Currency Demonetisation and Future course of Indian Economy

Gus · Post by **Gus** » 06 Apr 2017 22:51

apparently - IT raids after the Mar 31 deadline

numbers 50, 100 etc being thrown

Gus · Post by **Gus** » 06 Apr 2017 23:01

some started even before..this particular one shows that IT can figure out backdated stuff and still go after those who converted black to white

http://timesofindia.indiatimes.com/city ... 697541.cms

The sources also revealed that after demonetization, the department found that these businessmen had accepted huge amounts of banned currency notes of Rs 500 and Rs 1,000 denominations from their customers, and sold them gold at Rs 50,000 per 10g. To deposit this cash in old notes in their bank accounts, these businessmen made backdated sale entries into their books. To conceal the identity of their customers who exchanged their old notes, these jewellers made entries in the names of fictitious persons.

Giving more info about their modus operandus, a senior IT official posted in Chandigarh said, "Not even a single bill of sales shown by these jewellers exceeded Rs 2 lakh. It was done so because as per law, they (jewellers) are supposed to collect the PAN number of the customer, and also charge one per cent tax collected at source (TCS). Obviously, they wanted to hide the identity of their buyers and evade TCS as well. These businessmen were also found to have made huge unaccounted investments in immovable properties, including in some recently constructed hotels. Considering the fact that the bank accounts were opened in the name of fictitious persons, we are also investigating the role of some bankers."

Gus · Post by **Gus** » 06 Apr 2017 23:03

raid at petrol pump

http://timesofindia.indiatimes.com/city ... 716136.cms

The raids followed after the department checked details of the bank account under the names of these petrol pumps, which showed higher sale of fuel during demonetization. While one petrol pump owner deposited an undisclosed amount under Pradhan Mantri Gareeb Kalyan Yojana, the other owner still has to meet the officials.

compliance after the squeeze. this was before GKY deadline

"Also, the owner of Jai Durga petrol pump, Umesh Kumar, has accepted that undeclared money was stashed in the bank account. We cannot disclose the amount that he has accepted to be undeclared but the amount has been deposited in Pradhan Mantri Gareeb Kalyaan Yojana," said Jain.

Gus · Post by **Gus** » 07 Apr 2017 00:36

http://www.business-standard.com/articl ... 111_1.html
NEFT settlement cycle will be reduced from hourly batches to half hourly batches, the RBI said in the first bi-monthly monetary policy for 2017-18.

"Consequently, 11 additional settlement batches will be introduced at 8.30 am onwards, taking the total number of half hourly settlement batches during the day to 23," the newly appointed Deputy Governor B P Kanungo said.

This will enhance the efficiency of the NEFT system and add to customer convenience, he said.

The starting batch at 8 am and closing batch at 7 pm shall remain the same and the return discipline will also remain the same

Karan M · Post by **Karan M** » 07 Apr 2017 00:43

A_Gupta wrote:Rumor-level item deleted.

Replacement news-item:
http://www.thehindu.com/business/Econom ... 834467.ece
The Centre is examining a proposal from the Reserve Bank of India (RBI) to introduce ₹200 denomination currency notes to improve the cash situation, top central banking sources told The Hindu.

According to the sources, a smaller denomination note will improve liquidity

Is RBI on a different continent, i wonder. There is a serious shortage of 100 rupees, 50 and tens. And these guys are talking of 200's. WTF. You have the right denoms already - make more of them.

SaraLax · Post by **SaraLax** » 07 Apr 2017 00:56

ShauryaT wrote:Can we not spread rumors on this board. Thanks.

Rumour droppings are indeed allowed .. but people who do it will have to clean them up afterwards when it is rightly shown as crap.

ShauryaT · Post by **ShauryaT** » 07 Apr 2017 02:50

A_Gupta wrote:Rumor-level item deleted.

Replacement news-item:
http://www.thehindu.com/business/Econom ... 834467.ece
The Centre is examining a proposal from the Reserve Bank of India (RBI) to introduce ₹200 denomination currency notes to improve the cash situation, top central banking sources told The Hindu.

According to the sources, a smaller denomination note will improve liquidity

I think this will be a good move. After demonetization, introduction of 2000, the sequencing of the introduction of 2000 first and then 500, along with the time lag has indeed created a "liquidity crunch". Digitization cannot act as a short term replacement. The introduction of Rs. 200 note will fill a gap. The Rs. 100 note is not enough, Rs. 500 is good for larger transactions. Rs. 2000 is more or less useless or useful only to a few.

