The idea was to make it hard for hoarders of undeclared wealth, known in India as "black money", to exchange their undeclared cash for legal tender.
The biggest embarrassment for the government was when it claimed that more than 99 percent of the cash had been deposited.
"The trail of deposits" of bank notes "into bank accounts may provide valuable information to the revenue authorities in tracing unaccounted money", RBI said in its annual report. Jaitley questioned the wisdom of economists, who declared the note ban had miserably failed in its objectives.
Another stated aim of the demonetisation drive was to increase the tax base.
After the note ban, old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny. To which Chidambaram quoted a number saying: "In November 2016, electronic payment was Rs 94 lakh crore, in May 2017 (after six months of note ban) it has come back to Rs 94,21000 crore".
He must apologize to the country and we will continue to force accountability on this issue, " Mr Sharma said. Sharma argued that the average income of new taxpayers was Rs 2.7 lakh, which meant they would pay tax only on Rs 20,000 above the tax exemption limit of Rs 2.5 lakh.
Congress senior spokesperson Anand Sharma said none of the measures that Modi had promised with the ban on high-value currency notes, put into effect in November a year ago, had been realised. The problem has not yet been sorted out as the government has introduced so many riders in the name of controlling black money that legitimate funds are still jammed in many banks.
Singh said since notes worth Rs 14.18 lakh crore were in circulation and notes worth Rs 15.28 lakh crore have come back, there is a surplus of Rs 1.1 lakh crore. The RBI ended up spending over Rs 30,000 crore on the printing of new notes and managing the logistics of demonetization. We had told the Prime Minister and the Government, this money belongs to the people of India, to the farmers, to the workers, to the housewives, to Government employees, to small entrepreneurs, to small industries, Mr Sharma said.
While one has to agree that a large amount of cash in the system is not always beneficial for the economy, it is also clear that the government kept changing its narrative on demonetisation as it found the radical move disrupting the economy without giving its intended benefits of extinguishing a large portion of cash in circulation.
RBI's annual report also shows that the banking regulator's income for the 2016-17 declined by 23.56% while expenditure for the year increased by 107.84%.
Saudi Arabia's Red Crescent said it had deployed 326 ambulances along the pilgrimage route to handle health emergencies. On Friday, they will move on to Mina before sunrise for the hajj ritual of the symbolic "Stoning of the Devil".
We made a ... donation but it don't matter what it is, as long as you give from your heart ... "All my love and strength". Reality star Kim Kardashian also stepped up. "Houston we are praying for you!" "I'm donating $100,000.
This most recent event came courtesy of one of the usual suspects, FRB 121102 , which has been heard on and off for years. Researchers detected 15 powerful, repeating radio bursts coming from space for the first time on August 26.
She noted that the National Flood Insurance Program - now $24 billion in debt - is due to expire at the end of September. Rodney Frelinghuysen, R-N.J., that included grants for housing and other repairs patterned after the Katrina response.
A double-fault set up the teenager's only break point and a backhand error in the ensuing point from Kerber gave Osaka the break. The game could be better. "After Wimbledon I was actually confident, because I was practising good".
The video opens with a gravestone reading "Here Lies Taylor Swift's Reputation ", and an undead Taylor sings the opening lyrics. Instead, she "re-claimed the snake" and doesn't give a damn about the thousands of people who called her one.
On both iOS and Android, Sarahah asks user permission to access phone contacts so it's not as if this is completely surprising. At the same time, it is also worth noting that the app does work well even when users don't allow the app to access contacts.
There were 87 singles matches scheduled for Wednesday after rain wiped out almost all of the day's play on Tuesday. But even as Sharapova competes here, she remains the poster woman for Nancy Reagan's "Just Say No" program.
This is considered to be a response to the Kremlin's decision to shrink the US diplomatic mission in Russian Federation . Moscow forced the cut in American diplomatic staff earlier this year in retaliation for US sanctions.
He added that he can "look forward to Uber and know that I will make a difference, hopefully for the better". As the court recognized, this is a bilateral dispute between Benchmark and Travis Kalanick .
Gas Prices Are Going Way Up in Mississauga
Senior petroleum analyst for GasBuddy.com Dan McTeague says the price per litre could reach $1.30 over the Labour Day weekend. On Monday, the average posted price in Montreal was $1.16 for a litre of regular, a price that jumped to $1.27 a day later.
Packers to sign LB Brooks
Even if Brooks is limited to being a role player, he will fit in nicely with what the Packers need to succeed on defense in 2017. Former San Francisco 49ers linebacker Ahmad Brooks is signing with the Green Bay Packers , with whom he visited this week.
President Trump Pushes Tax Reform In Missouri Speech
Trump envisions a corporate tax rate dropping from 35 percent, now the highest in the industrialized world, to around 15 percent. For instance, the administration has not stated publicly what will be the precise scope of Trump's tax reforms.
Latest & New Mobile Phones List — Xiaomi Mobile Phones
The sensors include an accelerometer, ambient light sensor, gyroscope, infrared, magnetometer, and proximity sensor. It will be a global launch event and XIaomi fans can also register on the website to get an invite to the launch.
Halep ready for Sharapova battle
Simona Halep , now ranked #2 among the female players in the world, will face Sharapova in that opening round. But it shouldn't happen because of the lack of matches. "I don't think we're both thinking that far ahead".
Sergio Aguero accused of assaulting a Bournemouth steward
Fernandinho also had a chance two minutes before half-time but his shot was repelled by Begovic as City had the momentum. We'll be building up to the game throughout the day and Robbie will offer the minute-by-minute account as it unfolds.
Iran welcomes restoring of Qatari relations
Qatar was among Saudi allies who followed suit to limit ties with Iran after it severed relations with Tehran in January 2016. Qatar and Iran share a massive offshore natural gas field, called the South Pars Field by Tehran and the North Field by Doha.
Facebook, Instagram 'crash' for thousands of internet users
Others problems including trouble logging in or loading pictures, while some were unable to use the Facebook Messenger app. The astonishing fact is the problem doesn't happen to all the users around the globe. "We're sorry for any inconvenience".