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Normal life was disrupted after Prime Minister Narendra Modi, all of a sudden, announced demonetisation and scrapped old banknotes of Rs 500 and Rs 1000. 
 
Since the time of the announcement, the whole nation went into tizzy as the Indian government the public very little time to exchange old currency with new bank notes. 
 The step taken to fight <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword> and hoarding of unaccounted wealth has caused huge discomfort to people, especially those who do not have bank accounts. 
 
Even the banks and ATMs are failing in meeting demands of people. The government and the Reserve Bank of India (RBI) are doing everything they can to minimise the inconvenience. 
 
Here are the 8 latest developments in the demonetisation story so far 
 
 
(Images: Reuters/Indiatimes)

8
latest developments in demonetisation so far

<ul><li>
Moody's upgraded India in November 2017, a year after demonetisation, but economic growth has hit a six-year low since then.</li><li>Those who invested based on Moody's upgrade of India would have risked huge losses.</li><li>The current cut in outlook for Indian economy has come after a series of measures by the government to stimulate investment and demand.</li><li>Was 2017 too soon to upgrade India’s credit rating or is 2019 too late to tell people that prospects are bleak?</li></ul>Exactly one year after demonetisation, global credit rating agency Moody’s upgraded India with a ringing endorsement of Prime Minister Narendra Modi’s reforms. But today, three years hence, Moody’s cut the outlook on India’s economic prospects to ‘negative’. Interestingly, the latest cut has come after weeks of continued efforts⁠— from cut in corporate taxes to merging large banks, creating a rescue fund for cash-strapped builders, and other stimulus measures⁠— by the Modi government to revive the economy from the doldrums. However, according to many economists, the current economic slowdown in India has its roots in the ill-advised demonetisation in November 2016, when Prime Minister Modi, in one stroke, banned 86% of all cash circulating in the country. Soon after the note ban came a well-intended but poorly executed rollout of the Goods and Services Tax (GST). Together, they threw the business, payments, and credit cycles for small businesses in the country into complete disarray. But that is when Moody’s upgraded India. The Finance Ministry then celebrated as an endorsement of the ‘Modinomics’. 
	
	
	
	
	<div type="twitter" handle="adhia03" handlename="Dr Hasmukh Adhia" image="http://pbs.twimg.com/profile_images/2925511197/d32f3db60b1b3dc824c5a8befab0f651_normal.jpeg" favoritecount="308" retweetcount="122" status="2/3 The path that Government has chosen for long term reforms and fiscal consolidation is well recognised by investors already." createdat="1510887219000" id="931354618977665024"></div>











 However, as Sensex hit new highs in recent days, expecting a windfall for companies from the recent tax cuts and other measures intended to revive the economy, Moody’s has cut the outlook. Not surprisingly, the Finance Ministry hit back immediately. Just like growth projections, credit ratings are important. It plays a part in an investor’s decision on whether to invest more in a country. It moves borrowing rates on foreign loans. But as <a href="https://www.business-standard.com/article/economy-policy/imf-s-growth-projections-are-80-wrong-eac-pm-member-rathin-roy-117101100846_1.html">pointed out often</a>, the GDP projections⁠— even by reputed institutions like the International Monetary Fund (IMF) ⁠— have been amiss more often than not. In the case of Moody’s, those who invested based on the upgrade in November 2017, a year after demonetisation, must have risked huge losses as the economic growth since then slowed down sharply to a six-year low at the end of June 2019. And the slowdown has been broad-based across sectors like textiles, automobiles, aviation, consumption and many more. 
 
 
 
 
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 While not one data point or factor determine ratings or outlook, the question remains in front of Moody's: was 2017 too soon to upgrade India’s credit rating or is 2019 too late to tell people that prospects are bleak? SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/moodys-changes-outlook-on-india-to-negative/articleshow/71966087.cms">Moody's says India's tax cuts, realty rescue, and bailouts are not enough to beat the slowdown</a> <a href="https://www.businessinsider.in/recession-in-india-searches-spike-as-gdp-growth-hits-a-six-year-low/articleshow/70922461.cms">Indians were fearing recession even before data showed that GDP growth hit a six-year low</a>

Upgrade post demonetisation, downgrade post tax cuts⁠— Moody's mood swings expose the economist’s inertia