This still begs the question, what is the role of the Rs. 2000 note and what purpose does it serve? Having questioned it, think any move to demonetize the same at least for the next 3-5 years will be an attack on the credibility of the Indian currency. Best to live with it and curtail its use and maybe demonetize only when its impact would be negligible.

Still not able to figure out, what economic purpose has demonetization served but I will be patient.

nachiket · Post by **nachiket** » 07 Apr 2017 02:57

They need not demonetize the Rs. 2000 notes. Just stop printing new ones. They are paper notes with a limited shelf life. There should be no re-introduction of Rs. 1000 notes as well. When no denomination above 500 is available people will be forced to adopt more digital payments or carry around wads of 500s and be uncomfortable.

ShauryaT · Post by **ShauryaT** » 07 Apr 2017 02:58

SaraLax wrote:
ShauryaT wrote:Can we not spread rumors on this board. Thanks.
Rumour droppings are indeed allowed .. but people who do it will have to clean them up afterwards when it is rightly shown as crap.

But why the harsh words. A_Gupta has been a long time poster. Anyone can make a mistake, no?

Karan M · Post by **Karan M** » 07 Apr 2017 04:37

what big mistake did he make btw? its hardly like he made some deliberate claims to incite opinion like our resident psecs and commies do.

Gus · Post by **Gus** » 07 Apr 2017 19:40

some numbers here

http://www.financialexpress.com/economy ... er/619631/

Finance Minister Arun Jaitley on Friday said that after the November 8 demonetisation, around 18 lakh bank accounts have been found where the amounts deposited do not match the income profile of the account holder. Replying to questions in the Lok Sabha, Jaitley said data mining was used to find such accounts.

“To see if Jan-Dhan accounts and dormant accounts were misused after demonetisation, we are extensively doing data mining. We are concentrating on those who deposited big amounts,” Jaitley said.

“There are around 18 lakh such examples in which income profile and account profile do not match. Preliminary information has been sought. Some have given the information, while those who have not will get notice as per law,” the minister said.

Jaitley, in his budget speech, had said that between November 8, when demonetisation of Rs 500 and Rs 1,000 notes was announced, and December 30, deposits between Rs 2 lakh and Rs 80 lakh were made in about 1.09 crore accounts with an average deposit size of Rs 5.03 lakh.

A_Gupta · Post by **A_Gupta** » 08 Apr 2017 04:25

ShauryaT wrote:
SaraLax wrote:
Rumour droppings are indeed allowed .. but people who do it will have to clean them up afterwards when it is rightly shown as crap.
But why the harsh words. A_Gupta has been a long time poster. Anyone can make a mistake, no?

Absolutely no offence taken.

FYI: I had gotten the rumor from a reliable source, and posted it in a hurry, but 12 hours later when I could find no good news-media substantiation for it, it was time to take it down regardless of any words.

ashbhee · Post by **ashbhee** » 11 Apr 2017 00:51

Now that the dust has settled, how much (percentage / value) of the Demonetized notes came back and exchanged for new notes?

Marten · Post by **Marten** » 11 Apr 2017 06:42

ashbhee wrote:Now that the dust has settled, how much (percentage / value) of the Demonetized notes came back and exchanged for new notes?

Closer to 100%, else the news would have been out by now.

Yagnasri · Post by **Yagnasri** » 11 Apr 2017 06:54

I head there is cash shortage in Hyd City now. ATMs are not having cash is common. Are politicos hoarding up?

Marten · Post by **Marten** » 11 Apr 2017 06:58

Sir, if ATMs are dispensing only 500s, and 2000s are missing from circulation, my guess would be that it is the 2000s that are being quietly pulled out as the rumor mills have been saying. We have no real data to go by until RBI shares the latest circular on currency in circulation.

shiv · Post by **shiv** » 11 Apr 2017 09:53

Yagnasri wrote:I head there is cash shortage in Hyd City now. ATMs are not having cash is common. Are politicos hoarding up?

