mandays, the Chief Minister claimed that there were no man dayslost by the industry during her rule.Banerjee said, “We are proud to say that no man daysare lost today. It was phenomenal 80 million man dayswhich were lost in the earlier days.” Continuing her tirade against Prime Minister Narendra Modi on his demonetizationmove, she said that in the last two months the industrial sector had passed through a ‘bad’ time. West Bengal, which was the number one state in MSMEs, was witnessing a turmoil now because of the demonetization move, she pointed out. Said said, “Neither the US nor Germany are 100 per cent cashless. In India, 92 per cent of the area are not covered by banks.” Indirectly pointing finger at Modi, Banerjee’ said, “As politicians, we should not harass common people. India has the government of the people, by the people and for the people.There is no place for a dictator. Let us save the country from disaster.” Banerjee also announced that the government would provide 25 acres of land to Exide for a smelting plant at Haldia. Exide invested Rs 700 crore for a new plant with collaboration with a US firm to manufacture new age car batteries with longer life. Exide MD & CEO Gautam Chatterjee told reporters later that the plant would also manufacture this new technology batteries for motorcycles later at an investment of Rs 300 crore. On impact of demonetization, he said the motorcycle OEM market had been hit as most of the sales were in the rural country side made through cash. The passenger car market was not affected alongside the replacement segment. West Bengal Chief Minister Mamata Banerjee, without mentioning Prime Minister Narendra Modi’s name, said if someone, after coming to power, thinks himself to be a “dictator”, it is not “good for the country”.Targetting the Prime Minister on note ban, she said the industrial scenario in the country has worsened in the last two months because of demonetization. “If someone thinks he or she is a dictator after coming to power, it is not good for the country,” the Chief Minister said at a programme here. “I have no individual agenda. I live and work for the people. In a democracy, government is for the people, of the people and by the people,” Banerjee said. She had described the new Bharat Interface for Money (BHIM), named after B R Ambedkar by the Centre, as a lottery app and had slammed the Prime Minister for this. Modi while addressing a rally at Lucknow today asked, “Will politics stoop so low….. we launched Bhim mobile app a couple of days ago and named it after Bhimrao Ambedkar who was an expert in economy…if dealings in the future business is named after Bhim why is it troubling some people.” Hitting back at Banerjee for criticising the new app launched by the Prime Minister, Union Power Minister Piyush Goyal had on Saturday said she should think beyond her “own narrow interests.”

Kejriwal demands white paper on demonetization

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Delhi Chief Minister Arvind Kejriwal today demanded a “white paper” and an independent inquiry on demonetization, dubbing it as the “scam of all scams” even as he claimed that the reputation of Prime Minister’s Office has been tarnished globally under Narendra Modi.Terming Modi’s new year eve speech a “sham”, Kejriwal sought responses from the Prime Minister and the Reserve Bank of India (RBI) on the amount of money deposited and the eventual gain out of the 50-day-exercise that was announced on November 8. “Demonetization is the biggest scam of independent India and is entirely guided by politics and corruption. The scam of all scams. We demand that an independent inquiry be conducted and a white paper be released on the what was gained and lost due to demonetization,” Kejriwal told a press conference at his residence here.The Aam Aadmi Party (AAP) led by Kejriwal has been one of the staunchest critics of the currency ban measure since the beginning. The AAP chief has been addressing rallies across the country on the issue and has also levelled allegations of personal corruption against Modi.”PM has become a subject of ridicule internationally. Big economists of the world are talking ill about the whole exercise. Dr Manmohan Singh commanded respect internationally but Modi has destroyed the reputation of PM’s office,” Kejriwal said.Referring to Modi’s December 31 address to the nation, Kejriwal said it was hollow as he did not speak about the gains and losses arising out of the shock currency move. The schemes could have been announced even without enforcing any such measure, he said.Taking on the stated objectives of the measure, Kejriwal said that Modi had said it will achieve four objectives- reduce corruption, curb black money, reduce terrorism and circulation of fake currency. It has neither managed to curb black money nor reduce terrorism or circulation of fake currency as fake Rs 2,000 notes are available in the market. It has not yielded any tangible benefits and has instead led to a spike in corruption, Kejriwal said.”Around 100 people have lost their lives. People’s houses have been ruined. Paytm has been the biggest beneficiary of demonetization. What did we achieve? BJP had informed its rich friends about the measure. It is a matter of inquiry whether bribe was taken for leaking prior information about demonetization or was it shared for free. BJP has been running the racket of exchanging notes,” he said. “Modi is talking about a cashless economy. First of all he should make BJP cashless that is accepting donations in cash. There’s a list of 648 people who have Swiss bank accounts. PM should have announced that these people will be arrested,” he said.

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