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Demonetization: Indian Government to re-introduce Rs 1000 Currency Notes with Advanced Security Features

new ₹1,000 notes will be re-introduced over the next few months with enhanced security features

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Customers line up outside a New Delhi bank to exchange outdated currency or make withdrawals. (A. Pasricha/VOA)

Imphal, Nov 26, 2016: Demonetization, which is causing such a major challenge to all the Indians both financially and medically has come up with a better solution this time with the announcement of new Rs. 1000 notes along with ‘enhanced’ features, says Economic secretary. It is definitely a partial relief, if not a permanent solution to all the problems.

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Secretary of Department of Economy Affairs, Shaktikanta Das on Thursday said new ₹1,000 notes will be re-introduced over the next few months with enhanced security features and in a different colour.

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Mentioning the new avtar of the scrapped thousand rupee note, Das also emphasised that the existing Rs. 100 and Rs. 50 will continue to be valid. However, the timeline of the re-introduction of the new note is not indicated.

The notes will be re-introduced in next few months. In addition to this, Economic Affairs Secretary also mentioned that all the denominations will be re-introduced in new design and features, mentioned ANI.

There has been enough chaos on streets regarding the currency swap move. Finance Minister Arun Jaitley also said that people depositing small amounts won’t face any harassment. However, those bringing large amounts are likely to face consequences.

According to HuffPost report, government also warned that a cash deposit of above Rs. 2.5 lakh threshold under the 50-day window could attract a tax plus 200% penalty if the cash deposited in bank accounts doesn’t match with income declared.

prepared by Saptaparni Goon of NewsGram. Twitter: @saptaparni_goon

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Crossfire between Rohingya Insurgents and Myanmar Military leaves Hindu Refugees In a Deadlock

Hindus form a small but an established minority in Myanmar and Bangladesh

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Rohingya Hindu refugees
A Rohingya refugee distributes wheat, donated by locals, among other refugees at a camp for the refugees in New Delhi, India.
  • The Hindu refugees, who fled to Bangladesh, have placed their hopes on the Modi  government 
  • The Hindu refugees are scared of moving back to the Buddhist majority Myanmar’s Rakhine state
  • The Indian government was waiting for the Supreme Court to hear an appeal against the home ministry’s plans of deporting Rohingya Muslims from the country 

New Delhi, September 21, 2017: The crossfire between Rohingya insurgents and Myanmar’s military has left hundreds of Hindus, who fled to Bangladesh, placing their hopes on the Indian government.

Around 500 Hindus have taken shelter in a cleared-out chicken farm, in a Hindu hamlet in the southeast of Bangladesh. The place is situated at a distance of a couple of miles, where most of the 421,000 Rohingya Muslims, who also fled violence in Myanmar since August 25, have taken abode, mentions the Reuters report.

The Hindu refugees are scared of moving back to their villages in the Buddhist majority Myanmar’s restless Rakhine state. Modi government, meanwhile, is working to make things easier for Hindus, christians, Buddhists, and other minorities from Pakistan and Bangladesh to gain access to Indian citizenship.

“India is also known as Hindustan, the land of the Hindus,” said a Hindu refugee, Niranjan Rudra, “We just want a peaceful life in India, not much. We may not get that in Myanmar or here.”

The fellow refugees agreed and shared their desire of getting this message received by the Indian government through media.

The Indian government, however, has declined to comment on hopes of Hindu refugees. it was waiting for the Supreme Court to hear an appeal against the home ministry’s plans of deporting around 40,000 Rohingya Muslims from India.

Achintya Biswas, a senior member of the Vishwa Hindu Parishad (VHP) also called the World Hindu Council, on the other hand, stated India as the natural destination for the Hindus fleeing Myanmar.

Also readStop Lecturing And Demonizing India over its Plan to Deport 40,000 Stateless Rohingya Muslims: Minister

“Hindu families must be allowed to enter India by the government,” Biswas said, according to a report by Reuters, “Where else will they go? This is their place of origin.”

Biswas said the VHP and Rashtriya Swayamsevak Sangh, would be submitting a report to the home ministry demanding a new policy that would be allowing Hindu refugees from Myanmar and Bangladesh to seek asylum in India.

While India’s Home Ministry spokesman, K.S. Dhatwalia declined to comment, a senior home ministry official in New Delhi, on the condition of anonymity, mentioned that no Hindu in Myanmar or Bangladesh affected by the violence had approached Indian authorities.

“At this juncture we have no SOS calls from Hindus,” the official said.

“Also, the Supreme Court is yet to decide whether India should deport Rohingya Muslims or not. The matter is sub-judice and any policy decision will be taken only after the court’s order.”

Hindus form a small but an established minority in Myanmar and Bangladesh. Rudra along with other Hindu refugees talked about how they fled soon after Rohingya insurgents attacked 30 Myanmar police posts, instigating a fierce military counterattack.

“Our village in Myanmar was surrounded by hundreds of men in black masks on the morning of Aug. 25,” said Veena Sheel, a mother-of-two whose husband works in Malaysia.