Canara bank has a cash shortage in BLR. One branch manager tells me that they have the most ATMs and money gets exhausted soon

Sachin · Post by **Sachin** » 11 Apr 2017 10:34

IDS-II nets only Rs 4,600 crore
This amount is just about 10% of the previous IDS With declarations of only Rs 4,600 crore (Rs 46 billion), the much-touted Pradhan Mantri Garib Kalyan Yojana (PMGKY) has turned out to be a damp squib. This is only about 10 per cent of the previous income declaration scheme

Manish_P · Post by **Manish_P** » 12 Apr 2017 12:25

In the suburb of North Mumbai where i reside, 4-5 of the 8 odd ATMs (HDFC, Kotak, Maharashtra Bank, State Bank of India, ICICI, Bank of Baroda, ING Vyasa) i used to frequent, are out of cash from early evening (around 4 PM) onwards. Tried various days of the week. No variance.

The 1-2 ones which do function mostly have 2000s and 500s (if i get lucky). I last got Rs 100 denomination from them about a month back. The Bank of Baroda ATM nearest to my residence, is closed for cash dispensing 4 days of the week. The security guard seems happy. He gets to sit in the AC through the day enjoying his meals undisturbed.

I sometimes (say once in four withdrawals) get Rs 100 denomination, again only from some ATM's (mostly public sector banks like Indian Bank, Bank of Mysore etc) near my work place in South Mumbai

tandav · Post by **tandav** » 12 Apr 2017 13:16

I have started using the BHIM app to great effect. Very easy to transfer money to anyone with a Bank account in a Jiffy from 60 - 11000. I have a spend account that I add 10000 rupees per month for incidentals and pay everyone (Barber, Bhajiwallah, the Coconut water guy, Grocers, even Rickshaw guys) from it.

prasannasimha · Post by **prasannasimha** » 12 Apr 2017 15:38

BHIM does not work for me as state bank of Mysore and now current SBI is still not integrated to it.

Yagnasri · Post by **Yagnasri** » 12 Apr 2017 15:50

prasannasimha wrote:BHIM does not work for me as state bank of Mysore and now current SBI is still not integrated to it.

That will be the least of the problems due to the merger of SBM with SBI. As the dialogue in 13th Worrier "don't worry little brother. there are more"

One the serious note, you need to look at disconnecting the account or erasing the account fully and try again as a fresh attempt. It is quite possible that the account number is linked to bank ILFS code which now stands changed. I am not aware how this BHIM thing works or other software/App s**t but think that may be the reason. Having involved in this merger a little bit in the side of regulator matters, I can say this should be quite normal except may be for the reason I said. From what I heard the merger shall be seamless as far as software issues are concerned.

JayS · Post by **JayS** » 12 Apr 2017 16:08

Yagnasri wrote:
prasannasimha wrote:BHIM does not work for me as state bank of Mysore and now current SBI is still not integrated to it.
That will be the least of the problems due to the merger of SBM with SBI. As the dialogue in 13th Worrier "don't worry little brother. there are more"

One the serious note, you need to look at disconnecting the account or erasing the account fully and try again as a fresh attempt. It is quite possible that the account number is linked to bank ILFS code which now stands changed. I am not aware how this BHIM thing works or other software/App s**t but think that may be the reason. Having involved in this merger a little bit in the side of regulator matters, I can say this should be quite normal except may be for the reason I said. From what I heard the merger shall be seamless as far as software issues are concerned.

I think what he meant is SBM is not at all integrated with BHIM interface so far. Nothing to do with merger. State Bank of HYD was also not linked initially. But it has been linked with BHIM interface. I guess all banks will be linked soon enough. Last I checked few weeks ago some 34 or so banks were connected.

SaraLax · Post by **SaraLax** » 12 Apr 2017 16:20

X-posting from the economy thread

April-3-2017 - Demonetisation to permanently erode cash worth Rs 1.7 lakh crore: SBI research

MUMBAI: Demonetisation exercise by the government may permanently erode about Rs 1.7 lakh crore worth cash from the system translating into liquidity, according to a report by SBI Research. This would be equivalent to about 1.1% of GDP. It may be difficult to ascribe a reason. “

Our estimates indicate that there would be a permanent liquidity injection of least Rs 1.7 lakh crore or about 1.1% of GDP post demonetization” said S K Ghosh, group chief economic advisor at SBI “ This data is a reflection of the extent of formalization of the economy post demonetization.“

After the December 30, 2016 deadline of depositing banned Rs 500 and Rs 1000 notes with the banks, cash withdrawal has been declining rapidly from a peak of Rs 52800 crore for the week ended January 13,’17 to Rs 32500 crore during the week ended March 24’17. Even in the span of one week between March 7 and March 24, cash withdrawal has declined by Rs 2000 crore, the SBI report said.
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Manish_P · Post by **Manish_P** » 12 Apr 2017 18:29

BHIM has been really convenient.