<ul><li>There are over 1.600 housing projects, and 4.58 lakh housing units, that are stalled.</li><li>The Narendra Modi cabinet approved a ₹10,000 crore fund for distressed housing projects, and SBI and LIC will pool in another ₹15,000 crore.</li><li>A special window will be created and it will be structured as an alternative investment fund.</li></ul>The Narendra Modi government will provide ₹10,000 crore through a special window to revive stuck housing projects. This fund will be structured as an alternative investment fund under <keyword id="685088" type="ORGANIZATION" weightage="20" keywordseo="SBI-Cap">SBI Cap</keyword>. The country's largest bank, the State Bank of India (SBI), and the state-owned insurer, the Life Insurance Corporation (LIC), will bring in additional funds, taking the initial corpus to ₹25,0000 crore. This will provide relief to thousands of aggrieved home buyers who have been waiting anxiously for their homes to be delivered because the builders have run out of cash. "There are over 1.600 housing projects, and 4.58 lakh housing units, that are stalled," <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> said as she unveiled the latest decision by the Union Cabinet. Even projects that have defaulted on loans will be eligible, contrary to expectations in the run up to the decision. "Any project that has not been sent for liquidation by the bankruptcy court are also eligible" Sitharaman said. The fund is largely targeting middle and low income housing projects whose net worth is in the positive. <div type="Article" hostid="261" msid="71942852" title="Know if the home that you are waiting for can avail money from Indian government's new fund for stuck housing projects" mstype="2" mssubtype="0"></div>

 "80% of all stuck housing projects will benefit from this announcement," Samir Jasuja of PropEquity told a television channel. According to Jasuja, out of the 4.8 lakh housing units, nearly 3 lakh units are either in the national capital region around New Delhi or in the Mumbai Metropolitan region. 
 
 
 
 
 
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 The fund provided to developers will be kept in an escrow account— the money cannot be used by the developer for anything other than the construction of the project itself, nor can the bank use the money to recover earlier dues, the minister clarified. The calculation of net worth will be specific to the project, not at the company level. "If there are three towers in a project, and one of them is 70% is complete, and the other two haven't started yet. The money will be available only for the tower that is 70% complete not for the other two," Sitharaman explained. For instance, if the project needs ₹400 crore for completion, the money will be released to the escrow account based on milestones in completion. The real estate sector has already welcomed the decision when it was being discussed as a possibility. Finance Minister Nirmala Sitharaman also said that the government is inviting other foreign funds and sovereign funds to invest in the fund, over and above the initial ₹25,000 crore from the government of India, SBI and LIC. "I rather retrieve projects that are awaiting resolution at the NCLT (National Company Law Tribunal), get them out of there," Sitharaman said explaining the structure of the rescue fund. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/not-just-slowdown-indian-homes-sales-are-brought-down-by-shraadh-custom-and-heavy-rains/articleshow/71375256.cms" data-type="tilCustomLink" target="_blank">Not just slowdown, Indian homes sales are brought down by 'Shraadh' custom and heavy rains</a> <a href="https://www.businessinsider.in/luxury-housing-rebounds-in-india-with-almost-three-times-more-launches-after-two-years/articleshow/70584923.cms" data-type="tilCustomLink" target="_blank">Luxury housing rebounds in India with almost three times more launches after two years</a>

Indian government unveils $3.5 billion rescue fund for stuck housing projects

In a bid to promote cashless and digital economy,<a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate"> Prime Minister Narendra Modi </a>announced <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a> on November 08. The sudden declaration on televisions in the evening came as a cash shock to people, who are still facing problems and lining outside banks and ATMs to withdraw. 
 Modi scrapped old Rs 500 and Rs 1000 notes, saying this will crack a whip on black money hoarders and encourage more and more Indians to open bank accounts. Since <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword>, banks have received at least Rs 6 trillion and this figure is likely to go up. 
 Amid all these, many sectors were hit as people faced <keyword id="6380684" type="UNKNOWN" weightage="20" keywordseo="cash-Crunch">cash crunch</keyword> and did not have new notes to spend. Sales of daily and luxury items were also hit due to demonetisation. 
 Here are few sectors that have been impacted due to <keyword id="6355611" type="UNKNOWN" weightage="20" keywordseo="Note-ban">note ban</keyword> 
 
 
 
(Images: Indiatimes/Reuters)

These 5 sectors are badly hit due to demonetisation

The Election Commission strongly reacted after the Indian government announced use of <a href="http://www.businessinsider.in/searchresult.cms?query=indelible+ink&amp;sortorder=effectivedate">indelible ink</a> so that people do not withdraw from multiple banks. 
 The election body has written to the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">finance ministry</keyword> raising objections as several states will be going for polls. 
 
Meanwhile, woes of the common man increased after the government reduced the limit of exchange of notes from Rs 4500 to Rs 2,000. 
 Many opposition parties such as Aam Aadmi Party (AAP) and Trinamool Congress have united against <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword>. 
 
