Demonetisation Dampens Pay Day, Long Queues Outside Banks, ATMs | December 1, 2016, 9:45 PM IST
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New Delhi: The newly amended Income Tax law will not tax ancestral jewellery and gold that has been purchased out of disclosed income, said government on Thursday.

No seizure of gold jewellery up to 500 gm per from married women, 250 gm per from unmarried and 100 gm from men in I-T searches.

Reliance Industry Limited’s Chairman and Managing Director Mukesh Ambani on Thursday gave Prime Minister Narendra Modi's demonetisation policy a thumb's up during an event celebrating Reliance Jio crossing the 50 million subscriber mark in just 83 days.

He said, with this historic step he has given strongest possible push to digitally enabled economy. He further said that Jio is working to empower Indian merchants by building a digital retail ecosystem which will be called Jio Money Merchant Solutions.

Former Prime Minister H D Deve Gowda, who had implemented a Voluntary Disclosure Scheme (VDS) to unearth black money during his tenure, on Thursday said the present government had carried out demonetisation in a "haphazard" manner causing "unimaginable sufferings" to the people.

Government has cut short the deadline of using old Rs 500 notes at petrol pumps and for buying airline tickets at airports till December 2 instead of December 15 announced earlier.

A day after Pay day, more chaos was witnessed outside bank offices with a large number of people queuing up to withdraw their money.

Stay tuned for more updates.

Dec 1, 2016 7:47 pm (IST)

Dec 1, 2016 7:21 pm (IST)

Bank customers face harassment and inconvenience at various places in Punjab, Haryana and Chandigarh while withdrawing cash on pay day.

Dec 1, 2016 7:15 pm (IST)

Centre's move of demonetisation will augur well for the m-commerce industry in the country and most of the retail commerce will shift to mobile: Report

Dec 1, 2016 7:08 pm (IST)

Police seize cash worth Rs 20 lakh in scrapped Rs 1,000 notes from a vehicle at Vartej crossroads near Bhavnagar district of Gujarat.

Dec 1, 2016 7:00 pm (IST)

Demand for apparels is expected to slowdown in near term following the government's decision to demonetise high value notes: ICRA

Dec 1, 2016 6:10 pm (IST)

IAF is using C-130J and C-17 heavy lift aircrafts to ferry currency notes to various regional centres: Sources

Dec 1, 2016 6:09 pm (IST)

IAF has so far taken 18 sorties to ferry currency notes from Indore (Dewas Bank Note Press), Nashik, Mysore and Salboni: Sources

Dec 1, 2016 6:08 pm (IST)

To ease currency crunch and augment availability, the Indian Air Force (IAF) has so far ferried 270 tonnes of new currency notes in last 10 days: Sources

Dec 1, 2016 5:32 pm (IST)

Income Tax department sleuths recover 5 kg bullion and 6 kg jewellery from Bengaluru.

Dec 1, 2016 5:30 pm (IST)

IT dept seizes over Rs 5 crore in new currency notes after searches in premises of two contractors and two engineers.

Dec 1, 2016 5:26 pm (IST)

Supply of LPG continues to be in the exempted category for the purpose of payment through old Rs 500 bank notes.

Dec 1, 2016 5:26 pm (IST)

With effect from the midnight of December 2, 2016, old Rs 500 bank notes will not be accepted at petrol, diesel and gas outlets of public sector oil and gas marketing companies as well as for purchase of air tickets at airports.

Dec 1, 2016 5:25 pm (IST)

Dec 1, 2016 5:25 pm (IST)

Dec 1, 2016 5:24 pm (IST)

PM was sitting in House ... We were ready for discussion. Why Opposition is running away from discussion. We disapprove hacking of Rahul Gandhi's Twitter account, says Ravi Shankar Prasad

Dec 1, 2016 5:19 pm (IST)

Congress is misleading country by saying internet banking is not secure. Congress is huffing and puffing the way people are supporting Modi over demonetisation, says Union Law Minister Ravi Shankar Prasad

Dec 1, 2016 5:16 pm (IST)

This demonetisation will result into jobless economy, says Congress

Dec 1, 2016 5:15 pm (IST)

Retailers are suffering as a result big players like Walmart will gain, says Congress

Dec 1, 2016 5:08 pm (IST)

IT department seizes over Rs 4 crore in new currency notes after searches in premises of two individuals in Bengaluru.

