Several other lenders including Punjab National Bank, Union Bank of India, Kotak Mahindra Bank and Dena Bank also cut their lending rates by 45-90 basis points across tenures.30 billion) in old 500, and 1,000 rupees notes from depositors since Prime Minister Narendra Modi's government on Nov.
Unable to get a few junked currency notes exchanged, a frustrated poor woman became topless in front of Reserve Bank of India (RBI) regional office in national capital on Wednesday.The woman, who was with her child, was in tears when turned away by guards after repeated request to exchange her junked notes.
Real EstatesDemonetisation brought down the registrations of properties by upto 30 per cent in the national capital region.It was reported that the registrations of plots, shops and flats have gone down to 25 per cent in Gurugram.
36 lakh crore worth of new investments seen per quarter in the preceding nine quarters of the Modi government.The data suggests that demonetisation has hit the pace of announcement of new investment proposals during the quarter.
Several private economists have said the move could drag down growth in the next fiscal year to 6.5 percent to 7 percent, as small businesses fired workers, consumer demand fell and farmers' winter sowing efforts were hit.
India's GDP is likely to have grown at a much slower-than-expected pace of 5 per cent in the October-December period and may see a 6 per cent growth in the following quarter due to a slow down in manufacturing and services sectors post demonetisation, says an HSBC report.0 per cent in the October- December quarter and 6.
Indian economy will grow faster than China despite the temporary slowdown created by demonetisation, an Indian-origin academic and former Singapore diplomat said at a conference of leading world universities.The Reserve Bank of India will need to borrow less after the cash returns to banks following demonetisation, he said.
Castigating the opponents of demonetisation, Prime Minister Narendra Modi today said those terming the government's move as 'anti-people' were the "political worshippers" of graft and black money which were making the economy, polity and society hollow."It is unfortunate that there are some political worshippers (rajnaitik pujari) of black money who term our actions against it as anti-people," Modi said at the 14th Pravasi Bharatiya Divas Convention here.
As it analyses bank deposits post demonetisation, the government has found that an estimated Rs 3-4 lakh crore of tax-evaded income could have been deposited during 50-day window provided to get rid of junked Rs 500/1000 notes.A senior official said Income Tax Department has been asked to scrutinise details and send notices to depositors of of Rs 3-4 lakh crore on which tax could have been evaded.
Demonetisation has taken the sheen off the real estate sector as 2016 ended with the lowest launches and sales of residential projects since 2010, a report said.The fourth quarter of 2016 saw a significant drop by 44 per cent year on year and new launches fell by 61 per cent, it added.
Demonetisation has taken the sheen off the real estate sector as 2016 ended with the lowest launches and sales of residential projects since 2010, according to a report by real estate consultancy Knight Frank said.The fourth quarter of 2016 saw a significant drop by 44 per cent year on year and new launches fell by 61 per cent, it added.
The dent in demand growth in the world's third-largest oil consumer is expected to be temporary, though, with India still taking up the third-biggest portion - behind China and United States - of 2017's rise in fuel use on a barrel-per-day basis, according to energy consultancy Wood Mackenzie.due to the recent currency demonetization drive by the Indian government," said Suresh Sivanandam, the consultancy's Singapore-based senior manager of Asia Pacific refining research.
Amid fears of a decline in the country's GDP, former Prime Minister Manmohan Singh cautioned the people on Wednesday that the worse was yet to come in the wake of demonetisation which he termed as a "disaster".In his address at the 'Jan Vedna' conclave, Singh termed demonetisation as a "disaster" and said things were going from bad to worse and that the worse was yet to come.
41 per cent last month, their slowest pace since November 2014, government data showed on Thursday.57 per cent year on year, compared with a 3.
While three years ago there were only two P2P lending platforms in the country, as of April 2016 the number had risen to 30, as notified by the RBI.The monthly average cumulative lending of P2P lenders has shot up from Rs 20-30 lakh to Rs 5-6 crore in just 3 years' time.
7 per cent over November 2015.Only on Monday, the figures for direct tax collection for December reflected a 12 per cent spike, while indirect tax collection grew by an even more impressive 25 per cent.
Indirect tax collections rose 25 per cent to Rs 6.4 per cent as against 9 per cent growth estimated in the Budget.
Mumbai saw 50 per cent decline in fourth quarter sales, Bengaluru 45 per cent, Ahmedabad 43 per cent, Hyderabad 40 per cent, Pune 35 per cent, Chennai 31 per cent and Kolkata 20 per cent.Besides, traction for some marque properties, there were hardly any transactions," he said.
France has appreciated demonetisation in India, terming it as a "bold" decision which "shows how determined" Prime Minister Narendra Modi is to combat tax evasion, corruption and black money.It shows how determined Prime Minister Modi is to combat tax evasion, corruption and black money.
The IMF on Monday cut India's growth rate for the current fiscal year to 6.As per new IMF projections, India's growth in 2016 is now estimated to be 6.