After note ban, will Modi govt now ban cheque books for its digital push?

CAIT Secretary General Praveen Khandelwal said the government needs to encourage the use of debit and credit cards

After deciding to revoke the legal tender of Rs 500 and Rs 1,000 currency notes in November last year, the Narendra Modi -led central government might now be working on another disruptive step to boost digital transactions — banning the cheque book. A senior functionary of the Confederation of All India Traders (CAIT) on November 16 said the Centre might withdraw the bank cheque book facility in the "near future" to encourage digital transactions.

CAIT Secretary General Praveen Khandelwal said the government needed to encourage the use of debit and credit cards. "In all probability, the Centre may withdraw the cheque book facility in the near future to encourage digital transactions," he said.

Impact of cheque book facility withdrawal

Demonetisation was a big disruption for most Indians, right from poor labourers to big industrialists. Now, the withdrawal of the cheque book facility could have a massive impact as well. Most business transactions are conducted through cheques. According to experts, 95 per cent transactions currently take place via cash or cheques.

Since cash transactions have declined, transaction by cheque might have increased after demonetisation.

Use of cheque in India

Cheques are fairly popular in SME payments. By taking a PDC (post-dated cheque) against the delivery of goods, a supplier secures payments due in future from its customer. People pay by cheques while buying land and house, too.

Many landlords now take rent from tenants via cheque. Since November 8, 2016, digital payments like BHIM have grown. However, their sweet spot has been small-value payments (two to three figures). The retail and commercial payment usage strongly suggests that cheque is a very compelling method of payment for large-value payments (four figures and above).

Growth of digital transactions

The Narendra Modi-led BJP government has been pushing for a less-cash society. While digital transactions have shown mixed trends since demonetisation, overall cashless payments are much higher than in the pre-demonetisation months. (more)

Heavily drunk, Gujarat Dy CM's son Nitin Patel misbehaves; taken off flight

Jaimin Patel cleared the immigration and other checks in a wheelchair: Qatar Airways officials

Gujarat Deputy Chief Minister Nitin Patel's son was early on Monday prevented by authorities from boarding a Qatar Airways flight to Greece after he arrived in a "heavily drunken" state at the airport and argued with the airline's staff.

Official sources told IANS that Jaimin Patel, who is in his mid-30s, his wife Jhalak and their daughter Vaishvi were stopped from boarding the Qatar Airways flight, which was to take off at 4 a.m.

When Patel, who is a land dealer, reached Ahmedabad International Airport, he was not even able to walk because of his drunken state.

Also Read : Demonetisation did not impede future black money flows in new notes: UN

He cleared the immigration and other checks in a wheelchair due to his inebriated condition, said airport officials.

"Jaimin Patel was prevented from boarding the flight. He also had an argument with the staff of the airways," an official said, requesting anonymity.

Meanwhile, Nitin Patel told reporters in the evening in Gandhinagar that this was a ploy to defame him. "My son, his wife and daughter were going for a vacation. He was not feeling well." Read more

RBI raises ATM withdrawal limit to Rs 10,000 a day

Up to Rs 1 lakh can be withdrawn per week from current accounts

Further relaxing the rules for cash withdrawal from automated teller machines (ATMs), the Reserve Bank on Monday raised the cap from Rs 4,500 a day to Rs 10,000 for each card, but within the existing weekly limit of Rs 24,000 per week, with immediate effect.

Besides, current account holders can now withdraw up to Rs 1 lakh per week. Earlier, they were allowed to withdraw only up to Rs 50,000 in cash in a week. This facility has been extended to overdraft and cash credit accounts as well.

Already the cash availability has improved vastly in cash vending machines as more new notes are getting released in the system, but the weekly limit persists. The enhanced withdrawal limit, will help banks to bring down the transaction cost, which has now been waived off by the central bank till March.

The RBI had imposed these limits in November after the government announced a ban on all high-value currency notes, and said it would replace them with new notes.

The withdrawal limits are unlikely to be removed completely until the RBI has supplied the economy with sufficient amount of new notes, analysts said.

