Home India Possession of...

Possession of demonetized Rs 500 and Rs 1,000 notes beyond March 31, 2017 is Illegal

People can deposit old notes in banks up to December 30 and with the Reserve Bank of India up to March 31 next year

0
old notes to become illeagal by 2017
Indian Currency. Pixabay

New Delhi, December 28, 2016:  The cabinet on Wednesday approved an ordinance which makes possession of demonetized Rs 500 and Rs 1,000 notes beyond March 31, 2017 illegal, providing for a jail term for violators.

NewsGram brings to you latest new stories in India.

The opposition, however, questioned the logic behind the ordinance and termed the government policy as “rudderless and confused”. It also accused the government of repeatedly bypassing the Parliament over demonetisation and otrher issues.

People can deposit old notes in banks up to December 30 and with the Reserve Bank of India up to March 31 next year.

Official sources said the ordinance — called “The Specified Bank Notes Cessation of liabilities Ordinance” — will be sent to President Pranab Mukherjee, currently in Hyderabad, for approval before notification.

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

The ordinance, approved during the cabinet meeting chaired by Prime Minister Narendra Modi, seeks to amend the Reserve Bank of India Act, aimed at extinguishing the liability of the government towards bearers of such notes.

Sources declined comment on whether the ordinance also sought a jail term for violators. “The ordinance primarily seeks to shield the government against future litigations that may follow for not honoring the promise to pay,” a senior official said.

However, the ordinance makes it clear that collection of old notes up to ten in number will not invite prosecution.

Reacting to the developments, a senior Congress leader told IANS: “Is it proper to pass an ordinance on a matter which is sub judiceIJ I think this is a cover up operation to legalize the demonetization order because even its veracity is under judicial scanner.

He also questioned the logic behind bringing an ordinance barely a month before the next Parliament session.

Trinamool Congress (TMC) Rajya Sabha MP Sukhendu Sekhar Roy called the NDA dispensation as “government of ordinances”.

“The government has gone berserk. They are bringing one notification after another. They are suffering from utter confusion…there is no cohesion between the government and the RBI,” Roy told IANS.

Janata Dal United (JDU) leader K.C. Tyagi called the government policy on demonetisation as “rudderless”.

“On one hand the Prime Minister has said that after March 31 next year, the old currency notes would be ‘kagaz ke tukre’ (worthless pieces of paper). Now where on earth is it illegal to possess worthless paper,” Tyagi asked.

“Ever since November 8 they have brought 61 notifications. This shows their bewilderment and lack of policy direction,” Tyagi told IANS.

CPI(M) General Secretary Sitaram Yechury said the government has chosen this back door ordinance method to bring in the law.

“We are against this ordinance raj,” he said.

–IANS

Next Story

Tamil Nadu Relaxes TV Serial Shooting Restrictions Further

Tamil Nadu has relaxed conditions for TV serial shooting

0
Tamil Nadu
Tamil Nadu Chief Minister K. Palaniswami has announced relaxation in TV serial shooting norms in the state. Wikimedia Commons

Tamil Nadu Chief Minister K. Palaniswami on Saturday announced further relaxation in television shooting in the state.

In a statement issued here he said the television serial shooting will be allowed from May 31 onwards with a maximum of 60 persons at the spot including actors and technicians.

tripod
Initially the government had fixed the number of persons at the shooting spot at 20. Pixabay

The other conditions that the government had earlier laid down were: Shooting is allowed only indoors or in the houses having compound walls; No shooting is allowed in public places, except in rural and on COVID-19 containment areas; No permission for onlookers; Spraying of disinfectant before and after the shooting at the shoot spots; Barring actors, all others should wear masks and maintain social distance.

Also Read: Vaccine to Prevent COVID-19 Could be Ready by October End: Pfizer CEO

During breaks actors too should wear masks; All equipments, vehicles coming to the shooting spots should be sanitized. (IANS)

Next Story

40.7 Million American Workers Seek Unemployment Benefits

Unemployment has increased worldwide as bussinesses remain shut due to COVID-19 pandemic

0
Unemployment
People who lost their jobs are reflected in the door of an Arkansas Workforce Center as they wait in line to file for unemployment following an outbreak of the coronavirus disease (COVID-19), in Fort Smith, Arkansas. VOA
By Ken Bredemeier

 

Applications for unemployment compensation eased again in the U.S. last week, the Labor Department reported Thursday, as some employers started to reopen businesses after the coronavirus pandemic forced their closure.

Even so, another 2.1 million more workers sought cash benefits after being laid off as other businesses curtailed their operations in the face of the continuing threat from the virus and less demand for their products.

In all, since mid-March, 40.7 million workers have now sought unemployment compensation, nearly a quarter of the U.S. labor force of more than 164 million.

