Indian Economy-News & Updates

[Han Patriot]

Inherited stupidity is a condition .Noone can blame you .
Go and find some other topic is well under the capability of your brain.

That's the usual Indian response when they can't answer you.

 

[SrNair]

That's the usual Indian response when they can't answer you.

We only answers to someone that can understand a common logic

 

[Han Patriot]

We only answers to someone that can understand a common logic

Sure sure...tell me the logic of introducing bigger denominations to counter money laundering. It actually makes it easier genius.

 

[SrNair]

Sure sure...tell me the logic of introducing bigger denominations to counter money laundering. It actually makes it easier genius.

Did I already you ,we wont spend our time for below average people?

 

[Śakra]

Sure sure...tell me the logic of introducing bigger denominations to counter money laundering. It actually makes it easier genius.

Go worry about Eleven and his holy crusade against Winnie the Poo and Justin Bieber.

 

[Soumitra]

Sure sure...tell me the logic of introducing bigger denominations to counter money laundering. It actually makes it easier genius.

Bigger denomination was introduced as a stop gap matter to infuse liquidity quickly. You can have faster liquidity infusion with a Rs. 2000 note as compared with Rs. 500. Now within 8 months these notes are slowly being withdrawn from the system. With no new 2000 rupees notes being printed and old notes slowly back in the banking system the stop gap measure is fulfilled. people will not have a chance to hoard 2000 rupee notes.

It is like giving a patient a shot of andrenalin to get the heart pumping.

the black money dealers got a huge shock of demonetization. they spent first 2-3 months to try and convert old stock into new notes. they would be extra careful to suddenly start hoarding again while the IT department was analysing data and sending out notices regarding unaccounted wealth left right and center.

the people are very vary of high value cash transactions. You have to produce your PAN card for any transaction above 50,000. With GST coming in from 1st July it has become nearly impossible to do a transaction without bill

By the time 6-8 months pass and they start becoming a little more confident to try and start hoarding the 2000 Rupee notes is bing withdrawn from circulation.

It is not just one measure but a series of measures. If, in the highly unlikely event that, you were not trolling and genuinely wanted answers I have given you the explanation. If, on the other hand, your intention was to troll then enjoy

 

[Han Patriot]

Bigger denomination was introduced as a stop gap matter to infuse liquidity quickly. You can have faster liquidity infusion with a Rs. 2000 note as compared with Rs. 500. Now within 8 months these notes are slowly being withdrawn from the system. With no new 2000 rupees notes being printed and old notes slowly back in the banking system the stop gap measure is fulfilled. people will not have a chance to hoard 2000 rupee notes.

It is like giving a patient a shot of andrenalin to get the heart pumping.

the black money dealers got a huge shock of demonetization. they spent first 2-3 months to try and convert old stock into new notes. they would be extra careful to suddenly start hoarding again while the IT department was analysing data and sending out notices regarding unaccounted wealth left right and center.

the people are very vary of high value cash transactions. You have to produce your PAN card for any transaction above 50,000. With GST coming in from 1st July it has become nearly impossible to do a transaction without bill

By the time 6-8 months pass and they start becoming a little more confident to try and start hoarding the 2000 Rupee notes is bing withdrawn from circulation.

It is not just one measure but a series of measures. If, in the highly unlikely event that, you were not trolling and genuinely wanted answers I have given you the explanation. If, on the other hand, your intention was to troll then enjoy

Genius, how do you infuse liquidity quickly with a higher denomination note? Imagine if US printed 1000$ dollar bills, the rate of money movement would be hampered as compared to printing 50$ notes. Shops will not accept 1000$ dollar bills, simple concept. You could have printed more 500Rs or 1000Rs instead, there was no need to print 2KRs. Do you mean India will ultimately 'demonetize' te 2K Rs again? . Just admit this was a scam, the black money basically just changed into new money, legalizing it.. Ask those bank officers and politicians who helped the corrupted exchange cash for a fee. The real victims are the poor. Modi is not god nor an angel bhai. He is just another politician, masquerading as a Hindutvadi.

 

[Soumitra]

Genius, how do you infuse liquidity quickly with a higher denomination note? Imagine if US printed 1000$ dollar bills, the rate of money movement would be hampered as compared to printing 50$ notes. Shops will not accept 1000$ dollar bills, simple concept. You could have printed more 500Rs or 1000Rs instead, there was no need to print 2KRs. Do you mean India will ultimately 'demonetize' te 2K Rs again? . Just admit this was a scam, the black money basically just changed into new money, legalizing it.. Ask those bank officers and politicians who helped the corrupted exchange cash for a fee. The real victims are the poor. Modi is not god nor an angel bhai. He is just another politician, masquerading as a Hindutvadi.