Dec 1, 2016 4:38 pm (IST)

GST will bring down inflation, says Arun Jaitley

Dec 1, 2016 4:33 pm (IST)

Apart from neta and media, everything else has changed in the country (Neta aur media waale nahi badle, iske alawa desh mein sab badal gaya): Jaitley

Dec 1, 2016 4:30 pm (IST)

Those who are honest are getting benefit from demonetisation, says Arun Jaitley

Dec 1, 2016 4:21 pm (IST)

GST and Demonetisation would be game changer in Indian economy and it might take a quarter or two for the results to be seen, says Arun Jaitley

Dec 1, 2016 4:09 pm (IST)

Former Prime Minister H D Deve Gowda will meet President on Thursday at 6pm along with other opposition leaders on the issue of demonatisation and amendment to I T act

Dec 1, 2016 3:23 pm (IST)

Dec 1, 2016 3:22 pm (IST)

Dec 1, 2016 3:14 pm (IST)

Dec 1, 2016 2:47 pm (IST)

Some changes which are now taking place, look difficult in immediate context but have huge potential to bring change in long run: Arun Jaitley

Dec 1, 2016 2:46 pm (IST)

I thank Odisha CM for support in recent changes, one is of the currency and other is Goods & Services Tax: Arun Jaitley in Bhubaneshwar

Dec 1, 2016 2:46 pm (IST)

Finance Minister Arun Jaitley speaks at 'Make in Odisha Conclave.'

Dec 1, 2016 2:01 pm (IST)

With this historic step PM Modi has given strongest possible push to digitally enabled economy: Mukesh Ambani on demonetisation

Dec 1, 2016 1:58 pm (IST)

By introducing demonetisation our PM has given us a cashless optimal economy, everybody has a digital ATM in hand now: Mukesh Ambani

Dec 1, 2016 1:57 pm (IST)

Today, I would like to congratulate Prime Minister Narendra Modi ji's bold and historic decision to demonetise old currency: Mukesh Ambani

Dec 1, 2016 1:27 pm (IST)

Dec 1, 2016 1:01 pm (IST)

BofA cuts FY17 growth forecast to 6.9% amid demonetisation

Dec 1, 2016 12:46 pm (IST)

Akhilesh Yadav accuses Centre of stopping economic growth of the country by demonetisation. "Economy will not grow if people don't spend money," he said

Dec 1, 2016 12:27 pm (IST)

Lok Sabha adjourned for the day due to unabated Opposition protests over demonetisation

Dec 1, 2016 12:24 pm (IST)

Demonetisation carried out in 'haphazard' manner, says HD Deve Gowda

Dec 1, 2016 12:22 pm (IST)

Dec 1, 2016 12:14 pm (IST)

Dec 1, 2016 12:14 pm (IST)

TMC demands discussion over note ban in Lok Sabha 

Dec 1, 2016 12:11 pm (IST)

Demonetisation should be discussed under rule 56, says JP Yadav

Dec 1, 2016 11:51 am (IST)

Lok Sabha adjourned till noon due to Opposition protests over demonetisation.

Dec 1, 2016 11:28 am (IST)

Manufacturing sector Growth in November hit My Demonetisation: PMI

Dec 1, 2016 11:18 am (IST)

Ruckus over demonetisation in Rajya Sabha

Dec 1, 2016 10:44 am (IST)

According to reports one of the major reasons for the cash crunch is the lack of adequate Rs 500 notes.

Dec 1, 2016 10:39 am (IST)

Dec 1, 2016 10:23 am (IST)

Old Rs 500 notes at petrol pumps and for airline tickets will be accepted till December 2 as against December 15 announced earlier: PTI

Dec 1, 2016 10:13 am (IST)

Officials who don't have bank accounts, special camps for opening new accounts are being set up, said government sources


Dec 1, 2016 10:11 am (IST)

Dec 1, 2016 10:05 am (IST)

Bank branches which have salary accounts or pension accounts will be provided with 20-30 percent extra cash in comparison to daily requirements. 

Dec 1, 2016 10:01 am (IST)

RBI to step adequate supply till December 7th to meet pay day demands. 

Dec 1, 2016 9:56 am (IST)

Government sources: RBI to step up liquidity push from late today evening.

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