Wednesday August 15, 2018
Home India Demonetisatio...

Demonetisation: States raise Concerns over Ban on Old Rs 500 and 1000 Currency Notes and its impact on State Treasuries

As much as Rs 14 lakh crore or 86 per cent of India's currency has been withdrawn and is getting replaced with new Rs 500 and Rs 2,000 rupee notes

Indian currency notes. Pixabay

New Delhi, Nov 20, 2016: A number of states- including West Bengal, Uttar Pradesh and Tamil Nadu, today have raised the issue of demonetization of 500 and 1000 rupee notes and its impact on state treasuries along with the day-to-day sufferings of lower and middle classes related to this decision with Union Finance Minister Arun Jaitley.

Before the start of the informal meeting that was called to end the deadlock over jurisdiction over assesses under the GST regime, sources said, West Bengal Finance Minister Amit Mitra said the ban on old currency notes would trigger recession as the industrial activity would be hurt and tax collection would recede, mentioned PTI.

NewsGram brings to you latest new stories in India.

Apart from other states, Tamil Nadu has also joined the group saying that the industrial activity is affected and while Uttar Pradesh mentioned that the factories in Kanpur as well as in Moradabad have closed operations.

[bctt tweet=”Prime Minister Narendra Modi on November 8 announced demonetisation of 500 and 1,000 rupee notes.” username=””]

Thomas Isaac, Kerala Finance Minister said that numerous states have “reported informally” that they have seen a “significant decline in revenues”. “If 86 per cent of your money disappears, there is a problem for the people. There is a collateral impact on investments sentiments,” Isaac told reporters.

According to the PTI report, in a major assault on black money and terror financing, Prime Minister Narendra Modi on November 8 announced demonetisation of 500 and 1,000 rupee notes and asked holders of such notes to deposit them in bank accounts.

Go to NewsGram and check out news related to political current issues

As much as Rs 14 lakh crore or 86 per cent of India’s currency has been withdrawn and is getting replaced with new Rs 500 and Rs 2,000 rupee notes.

All states were in agreement that their revenues will get impacted as well as the employment will be hit, but nobody demanded a roll back, mentioned sources.

While West Bengal Chief Mamata Banerjee and Delhi CM Arvind Kejriwal have been demanding a roll back of demonetisation exercise, Samajwadi Party supremo Mulayam Singh Yadav demanded a short-term roll-back of demonetisation move saying that people should be given at least a week’s time before the ban on old currency notes.

Look for latest news from India in NewsGram.

Even though many leaders are against the PM Narendra Modi’s demonetisation move, the common folks are supporting PM Modi’s masterstroke move towards curbing illegal money problems in a large manner, mentioned PTI. Let’s just say, this issue has both positive and negative effects and more debates about the necessity of a huge decision like this will follow.

– by NewsGram with PTI inputs


Click here for reuse options!
Copyright 2016 NewsGram

Next Story

Aadhaar Helpline Mystery: French Security Expert Tweets of doing a Full Disclosure Tomorrow about Code of the Google SetUP Wizard App

Google Along with Other SSocial Media Giants will Face The Lawmakers, Wikimedia Commons
Google Along with Other SSocial Media Giants will Face The Lawmakers, Wikimedia Commons

Google’s admission that it had in 2014 inadvertently coded the 112 distress number and the UIDAI helpline number into its setup wizard for Android devices triggered another controversy on Saturday as India’s telecom regulator had only recommended the use of 112 as an emergency number in April 2015.

After a large section of smartphone users in India saw a toll-free helpline number of UIDAI saved in their phone-books by default, Google issued a statement, saying its “internal review revealed that in 2014, the then UIDAI helpline number and the 112 distress helpline number were inadvertently coded into the SetUp wizard of the Android release given to OEMs for use in India and has remained there since”.

Aadhaar Helpline Number Mystery: French security expert tweets of doing a full disclosure tomorrow about Code of the Google SetUP Wizard App, Image: Wikimedia Commons.

However, the Telecom Regulatory Authority of India (TRAI) recommended only in April 2015 that the number 112 be adopted as the single emergency number for the country.

According to Google, “since the numbers get listed on a user’s contact list, these get  transferred accordingly to the contacts on any new device”.

Google was yet to comment on the new development.

Meanwhile, French security expert that goes by the name of Elliot Alderson and has been at the core of the entire Aadhaar controversy, tweeted on Saturday: “I just found something interesting. I will probably do full disclosure tomorrow”.

“I’m digging into the code of the @Google SetupWizard app and I found that”.

“As far as I can see this object is not used in the current code, so there is no implications. This is just a poor coding practice in term of security,” he further tweeted.

On Friday, both the Unique Identification Authority of India (UIDAI) as well as the telecom operators washed their hand of the issue.

While the telecom industry denied any role in the strange incident, the UIDAI said that he strange incident, the UIDAI said that some vested interests were trying to create “unwarranted confusion” in the public and clarified that it had not asked any manufacturer or telecom service provider to provide any such facility.

Twitter was abuzz with the new development after a huge uproar due to Telecom Regulatory Authority of India (TRAI) Chairman R.S. Sharma’s open Aadhaar challenge to critics and hackers.

Ethical hackers exposed at least 14 personal details of the TRAI Chairman, including mobile numbers, home address, date of birth, PAN number and voter ID among others. (IANS)

Also Read: Why India Is Still Nowhere Near Securing Its Citizens’ Data?