Page no. 1

Cash squeeze, GSt rollout issues push GDP growth to below 6%

Economic growth slowed to 5.7% in the first quarter of 2017-18 against 6.1% in the preceeding quarter.
Page no. 1

Stage is set for Union Cabinet reshuffle, Rudy on his way out

The exercise to reshuffle the Union Cabinet- the third in as many years- has gained momentum with several Union Ministers being summoned by BJP President Amit Shah Thursday.
Page no. 1

Smartphones share data of 40% Indians with world, CIA: Govt

Questioned on possible threats to privacy with the linking of Aadhaar to various services, Rajiv Mehrishi, who retired as Union Home Secretary Thursdayy, told a parliamentary panel last month that 40% of people who use smartphones and top applications, knowingly or unknowingly share data with the entire world including the Central Intelligence Agency (CIA)
Page no. 1

Central panel says states do not need to hike NREG pay to match minimum wage

The panel for revision of wages under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) has recommended in its final report that there is no need to ensure parity with minimum wages paid by various states.
Page no. 2

Two standard GST rates should converge into 1 in due course: FM

Finance Minister Arun Jaitley on Thursday said he expects the two standard rates of GST- 12% and 18%- to converge intoon in due course to make the indirect tax regime even more simpler.
Page no. 6

Blue Whale has schools worried, advisories ask parents to be on guard

Schools organised interactive sessions with children regarding the Blue Whale online game
Page no. 9

PM must take responsibility for destroying economy: Oppn

As economic growth slipped to a three year low of 5.7%, the Opposition Congress on Thursday said Prime Minister Narendra Modi must take full responsibility for 'destroying the economy' by his 'reckless decision' of demonetisation and flawed policy directions and that the government should leave office.
Page no. 9

Gaubba takes charge as Home Secy

Rajiv Gauba, a 1982 batch IAS officer, on Thursday took charge as Union Home Secretary after the supernnuation of Rajiv Mehrishi.
Page no. 9

Sunil Arora appointed Election Commissioner

The Government on Thursday appointed former Information and Broadcasting secretary Sunil Arora as Election Commissioner.
Page no. 11

India, Switzerland to step up fight against tax fraud

Prime Minister Narendra Modi on Thursday told visiting Swiss President Doris Leuthard that India will continue to work with Swiitzerland to combat black money.
Page no. 12

Not more Rafales, IAF may choose Gripens or F-16s

The Indian Air Force (IAF) has shortlisted Americal F-16 and Swedish Gripen fighter aircraft for induction into its fleet to make up the shortfall of fighter squadrons.
Page no. 13

On the table, plans to develop alerts, improve drainage

With incidents of urban flooding becoming common, thaks to increasing frequency of extreme rainfall events, at least two parallel initiatives are under way to prepre response strategies, and prevent the kind of situation that was witnessed in Chennai in 2015 and Mumbai earlier this week.
Page no. 14

Maximum pain

Objectives of demonetisation could have been served better by doing a cost benefit analysis
Page no. 14

Well Begun

First steps to restructure army are welcome. Follow them up with reordering of higher defence management
Page no. 15

How Gorakhpur was choked

The death of children in BRD Hospital was not just due to inadequate oxygen supply. It is also because of a system collapsing under severe financial strain
Page no. 15

An Article of Faith

Article 35A protects the unique identity of Dogras. Its repeal will test the relationship between J&K and the rest of the country.
Page no. 16

What note ban was supposed to do, what really happened on the ground

After 99% of banned cash comes back, a fact check on government's stated objectives of demonetisation.
Page no. 17

Pak court declares Musharaf a fugitive in Bhutto's murder case

Pakistan's former dictator Pervez Musharaf was Thursday declared a fugitive by an anti-terrorism court which ordered seizure of his property and sentenced two senior police officers to 17 years in jail in the Benazir bhutto murder case, nearly 10 years after her assasination.
Page no. 19

Expected note ban to dent a few quarters, positive later: Jaitley

A day after the RBI desclosed that almost 99% of notes banned last November had been deposited in banks, finance minister Arun Jaitley Thursday said the demonetisationexercise has ended the 'anonymity' around the money and identified it with its owner, enabling the government to bring it into the tax act.
Page no. 19

benefits will be visible in medium to long term

Unfazed by the Opposition's attack over demonetisation in the wake of RBI's disclosures about banned currency notes, the government on Thursday suggested that its benefits shall be visible in 'medium to long term' and will move the country towards a 'much cleaner, transparent and honest system'.
Page no. 21

Rise in ATM frauds needs greater vigilance

ATM- related frauds have been on the rise with growing instances inked to malware attacks, keypad jamming, card skimming and card swapping, among others.
Page no. 21

Home loan demand

Despite rate cuts by some banks, home loan growth has fallen to 10.5% in the year to July as aggainst 17.2% a year ago


Page no. 14

The Reckoning

When the demonetization move was implemented, the country expected that it would bring a windfall to the Centre. It was expected that the reduction of RBI's currency liabilities resulting from the scrapped Rs 500 and Rs 1000 deposition in the banks would bring around a profit which in turn would act as a dividend to the government. However, this didn't happen. As per the latest report by the RBI, Rs 15.28 lakh crore rupees or 99% of the Rs 15.44 lakh crore money withdrawn overnight on November 8 was turned in. The original estimates of Rs 4-5 lakh crore- the RBI's surplus payable to the Centre fell to Rs 30,659 crore from Rs 65,876 crore the year before in turn. Because the central bank has to incur extra costs for printing of new notes, the paying interest on the excess cash was forced on it to absorb from banks making an unexplained additional provision of Rs 13,140 crores towards a so-called contingency fund. This left a little surplus to be distributed by the RBI. In addition to the fiscal effect, the demonetization move had many other additional effects. It caused damage to institutional credibility. The RBI is yet to demonstrate and convince that the demonetization move wasn't forced on it. It wasn't at all prepared to deal with the aftermath of the move when it comes to making available replacement notes ready in the right denominations. This can be clearly seen in the form of long queues in front of ATMs and banks. The move also left economic impact with the costs which were ensued- whether in form of farm produce prices or a wide swathe of cash-independent informal enterprises going bust remain incalculable. Even the Indian economy was performing fairly well before the demonetization move. Though there is no doubt the demonetization move created an environment where conducting business with cash and avoiding taxes is less acceptable and with GST, the demonetization move promises a cashless economy, the effects are in front of everyone to see. Right now, the effects are almost nil. Maybe they would come into effect in the medium to long term.

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