Nirav deposited Rs 900 mn in PNB hours before note ban: NCP’s Majeed Memon

Nationalist Congress Party (NCP) MP Majeed Memon has quoted a report alleging that the accused celebrity jeweller, Nirav Modi had deposited cash worth Rs 900 million at one of the branches of the scam-hit Punjab National Bank (PNB), hours before the announcement of demonetisation.

“When Nirav Modi left India, at that time it was reported that some hours prior to Prime Minister’s announcement of demonetisation in 2016, Nirav Modi deposited Rs 900 million of cash in one branch of PNB, and he probably exchanged it for bullion or something,” Memon told ANI, and added, ” I think that there should be proper investigation to see if there is any element of truth to it.”

Memon also took to Twitter to convey the same, and hinted on suspicion of connivance between the accused and the BJP-led government at the Centre, by adding, “What does it suggest?”

Prime Minister announced the ban on Rs 500 and Rs 1000 Indian rupee notes, on November 8, 2016.For the unversed, PNB detected a Rs 1.77 billion dollar (Rs 11,400 crore) scam earlier this month, in which Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.


Demonetisation was an idiotic jolt: 8 things Arun Shourie spoke about

Slamming the Narendra Modi government over sliding economic growth and increasing job losses, Arun Shourie, who was a union minister in the BJP-led government of Atal Bihari Vajpayee, has likened demonetisation with suicide, saying the latter is too “a bold step”.
Former Disinvestment Minister Arun Shourie told NDTV that note ban was the largest money-laundering scheme ever, conceived and implemented entirely by the government.
It was an idiotic jolt, he said read more

New Rs 100 note coming in April, old notes to be withdrawn gradually

The Reserve Bank of India (RBI) will soon release Rs 100 denomination banknotes in the Mahatma Gandhi (New) Series, having the signature of Governor Urjit R Patel. However, the Rs 100 banknotes in the earlier series will continue to be a legal tender.
According to Mint, RBI will start printing new Rs 100 notes in April (once Rs 200 notes have been printed), while the existing notes will be withdrawn from the market gradually without causing any disruption.
This is the fourth denomination that has been revamped since the government’s demonetisation on read more

Demonetisation made our shampoo, soaps, biscuits unavailable at stores: ITC

The ITC on Friday said that the government’s demonetisation drive had led to disruptions in the wholesale trade channels for the company’s FMCG products.
“In the recent past, there had been disturbances in the wholesale channels due to demonetisation which led to unavailability of ITC’s FMCG products in many stores”, CEO of the company Sanjiv Puri said while replying to shareholders’ at the AGM here.
The shareholders expressed grievances that ITC’s FMCG products were difficult to locate at super stores. The company manufactures a plethora of FMCG (non-cigarette) ranging from shampoo, soaps, biscuits, perfumes, packaged foods and read more