But so far limited usage - mostly among Co workers, friends etc

Quiet some resistance faced in dealing with the merchant class (kirana stores) mostly owned by Gujjus and Marwaris

Would be great if the GOI markets and promotes it big time. Roping in Bollywood and Cricketers might help.

A_Gupta · Post by **A_Gupta** » 13 Apr 2017 04:15

The monthly RBI bulletin was out on April 10, view it here:
https://www.rbi.org.in/Scripts/BS_ViewBulletin.aspx#

One can find info. about currency in circulation and electronic transactions for February 2017 there.

A_Gupta · Post by **A_Gupta** » 13 Apr 2017 04:18

https://www.bloomberg.com/news/articles ... ation-drag
Lower oil demand in Jan-March 2017 compared to an year before is interpreted as drag on the economy due to demonetization.

India’s oil consumption fell for a third straight month, with the use of bitumen and naphtha declining and diesel demand growth flat, amid the continuing effects of demonetization.

Total fuel consumption fell 0.7 percent to 17.36 million tons in March, according to the Oil Ministry’s Petroleum Planning and Analysis Cell. That puts consumption during January-March about 3 percent lower than the same period last year as the economy slows under the impact of Prime Minister Narendra Modi’s decision in November to remove high-denomination currency notes from circulation.

A_Gupta · Post by **A_Gupta** » 16 Apr 2017 20:49

http://www.dnaindia.com/money/report-60 ... ey-2402505

A specialised 'risk assessment wing' of the Income Tax Department has prepared a list of 60,000 people, including 1,300 so-called 'high-risk individuals', who are suspected to laundering about Rs 10,000 crore following the demonetization of high-value currency notes announced by Prime Minister Narendra Modi in November last year.

The Friday actions mark the second phase of 'Operation Clean Money', which was launched on January 31, 2017 for e-verification of cash deposits made following demonetization.

According to sources, these people – which included builders, petrol pump owners, bankers and senior government officials – had deposited cash in banks as well as routed it into real estate and gold holdings. These persons deposited devalued Rs 500 and Rs 1,000 notes in a structured manner to mask their real identities between November 9, 2016 and December 30, 2016.

More than 6,000 of the cases being investigated are related to high-value property purchase, while 6,600 are cases of outward remittances.

A_Gupta · Post by **A_Gupta** » 16 Apr 2017 20:50

http://timesofindia.indiatimes.com/city ... 168075.cms

As the taxman became proactive after demonetization, the number of people being assessed have risen by 80 lakh. "This increases the taxpayers' base in the country by 20%," the chairman of central board of direct taxes (CBDT), Sushil Chandra told TOI.

hanumadu · Post by **hanumadu** » 16 Apr 2017 21:29

Not as much as I had hoped for but still good. Looks like the tax evaders have to be brought into the tax net kicking and screaming.

Even if each of the new assesses pay 10000 rs as tax on an average that is 80,000 cr. That's 6,000 km of 4 lane expressways.

Karan M · Post by **Karan M** » 16 Apr 2017 22:02

looks like the GOI is stuffing a karela up their.... just like they like it.

hanumadu · Post by **hanumadu** » 17 Apr 2017 06:32

A_Gupta wrote:http://timesofindia.indiatimes.com/city ... 168075.cms
As the taxman became proactive after demonetization, the number of people being assessed have risen by 80 lakh. "This increases the taxpayers' base in the country by 20%," the chairman of central board of direct taxes (CBDT), Sushil Chandra told TOI.

An analysis of data obtained from banks following demonetization has shown that there were 18 lakh accounts which showed signs of likely tax evasion. These were different case scenarios like huge deposit which was not revealed in the income tax returns. There were accounts which normally had a low balance but had abnormal deposits following the note-ban.
The department has put up a questionnaire on the website specifying different scenarios under which the deposits may have gone up. The persons have been sent SMSes seeking their reply. "If the answers are found reasonable they will be let off. So far 9 lakh have responded. Those who have not responded will not be spared. They will be tracked down and will be facing actions like scrutiny surveys or open inquiry," he said.
Chandra said there was an encouraging response to the Prime Minister Garib Kalyan Yojana (PMGKY) under which unaccounted cash and bank deposits can be disclosed. "A large number of persons have availed of the scheme and the numbers will be declared in due course," said Chandra.