Here are 10 latest developments in the <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation </a>so far 
 
 
 
(Images: Reuters/Indiatimes)

Demonetisation: Election Commission opposes use of indelible ink in banks. Here are today’s 10 latest developments

The Prime Minister Narendra Modi-led Indian government stopped exchange of old Rs 500 and Rs 1000 notes in bank counters and has only allowed the exchange to happen at the counter of the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>). 
 
The government extended the deadline of exemptions till December 15, which means petrol pumps, state-run hospitals will continue to accept the old notes till then. You can also pay your water and electricity bills till December 15 with old banknotes. 
 
Although the exchange has stopped at the bank counters, you can only deposit old banknotes till Dec 31. The current limit of withdrawal of upto Rs. 24,000 per week per bank account remains unchanged. 
 
You can withdraw upto Rs. 2,500 a day per card from the ATMs. 
 
The RBI has doubled the limit on digital transactions through e-wallets like Paytm to Rs. 20,000 per month.

Demonetisation: You can exchange old notes only at RBI counter till Dec 31

<ul><li>The ‘super star’ from Tamil Nadu is slowly transitioning into a politician ahead of the assembly election next year. </li><li>As one of Asia’s highest-paid actors, Rajinikanth’s popularity is beyond question but there is lack of clarity in what he stands for. </li><li>As a politician focussed on Tamil Nadu, he is trying to keep himself away from the BJP but is barely managing to. </li></ul>Rajinikanth, the ‘Super Star’ from Tamil Nadu, is slowly transitioning into a politician with an eye on the upcoming state assembly polls in 2021. So far, the only thing clearly known about Rajinikanth’s political stance is that it will be rooted in ‘spirituality’. For everything, the actor, known for his style and stunts, has done a volte face. Yet, he seems to have too much in common with the Bharatiya Janata Party (BJP) and Prime Minister Narendra Modi who have very little traction among the people in Tamil Nadu. Modi featured on the Discovery show Man vs Wild hosted by Bear Grylls just days before the national elections in 2019 and Rajinikanth is set to do the same this year. But that is not the only thing they have in common. In the last few years, there have been multiple occasions ⁠— from his support for demonetisation to his stand on the Sterlite shootings to his recent attack on a iconic social reformer, Periyar ⁠— Rajinikanth has found himself on the same side of the debate as the BJP. Something that his rivals never fail to highlight. <div type="image" title="Chennai: Union Home Minister Amit Shah with actor Rajinikanth during the release..." msid="73721594" hostid="261" caption="&amp;lt;p&amp;gt;Union Home Minister Amit Shah with actor Rajinikanth during the release of the book &amp;quot;Listening, Learning and Leading&amp;quot;, a chronicle of the Vice President of India&amp;#39;s two years in office, at a function in Chennai.Photo) (&amp;lt;/p&amp;gt;"></div>

 “Hats off to Modiji” When the ill-advised demonetisation was announced on November 8, 2016, Rajinikanth was elated. <div type="twitter" handle="rajinikanth" handlename="Rajinikanth" image="http://pbs.twimg.com/profile_images/980000107415314432/pJ3ANCkn_normal.jpg" favoritecount="72691" retweetcount="37187" status="Hats off @narendramodi ji. New india is born #JaiHind" createdat="1478625887000" id="796040786965991424"></div>

 A couple of years later, he had to eat his earlier words. In November 2018, <a href="https://www.financialexpress.com/india-news/govt-should-have-announced-demonetisation-after-detailed-research-says-rajinikanth/1379833/">he reportedly said</a> the government should have done a ‘detailed research’ and the implementation of the note ban was ‘wrong’. The Sterlite faux pas <div type="image" title="rajinikant at sterlite protest" msid="73721635" hostid="261" caption="&amp;lt;p&amp;gt;Rajinikanth blamed &amp;#39;anti-social elements&amp;#39; for the protests against Sterlite copper smelter in Tuticorin after 14 people died in police firing. The super star had to eat his words later.&amp;lt;/p&amp;gt;"></div>