Now I am sure that you are a troll. I had thought that there was a 0.01% chance that you were a rare chinese member on PDF who was genuinely interested in knowledgeble debate and exchange of views.

Still I will give you one last reply

when you have to put cash quickly in the hands of the people it is better to print 2000 rupee notes instead of 4 times printing of 500 rupee notes. The printing and logistics is easier that is the only reason to introduce the 2000 note.

The 2000 rupee note is not being officially demonetised. It is slowly being withdrawn from the circulation. If you have a 2000 rupee note you will still be able to buy anything with it. however once the shopkeeper deposits it in the bank that note is not likely to come back into circulation now. On November 8th 2016 you required a sudden infusion of currency so the 2000 rupee note was introduced in the system. In July 2017 the emergency has passed so the notes are being withdrawn

How is it a scam to help people convert black money to white when nearly 2 million people were sent notices regarding suspicious deposits

Post-demonetisation, 18 Lakh People to Get I-T Dept SMS as Deposits Don't Match Their Income
http://www.news18.com/news/india/18...deposits-dont-match-their-income-1343181.html

yes poor people were real victims that is why they voted for BJP in overwhelming numbers in the elections held after demonetization.

Modi is a Hindutvawadi Politician. He has never hidden this fact. Saying that Modi is masquerading as a hindutvawadi politician is like saying icecream is masquerading as a cold desert.

 

[kadamba-warrior]

There will not be any further overt demonetization. The action has now has shifted to ED, FERA, IT departments to realize benefits and complete the tasks based on the data generated by the demonetization.

Linking Aadhaar card to PAN card for Income Tax filing will tighten the noose.

Rs. 2000 note was always a stop gap arrangement. It was just printed so that sudden withdrawal of noted can be managed.

It is an unvieldly note. You cant use it for day to day transactions. It will soon be replaced by Rs. 200 note.

But dont worry there will not be 8 PM Mitron speech

Exactly! Why do you need another demonetization when it comes with such huge political and economic costs and frankly there is no need for it at all?

They will silently withdraw all 2K currency (which are very limited in their circulation anyway) as and when somebody presents it to the bank. This is at best, silent remonetization of 2K currency with smaller denominations like 200's.

Besides they have accumulated enough data to go after the tax evaders. That process itself will take years to complete.

 

[Nilgiri]

I am afraid there is a silent second phase of demonetization is going on. Nowhere it is said, but I had a discussion with my father and BIL today and from the discussion and from the following points we reached the conclusion. And it is very carefully planned trying avoid the loopholes of the first ones.

1. 2000 rupees notes have stopped coming from ATMs. That's for sure and as one Bank (ICICI) employee told me that Govt. has stopped printing of further 2000 rupee notes.
2. As you can experience, that Banks are taking 2000 rupees notes but when one present a cheque for taking out cash, they are giving only 500 denominations.
3. where are all the money going?
4. Govt. (RBI) know how many pieces 2000 rupees were printed.
5. Now when there will be no 2000 rupees in any Bank and the flow of 2000 rupee stops coming, then we may have another PM's speech at 8PM.........."Mitron....."

@gslv @gslv mk3 @anant_s @SrNair @padamchen @Levina @Nilgiri @SarthakGanguly @Soumitra @The_Showstopper @StraightShooter and others

Nah they need to gauge effects of this current demonetisation effects first, it will be cpl more years to judge imo....and they will follow with benami acts/enforcement and also aadhar linking and other methods in mean time.

Employee you talked to may not necessarily been wrong, govt rarely keeps printing going constantly. They often print in series, esp for stop gap notes....and take a break when enough ramp liquidity achieved, having already printed enough for general long term buffer in that series too. They may remonetise further using 200 Rs or such already said by another member using same machines anyway....or just adapt to Rs 500 being way more popular and focus on that series. Lets see.

 

[StraightShooter]

Undisclosed income of Rs 71,941 crore detected in 3 years: Government to Supreme Court
Similarly between April 1, 2014 to February 28 this year, the IT department conducted more than 15,000 surveys which led to "the detection of undisclosed income of more than Rs 33,000 crore".

