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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.

India

Put farm laws on hold or we will do it, Chief Justice Bobde tells government

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New Delhi, 11 Jan : A Supreme Court bench led by Chief Justice S. A. Bobde on Monday toughened its stand on the farm laws and said the court has made up its mind to stay the implementation of the three farm laws, which have led to the protest by thousands of farmers at various Delhi borders.

“What is going on? States are rebelling against your laws”, a bench headed by Chief Justice S A Bobde told the Centre. “We are extremely disappointed with the negotiation process,” he said.

“If the Centre does not want to stay the implementation of farm laws, we will put a stay on it,” the CJI added.

“We don’t want to make any stray observations on your negotiations but we are extremely disappointed with the process,” said the bench, also comprising Justices A S Bopanna and V Ramasubramanian.

The apex court, which was hearing a clutch of pleas challenging the new farm laws as well as the ones raising issues related to the ongoing agitation at Delhi borders, said it is not talking about the repeal of these farm laws at the moment.

“This is a very delicate situation,” the bench said, adding, “There is not a single petition before us which says that these farm laws are beneficial.”

“We will stay implementation of laws,” the CJI said. “You can carry on the protest. But the question is whether the protest should be held at the same site,” he added.

“Some people have committed suicide, old people and women are a part of the agitation. What is happening?” he said.

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India

Farmer agitation enters 47th day, all eyes on SC hearing pleas on protests

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New Delhi, 11 Jan : The farmer agitation on the borders of the national capital entered the 47th day on Monday as the farmers have taken to the streets protesting against the three central farm laws. But now all eyes are glued on the Supreme Court which would conduct a hearing on various pleas related to the farmers’ agitation and the new farm laws on Monday.

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Talks with farmers end without breakthrough, dialogue may resume on Jan 8

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New Delhi, 4 Jan : The crucial seventh round of talks between the government and 41 farmers representatives ended without any breakthrough and the next round of talks is expected on January 8, sources said.

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