Goa Police Seizes Rs 1.5 Crore in New Currency Notes, Arrests 2
PM Modi flayed the opposition for its “undemocratic” act of not allowing a debate on demonetisation.
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Demonetisation Round Up
- Demonetisation continued to rock Parliament on Day 16 of the Winter Session, with both Houses being adjourned for the day amid sloganeering.
- PM Modi flayed the Opposition for its “undemocratic” act of not allowing a debate.
- BJP leader from West Bengal arrested with several lakhs in Rs 2,000 notes.
- Slow printing of Rs 500 notes could be attributed to old and expensive imported machines.
- RBI kept interest rates unchanged in its new monetary policy.
- HDFC Chief Deepak Parekh said that demonetisation has derailed the economy.
Rs 1.5 Crore Seized in New Currency Notes by Goa Police
Goa police seized Rs 1.5 crore in new currency notes during raids that were carried out in Ponda and Porvorim on Wednesday. The police have arrested two people and further investigation is underway.
Demonetisation has Derailed the Economy: HDFC Chief
Deepak Parekh, the HDFC Chairman, said that demonetisation has derailed the economy and that the wait for stability would last until January at least. Speaking to CNN-News18, Parekh said:
He also added:
Shots Fired to Disperse Unruly Crowd Outside Bank
A guard had to fire shots outside a bank in Punjab to disperse an unruly crowd, according to The Indian Express.
The incident took place outside an HDFC bank in Budhlada area of Mansa district.
Though there were at least three shots fired, no one was harmed in the firing.
Source: The Indian Express
More Money in Banks Means Better Economy: Jaitley
Speaking at the Petro-Tech 2016 programme, Union Finance Minister Arun Jaitley said that earlier policymakers were simply ‘dishing out favours to the affluent’. He added Prime Minister Narendra Modi had “the broad shoulders to face the consequences of the decision” of implementing demonetisation.
Banks Will be Able to Give Loans at Lower Rates: Shaktikanta Das
Shaktikanta Das, Economics Affairs Secretary, said that the RBI’s policy rates remain unchanged and the decision has been taken based on the understanding of trends of inflation.
Das added:
He also said that the RBI has projected a GDP growth rate of about 7.1 percent. “For the Finance Ministry, it’s early to rush to numbers, but it (the RBI’s projection) counters the negative outlook on the GDP,” Das said.
Akhilesh Announces Compensation for Victims' Kin
Taking note of the suicide by a woman allegedly after failing to exchange old notes in Aligarh, Uttar Pradesh Chief Minister Akhilesh Yadav on Wednesday announced compensation of Rs 5 lakh for her family and Rs 2 lakh each for the relatives of those who died in similar incidents.
It was unfortunate that people are losing lives while withdrawing their own money, Yadav said.
RBI Keeps Repo Rates Unchanged
Reserve Bank of India governor Urjit Patel addressed a press conference in Mumbai to announce the new RBI policy. After demonetisation, the RBI has chosen to keep interest rates unchanged.
The repo rate under the liquidity adjustment facility (LAF) stands unchanged at 6.25 percent.
RBI Deputy Governor R Gandhi said the policy of demonetisation was not taken in haste but was deliberated upon for months. The plan had to be kept under wraps because of its objective — to clamp down on black money.
11.5 lakh crore old notes have come back into the system, the RBI reported.
Rajya Sabha Adjourned for the Day
Amid overwhelming sloganeering, the Upper House stood adjourned for the day. Parliament will resume at 11 am on 8 December 2016.
FM Arun Jaitley’s Response
‘Discussion Cannot Be Conditional’
The Speaker chided the members of Parliament for demanding the Prime Minister’s presence. He said the debate should be resumed and cannot be conditional.
Member of Parliament, Keshava Rao, asked who will answer the questions the Opposition has raised. He added that the House doesn’t want to debate demonetisation but the implications of demonetisation.