Who would deposit huge sums of money and not respond to income tax notices? Are those fake accounts that the people behind them do not want to be traced? They are willing to let the money go rather than identify themselves and claim the money or declare under PMGKY?

So the PMGKY number of only 4k crore as appeared in the news and posted on this forum is not correct?

JayS · Post by **JayS** » 17 Apr 2017 10:32

A_Gupta wrote:https://www.bloomberg.com/news/articles ... ation-drag
Lower oil demand in Jan-March 2017 compared to an year before is interpreted as drag on the economy due to demonetization.

India’s oil consumption fell for a third straight month, with the use of bitumen and naphtha declining and diesel demand growth flat, amid the continuing effects of demonetization.

Total fuel consumption fell 0.7 percent to 17.36 million tons in March, according to the Oil Ministry’s Petroleum Planning and Analysis Cell. That puts consumption during January-March about 3 percent lower than the same period last year as the economy slows under the impact of Prime Minister Narendra Modi’s decision in November to remove high-denomination currency notes from circulation.

Would that have anything to do with factors like increased electric power generation in India, including a significant increase in non-conventional electricity generation) and better performance by IR in freight sector and more electrified track for IR, slightly improved roads in last one year..?? That its an effect of Demonetization looks like to be pure speculation.

hanumadu · Post by **hanumadu** » 03 May 2017 14:40

http://timesofindia.indiatimes.com/city ... 489682.cms

Some of the largest cash deposits in banks during demonetization were made by 'slum dwellers'. This came out during the field surveys done by the officers of Income Tax department post demonetization. In one case, when I-T officers went to verify the registered address of two brothers who had together deposited Rs 9 crore cash in their bank accounts, they were surprised to learn that the assessees lived in a humble house constructed under Garib Awas Yojana.
And that too amid a slum. The house was found locked and even the neighbours were unable to give any leads about the occupants' whereabouts

Whats the point in depositing the money and absconding. Its not as if the IT dept will let them access the money without satisfying itself about the source of the money. Wouldn't they be better of paying the GKY tax? Unless it is not their money and they - and whose ever that money is - are afraid of coming under the scanner and known to the public.

Income Tax Department had sent out about 5,000 notices in Ahmedabad to those who made large cash deposits in banks during demonetization. All these individuals had deposited cash much beyond their declared source of income as reflected in their I-T returns. Almost 30% of them, or 1,500 individuals, did not reply. When I-T officers were sent to check their addresses, many of the houses were found locked and located amid slums.

Out of the notices sent to 18 lakh large deposit account holders, 9 lakh did not bother to reply.

Why would they not reply and risk losing everythng? Even if they declared under PMGKY, they would get some of it back. I wonder if they are waiting till 2019 and hoping for a congress govt and it will be business as usual.

How black money was converted into white
I-T department sources said in all cases where the amount deposited ran into crores, multiple layers of RTGS (Real Time Gross Settlement) transactions were created. The total amount was divided into smaller sums which were then transferred to numerous accounts from the main account, creating a long chain of transactions. "We will ultimately get hold of them but it's a long drawn process," said the officer.

If these amounts are transferred to other accounts, can they access the money and disappear? Are those accounts being flagged too or is the money being laundered successfully?

Wrongdoers will be caught in the end
Sanjay Shah, Chartered Accountant, said, "I-T will first try all its sources to track the person with the help of available resources and by investigating the trail of transactions. It will then send multiple notices and summons. If all these fail then it may use the 'Best Judgement Assessment (when I-T officer is not satisfied with accounts submitted by assessee)' under I-T Act to levy ahigher tax rate (unexplained sources of income) and interest and penalty. To recover the tax or penalty, it can even freeze the bank account.

Gus · Post by **Gus** » 03 May 2017 16:56

Bank accounts have kyc stuff and it is not possible to just easily disappear...maybe a few folks but on a mass scale?

The only way mass scale fraud happened in demo was with collusion of bankers.

Karan M · Post by **Karan M** » 04 May 2017 03:37

the slum stuff seems crazy. unless the dudes never thought the tax guys will check the address..?

hanumadu · Post by **hanumadu** » 04 May 2017 05:05

Gus wrote:Bank accounts have kyc stuff and it is not possible to just easily disappear...maybe a few folks but on a mass scale?

The only way mass scale fraud happened in demo was with collusion of bankers.