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Achche din only when Congress returns to power in 2019: Rahul

PM mocked MGNREGA. He should explain why demand for work under MGNREGA is up now asked Rahul Gandhi

Breaking News : Congress vice president, Rahul Gandhi on Wednesday launched a scathing attack on Prime Minister Narendra Modi saying "achche din will come only when Congress returns to power in 2019". He also reflected on the sufferings of the common people in the wake of demonetisation.

"The prime minister needs to spend some time with the poor and farmers of the country and ask them why suddenly people are running to villages for jobs?" Gandhi said speaking at the Jan Vedna Sammelan in the national capital.

"The prime minister mocked MGNREGA and said labour only digs ditches. He should tell why demand for MGNREGA work is up now," he added.

The Gandhi scion underlined that achche din will only return when Congress party comes to power in 2019.

"Today they (BJP) have weakened every institution. For the first time time in history the prime minister of India is being ridiculed. Every economist is calling it (demonetisation) a bad move," Gandhi said.

He asserted that the prime minister did not even understand the "concept of demonetisation" and went ahead with the move "without asking anybody".

"Today I read in newspaper that PM said he will transform India. But PM needs to ask himself why suddenly auto sales have fallen," Gandhi said.

Taking another dig at Modi, Gandhi said Yoga guru Ramdev has probably advised PM Modi on demonetisation.

"The prime minister knows he can not hide behind schemes like Skill India and Yoga. So, his primary economic advisor Ramdev had probably advised him on note ban," the Congress vice-president noted. (more)

PAC may summon PM Modi over cash ban issue if RBI's reply not satisfactory

PAC meeting to discuss issue of demonetisation has been called on January 20

Breaking News : The Public Accounts Committee (PAC) of Parliament can call Prime Minister Narendra Modi on the issue of demonetisation if it is not satisfied with the answers given by top finance ministry officials and the RBI Governor Urjit Patel, to whom a detailed questionnaire has been sent.

A PAC meeting on this issue has been called on January 20th, in which the RBI Governor Urjit Patel, Finance Secretary Ashok Lavasa and Economic Affairs Secretary Shaktikanta Das will be present.

"We have not yet received answers to the questions we have sent to them. They will reply few days before the January 20th meeting. Their replies will be discussed in detail," PAC Chairman and senior Congress leader K V Thomas told PTI.

Asked if the PAC would call the Prime Minister if replies were not satisfactory, he said: "The committee has all right to call anybody involved in the matter. But that will depend on the outcome of the January 20th meeting. We can call PM on demonetisation issue if members unanimously decide."

In a meeting with the PM after demonetisation announcement made on November 8, Thomas said, "I had met him and he said that the situation will be normal after 50 days by December-end. But it does not looks like."(more)

In Lucknow, Modi echoes Indira Gandhi but doesn't announce any gains

Modi said his opponents have become "politically irrelevant'

Breaking News : Prime Minister. Narendra Modi today addressed a massive public rally in Lucknow, to launch his campaign for Uttar Pradesh assembly polls. He didn’t announce any new ‘gains’ after the 50-days of note ban ‘pain’, and only cursorily referred to the promises he made on the New Year’s Eve.

Modi said his opponents have become “politically irrelevant”, and even echoed former prime minister Indira Gandhi. She had famously said in her 1971 election campaign, where her party’s slogan was “Garibi Hatao’, remove poverty: “Wah kahate hain Indira hatao, hum kahate hain garibi hatao’’ (my opponents call for Indira’s removal, I want poverty to be removed).

In Lucknow, Modi said all opposition parties have joined forces against him. He said that the Samajwadi Party and Bahujan Samaj Party never see eye to eye but have in once voice criticized the note ban decision. “Wah kahate hain Modi hatao, main kahata hoon kaladhan hatao, bhrashtachar hatao (they say remove Modi, I say end black money, end corruption),” the PM said.
Modi impressed upon party workers and the public how the large gathering at the rally was proof that the BJP had already won the assembly polls. It was reminiscent of the large public rallies that Modi had addressed all across Bihar in the assembly polls in the state in October-November, where he would present the large crowds that turned up for his public meetings as a fait accompli for the elections. However, the coming together of Lalu Prasad Yadav’s Rashtriya Janata Dal, Nitish Kumar’s Janata Dal United and Congress ensured the BJP and its allies were decimated in the polls.(more)