However, the current actual number of jobless workers is unknown since some who sought unemployment benefits in previous weeks have now been called back to work by their employers. All 50 state governors have begun to ease restrictions on businesses opening in a patch-work array of directives that varies widely throughout the country.

The U.S. death toll from the virus topped 100,000 on Wednesday and health experts predict tens of thousands more will die in the coming months. But President Donald Trump, facing a November re-election contest against former Vice President Joe Biden, is predicting the country will have a robust economic recovery.

“States should open up ASAP,” Trump said on Twitter this week as the stock indexes advanced sharply. “The Transition to Greatness has started, ahead of schedule. There will be ups and downs, but next year will be one of the best ever!”

But the coronavirus has had a major effect on U.S. commerce, with 27 companies already filing for bankruptcy protection in May and some companies announcing they were closing permanently.

The official April unemployment rate was 14.7%, with Trump economic advisers acknowledging that the May figure, when it is announced in early June, is likely to be 20% or more. They say the rate could remain in double digits on Election Day Nov. 3 and could still be about 10% at the end of 2021.

Unemployment
White House chief economic adviser Larry Kudlow talks to reporters. VOA

The government at first said the national economy dropped 4.8% in the first quarter, but that was before the full impact of the pandemic became apparent. It raised the figure to 5% on Thursday and economists expect a further decline in the April-to-June quarter.

Larry Kudlow, director of the White House National Economic Council, told the Washington Post recently that there are some “small glimmers of hope” in the economy. But he also acknowledged the ongoing difficulties the coronavirus pandemic poses to the world’s largest economy.

“Look, it’s really hard to model a virus, a pandemic, the likes of which we have not seen for 100 years,” Kudlow said. “The numbers coming in are not good. In fact, they are downright bad in most cases. But we are seeing some glimmers, perhaps … there’s a lot of heartbreak here. There’s a lot of hardship here. There’s a lot of anxiety here. It’s a very difficult situation.”

Numerous states still require social distancing of at least two meters between people in stores and some major retail outlets are requiring their employees and customers to wear face masks. Some governors are limiting restaurants to half capacity.

But in other states, the restrictions have been significantly lifted and crowds have quickly emerged to resume life, shopping or enjoying a day at Atlantic and Pacific beaches, often ignoring the admonitions of health experts to maintain a safe distance from others or to wear a face mask.

Federal Reserve chair Jerome Powell has warned that the American economy could endure a multi-year recession if more aid is not authorized for workers. He said that 40% of American households earning less than $40,000 a year lost jobs in March.

USs-State-of-Reopening
In a few states, the restrictions have been significantly lifted. VOA

But Trump and Republican lawmakers are balking at approving more government assistance until it can be determined how much effect the already-approved funding is helping the economy.

Also Read: COVID-19: Samsung Exclusive Stores get ‘Suraksha’ Certified

U.S. workers filing for jobless benefits normally are paid slightly less than half their normal salaries. But these payments are currently being augmented during the pandemic with $600-a-week supplements from the federal government for four months, through July.

The peak of the unemployment benefit claims likely came in late March with 6.9 million workers filing for the jobless compensation.

The weekly pace of claims has diminished each of the last 10 weeks since then, but the millions of claims have still been unparalleled over decades of U.S. economic history, reaching back to the Great Depression in the 1930s. The number of claims has far exceeded those made during the Great Recession in 2008-2009. (VOA)

Next Story

COVID-19: Samsung Exclusive Stores get ‘Suraksha’ Certified

The initiative is aimed at the security and safety of customers and employees

0
Samsung
Samsung exclusive stores get 'Suraksha' certified in India. Pixabay

Samsung on Friday said all of its exclusive stores have been ‘Suraksha’ certified to ensure consumer safety at a time when social distancing is the new normal.

Suraksha Store is a public private initiative to ensure safe and secure environment for consumers and store employees.

The certification will ensure that consumers feel safe and confident when they visit stores to buy smartphones and other devices.

“The initiative will ensure that consumers and employees working at these Exclusive Stores feel confident about their well-being and safety,” Mohandeep Singh, Senior Vice President, Mobile Business, Samsung India said in a statement.

According to the company, to strictly adhere to government’s social distancing guidelines, the exclusive stores are encouraging consumers to maintain a minimum distance of 1.5 metre between themselves.

samsung
A distance of 1.5 meters is to be maintained according to social distancing guidelines. (Representational Image). Pixabay

Also Read: Scam Spotter: Google Launches Programme to Stop Scammers Exploiting Covid-19

Meanwhile, customers are encouraged to use digital contactless payments and swiping machines will be sanitized before being given to the customer to ensure the highest standard of hygiene is maintained across our Exclusive Stores.

Only a limited number of customers will be allowed within the store at any given point to avoid crowd formation, said Samsung India. (IANS)