 In May 2018, Rajinikanth landed in Tuticorin where protests against the Sterlite copper smelter were peaking, and 14 people had been killed by police bullets. But <a href="https://www.youtube.com/watch?v=ip3CMKK1_r8">the actor’s comments blaming</a> ‘anti-social elements’ were seen as justifying the action of the state, which is ruled by the BJP-friendly All India Anna Dravida Munnetra Kazhagam (AIADMK). Few months later, he had to call it <a href="https://www.youtube.com/watch?v=vtB19xd6V48">the ‘government’s failure’</a>. Saffron or not? As a politician focussed on Tamil Nadu, Rajinikanth is trying to keep himself away from the BJP but is barely managing to. Thiruvalluvar is an ancient Tamil poet and philosopher whose faith is not clear. The Dravidian parties have portrayed him as a Jain saint. The recent attempt by the BJP to appropriate the historic icon as a Hindu resulted in another controversy. Rajini, as his fans often refer to him, claimed that <a href="https://timesofindia.indiatimes.com/city/chennai/thiruvalluvar-and-i-wont-get-caught-in-bjps-saffronisation-bid-rajinikanth-says/articleshow/71968243.cms">‘neither Thiruvalluvar nor him can be trapped in saffron’</a>. 
	<div type="image" title="thiruvalluvar saffron" msid="73721951" hostid="261" caption="&amp;lt;p&amp;gt;Thiruvalluvar is an ancient Tamil poet and philosopher, commonly believed to be a Jain saint from Tamil Nadu, popular for his couplets called &amp;lt;em&amp;gt;Thirukkural &amp;lt;/em&amp;gt;which are seen as guiding principles for life by the Tamil people. &amp;lt;/p&amp;gt;"></div>

 However, just this month, in his speech at the 50th anniversary of an iconic Tamil magazine, Tughlak ⁠— known for its satire and hard-hitting take on controversial issues, and its bellwether editor the Late Cho Ramaswamy⁠— the ‘super star’ ended up making <a href="https://timesofindia.indiatimes.com/india/rajini-stirs-a-storm-with-periyar-remark/articleshow/73503264.cms">a controversial comment</a> that has landed him court. <div type="image" title="rajinikanth at tughlak event" msid="73721384" hostid="261" caption="&amp;lt;p&amp;gt;In his speech at the 50th anniversary of an iconic Tamil magazine, Tughlak, Rajinikanth ended up making &amp;lt;a href=&amp;quot;https://timesofindia.indiatimes.com/india/rajini-stirs-a-storm-with-periyar-remark/articleshow/73503264.cms&amp;quot;&amp;gt;a controversial comment&amp;lt;/a&amp;gt; against Periyar that has landed him court. He was sharing the stage with Vice President and BJP leader, Venkaiah Naidu, as well as RSS ideologue S Gurumurthy .&amp;lt;/p&amp;gt;"></div>

 His statements are being portrayed as an attack on Periyar, much like the barbs from H Raja, one of BJP’s top faces in Tamil Nadu. So far, the demigod has <a href="https://theprint.in/opinion/newsmaker-of-the-week/rajinikanth-not-apologising-for-periyar-remark-will-show-where-tamil-nadu-politics-is-headed/354350/">refused to apologise</a>. Rival Dravida Munnetra Kahagam (DMK), led by MK Stalin, which was at the receiving end of Rajinikanth’s barb, has still not mounted a strong protest ⁠— possibly to avoid giving the actor the mileage that he is gunning for. The state election in Tamil Nadu in 2021 For six decades, the politics in Tamil Nadu has been dominated by the Dravidian ideology, which barfs at majoritarianism unlike the Hindutva espoused by the BJP. However, there is some fatigue, growing discontent with the corruption, is a vacuum in leadership with the passing away of iconic leaders like J Jayalalithaa and M Karunanidhi. There is a growing clamour for change. Aside from the need for change, what works for Rajinikanth is the unprecedented popularity, and the fact that there aren’t any rival leaders of his stature. But it is still not conclusive if the people will accept BJP or its allies. <div type="image" title="rajinikant politics" msid="73721646" hostid="261" caption="&amp;lt;p&amp;gt;Actor Rajinikanth, who has announced his intent to contest the assembly polls, greets his fans after unveiling a statue of former chief minister MG Ramachandran at the Dr MGR Educational and Research Institute in Chennai on Monday.05-03-2018&amp;lt;/p&amp;gt;"></div>

 The current economic slowdown too, has affected voter sentiment against the Modi government. <div type="Article" hostid="261" msid="72294625" title="India’s GDP growth is as bad as the worst estimates ⁠— as the economy slows down for the fifth quarter in a row" mstype="2" mssubtype="0"></div>
 Rajinikanth’s experience with Bear Grylls may give him some perspective on the ‘law of the jungle’, which may be useful in political manoeuvres. But only a clearly expressed political stance, whether it is in sync with BJP or not, will help garner votes. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/kamal-haasan-net-worth-and-his-finances-after-2-years-in-politics/articleshow/73290359.cms" data-type="tilCustomLink" target="_blank">Kamal Haasan's ₹25 crore loan revealed a lot about his finances after nearly 2 years in politics</a>

Rajinikanth’s shared interests with Narendra Modi goes beyond Bear Grylls’ Man vs Wild

