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Entire exchanged currency will be in market in 3-4 weeks: Jaitley

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New Delhi, 09 Nov 2016 : Union Finance Minister Arun Jaitley said on Wednesday that the old currency notes of Rs 500 and Rs 1,000, which are no longer the legal tender, will be fully replaced with the new currency notes in the coming three-four weeks.

“In next three-four weeks, entire exchanged currency will be in the market. We will become a more tax-compliant society,” Jaitley told DD News in an interview.

The currency notes of Rs 500 and Rs 1,000 denomination ceased to be legal tender from Tuesday midnight.

Jaitley said the bold move of the government will put an end to the parallel economy.

“Parallel economy has disadvantages. The government has taken a bold step to help country in the long run. If longer window was given, people would have found ways to evade tax,” he said, adding that those who have legitimate money have nothing to worry about.

The move, which is expected to help the economy move towards a cashless society, will also lead to increased deposits in the banks and official transactions will get a boost, he said. “Cash money supply will go down, obviously. In the long run, direct and indirect taxes both will be affected. Every state will benefit, the revenue kitty will increase,” Jaitley said.

He warned that though there is no limit on depositing cash in the bank accounts, if the money is unaccounted, then law will take its course. “It will have a positive effect on the Indian economy in the long run,” he added. Prime Minister Narendra Modi in a televised address to the nation on Tuesday evening said that all the Rs 500 and Rs 1,000 denomination notes can be deposited in banks and Post Offices between November 10 and December 30.

They can also be exchanged across the bank counters by showing government-issued ID proof.

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Man held for making hoax bomb call for Taj Mahal

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Agra, 4 March : The Agra police have arrested the man who made a hoax call on Thursday morning claiming that there was a bomb in the Taj Mahal.

The man identified as Vimal Kumar Singh, is a resident of Nakhi in Uttar Pradesh’s Firozabad. Inspector General (IG) Satish Ganesh said that Singh was being interrogated.

“It seems he is of unsound mind and is being treated for the disorder. We are also trying to locate his location at the time when he made the call,” the IG said. He said that further investigations were underway.

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SKM announces 5-hr blockade at KMP expressway on 100th day of protest

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New Delhi, 3 March: The Kundli-Manesar-Palwal (KMP) expressway will be blocked for five hours on March 6 as the farmers’ protest against the three Central farm laws complete 100 days, the Samyukta Kisan Morcha (SKM) announced on Tuesday after a meeting held on the 96th day of the protest to prepare future strategy.

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People in Delhi rejected BJP for corruption: AAP

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New Delhi, March 4 : After winning four out of five municipal seats in Delhi’s civic bodies’ bypolls on Wednesday, the Aam Aadmi Party (AAP) attacked MCD ruling Bhartiya Janata Party (BJP) which failed to secure even a single seat. The AAP slammed the BJP saying that the people of Delhi were fed up with rampant corruption in civic agencies in the city under its 15 years rule.

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