“They called some men out and asked them to fight the security forces … a few hours after we heard gunshots,” she added.

Soon after taking office in 2014, the Modi government issued orders stating that no Hindu, or refugees of other minority from Bangladesh and Pakistan would be deemed as illegal immigrants even if they had entered the country without having the required documents, on or before December 31, 2014.

India, indeed, is in a tough situation, where it can’t compromise with the principles it holds being a Secular nation that is always engaged in humanitarian activities, but will also need to keep in mind the potential security threats that might come along with such an act of acceptance.

-prepared by Samiksha Goel of NewsGram. Twitter @goel_samiksha

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Top Highlights of PM Narendra Modi’s Speech on India’s 71st Independence Day

10 Important points in PM Modi’s speech

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Prime Minister Narendra Modi’s fourth Independence Day speech from Red Fort
Prime Minister Narendra Modi’s fourth Independence Day speech from Red Fort. Twitter
  • We have to take the country ahead with the determination of creating a ‘New India’
  • His government is serious about tackling various national security issues
  • I want to proudly tell people that within just three years, we have recovered black money of Rs 1.25 lakh crore

New Delhi, August 15, 2017: It was Prime Minister Narendra Modi’s fourth Independence Day speech from Red Fort, Delhi. He talked about a variety of issues like GST, demonetisation, terrorism, and triple talaq among others. Here are the top 10 points of Modi’s speech:

  • A New India will be our democracy’s biggest strength

During his speech, Modi expressed that India should create a new India before 2022, the 76th year of Independence. Modi said, “We have to take the country ahead with the determination of creating a ‘New India’. Let us come together to create an India free of corruption, nepotism, casteism, communalism, and terrorism. Let us build a country which is clean, healthy and is self-determined.”

  • From Quit India Movement to a United India Movement

Modi has previously spoken about the Quit India Movement during the monthly address of Mann ki Baat as well as the special session of the Parliament to commemorate the event. During the Independence Day speech, he once again brought back the historic event.

Asking Indians to take inspiration from the 1942 movement, Modi said, “Within five years, the British had left the country because of our unity. We have to take a sankalp of new India and take the country forward.” Remembering the contribution of Mahatma Gandhi in the freedom movement, “There was a Mohandas Karamchand Gandhi once. People with cotton in their hands support Gandhi and eventually, the country got freedom,” he added. He said on the Independence Day that the need of today’s India is Bharat Jodo, a united India.

  • 2018: A crucial year for India

Modi put special emphasis on January 1, 2018, telling Indians that 2018 will be the year that will mark the coming of age of a whole generation, the generation which will steer India forward.

1 January 2018 will not be an ordinary day. “The people who were born in the 21st century will find that this date will decide a lot in their lives. I welcome all the youths who will turn 18 in 2018. Now, you are getting an opportunity to be a part of the force which develops India,” said the prime minister. He called them the Bhagya Vidhatas’ of our country

  • Surgical Strikes and National Security

Modi hailed the surgical strikes (29 November 2016) on the Independence Day and stressed upon the fact that his government is serious about tackling various national security issues. He said, “After the surgical strike, the entire world had to acknowledge India’s strength.” The concern for national security is a natural one in an independent India. Our armed forces always showed their capabilities in handling both terrorism and during the war.

Also Read: PM Narendra Modi Condemns Religious Violence on 71st Indian Independence Day, Warns “Will Not Accept Violence In The Name Of Faith”

  • Breakthrough measures of Modi government

Modi said that people are celebrating a Mahotsav of honesty today. His government implemented various praise-worthy measures like One Rank One Pension, GST, and demonetisation.

Talking about his government’s commitment to armed forces, Modi said, “For 30 or 40 years, the matter of One Rank One Pension was stuck. But our government took steps to fulfill the demand of our security personnel.” He said that GST gave the nation a new direction to competitive federalism and that GST was rolled so fast across the country, all thanks to technology. He said, “After GST enrollment, our truck drivers save 30 percent of their time in travel now.”

PM Modi spoke on demonetisation, “Today, I want to proudly tell people that within just three years, we have recovered black money of Rs 1.25 lakh crore.” Through Note ban, the black money came out. It was their endeavor to recover black money and then to make it a constructive part of the economy. Demonetisation proved to be a successful move against corruption. “The businessmen with black money used to run shell companies. After demonetisation, three lakh shell companies were found. And out of that, we canceled the registration of 1.75 lakh companies,” said the prime minister.

On development measures, he said, “Today, roads and railway tracks are being constructed twice as fast. Today, over 14,000 villages have got electricity. 29 crore people have got bank accounts now.”

  • Modi opposes Triple Talaq

His government supports the movement against Triple Talaq and India will also support Muslim women in their struggle. “I believe India will fully support the women in their struggle. The women of this country created a revolution against Triple Talaq. There was an atmosphere against Triple Talaq in the country with even the media supporting the women,” he said.

