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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.

Mobiles

APPLE HOMEPOD MINI LAUNCHED AT $99, IPHONE 12 STARTING $699, IPHONE 12 PRO FROM $999

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Apple Event 2020 LIVE Updates: Apple has finally removed the curtain from its iPhone 12 series. The company launched the iPhone 12, iPhone 12 Mini, iPhone 12 Pro and iPhone 12 Pro Max at the ‘Hi Speed’ event at the Apple headquarters in Cupertino, California. At the event, the company has also launched Smart HomePod Speaker.

The company says that the iPhone 12 Mini is also the world’s thinnest and lightest 5G smartphone. Let us tell that this event was once again started by Team Cook, CEO of the company.

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PDP chief Mehbooba Mufti released from detention after 14 months

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Jammu, 13 Oct : Former Jammu and Kashmir chief minister and Peoples Democratic Party (PDP) leader Mehbooba Mufti was on Tuesday released from detention. “PDP chief Mehbooba Mufti is being released from detention,” said Jammu and Kashmir administration spokesperson Rohit Kansal.

A government order issued on Tuesday night said her detention was being revoked with immediate effect.

The Jammu and Kashmir administration in July had extended her detention by three months under the stringent Public Safety Act (PSA).

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India

Indian economy to contract by 10.3% in 2020; may show 8.8% growth in 2021: IMF

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New Delhi, 13 Oct. : The Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 percent this year, the International Monetary Fund said on Tuesday.

However, India is likely to bounce back with an impressive 8.8 percent growth rate in 2021, thus regaining the position of the fastest growing emerging economy, surpassing China’s projected growth rate of 8.2 percent, the IMF said in its latest ‘World Economic Outlook’ report.

Released ahead of the annual meetings of the IMF and the World Bank, the report said global growth would contract by 4.4 percent this year and bounce back to 5.2 percent in 2021.

America’s economy is projected to contract by 5.8 percent in 2020 and grow by 3.9 percent the next year, the IMF said.

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