PTI| Last Updated: Sunday, July 23, 2017 - 10:03
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Comments

Representational picture

New Delhi: Massive searches, seizures and surveys by the Income Tax (IT) department over the last three years have led to the detection of around Rs 71,941 crore of "undisclosed income", the Centre has told the Supreme Court.

During the period of demonetisation from November 9 last year to January 10 this year, "The total undisclosed income admitted was more than Rs 5,400 crore" and the total quantity of gold seized stood at 303.367 kgs, the Finance Ministry has said in an affidavit to the apex court.

It gave the details of the unaccounted income for three years from April 1, 2014 to February 28 this year, including the demonetisation period.

The affidavit said that during the three year period, searches were undertaken by the IT department in over 2,027 groups "which led to the admission of undisclosed income of more than Rs 36,051 crore".

"This is in addition to the seizure of undisclosed assets worth Rs 2,890 crore," it said.

Similarly between April 1, 2014 to February 28 this year, the IT department conducted more than 15,000 surveys which led to "the detection of undisclosed income of more than Rs 33,000 crore".

Highlighting the achievements of the demonetisation period, the affidavit said in about two months from November 9 last year, "significantly large number of enforcement actions were undertaken by the IT Department".

"They included 1,100 searches and surveys and more than 5,100 verifications. The total seizure through these actions was of about Rs 610 crore, including cash of Rs 513 crore. The cash seizure included seizures in new currency of more than Rs 110 crore. The total undisclosed income admitted was more than Rs 5,400 crore," it said.

The Finance Ministry, which recently refused the demand to give more grace period for depositing the scrapped Rs 500 and Rs 1,000 notes, said the Ministry of Home Affairs in its July 11 communication has reported that as per intelligence agencies, there were reports of largescale misuse of the window for exchange of the demonetised currency notes.

"Seizure of cash during the month of November and December 2016 was to the tune of Rs 147.9 crore and Rs 306.897 crore and seizure of gold for the month of November and December 2016 was 69.1 kg and 234.267 kg respectively," it said.

It said that over 400 cases were referred to the CBI and the Enforcement Directorate (ED) after several instances of manipulation for conversion of unaccounted cash held in specified bank notes into legal tender by various entities was detected during the investigation.

http://zeenews.india.com/india/undi...941-cr-found-in-3-yrs-govt-to-sc-2026078.html

I-T department probes 30,000 cases of alleged tax evasion after note ban
PTI | Updated: Jul 24, 2017, 09:33 PM IST



HIGHLIGHTS

• Income Tax department is probing over 30,000 cases of alleged tax evasion
• Under Operation Clean Money, I-T dept is contacting those whose bank account deposits post note ban were seen to be suspicious

Representative image
NEW DELHI: The Income Tax department is probing over 30,000 cases of alleged tax evasion wherein the returns (ITRs) were revised by assessees post demonetisation, CBDT chief Sushil Chandra said on Monday.

The Income Tax returns filed after November 8 last year were scrutinized against their earlier tax compliance following which these cases were detected, he said.

"We are taking action in these instances," Chandra told reporters on the sidelines of an event to mark the 157th Income Tax day here.

He said that after the first phase of 'Operation Clean Money', it was found that some assessees did not report about all their bank accounts to the taxman.

Under the Operation Clean Money, the I-T department is contacting those whose bank account deposits were seen to be suspicious post the note ban.

"We have found that they (assessees) have got more accounts...they have given less accounts in their replies (to the department). We have now informed them through email and want their response over our website," he said.

The Income Tax boss also said that India has an entry rate tax at 5 per cent of the income which is one of the "lowest" across the globe.

"It is a very reasonable rate of taxation....I do not think we can lower it at present," he said.
Talking about the department's action under the newly enacted Benami Transactions Act, Chandra said the taxman has made attachments worth Rs 840 crore in 233 cases till now.
"We have found that many shell companies are owning such (benami) properties. Action will be taken," he added.
The demonetisation of Rs 1,000 and Rs 500 currency notes was announced by Prime Minister Narendra Modi on November 8 last year.

http://timesofindia.indiatimes.com/...asion-after-note-ban/articleshow/59742683.cms

 

[lemurian]

Beneath the Surface: How Hindustan Zinc grew to become the world's second largest zinc producer

A 100-tonne truck emerges from pitch darkness and rumbles past us. Outfitted with helmets, rubber boots and fluorescent overalls, we’re seated in an SUV, waiting to plunge into the same abyss. Around us hills dot the dry landscape.