<ul><li>Another shocking scoop from Business Standard showed that the Narendra Modi government did not release a report that showed economy in distress.</li><li>India's consumer spending fell for the first time in four decades according to a survey approved for release in June 2019, but is yet to hit the public domain.</li><li>This is the second time a similar allegation has been made against the government; another NSO survey on rising unemployment was held back from release by the government until the elections were over.</li></ul>Another shocking scoop from Business Standard showed may have the Narendra Modi government firefighting. A scoop from Somesh Jha said that the Indian government did not release a report that showed economy in distress. India's consumer spending fell for the first time in four decades according to a survey approved for release in June 2019, but is yet to hit the public domain. According to the report, the money spent by a household in consumption fell from ₹1,501 a month in 2011-12 to ₹1,446 a month in 2017-18. This is the second time a similar allegation has been made against the government; another National Sample Office (NSO) survey on rising unemployment was held back from release by the government until the elections were over. The survey was conducted between July 2017 and June 2018, eight months after demonetisation and during the rollout of the Goods and Services Tax (GST), and it is hardly surprising. The slowdown in the economy has been palpable and spoken of by various economists and market watchers ad nauseam. But the government decided to hold back the report until it was reported in Business Standard today. According to the latest report cited by the daily, money spent on consumption fell 8.8% in rural areas. This fall has been visible in slowing volume of growth of giants like Hindustan Unilever, Marico, Parle G etc. in recent quarters, which make a bulk of their earnings from smaller towns and villages. The falling growth in wages, particularly in rural India, is a big reason why people turned penny wise. 
 
 
 
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 While the overall spending in urban areas rose 2% in the said period of 12 month, there was a marked fall in money spent on cereals, sugar, salt, spices, and pulses etc. in both the cities and villages. SEE ALSO: <a href="https://www.businessinsider.in/a-hidden-jobs-survey-in-india-casts-doubt-on-data-integrity-under-narendra-modi-government/articleshow/67750383.cms" data-type="tilCustomLink" target="_blank">Modi government has a hidden jobs report — say two independent bureaucrats who just quit</a>

Indian government hid another survey that showed fall in consumer spending for the first time in four decades: Report

55-year old Imran is a watchman in one of the residential buildings in suburban Mumbai. He sleeps on the same chair he sits on to guard the building and uses the common toilet in the parking lot to clean up. He works two shifts a day of 12 hours each, for a total salary of ₹13,500. If he had worked one shift a day, he would have got ₹7,000 a month and would have had to find himself an accommodation. He would rather send nearly all his earnings to his family in a village in Uttar Pradesh than rent a room in Mumbai. Imran was blissfully unaware of the ongoing trend on Twitter where leaders of the Bharatiya Janata Party (BJP), led by Prime Minister Narendra Modi, and their supporters have prefixed the word 'chowkidar' to their profile names. Chowkidar is the Hindi word for watchman or security guard and it has since become a buzzword on social media. When told about his humble job being at the centre of the country's political discourse ahead of the elections, Imran's first reaction was that of amusement. "Wasn't it chaiwala the last time?" he asked with a smirk and thinly veiled sarcasm. 'Chaiwala' is what Indians call the local tea vendor in Hindi. Modi's claim to fame in the run up to the 2014 elections was that he had worked in his father's tea stall in Gujarat as a child. He used his humble origins effectively as he challenged the country's political royalty-- the Gandhi family which has sent three Prime Ministers in the past-- and caught the fancy of an aspiring voter base. At the same time, a series of corruption charges against the Congress-led United Progressive Alliance (UPA) tilted the scale further in Modi's favour and the BJP swept the elections with a majority in Lok Sabha, the lower house of Indian Parliament. This was the first time any party had managed to score a full majority in India's Parliamentary elections since 1984. Modi is banking once again on a strategy that worked for him five years ago. The word 'chowkidar' has been bandied around by BJP leaders pitching Modi as a man of strength but someone who lacks political pedigree. That can hardly be true for a person who has been a politician for over two decades, a chief minister for three terms, and currently, the prime minister seeking re-election. The playbook-- underdog versus the entitled-- is as old as time but no one has claimed the 'underdog' tag effectively after the first surprise. But Modi is giving it another shot And in this battle of catchphrases, Modi may have an upper hand over his rivals. First of all, the move has either distracted or diluted the debate on more pressing issues like the economy, policies, and unemployment. Modi's rivals are essentially talking about things that he wants them to talk about. While charging the government with corruption, senior Congress leaders have tweeted '<keyword id="6895071" type="UNKNOWN" weightage="20" keywordseo="Chowkidar-chor-hai">chowkidar chor hai</keyword>' or 'the watchman is the thief'. However, by referring to Modi as the watchman repeatedly, even in slander, the opposition is unwittingly fortifying the image he wants: a strongman of a humble background who is guarding the country not just from adversaries across the borders but also keeping a watch on home-grown muggers looking for a way out to safety. For example, the opposition is mocking Modi citing the government's failure to stop billionaire fugitives like Vijay Mallya, Nirav Modi, and Mehul Choksi with unpaid loans and alleged bank frauds to their name from leaving the country. However, even if one of the three are nabbed ahead of the elections, it will be forgotten that each of the three businessmen, with close ties to the BJP in the past, did mysteriously escape from the country. The time spent on countering the chowkidar claim could have been used to question the government on its economic blunders like demonetisation, the troubles of the small enterprises, and the rise in unemployment in the last five years. In the run up to the 2014 elections as well as in every state election thereafter wherever the BJP was the challenger, Modi had, in no uncertain terms, demanded an account of the incumbent government's performance. He would set the agenda and let the party in power respond. The strategy has been so successful that BJP is now in power in 17 out 29 Indian states. Instead of holding him to account for the last five years, his rivals are following Modi's lead in political rhetoric. This hollow, partisan, inconsequential, farcical political debate is a lost opportunity for the opposition. Over a 1,300 kilometres away from Mumbai in Gurgaon, Kabir (name changed on request), gets paid ₹15,000 for a 12-hour shift as a watchman. That's more than twice that of Imran, but it's still not enough for him to run a family comfortably. Kabir had seen the rhetoric around watchmen in India on news television and he saw hope. "The PM is one of us and he will improve our working conditions after he wins the elections," he said. In the words of Emily Dickinson, hope is the thing with feathers. SEE ALSO:<a href="https://www.businessinsider.in/elections-2019-latest-opinion-poll-pegs-unemployment-as-the-biggest-issue/articleshow/68475510.cms" data-type="tilCustomLink" target="_blank">Modi may not take the fall for rising unemployment in India, latest opinion poll shows</a> <a href="https://www.businessinsider.in/general-elections-2019-vvpat-how-to-verify-vote/articleshow/68475130.cms">Here’s how you can verify your vote using VVPAT</a> <a href="https://www.businessinsider.in/is-indias-2019-election-really-a-foregone-conclusion/articleshow/68423465.cms">Is India's 2019 election really a foregone conclusion?</a>

