People have already lined up near the ATMs and banks for money exchange and withdrawals. They are looking for change. All of them need 100 rupee denomination notes. There is dearth of change everywhere in the country.The PM also said the ban had severely hit parties whose leaders seek money in exchange for Assembly poll tickets, in a veiled attack on BSP chief Mayawati who has been facing such allegations.
The Income Tax (IT) department has decided to file charges against people depositing unaccounted wealth in others’ accounts, under the newly-enforced Benami Transactions Act.
Violators could face a penalty, prosecution, and a maximum prison term of seven years. Over 80 surveys and around 30 searches conducted by the IT department across several states have helped it detect over Rs 200 crore in undisclosed wealth, official sources said.
Representatives of several states today spoke to Union Finance minister Arun Jaitley about the impact of demonetisation on state treasuries, just before discussing jurisdiction over assessees under the Goods and Services Tax regime.
West Bengal Finance Minister Amit Mitra warned of a recession-triggering lull in industrial activity. Representatives from Tamil Nadu and Uttar Pradesh both reported that industrial activity had been hit. Many states had “informally” reported a “significant decline in revenues,” Kerala Finance Minister Thomas Isaac said.
Police conducted raids at three locations in Jharkhand’s Dumka district, and recovered Rs 93 lakh in cash, police officials said. Rs 45 lakh was seized from the residence of Vinay Kumar Singh, a clerk in Dumka Post Office, and the rest of the sum was recovered from two land-record keepers. In Jharkand alone, more than Rs 1.75 crore has been seized since the ban on Rs 500 and Rs 1000 notes was implemented last week.
Bharatiya Janata Party National President Amit Shah said at a rally in Chandigarh that demonetisation had given terrorsim “a hard blow” and that terrorist organisations had been “left penniless.” He described the currency ban as surgery needed to cure the nation of the cancer of black money, and said opposition parties who used to call for action against unaccounted wealth were now against demonetisation.
Union Information and Broadcasting minister Venkaiah Naidu said “bad money” in “every part of the society, in politics, in public life, and even in cinema” had to be done away with. Speaking at the International Film Festival in Panaji, Goa, he added that he was happy that professionals from the film industry were the first to welcome the “cleansing set in motion” by the Prime Minister.
Andhra Pradesh Chief Minister Chandrababu Naidu on Sunday said it was “the first time” in his political career that he was witnessing “a crisis that (has) remained unresolved for such a long period.” He described the public’s patience as “commendable” and made an announcement that he said should bring some relief to the people of his state: up to Rs 400 crore of the money released for Andhra Pradesh by the Reserve Bank of India, is in Rs 100 notes.
There’s been a 50% drop in the average overall foreign exchange sales due to a foreign currency crunch in the market, money changers said. Money changers’ shops in several cities have remained closed for business for the past few days, hit badly by a “dearth of cash funds to buy foreign currencies” and a lack of cash “to pay buyers of Indian currencies. “
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