PM Modi's New Year's Eve speech: Relief for farmers, SME sector in focus

Further measures against black money and benami property could be announced

Breaking News : Direct benefit transfer-based relief measures for farmers and the SME sector in the wake of the hardships caused by demonetisation could be the big announcement to look out for in Prime Minister Narendra Modi's New Year's Eve speech.
According to a report in the Economic Times, the government is keen to boost purchasing power and consumption, especially in the wake of the economic disruption and currency shortages caused by the sudden demonetisation drive, and also announce further measures to continue the prime minister's "crusade" against black money and corruption. Citing government officials, the financial daily reported that direct benefit transfer could be used to shore up sectors hit by demonetisation. Among the proposals that the government has been deliberating upon is an income transfer scheme, the report added.
As reported by Business Standard earlier, according to government sources, the prime minister's address is likely on the evening of December 31. However, the sources said that the possibility of advancing it to the evening of December 30 remained open.
Why farmers and SMEs?
The demonetisation drive has exposed the dependency of poor farmers and small businesses on informal credit systems in a country where half the population has no access to formal banking. Small-time financiers, despite their high interest rates, have long been a vital source of credit for the rural economy, and the ban on Rs 500 and Rs 1,000 notes has made it increasingly impossible for them to lend as well as to get paid (Read more).
Various relief measures, such as allowing farmers to use the old Rs 500 notes to buy seeds from central and state-owned companies, have already been announced for farmers. On December 20, the government announced that farmers, whose crop loan due dates fall between November 1 and December 31, would get 60 days more for availing the prompt repayment incentive of 3 per cent. Further, to help farmers meet their cash needs for the current Rabi season, the government has directed the National Bank for Agriculture and Rural Development to disburse Rs 21,000 crore to District Central Cooperative Banks for onward lending to farmers through Primary Agricultural Cooperative Societies. Over 40 per cent small farmers get crop loans from cooperative institutions. (more)

Latest News about Demonetisation :

• In 2 weeks make cashless payments through biometric fingerprint: Modi
• Economists are confused, but people power behind note ban: PM
• PM Modi's New Year's Eve speech: Relief for farmers, SME sector in focus
• PM Modi to address nation after 50-days of pain on New Year's Eve
• Modi is still the Sangh's best bet: Why RSS has backed demonetisation

Shock and awe: Note ban, Jio launch, GST & other headline grabbers of 2016

Business Standard recaps the most prominent economic and corporate developments of the year

By almost any yardstick the year has been unique: Public policy, business rivalries and implosions, court verdicts and corporate malfeasance set new standards of shock and awe that will reverberate well into 2017.

Business Standard recaps the most prominent of economic corporate developments


Demonetisation

In terms of disruptive impact, this was a decision with few parallels in Indian policy-making. On November 8 evening, just as Donald Trump recorded an unlikely victory in the US presidential polls, Prime Minister Narendra Modi came on national television to announce the withdrawal of legal tender status to Rs 500 and Rs 1,000 notes, taking roughly 86 per cent of currency out of circulation. Citizens were given time till

December 30 to deposit old notes, but draconian withdrawal controls were put in place.

It was not just ordinary Indians who were caught unawares by this decision, which was initially explained as a route to staunching black money and terror finance. The government and Reserve Bank of India (RBI), too, seemed unprepared.  For one, the new Rs 500 and Rs 2,000 notes required over 100,000 ATMs to be recalibrated, an exercise that could not begin till after the announcement was made in the interests of confidentiality. For another, the assumptions on which the decision was made played out so differently in reality, that 60 notifications have been issued over one and a half months imposing new conditions or reversing other ones.  

The Reliance-Jio launch

The Tata-DoCoMo controversy

Goods and Services Tax

The RIL-ONGC spat

Nikesh Arora’s exit from SoftBank

The Singur verdict

Breaking News & Latest News | Business Standard

Sops in the offing? Modi prepares note ban narrative for New Year's eve

The next 50 days could define the rest of Prime Minister Modi's tenure

Breaking News : After 50 days of “pain” will come the “gain”, so said Prime Minister Narendra Modi on 13 November in his public speeches in Goa and Belgaum.

