Money & Banking
12 Kerala treasuries cashless on salary-pension day
Thousands of people were left standing outside treasuries and banks in Kerala on Friday - the first salary-pension day after the November 8 demonetisation, as 12 state treasuries remained cashless till the close of working hours (6 p.m.), said a Minister.
 
State Finance Minister Thomas Issac, in Friday night press release reiterated that there was no financial crunch -- rather the crunch was of currency.
 
Despite that, there were no reports of any untoward incident, he said.
 
"Banks did not have the required money to disburse. At the close of working hours, 12 state treasuries were unable to disburse money as cash did not arrive. In 42 treasuries till 11.30 a.m., no money was received and in 10 money arrived only afternoon. Today what the treasuries received was Rs 111 crore," said Issac.
 
There are 157 banking treasuries in the state.
 
While the ATMs have a ceiling of Rs 2,000, the withdrawal limit in treasuries and banks were fixed at Rs 24,000 a week and hence the rush was less at ATMs.
 
As a precautionary measure, additional police force was deployed in front of several banks and treasuries across the state.
 
At Kasargode, due to shortage of currency, many who came to the treasury could get only Rs 10,000 as the available cash was much less than what was required.
 
Issac also slammed Prime Minister Narendra Modi for the ban on high value currency that created a cash crisis across the country, citing a report of the Centre for Monitoring of Indian Economy that has observed that the total cost of the demonetisation exercise will cost the exchequer Rs 128,000 lakh crore.
 
"It includes the collection of old notes, printing and distribution of new currency and the opportunity cost. When you look at what was the gain -- it is more or less around the cost incurred,
 
"So why put people into trouble," he asked.
 
"I am here since 8.30 a.m. and the treasury office was already full by then and am still waiting like everyone else," said a pensioner waiting for his turn to withdraw money.
 
"On Wednesday, I tried to get some money from my bank account, but after getting a token, I was told there was no currency, hence I had to return," he added.
 
In Kerala's commercial capital Kochi, the scene was much the same with people -- mostly pensioners -- queuing up in front of treasuries and banks.
 
"We are told that the treasury will have extended working hours and will function till 6 p.m. Despite suffering on account of Modi's new directives, I fully endorse this scheme," said a pensioner waiting patiently for his turn to withdraw money.
 
He said he hoped that things would get better in the days, weeks and months to come.
 
State Bharatiya Janata Party leader J.R. Padmakumar, however, alleged that there was a secret understanding between Issac and RBI officials.
 
"We suspect that there is some secret understanding between the officials of the RBI and Issac to create an artificial crisis, just to play spoilsport to an excellent programme to give the economy a boost," he said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

User

Rs6 crore cash, 7kg gold haul in Bengaluru tax raids
In surprise raids in Karnataka, Income Tax officials found and seized a whopping Rs 6 crore in cash and 7kg gold from the residences of two state government engineers and two contractors in the city, said an official on Thursday.
 
"Of the Rs.6 crore cash haul, Rs.4.7 crore were the Rs 2,000 new notes, Rs 30 lakh in the old Rs 500 notes and Rs 1 crore in lower denominations such as Rs 100 and Rs 50," said Alex Mathew, Income Tax Officer of Karnataka in a statement here.
 
The 7 kg bullion valued at Rs 2 crore were found in a flat of a civil contractor.
 
The major haul was from a posh flat of Public Works Department engineer S.C. Jayachandra at upscale Sanjaynagar in the city's northwest suburb.
 
"A search action was initiated on Wednesday by the investigation directorate in the case of two engineers and connected persons in Bengaluru, Chennai and Erode, in which the new notes and bullion are learnt to have been obtained by exchange of demonetised notes by payment of commission," said Mathew in the statement.
 
The investigation is in progress and the search action is continuing in 10 premises across the three cities, including two in the neighbouring Tamil Nadu state.
 
The seizure of the new currency notes of Rs.2,000 is said to be the highest since it was introduced after the November 8 demonetisation of Rs 500 and Rs 1,000 notes.
 
The sleuths also attached a Lamborghini and Porsche limousines of Jayachandra, parked in the basement of his multi-storey apartment.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

User

Nifty, Sensex may dip in the short-term: Thursday closing report

Profit booking, along with a political logjam in Parliament over the demonetisation drive and lower European markets, subdued the Indian equities markets on Thursday. Weak European cues and domestic liquidity concerns also caused selling pressure. Higher global crude oil prices, buoyant Asian markets, appreciation in rupee and largely positive macro-economic data arrested any major fall. 

The Nifty of the National Stock Exchange (NSE) edged lower by 31.60 points or 0.38 per cent to 8,192.90 points. The Sensex touched a high of 26,769.32 points and a low of 26,540.82 points during the intra-day trade. The BSE market breadth was skewed in favour of the bears - with 1,406 declines and 1,149 advances.

 
Pharmaceutical stocks rallies after the Delhi High Court today quashed the government's notification in March, which had banned 344 fixed-dose drugs. The government had banned the drugs citing concerns over lack of any therapeutic justification and health risks.
 
Telecom stocks like Bharti Airtel, Idea Cellular and Reliance Communications lost ground after Reliance Jio Chairman Mukesh Ambani said starting December 4, all subscribers will get voice, data, video and full bouquet of other Jio applications free till March 31, 2017. The scheme is called "Jio Happy New Year offer".
 
Bank Nifty lost 1 percent as ICICI Bank, Bank of Baroda, PNB, SBI and Axis Bank declined 1-2 percent. Asian Paints shed 3 percent on profit booking. Mumbai-based construction company HCC surged 20 percent as it will get 75 percent arbitral award amount of around Rs 2,000 crore in 4-6 weeks. Auto sales were mixed in November.
 
Aviation stocks like SpiceJet, Jet Airways and InterGlobe Aviation plunged 2.5-4 percent despite jet fuel prices cut by 3.7 percent (Rs 1,881) to Rs 48,379/kL in Delhi. This was because of a sharp rally in crude oil yesterday.
 
The top gainers and top losers of the major indices are given below:
 
 
Asia closed higher with the Japan's Nikkei rising 1 percent as regional manufacturing surveys led by China beat expectations. Brent crude oil futures gained 1 percent on top of 8.8 percent rally in previous session after OPEC and Russia agreed to restrict production.
 
The closing values of the major Asian indices are given in the table below:
 
 

 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)