The humble security guard at the centre of India’s election debate is a sign that Modi is still setting the agenda

<ul><li>The Pulwama terror attack may set back any possibility of peace talks between India and Pakistan. </li><li>Indian government’s policy towards Pakistan has been inconsistent so far. </li><li>The sting of the Indian rhetoric against Pakistan has been more consistent on Twitter than at the level of the government. </li><li>However, neither India’s spurts of aggression nor its periodic pacifism have changed Pakistan’s patronage for terror groups. </li></ul>Forty five paramilitary soldiers lost their lives in Pulwama, Kashmir on Thursday in a terror attack, which Prime Minister Narendra Modi called ‘dastardly’, and Finance Minister Arun Jaitley promised an ‘<a href="https://www.businessinsider.in/pulwama-attack-on-crpf-in-kashmir-condemned-by-pm-modi/articleshow/67997003.cms" data-type="tilCustomLink" target="_blank">unforgettable lesson</a>’ for the perpetrators. “A befitting reply will be given to the perpetrators of the heinous attack and their patrons,” the Indian prime minister <a href="https://twitter.com/narendramodi/status/1096293506048380928" data-type="tilCustomLink" target="_blank">said</a> on Friday. The Indian government is blaming Pakistan-- Islamabad has <a href="https://www.businessinsider.in/jaish-e-mohammad-from-pakistan-kills-45-indian-soldiers-but-government-denies-link/articleshow/68003080.cms" data-type="tilCustomLink" target="_blank">denied</a> any links-- for enabling the terrorists behind the deadly attacks in Kashmir. India has <a href="https://www.businessinsider.in/india-revokes-most-favoured-nation-status-to-pakistan-after-pulwama-attack/articleshow/68004958.cms" data-type="tilCustomLink" target="_blank">revoked</a> the most favoured nation status-- which offers beneficial trade terms-- given to Pakistan in the wake of the attacks in Pulwama. However, aside from the reactionary outbursts soon after such attacks in the recent past, India’s policy, towards its troublesome neighbour on the West, has appeared incoherent and inconsistent. A similar attack in Uri, Kashmir in 2016 led to the ‘<a href="https://www.nytimes.com/2016/09/30/world/asia/kashmir-india-pakistan.html">surgical strikes</a>’ by the Indian army across the Line of Control, in Pakistan-occupied- Kashmir, in September 2016. The move helped establish Indian Prime Minister Narendra Modi as a strongman who would wait and watch as Pakistan used ‘terrorists’ as a state tool of aggression against India. This was<a href="https://www.outlookindia.com/website/story/2016-surgical-strike-was-not-indias-first-here-are-the-previous-ones/313158"> not the first</a> such attack by the Indian army, but it was definitely the most publicised one. The propaganda was so effective that the wave of appreciation for Modi’s courage swept over the<a href="https://www.bbc.com/news/world-asia-india-41896865"> ill-conceived demonetisation</a> initiative that brought the country’s economy to a grinding halt. It even won the Bharatiya Janata Party (BJP) key state elections, which followed soon after. The surgical strikes even inspired a movie, Uri, two years later, in January 2018. The slick blockbuster sparked widespread jingoism in India and the BJP milked it well for political gains. The many flip-flops The man who, before becoming prime minister, asserted that the Indian government should respond in the same ‘language’ – that of violence – as the one that Pakistan uses, turned very cordial soon after he was elected. Modi got accolades for his statesmanship when he<a href="https://timesofindia.indiatimes.com/news/Sharif-other-Saarc-heads-invited-for-Modi-swearing-in/articleshow/35452933.cms"> invited</a> Pakistan’s head of state Nawaz Sharif for the swearing in ceremony in May 2014. Three months later, Modi<a href="https://www.dawn.com/news/1126123"> cancelled</a> the