The people have kept the faith in Modi’s promise beyond the expectations of even the Bharatiya Janata Party (BJP).

Bank officials, lawyers and businessmen getting caught with tranches of currency notes, and visuals of old currency notes being burnt or thrown in ponds has satisfied the public need to see those with black money suffer.

Visuals in the media of queues outside ATMs (Automated Teller Machines) in big cities like Delhi and Mumbai have also served the same purpose – “the rich” have suffered.

But now comes the test for the Modi government, primarily for the PM himself since he has taken ownership of the note ban decision.

From now to elections in five states, particularly Uttar Pradesh from mid-February onwards, the Modi government needs to keep the political narrative in its favour, particularly as the expected gains are unlikely to match the initial estimates.

The PM’s fist post demonetisation interview will be shown today at 8pm on the TV Today network. The PM is also expected to deliver an address to the nation either on Friday or on the New Year’s Eve. This will be followed by a huge public rally in Lucknow on 2 January. Read more.

PokemonGo to Rio2016: The top five social media trends in 2016

A selection of events that played out big on social media in the year 2016

The year 2016 is nearly over and, like previous years, this one also saw some good, some bad and some strange stuff on social media.

It is not unusual for people to comment on the speed with which an entire year went by, that does not, however, mean that the year was not full of action. Here is a recap of some of the major topics that trended on social media this year to help refresh your memory:

#Demonetisation

If you thought #Brexit was a prank that went too far, wait till you hear about this one! It was November 8, 2016, when Prime Minister Narendra Modi announced on national television that the currency notes of Rs 500 and Rs 1,000 would cease to be legal tender from midnight and the people of India would have 50 days in which to exchange or deposit these notes in banks. A stunned India has since been standing in queues at banks and ATMs, as the two demonetised currency denominations accounted for 86 per cent of the total cash in circulation in the county of 1.3 billion people. There is hardly any Indian who has not been affected by this decision and the topic has caught the fancy of social media users in one way or the other. As far as shelf lives of an event goes, #demonetisation or #noteban is right up there with #GeneralElections

Cartoonists also had a great time during these fifty days. Here are two samples 

#Brexit

To stay or leave? In June this year, British citizens voted to answer this question about Britain’s membership of the European Union. In an event that sent shockwaves around the world, 52 per cent of the voters who participated in the referendum, voted to leave the EU. British Prime Minister David Cameron, who was in favour of a “stay”, resigned after the result was known. He was succeeded by Theresa May at the Prime Minister’s office. The aftershocks of this event are still being felt by the global economy. The entire process, it is believed, will take two years to finish.

While the world was in shock when the result was declared, social media reacted like, well, social media!

#PokemonGo

In July this year, Niantic released an augmented reality game for mobile phones and people all over the world left their homes in search of imaginary creatures called Pokémon. Gamers tried to locate and capture these creatures using their phone’s GPS. The game, a wild success the world over, saw more than 500 million downloads. It now holds five Guinness World Records, including one for grossing the highest revenue ($ 206.5 million) in the first month. 

So, did you catch some Pikachu or not?

#Rio2016

The year 2016 happened to be one of the 31st Olympic games in the city of Rio de Janiero, Brazil. Just like Pokemon Go, #Rio2016 was a global phenomenon that became one of the biggest trends this year. Some 11,000 athletes representing 205 countries participated in the games and for those 17 days in August when the games were on, social media forgot the world’s worries and watched these super athletes compete for glory. USA topped the tables with 46 gold medals. India had to wait for many days before it could win a medal. Sakshi Malik won a bronze in Women’s Freestyle Wrestling and two days later P V Sindhu bagged a silver medal in Women’s singles Badminton.

