- Tag results for Demonetisation
India's cooperative banks have also been allowed to exchange old currency notes with the RBI, if they had collected these notes by Nov. 14
Despite no change in tax rates, the Greater Chennai Corporation’s revenue has shot up by 16.82 per cent, thanks to demonetisation.
In its latest Global Economic Outlook, Fitch said Indian GDP growth slowed "significantly" to 6.1 per cent in first quarter of 2017 from 7 per cent in October-December-- the slowest pace since 2013-14
The team found a situation of acute distress in the region as prices of most crops have crashed and are about 60 percent below the prices of last year.
The design of these notes is similar in all respects to the Rs 500 banknotes in Mahatma Gandhi (New) Series, which were notified on November 8, 2016.
State Bank of India on Sunday expressed concern that demonetisation, announced in November 2016, may continue to result in slowing down of the economy, and adversely affect its business.
The long-term impact of this move on the Indian economy and the banking sector is uncertain, SBI told institutional investors prior to its Rs 15,000 crore share sale through private placement.
Singh had said demonetisation was responsible for the slowdown in India’s economy and cited a “collapse in private sector investment” and the reduction of the industry’s gross value added growth.
The former Prime Minster said that the economy is running on just one engine of public spending.
The primary reason behind it was that the note ban has completely stopped hawala transaction, a major chunk of which is used to illegally bring the yellow metal in the country.
The median forecast from a poll of 35 economists showed the economy grew 7.1 percent annually in the first three months of this year. Forecasts ranged from 6.5 to 7.8 percent.
The observations assume importance in the background of the PMO, the RBI India and the Finance Ministry rejecting RTI applications which sought the reasons behind the notes ban.
There was a reduction of 1.52 lakh jobs in casual worker category in eight sectors, including IT, transport, manufacturing, a survey found.
India still remains one of the fastest growing countries in the world, said Dawn Holland a Senior Economic Affairs Officer at the UN.