scheduled foreign-secretary level talks citing a meeting between the Pakistani high commissioner to India and the Kashmiri separatist Hurriyat group. The next flip flop happened in December 2014, when Modi<a href="https://indianexpress.com/article/india/india-news-india/pm-modi-lands-in-lahore-on-a-surprise-visit-meets-pak-pm-nawaz-sharif/"> flew impromptu</a> to Lahore to dine at Sharif’s home when the latter’s daughter was getting wedded, and hope floated that the rapport between the two leaders may calm the tensions between the two nations fighting over shared borders for nearly seven decades now. However, within ten days of the famed meeting of the two leaders, terrorists from the Pakistan-based Jaish-e-Mohammad attacked a military base in Pathankot, Punjab killing 7 Indian soldiers and one civilian. The conversations between the two governments stopped and Modi’s poise turned icy. What followed was a rise in cross-border firings as well as a marked-up call to global allies to ‘<a href="https://www.ft.com/content/bb7592de-82e3-11e6-8897-2359a58ac7a5">isolate</a>’ Pakistan in international forums. That was 2016 and 2017. In November 2018, the two countries agreed to build a cross-border<a href="https://www.hindustantimes.com/india-news/india-pak-to-build-corridor-for-sikh-pilgrims-to-visit-iconic-gurdwara/story-HV7Zgu8jh1VSDMNNqwbmCL.html"> corridor</a> that would allow Sikhs to visit a holy shrine, which is devoted to the religion’s founder Guru Nanak, situated in Pakistan. Less than a month before the hand shakes on the Kartapur corridor, representatives from the two countries had a heated exchange at the<a href="https://thediplomat.com/2018/09/an-india-pakistan-showdown-at-the-united-nations-73rd-general-assembly/"> United Nations</a> General Assembly. Cut to the new year, and Modi was a lot more considerate in his answer to the question on his stance towards Pakistan. “It will be a huge mistake to believe that Pakistan will mend its ways after a war. It will take a lot of time for Pakistan to mend its ways,” the Indian prime minister said in an<a href="https://www.thehindu.com/news/national/pakistan-would-take-a-lot-of-time-to-mend-its-ways-narendra-modi/article25881945.ece"> interview</a> on January 1. Weeks after the stately view on Pakistan, Modi today, after the latest attack, <a href="https://timesofindia.indiatimes.com/india/pulwama-terror-attack-live-updates-several-crpf-personnel-martyred-in-jammu-and-kashmirs-pulwama-district/liveblog/67994460.cms">said</a> that the Indian security forces have been ‘given full freedom’. India is a lot more polarised today on many issues, none more common than nationalism. The idea of patriotism and the plight of Indian soldiers facing the enemy at the western border have been contentious issues among the country’s citizens—both on social media and in personal interactions—and the credit goes to the BJP for making the debate ubiquitous. However, in hindsight, the sting of the Indian rhetoric against Pakistan has been more consistent on Twitter than at the level of the government. Neither India’s aggression nor its pacifist attitude has had any impact on Pakistan’s approach. Ceasefire violations have increased six fold between 2015 and 2018, according to a government<a href="https://scroll.in/article/888719/data-check-already-more-ceasefire-violations-along-line-of-control-this-year-than-all-of-2017"> data</a> released in July 2018. SEE ALSO: <a href="https://www.businessinsider.in/india-revokes-most-favoured-nation-status-to-pakistan-after-pulwama-attack/articleshow/68004958.cms">India revokes Most Favoured Nation status to Pakistan after Pulwama attack</a> <a href="https://www.businessinsider.in/terror-attack-in-kashmir-condemned-by-several-countries/articleshow/68003200.cms">US, Russia, France among countries to condemn terror attack in Kashmir</a>