Breaking News & Latest News :

Cabinet passes ordinance; fine, jail for holding old notes

(Ordinance is to extinguish liability of govt and RBI on the demonetised high-denomination notes)

Soon, dental implants that kill bacteria, anchor to bone

(Mouth infections are currently regarded as the main reason why dental implants fail)

I-T notices to 50 car dealers; seeks details of customers post Nov 8

(Dept wants details of customers along with their addresses, car bought, invoiced cost, booking dates)

Budget: PM Modi calls for innovation; special focus on skills & tourism

(The government has said February 1 will be the date for presentation of future Union Budgets)

नोटों के नंबर कराएंगे अब अंदर

जब्त नोटों के नंबरों से जांच एजेंसियां पकड़ेंगी भ्रष्ट बैंक अधिकारी

प्रधानमंत्री नरेंद्र मोदी ने साल की अपनी आखिरी मन की बात में यूं ही नहीं कहा था कि भ्रष्टाचारियों को बख्शा नहीं जाएगा। यह कवायद पहले ही शुरू की जा चुकी है और इसमें काम आ रहे हैं उन नए नोटों के नंबर, जो देश भर में जब्त किए गए हैं। जब्त हुए इन नोटों में एक जैसा क्या है? अपनी ड्यूटी ठीक से नहीं निभाने वाले बैंक प्रबंधक, जिन्होंने रसूखदार और अमीर लोगों को खुश करने के लिए तय सीमा से बहुत ज्यादा रकम उन्हें दी और पुराने नोटों में उनकी बेनामी संपत्ति को भी नए नोटों में बदल दिया। बैंकों के भीतर यह सब तब किया गया, जब बाहर लाखों लोग दो-दो हजार रुपये के लिए दिन भर कतार में लगे रहे और बैंक नकदी नहीं होने की बात कहकर उन्हें वापस करते रहे। 

इसके बाद उन शाखाओं के प्रबंधकों और दूसरे वरिष्ठ अधिकारियों से पूछताछ की जाएगी। इन सीरियल नंबर के रिकॉर्ड को दो साल तक सुरक्षित रखना होगा। हालांकि बैंकों ने ये रिका सीसीटीवी फुटेज इस मामले में बहुत कम आएंगी। बैंकों के सूत्रों का कहना है कि जिस बैंक से नोट निकाले गए हैं, वहां उन्हें पहचानने का तरीका होता है। वास्तव में भारतीय रिजर्व बैंक करेंसी चेस्ट वाले बैंकों के संपर्क कार्यालयों से जानकारी मिलने के बाद उन्हें नए नोट जारी करता है। नोटों की गड्डियों वाले बक्से रिजर्व बैंक के प्रतिनिधि के जरिये करेंसी चेस्ट में भेजे जाते हैं। ये प्रतिनिधि पोतदार कहलाते हैं। गड्डियों को पोतदार और सुरक्षा दल की मौजूदगी में पन्नी फाड़े बगैर ही गिना जाता है। सुरक्षा दल में एक पुलिसकर्मी और अन्य कर्मचारी होता है। गड्डियों को गिनने और कटे-फटे नोटों की जांच करने के बाद पुलिसकर्मी के दस्तखत कराए जाते हैं और वह चला जाता है। उसके बाद पोतदार की मौजूदगी में एक दिन में 3 लाख नोट गिने जाते हैं।

जांचकर्ताओं का कहना है कि वे पोतदार और सुरक्षाकर्मी की भूमिका जांच रहे हैं ताकि पता चल सके कि करेंसी चेस्ट तक रकम पहुंचने से पहले तो नोट गायब नहीं हुए। यह भी देखा जा रहा है कि करेंसी चेस्ट के अधिकारियों और पोतदारों ने तो चेस्ट में कामकाज के दौरान नए नोट इधर-उधर नहीं कर दिए। ये तमाम बातें तब पता चलीं, जब केंद्रीय जांच ब्यूरो ने इसी महीने रिजर्व बैंक के वरिष्ठ विशेष सहायक के माइकल को धर दबोचा। उससे पूछताछ के बाद केंद्रीय बैंक के दो और अधिकारी पकड़े गए, जिन्होंने नियमों की धज्जियां उड़ाते हुए करीब 2 करोड़ रुपये के नोट बदलने में लोगों की मदद की थी। 

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• आईसीआईसीआई वेंचर का नया फंड

