Long queues again? ATMs go dry as many states face cash crunch: Top updates

Several states are facing a cash shortage despite currency flows in the economy at the pre-demonetisation level

A cash crunch has been reported in several states of India -- Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh and Telangana. People are facing a huge monetary crisis, with a majority of automated teller machines (ATMs) running out of cash. In Bihar's Patna several ATMs have gone 'out of service' causing inconvenience to the locals.

Taking stock of the situation, Union Finance Minister Arun Jaitley said: "We have reviewed the currency situation in the country; there is more than adequate currency circulation and it is available with the banks... a temporary shortage caused by the sudden and unusual increase in some areas is being tackled.

Here are the top developments in the crisis caused by a sudden shortage of cash across several states and what the government is saying:1. Life gets miserable for many Indians, especially traders: Despite the currency flow in the economy going back to the pre-demonetisation level, ATMs are going dry making life miserable for many residents, especially traders. Many are running from one ATM to another in search of currency notes.

ALSO READ: Demonetisation redux? ATMs again running dry across states amid cash crunch

2. Some ATMs not dispensing more than Rs 5,000: Only one ATM at State Bank of India’s branch had cash, but the machine was dispensing only up to Rs 5000 cash and that too only in the form of Rs 100 currency notes, according to The Times of India report.

The people in Delhi, on the other hand, said that most of the ATMs are dispensing only Rs 500 notes.

3.Hyderabad, Varanasi office-goers face troubles: In Hyderabad, office goers have told news agency ANI, that they have been unable to withdraw cash from ATMs in several parts of the city since yesterday. There are reports from Varanasi as well of people saying there is no cash at ATMs since yesterday, said TOI report.

However, people in Madhya Pradesh claimed that they have been facing a cash crunch for the last two weeks.

4. Govt's meeting with RBI on cash shortage across states: The finance ministry held a meeting with the Reserve Bank of India (RBI), banks, and state government officials on Thursday to take stock of cash availability after receiving complaints of the dearth of money in some states. The non-release of funds by the Centre is being cited as one reason for the cash crunch.

budget 2018: Will Modi govt fulfil housing expectations of millions?

To provide comfort to home consumers as well as inspire investment in under-production homes

The "Housing for All through 2022" project has set the stage for a sturdy healing in the residential property market. in thebeyond years, we've got visible an unparalleled recognition on reforms channelised via the Benami Transactions (Prohibition) modification Act 2016, demonetisation, real property Regulatory Act (RERA) and the goods and offerings Tax (GST) regime. So, this time, the finances for FY2018-19 may be plenty more vital than ever. The provisions, if moved in niceguidelines, could have the electricity to hold the momentum and cement domestic consumers' self assurance.

at the same time as such a lot of difficult decisions have already been taken, it will be worthwhile to rationalise further the direct tax systems impacting domestic customers. I accept as true with that there's room for development in some of the high earnings tax (IT) provisions meant to incentivise the home shoppers.

Deduction on home mortgage hobby: The IT Act has provisions below which a home purchaser can claim a deduction on home mortgage hobby paid in the direction of an beneath-construction property, in five identical instalments for fivefinancial years. however this deduction is blanketed within the common deduction amount of Rs 2 lakh that you canclaim in a financial yr.

Union Budget 2018 : also, the situation of equal deduction for the duration of five years leaves restricted room for domestic consumers to claim benefit of the cutting-edge yr's interest paid. buyers can claim the advantage handiest after receiving possession of the assets and as a result there may be no gain at some point of the construction duration. Given so many residences are delayed in ownership, the interest factor paid all through production can also end up very high.

pattern this: A domestic consumer pays Rs 7.five lakh over five years of construction duration as hobby in the direction ofhome mortgage. In this case, he can declare Rs 1.five lakh every 12 months, but then this amount is protected inside thebasic limit of Rs 2 lakh, as a result making no good sized impact on his taxable earnings.

To provide relief to home consumers as well as encourage investment in below-creation homes, the authorities should introduce a separate tax advantage for pre-EMI hobby for the duration of the construction length.

Deduction on interest paid after of entirety for allow-out houses: As price range 2017 has imposed a restrict of Rs 2 Lakh on deduction of interest paid for non-self-occupied properties beneath segment 71 of earnings Tax Act, funding in residences for condo have become less appealing. condo housing is an important a part of the housing industry because it gives a roof to individuals who cannot have the funds for their personal homes. To make condo housing extraattractive, the authorities have to increase the restrict to Rs three lakh.

April 1 deadline for GST a stiff target: Jaitley

April 1 deadline for GST a stiff target: Jaitley

Union Finance Minister Arun Jaitley on Wednesday said the April 1, 2017, deadline to roll out the goods and services tax (GST) was stiff, as there were a few hurdles ahead.

He added the Centre and states were “running against time”, and there were issues, which the proposed GST Council needed to address.

“After the notification and constitution of the GST Council, there are obviously some pending issues, which the council will have to resolve. So we have September and October, and, parts of November to do that,” said Jaitley at the The Economist India Summit in the national Capital.

Later, a senior finance ministry official said there were three issues — GST rates, dual control over assessment and scrutiny of assessees, and geographical or area-based exemptions.

“If we are able to successfully transact those issues, the pieces of legislation would be introduced in Parliament in the winter session. Looking ahead, it’s very stiff. We are running against time,” said Jaitley.

More than half the states have ratified the Constitution amendment Bill, passed by Parliament on August 6. Only the President’s assent is left to make it a law.(more)

Employees grievances on 7th CPC to be referred to high-level panel

Employees grievances on 7th CPC to be referred to high-level panel

The government on Wednesday said the concerns raised by central government employees’ unions on the recommendations of the Seventh Pay Commission would be examined by a high-level committee of secretaries.