CPI(M) leader Sitaram Yechury said he understood the PM couldn’t be summoned. But the appeal is to make the Centre understand the sentiments of the House.
Ghulam Nabi Azad vs Jaitley
Lok Sabha Adjourned Shortly After 2 PM
PM Slams Oppn for Not Letting Parl Function
PM Modi flayed the opposition for its "undemocratic" act of not allowing a debate on the demonetisation issue even as he asserted that the "major reform" exercise had the support of the people.
The Parliamentary Party also passed a resolution condemning opposition parties as it accused them of "shifting goal posts". The party in the resolution also hailed the people for their support.
The resolution, proposed by Home Minister Rajnath Singh and seconded by Finance Minister Arun Jaitley, also asked the opposition to allow the debate to take place.
Kaala Dhan Kahan Gaya: Oppn Raises Protests
Lok Sabha: Adjournment Motions Dismissed
All adjournment motions moved by the Opposition have been dismissed by the Lok Sabha Speaker. Members are laying papers even as Rajya Sabha stands adjourned until 2 pm over disruption by slogans.
Demonetisation Rocks Rajya Sabha Again
BSP supremo Mayawati brought up the note ban policy arguing that the Prime Minister had asked for 50 days, but there seems to be no change. She said people were dying and being inconvenienced, but the government is not taking note.
Finance Minister Arun Jaitley accused the Opposition of disrupting parliamentary proceedings for no reason. He added that the Opposition raise issues in parliament for two minutes for television coverage but don’t go out to talk to people.
Rajya Sabha has been adjourned till noon.
Note Ban Round Up
- Prime Minister Narendra Modi will reportedly be addressing Lok Sabha today. During a parliamentary meeting with BJP MPs, the Prime Minister said the opposition is carrying out ‘competitive obstructionism’. (Reports)
- Russian Ambassador to India, Alexander Kadakin’s complaint to the Ministry of External Affairs to protest the recent demonetisation policy may rake up a diplomatic fall-out. Retaliatory options may include restriction on the cash withdrawals for Indian diplomats posted in Russia, the official indicated. The Indian government has said they would look into it. (PTI)
- Manish Sharma, BJP's candidate from Raniganj in the 2016 West Bengal Assembly elections, was arrested with several lakhs in Rs 2,000 notes. Sharma had finished third in the election with 18 percent votes, with the CPI(M) bagging the seat. He was arrested, along with suspected members of the local coal mafia, and was charged with money laundering. (The Indian Express)
- The very slow printing of the new Rs 500 note at the Bank Note Press (BNP) in Dewas, Madhya Pradesh, could be attributed to an old, but expensive machine supplied by a Swiss-British joint venture company, that was allowed to violate significant tender norms, according to confidential documents. (The Quint)
- Records of over 50 bank branches that have received the largest deposits being examined by Enforcement Directorate. (NDTV)
- The government may issue an ordinance to put in place legal support for wiping out the demonetised Rs 500 and Rs 1,000 notes that are not submitted by 30 December. The RBI Act will have to be amended to that effect and the ordinance will have to be issued as the Parliament will not be in session immediately after the last day of submission. (Economic Times)
- The biggest hub for illegal transactions is turning out to be Karnataka, and capital Bengaluru in particular. The city’s investigation wing of the Income Tax (I-T) department has sent 18 references to the Enforcement Directorate (ED), in which the highest cases of undisclosed cash in the newly-introduced currency have been seized. (Livemint)
- Banks are gearing up to meet the second round of payday rush as several organisations give salary to their employees on the seventh of every month. Many bank branches are still facing cash crunch and are rationing withdrawals much below the Rs 24,000 allowed by RBI per week. (PTI)
- Demonetisation has taken a hit on West Bengal’s jute mill workers. A mill in Howrah district has had to close its shutters temporarily citing its inability to pay workers. The notice by the management of Sree Hanuman Jute Mills said about 2,500 workers are out of jobs. (Hindustan Times)
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