जनता की सहूलियत को ही नियमों की जुगत

जनता से संवाद स्थापित करने के अपने मासिक रेडियो प्रसारण 'मन की बात' में प्रधानमंत्री नरेंद्र मोदी ने एक बार फिर नोटबंदी का बचाव करते हुए इस दौरान बदले गए तमाम नियमों को भी जायज ठहराया। साथ ही उन्होंने संकेत दिए कि भ्रष्टïाचार के खिलाफ अपनी मुहिम को तेज करने के लिए सरकार जल्द ही बेनामी संपत्तियों पर भी शिंकजा कसने की तैयारी कर रही है। नोटबंदी के बाद कई बार बदले नियमों पर प्रधानमंत्री ने कहा कि जनता की ओर से मिली प्रतिक्रियाओं के बाद सहूलियत के लिए ही इतनी बार नियमों में बदलाव किया गया। बेईमानी और भ्रष्टाचार के काले कारोबार में लिप्त लोगों के खिलाफ सख्ती जारी रखने का संकल्प व्यक्त करते हुए मोदी ने पूर्ववर्ती कांग्रेस नीत सरकार पर बेनामी संपत्ति से जुड़े कानून को कई दशकों तक ठंडे बस्ते में डालने का आरोप लगाते हुए कहा कि वर्तमान सरकार ने बेनामी संपत्ति कानून को धारदार बनाया है और आने वाले दिनों में यह कानून अपना काम करेगा। आकाशवाणी पर प्रसारित संबोधन में मोदी ने कहा, 'मैंने 8 तारीख को (नोटबंदी की घोषणा के दिन) पहले ही दिन कहा था कि यह लड़ाई सामान्य नहीं है। 70 साल से बेईमानी और भ्रष्टाचार के काले कारोबार में कैसी शक्तियां जुड़ी हुई हैं? उनकी ताकत कितनी है? ऐसे लोगों से मैंने जब मुकाबला करना ठान लिया है तो वे भी सरकार को पराजित करने के लिए रोज नए तरीके अपनाते हैं।'

उन्होंने कहा कि जब वे नए तरीके अपनाते हैं तो हमें भी तो उनकी काट के लिए नया तरीका ही अपनाना पड़ता है। तू डाल-डाल, तो मैं पात-पात, क्योंकि हमने तय किया है कि भ्रष्टाचारियों को, काले कारोबारों को, काले धन को, मिटाना है। भ्रष्टाचार के खिलाफ कठोर कदम जारी रखने का संकल्प व्यक्त करते हुए मोदी ने कहा, 'मैं आपको विश्वास दिलाता हूं कि यह पूर्ण विराम नहीं है, यह तो अभी शुरुआत है। ये जंग जीतनी है और थकने का तो सवाल ही कहां उठता है, रुकने का तो सवाल ही नहीं उठता है।' उन्होंने कहा कि जिस बात पर सवा-सौ करोड़ देशवासियों का आशीर्वाद हो, उसमें तो पीछे हटने का कोई प्रश्न ही नहीं उठता है।' Read more

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Demonetisation trouble not over, to spill over into new year: Bankers

AIBEA GS expressed his anger at state of bank employees who are being targets of customers' wrath

Breaking News : A mere four days before the demonetisation deadline of December 30, by when the pains of customers are supposed to allay -- as Prime Minister Narendra Modi said -- bankers seemed to nurse no hopes of any comfort and expected long queues to slither into the new year and into the months that follow.

"The rush is still there and there's no hope of any respite. How can there be any when the RBI (Reserve Bank of India) is providing only 20-30 per cent of total cash required at the banks?" All India Bank Employees Association (AIBEA) General Secretary C.H. Venkatachalam told IANS.

"The situation has not improved much. We had written to even RBI Governor Urjit Patel, apprising him of the situation. But then this is India, you cannot expect a swift reply from anyone. There's no transperancy," he said.

Venkatachalam expressed his anger also at the sorry state of bank employees who are being targets of disillusioned customers' wrath for no fault of theirs.

He blamed RBI for eroding customers' confidence in the institution of banks by not coming up with any satisfactory answers for the instances of new currency being seized all over the country, while none of this is reaching the legitimate candidates.(more)

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