We’re at the mouth of Sindesar Khurd, an underground zinc-lead mine operated by Hindustan Zinc in Dariba on the outskirts of Udaipur in Rajasthan. About an hour ago, a blasting had been carried out in the 500-metre deep mine. The truck that crossed us had scooped up the broken rock and was on its way to a nearby mill where the zinc-lead ore would be separated from the waste.

This extraction of zinc and lead—and silver as a by-product—is a thriving business; one that has catapulted Hindustan Zinc from deep losses, when it was a government run-entity, to huge profits after Anil Agarwal’s Vedanta Ltd (formerly Sesa Sterlite) bought its first tranche of the company’s shares in 2002. Last fiscal, the company—29.5 percent of it is still owned by the government—reported earnings before interest, tax, depreciation and amortisation (Ebitda) of Rs 9,734 crore on revenues of Rs 18,642 crore. Meanwhile, cash reserves stood at Rs 16,065 crore. This, despite declaring an interim and special dividend totalling Rs 27,157 crore—the highest ever paid by an Indian company in a single financial year, claims the company, which trades at Rs 274 on both the BSE and the NSE (as of July 14). “When our balance sheet became very fat, we decided to share the money with the government, our shareholders and us,” jokes Sunil Duggal, CEO, Hindustan Zinc.

Despite the huge outflow, the company’s expansion plans remain undented. With a current output of 1 million metric tonnes per annum (MMTPA) of refined metal, Hindustan Zinc is the second largest zinc producer in the world—after Anglo-Swiss mining giant Glencore—and seems well on its way to achieving a targeted output of 1.2 MMTPA by FY2019. It is among the world’s least expensive zinc producers, and also Vedanta’s most profitable unit. In India it enjoys a near-monopoly (the only other zinc producer, Binani Zinc, produces 0.03 MMTPA), meeting 80 percent of the domestic demand for the metal that is largely used as a coating to protect steel from rusting. Clearly, Duggal, 55, has much to smile about.

Read more: http://www.forbesindia.com/article/...e-worlds-second-largest-zinc-producer/47649/1

 

[lemurian]

Niti Aayog clears six proposals for high-tech public transport

NEW DELHI: Mass rapid transportation technologies such as hyperloop, metrino and pod taxis could soon be a reality in India after Niti Aayog cleared half-a-dozen proposals of the transport ministry exploring options to improve public transport.

Following the go-ahead, the transport ministry has formed a six member committee, headed by a former top official of Railways, to study safety parameters associated with these technologies and global practices.

A senior government official at Niti Aayog told ET, the think tank approved the proposals of the transport ministry with a condition that the ministry conducts trial run of all these technologies and puts in place safety measures before starting commercially operation.

Read more at:
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst

http://www.ndtv.com/india-news/bits...hour-travel-pod-for-elon-musk-contest-1729823

BITS Students Building 1,200 Km/Hour Travel Pod For Elon Musk Contest

The three-member team consisting of two students - Prithvi and Shibhesh -- working under Professor MS Das Gupta of BITS Pilani, is the only one from India and the second from Asia to be going to California to present their model.

The team was formed in 2015 in response to the SpaceX design contest for which the firm built a one-mile (1.6 km) track on its premises and invited teams from all over the world to design hyperloop vehicles that could travel on the track.

Competing against 216 teams -- three from India initially -- from around the world, Team Hyperloop now is among the 24 finalists.

They have collaborated with IIMs, IITs and the Indian School of Business on the feasibility of the project, and are being supported and mentored by organisations like Invest India, RITES, NITI Aayog and Indian Railways.

 

[Guynextdoor2]

The first batch of coaches manufactured at the Integral Coach Factory were unveiled in Chennai. The coaches will be used by Kolkata Metro Rail. AP/PTI Photo

this is fully indian made? Including the power train?

 

[prashantazazel]

Ive a new perspective on India and its troubles. Indians are actually uneducated considering the league in which it belongs. And the problem is not quality but quantity. School education is not universal. When schooling becomes universal its becomes a common product. An ordinary thing that people take for guaranteed. Just like one has to take food for guaranteed to want to visit a michelin rated restaurant. One has to take learning for guaranteed to want to learn the best stuff.

Read up before trolling. India has universal education.