Representatives from various unions met Home Minister Rajnath Singh, Finance Minister Arun Jaitley and Rail Minister Suresh Prabhu on June 30. “They had requested that certain issues related to the pay scales and other recommendations of the Pay Commission to be raised before a committee of secretaries looking into grievances of employees,” a statement said.

“The ministers assured the union leaders that the issues raised by them would be considered by a high level committee,” it said. Read more.

Black money window: FM Jaitley to meet industry chambers, CAs

Black money window: FM Jaitley to meet industry chambers, CAs

Union Finance Minister Arun Jaitley will meet industry chambers, Chartered Accountants, and other professionals over the four-month window provided to holders of undeclared wealth to come clean.

According to reports, the Finance Minister will clear doubts about the four-month window provided to domestic blackmoney holders to pay their taxes and escape harsher penalties.

The Income Tax Department has already adopted a four-pronged strategy to ensure success of the scheme.

Prime Minister Narendra Modi had earlier warned the black money holders to take advantage of the scheme or face action.

This comes after the Prime Minister during his 'Mann ki Baat' address asked people to declare their undisclosed income by September 30, making it clear that this is the last chance to avoid problems that will follow after the window of opportunity closes.

"It will be better that you take advantage of the window provided and save yourself from the difficulties that you can face after September 30," he said.

Read more

PM Modi ticks off Subramanian Swamy over Raghuram Rajan remarks

PM Modi ticks off Subramanian Swamy over Raghuram Rajan remarks

Prime Minister Narendra Modi today disapproved of party MP Subramanian Swamy's attacks on RBI Governor Raghuram Rajan and some top finance ministry officials saying they are "inappropriate".

Calling Rajan "no less patriotic", he virtually ticked off Swamy saying "if anybody considers himself above the system then it is wrong".

The Prime Minister's comments assume significance in the context of Finance Minister Arun Jaitley and the BJP distancing themselves from Swamy's recent attacks on Rajan, CEAArvind Subramananian and Economic Affairs Secretary Shaktikanta Das.

Swamy also had made some carping comments about Jaitley without taking his name.

"Whether it is in my party or not, still I think such things are inappropriate. This fondness for publicity is never going to do any good to the nation. People should conduct themselves with utmost responsibility. If anybody considers himself above the system, it is wrong," the Prime Minister told Times Now channel in an interview.

Without taking the name of Swamy, Modi was asked about the comments of "your Rajya Sabha MP" in the context of Raghuram Rajan and queried whether it was appropriate.

Even after that there have been criticisms made against very senior government officials, the questioner said recalling Modi's recent counsel to party leaders in Allahabad to maintain balance and restraint in their speech and conduct.

Read more.

Latest developments in India's NSG bid

Latest developments in India's NSG bid

The admission of India into the Nuclear Suppliers Group (NSG) is taking new turns every day. China has now lowered its stance against India's membership by saying that NSG is open to discussing the entry of the countries who have not signed the Non Proliferation Treaty (NPT).

The 48- member club manages the flow of nuclear technology all over the world, with an aim to ensure the non proliferation of nuclear weapons and technologies. India has been vying hard for years to be part of this group as it would help the nation gain access to a plethora of new technologies, reduced depence on conventional sources of energy, among others.

This year with firm support from nations like United States, United Kingdom, Russia, India has a bright chance of getting into NSG. But, Pakistan with the backing of China is hell-bent on blocking this with the argument that the admission of a non-NPT signatory into the group is discriminatory. It says that all the nations who have not signed this treaty should be considered for the entry into the group.

China firmly supports this stand of Pakistan and says that they are not against India's admission to NSG but then Pakistan's membership should also be discussed. Earlier, the Chinese foreign ministry said the issue of India's membership to the 48-member group wasn't even on the agenda of the NSG's plenary meeting in Seoul. On Monday, Chinese Foreign Ministry spokesperson Hua Chunying Beijing said: "We understand that non-NPT countries are concerned about their entry into the NSG. But since NSG is still divided about the issue, so it is still not mature to talk about the entry issue in the annual conference in Seoul."Read more.

Latest developments in India's NSG bid

Latest developments in India's NSG bid

The admission of India into the Nuclear Suppliers Group (NSG) is taking new turns every day. China has now lowered its stance against India's membership by saying that NSG is open to discussing the entry of the countries who have not signed the Non Proliferation Treaty (NPT).

The 48- member club manages the flow of nuclear technology all over the world, with an aim to ensure the non proliferation of nuclear weapons and technologies. India has been vying hard for years to be part of this group as it would help the nation gain access to a plethora of new technologies, reduced depence on conventional sources of energy, among others.

This year with firm support from nations like United States, United Kingdom, Russia, India has a bright chance of getting into NSG. But, Pakistan with the backing of China is hell-bent on blocking this with the argument that the admission of a non-NPT signatory into the group is discriminatory. It says that all the nations who have not signed this treaty should be considered for the entry into the group.

China firmly supports this stand of Pakistan and says that they are not against India's admission to NSG but then Pakistan's membership should also be discussed. Earlier, the Chinese foreign ministry said the issue of India's membership to the 48-member group wasn't even on the agenda of the NSG's plenary meeting in Seoul. On Monday, Chinese Foreign Ministry spokesperson Hua Chunying Beijing said: "We understand that non-NPT countries are concerned about their entry into the NSG. But since NSG is still divided about the issue, so it is still not mature to talk about the entry issue in the annual conference in Seoul."Read more.