Cops intercept suspicious car in Telangana, find Rs 1.38 crore in demonetised currency
Telangana Police arrested eight people in Kazipet and seized demonetised Rs 500 and Rs 1,000 notes worth Rs 1.38 crore during a vehicle check.
Demonetisation is defined as the act of removing the legal tender status of currency units. This can occur when the national currency is changed. It can really affect the economy of a country if undertaken suddenly and without warning. This is so because it directly affects the medium of exchange in economic transactions.
Most of the countries across the globe have used Demonetisation at some point and it is done to control situations such as inflation and to boost the economy. In November 2016, the Indian government banned the high denomination notes of Rs 1000 and Rs 500 as a move to curb counterfeiting and money laundering.
On November 9, Indian Prime Minister Narendra Modi orchestrated his plans of a denomination to uproot the problems of corruption, black money, and counterfeiting in India. His decision to scrap all the notes of Rs 1000 and Rs 500 made it to headlines all over the world, attracting both positive and negative comments.
About 86 per cent of the currency in circulation became invalid by midnight. The three main objectives of the demonetisation were fighting black money, fake notes and creating a cashless economy by pushing digital transactions.
Telangana Police arrested eight people in Kazipet and seized demonetised Rs 500 and Rs 1,000 notes worth Rs 1.38 crore during a vehicle check.
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Nepal has allowed Indian and Nepalese nationals to carry Rs 200 and Rs 500 Indian notes. The move eases travel and trade with India while retaining the Rs 25,000 cap.
Nepal has allowed Indian and Nepali nationals to carry newer Indian Rs 200 and Rs 500 notes up to Rs 25,000 per person. The clarification should ease travel and trade with India while keeping the ban on old notes intact.
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Tamil Nadu Minister TRB Rajaa called the Special Intensive Revision “another form of Demonetisation,” criticising the ECI for lack of transparency. He raised concerns over voter deletions, migrant voter clarity, and inadequate BLO training.
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The top focus of this episode of To The Point is on Congress leader Rahul Gandhi’s 'dead economy' jibe.
This special report anchored by Akshita Nandagopal examines the political friction surrounding Congress leader Rahul Gandhi’s remarks on the Indian economy. Gandhi characterizes the current fiscal state as a dead economy, citing the impact of 50% US tariffs on Indian textiles under the Trump administration. The program features a debate between BJP’s RP Singh and Congress spokesperson Anshul Avijit regarding infrastructure spending, private investment, and poverty alleviation. Insights from the World Economic Forum in Davos include perspectives from economists like Geeta Gopinath on India’s growth trajectory and data transparency. Additionally, the report features NASA astronaut Sunita Williams reflecting on her 27-year career, her bond with Kalpana Chawla’s family, and the future of lunar exploration. The broadcast also covers the impact of heavy snowfall in Jammu, Kashmir, and Himachal Pradesh, which has disrupted flights and road connectivity. This comprehensive coverage bridges domestic economic policy, international trade relations with the United States, scientific milestones, and the logistical challenges posed by winter weather in northern India.
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In a scathing attack on the Modi government from Berlin, Leader of Opposition Rahul Gandhi alleged that the BJP is proposing the 'elimination of the Indian Constitution'. Speaking at the Hertie School, Gandhi claimed that Prime Minister Narendra Modi's vision is creating divisions and that the Opposition is fighting 'captured institutions' rather than just a political party. He also criticised the government's economic policies, stating that demonetisation 'systematically destroyed' small and medium industries to favour a duopoly of 'Ambani and Adani'. India Today's Rahul Gautam reports on the potential political confrontation.
A significant controversy has erupted in Bihar over the Special Intensive Revision (SIR) of electoral rolls, a process that could be implemented nationwide. Activist Yogendra Yadav compared the exercise to demonetisation, stating it improperly shifts the burden of proof onto the voter. This has raised concerns about the potential disenfranchisement of 10-15% of the poorest populations, with women and marginalized communities most at risk. Former Chief Election Commissioner O.P. Rawat also highlighted the timing of the revision as a 'problem area'. A central issue is the role of Aadhaar; the Supreme Court has clarified it is a proof of identity but not of citizenship, domicile, or age. Yadav noted that out of 7.24 crore people in Bihar, only 987 objections concerning foreigners on the voter list were filed, with the BJP filing none, countering narratives of widespread illegal voters.
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Congress leader Rahul Gandhi addressed a large crowd in the Mohana area of Gwalior city on the 50th day of his Bharat Jodo Nyay Yatra, launching an attack on the Central government and blaming it for growing unemployment in the country. "Today, in the last 40 years unemployment is the highest in the country. Do you know, India has double the unemployment as compared to Pakistan. Here 23 percent youth are unemployed, there (in Pakistan) it is 12 per cent, so in India, it is double (that of Pakistan). We have more unemployed youth than Bangladesh and Bhutan because Narendra Modi has finished small businesses by demonetisation and implementing GST," Rahul Gandhi said.
The Supreme Court delivered its judgment on the Centre’s 2016 demonetisation decision and said the notification cannot be struck down.
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The Supreme Court holding the demonetisation decision as neither "flawed nor hasty" was on Monday hailed by the BJP as "historic" even as the Opposition contended that it is "misleading and wrong" to say the court has upheld the move.
The Supreme Court has upheld the decision of the Union government taken in 2016 to demonetise the currency notes of Rs 500 and Rs 1000 denominations. While dismissing a batch of pleas challenging the note ban, the Supreme Court said the decision could not be faulted just because the Centre initiated it. "The demonetisation exercise cannot be struck down on grounds of proportionality," the top court said.
The five-judge bench of the Supreme Court on Monday will be pronouncing its verdict on a batch of 58 petitions challenging the legal validity of the November 2016 demonetisation. The petitions have claimed that the due process required for the demonetisation was not followed, and the rights of Indian citizens were violated due to the arbitrary decision.
Individuals can start exchanging or depositing Rs 2,000 notes at banks from today. Here's all you need to know about the process.