It has been exactly a month since Prime Minister Narendra Modi announced his decision to demonetise high-value currency notes and the situation does not look any better.
At the RBI headquarters in Mumbai, the government-appointed committee of Chief Ministers and experts on demonetisation-related issues, headed by Andhra Pradesh CM Chandrababu Naidu, will hold its first formal meeting on Thursday.
Rs 15 Lakh Seized in Karnataka
Six people were arrested and Rs 100, Rs 50 and Rs 2,000 notes worth Rs 15 lakh were seized Chitradurga, Karnataka.
Rs 40 Lakh Seized From 'Anti-Corruption Society' President's Car
TV actor and two others found in possession of Rs 43 lakh mostly in new currency notes in Hoshangabad in MP, police said.
The sum of money was allegedly confiscated from a white-coloured Innova car that had ‘President of anti-corruption society’ on the number plate, reported the Indian Express. The new currency notes, stuffed in a black cloth bag, were mostly in higher denominations.
Government Announces New Measures
Speaking about one month of demonetisation, Finance Minister Arun Jaitley announces several measures to make the country go towards a cashless economy. These will come into effect from 1 January, 2017.
- Petroleum PSUs to offer discount at rate of 0.75% of the sale price to consumers making payment through digital means.
- Online ticket booked on Railway will get free accident insurance of ₹10 Lac.
- Government will provide Rupay credit cards to farmers with Kisan cards.
- Suburban train passengers who pay digitally for their tickets will get a 0.5% discount. This discount will be applicable from January 1, 2017.
- Other facilities in railways to get 5% cheaper on bookings through digital mode.
- Government bodies will not charge a transaction fee for digital payments.
- One lakh village with population up to 10,000 will get 2 PoS (Point of Sale) machines out of financial inclusion funds.
- People who pay for insurances by state-run firms online to get discounts.
- People paying general insurance premiums will get a 10% discount and 8% discount for life insurance if the payment is made online.
- RFID card holders to get 10% discount on toll plazas, national highways.
IT Raids in Chennai Finds Rs 90 Crores in Cash
Rs 90 crore in cash and 100 kg gold has been found in raids on homes of jewellers in Chennai by Income Tax (IT) officials. The IT raids were done in eight locations in Chennai. Businessmen Sekar Reddy, Srinivasa Reddy and Prem have been questioned.