  • Gorakhpur tragedy

The prime minister was being criticized for not speaking on the Gorakhpur hospital tragedy which has killed over 70 children so far. But, Modi broke his silence today. He said, “In the last few days, some of our innocent children died in a hospital. All the countrymen stand together at this time.”

  • Militancy in Kashmir

On Independence Day, taking a peacemaking approach towards Kashmiris, Modi expressed his opinion that the Kashmir issue can be solved only through peaceful means.  He said, Na gaali se samasya sulajhne wali hai, na goli se, samasya suljhegi har Kashmiri ko gale lagane se (Kashmir problem can’t be resolved by either bullet’s or by abuses. It can be resolved only by embracing all Kashmiris).

He promised to bring prosperity to the militancy-infested state. “The development of Jammu and Kashmir is also a commitment of the people and the government there,” said Modi.

  • No leniency for terrorism

Prime Minister spoke of involving common Kashmiris in India’s growth story but took a tough stance on militancy. “A lot happens in Kashmir. A lot of claims have been made. A lot of people abuse each other. There are a lot of separatists. But there will be no leniency for terrorism. I have told many to become a part of democracy,” said the prime minister.

  • Communalism and Casteism are poison for the country

Modi said that violence in the name of faith is not acceptable and described casteism and communalism as poison for the country. The comments assume importance in the backdrop of various incidents of lynching by cow vigilantes. He said that issues like communalism and casteism can’t benefit the country in any way. “Therefore, violence cannot be emphasized in the name of faith,” Modi said.

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Economic Survey 2016-17 : Arun Jaitley Says Significant Decline in India’s Reliance on Cash

Economic Survey is a snapshot of the state the country is in

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Economic survey presents a state of the country
The Economic Survey 2016-17 was charted by Finance Minister Jaitley on August 11 (representational image) Wikimedia
  • Finance Minister Jaitley tabled the second volume of Economic Survey 2016-17 in both Houses of Parliament
  • Second volume to be presented by Chief Economic Adviser Arvind Subramanian and his team

New Delhi, August 12, 2017: The last day of the Monsoon session of the Parliament saw the Indian Finance Minister Arun Jaitley table the second part of Economic Survey 2016-2017.

The survey revealed that a sharp, however balanced decline has been observed in the use of cash after Prime Minister Narendra Modi heralded the demonetization move in November last year. This trend has been observed both, in levels, and as a share of GDP and money.

Before assessing whether the move was a success or a failure, we must first identify what were the objectives behind stalling Rs. 500 and Rs. 1,000 notes,

  • Immediate objective – flush out large amounts of black money that were hoarded in cash at the moment
  • Long term objective – transform the cash-based Indian economy into a digital economy

It was assumed that these objectives would make India an efficient economy with higher tax revenues.

Before the introduction of demonetization, India heavily relied on cash, which in turn led to an unhealthy cash-to-GDP ratio (12 percent) – a trend that was only worsening with time.

The finance minister presented the second volume of Economic Survey 2016-17 in both the houses of the Parliament with demonetization being discussed for a significant part. The following has been revealed in an attempt to gauge the outcome of the move,

  • At present, total cash in holding is Rs. 3.5 lakh crore. This figure is 20 percent less than what it would have been had the economy not been demonetized.
  • Cash as a share of GDP has also witnessed a decline by 1.6 percentage points. Previously it was 11.3 percent of GDP and now stands at 9.7 GDP.
  • Cash as a share of M1 which economically represents liquid portions of money supply, has also declined by five percentage points.

To ease understanding of everybody from a non-economic background, these trends indicate a significant reduction in Indian economy’s reliance on cash since November 2016.

Another bonus point is the huge amount of cash that was previously lying dormant with people and has now entered the banking system.

ALSO READ: Indian Government’s Demonetisation measures did not impede Future Black Money Flows: UN report

When talking about the long term objective of the move- digitalization, a significant movement can be observed across all sectors :

  • The affluent segment of the society has increasingly shifted to mobile banking, online transactions, and app-based banking solutions
  • The middle segment are using their debit and credit cards
  • People from the less affluent segment are slowly joining the digital economy with their Jan Dhan accounts and RuPay cards
  • Pensioners who were previously only undertaking transactions in cash are now being encouraged to use card-based techniques.
  • Farmers, who comprise a significant part of the Indian economy, are also being encouraged to issue and use Kisan credit cards.

The Indian banking sector is not only promoting the issuance of debit and credit cards but also their use.

The question that comes to mind here is, was demonetization successful? 

It would be wrong to say that the economy has completely transformed into a digital economy as many people have shifted back to cash. However, digital transactions are higher than pre-demonetization levels, and the overall movement is in the positive direction.

The Indian economy can thus, be rightly considered on the path to a holistic digital economy as the Economic Survey 2016-2017 notes “surge has moderated but the level and pace of digitalization are still substantially greater than before demonetization.”

However, while there is proof that the reliance on cash has declined sharply, it has also been pointed out in the survey that a “definitive judgments can only be passed if current levels of cash relative to GDP persist over time but so far”.


 
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