But the people and addresses are probably fake. My concern is if the large amounts deposited can now be moved/already moved to various other accounts and money withdrawn from the bank. Unless there is a hold on all transactions of the 18 lakh accounts that the IT is investigating, the money would be moved.

hanumadu · Post by **hanumadu** » 04 May 2017 05:06

Karan M wrote:the slum stuff seems crazy. unless the dudes never thought the tax guys will check the address..?

I think the slum addresses are so that in case some body checks, there is no one to be implicated or it will be some benami bakra.

rahulm · Post by **rahulm** » 18 May 2017 09:52

X-post from achievements

E-portal for property registration, mutation launched

PORVORIM: Chief Minister Manohar Parrikar on Wednesday launched the Goa Government Services Portal and Integration of Property Registration with Mutation – http://www.goaonline.gov.in – in a bid to ensure a transparent delivery system of services and making the process of applying for documents convenient.
With the help of this e-portal, citizens can apply for residence, divergence, domicile, caste, income and matriz certificates, partition of land, sound permissions, Form I and XIV, conversion of land and natural calamity.
Addressing the media, Chief Minister Manohar Parrikar said, “We are working on a roadmap to include more departments and other services that will be provided on this portal. Once the newly introduced services on the portal stabilise operations, we will bring them under the Right to Services Act. In the next couple of days we will also waive off the fees applicable to get the certificates for which the government will come out with a notification in the next two days and by May 22 e-portal will be fully functional.”

“Those who will be applying for these certificates online shall be pardoned while for those who visit the offices to get these certificates shall continue to pay the fees. This service is completely free of cost for those applying online. People can apply for these certificates anytime of the day,” said Parikar.

Parrikar further said that government is also marching towards creating digital lockers for citizens, which can be used to keep this certificate in e-format, that is once the certificate is procured people can save it in their digital locker.

“Once the certificate is procured, you can use the certificate whenever you want and if the state government wants, they too can also pull it out from the locker. To make people familiar with the online process we will open kiosks at certain government offices to help people.”

Revenue Minister Rohan Khaunte stated that the launch of the e-portal services will cut delays and corruption. “First mutation took two years, now it will have to be completed within 90 days with or without objections. This cuts on all other delays and expectations from unwanted sources such as agents,” Khaunte said.

With the introduction of this service, all property documents registered, along with paid e-Challan and application for mutation will be available with the Mamlatdar instantly. Delays involved in sending Form XIII to Mamlatdar will be eliminated.
Mutation will compulsorily follow a property registration and in the future, the record of Rights will reflect the actual ownership, one of the key objectives of the Digital India Land Records Modernisation Program.

--

‘Have cleared 3200 mutation cases in 65 days’

Chief Minister Manohar Parrikar on Wednesday said that 3200 mutation cases have been cleared since his government came to power.

“As of now grievances received do not have much of a certification, for example, in less than 65 days of our government coming to power, we have almost cleared 3200 mutation cases from the pending 5800,” Parrikar said after launching the Goa Government Services Portal and Integration of Property Registration.

“We are also monitoring this and trying to finish it. Attempts will be made to ensure that backlogs are cleared,” he added.

--

Aadhaar not mandatory for online services

Chief Minister Manohar Parrikar on Wednesday clarified that Aadhaar card is mandatory to avail services through the newly launched e-portal (http://www.goaonline.gov.in).

Addressing the media, Parrikar said, “The Supreme Court of India is very clear in which it says that you cannot deny a person if he does not have an Aadhaar card. In the next six months several other government services will be also moved to online platforms.”

Parrikar added that this is the target of Digital India, Digital Goa and the government is looking to move most aspects online so that citizen and government interface becomes less.

Online services free is a good incentive.

I registered on this portal today and contrary to the report, there is, at at not yet, no facility to register a property or apply for mutation. The announcement is premature, but, hopefully, the system will be updated shortly.

MP has a record of inaugurating some projects before they are ready for use.

vish_mulay · Post by **vish_mulay** » 26 May 2017 17:09

http://indiatoday.intoday.in/story/nare ... 62380.html

Thanks to demonetisation the Indian economy is running with Rs 5 lakh crores less than the amount of cash that would have been present in the economy had demonetisation not happened.
This is one of the key findings of a high level internal report on the benefits of demonetisation which has been prepared by top government officials.
Mail Today has exclusively been able to access this report which has been prepared as part of the internal assessments carried out to mark the third anniversary of the Modi government.

Lots of info nuggets in the link!