Indian government is raging at Pakistan again—here's a look at its policy so far

The monthly average housing sales fell 40 per cent during November-December period in the top nine cities as customers deferred their decision to buy homes on expectation of fall in prices after the demonetisation move, according to realty portal PropTiger.com. 
 
The News Corp-backed portal, which recently merged Housing.com with itself, tracks primary residential markets of nine cities -- Gurgaon, Noida, Mumbai, Pune, Bengaluru, Hyderabad, Chennai, Kolkata and Ahmedabad, according to the PTI. 
 
"Before demonetisation, the monthly average residential sales and launches during July-October months were at around 19,000 units and 18,000 units, respectively, which were affected drastically on account of currency demonetisation. 
"The monthly average sales and launches were reduced drastically during November-December months by 40 per cent and 49 per cent respectively," PropTiger said in its latest report 'Realty Decoded Q3 FY17'. 
 
The government had announced the demonetisation move on November 8, raising hopes of sharp fall in prices in property market, especially secondary or resale segment. 
 
Housing sales across these nine cities declined by 20 per cent to 43,512 units during October-December quarter of this fiscal from 54,721 units in the previous quarter. The pace of decline in overall sales activity over previous quarter is the highest in the past 12 quarters, it said. 
 
The third quarter started on a strong note with October showing a strong performance, but November and December were deeply impacted by the demonetisation drive. The October month contributed about 50 per cent of the sales in the quarter. 
 
Among cities, Gurgaon, Noida and Ahmedabad showed a 30 to 40 per cent decline in sales in the third quarter of 2016-17 over the previous quarter. 
 
Mumbai, Hyderabad, Bengaluru and Chennai witnessed around 20 per cent fall in sales during the same period, while Kolkata and Pune recorded the lowest levels of fall at 8 and 12 per cent, respectively. 
 
On supply, the report said the launches of new homes fell in nine cities during October-December quarter due to decline in sales, stagnant prices, pressure on soaring unsold inventory and a liquidity crunch. 
 
Total launches in the third quarter of this fiscal fell by 8 per cent to 43,253 units compared with 47,032 units in the previous quarter, indicating the reduction in activity levels across the primary residential markets. 
 
"Overall sentiments were negative during the quarter with customers largely resorting to wait and watch strategy in expectation of a steep fall in prices," the report said. 
 
Developers were focusing their efforts to lure customers by offering additional freebies such as jewellery, electronic items, automobiles, holiday package and appliances on the purchase of housing units, it added. 
 
Builders also offered price guarantee, rental assurance, subvention and buyback schemes to bring confidence in the sector.

The real estate industry got hurt real bad, thanks to demonetization

<ul><li><keyword id="10387" type="COMPANY" weightage="20" keywordseo="Microsoft">Microsoft</keyword>’s <keyword id="4759833" type="PERSON" weightage="20" keywordseo="Seeing-AI">Seeing AI</keyword> app can now recognise Indian currency and narrate the denomination back to the users. </li><li>The <keyword id="91748" type="ORGANIZATION" weightage="20" keywordseo="Indian-rupee">Indian rupee</keyword> is the fifth currency to be integrated with the app.</li><li>But, it should be noted, that though the app can be accessed in 56 countries, it’s only available on the <keyword id="75489" type="ORGANIZATION" weightage="20" keywordseo="IOS">iOS</keyword> App Store. </li></ul> Microsoft’s <a href="https://news.microsoft.com/en-in/features/seeing-ai-indian-currency-recognition/">latest</a> innovation adds an image recognition and narration feature to the Seeing <keyword id="6355999" type="UNKNOWN" weightage="20" keywordseo="ai">AI</keyword> app to help visually impaired users in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>. The app already had support for Euros, British pounds, US dollars and Canadian dollars, but now the Indian rupee has been added to the list. And yes, that includes the newer denominations issued after demonetisation took place. The only catch is that it’s only available on the App Store for iOS users. Considering that <a href="https://www.statista.com/statistics/262157/market-share-held-by-mobile-operating-systems-in-india/">most</a> of the people in India are on Android, absence from the Play Store poses an accessibility issue. But, isn’t there already an app for that? <a href="https://itunes.apple.com/in/app/nantmobile-money-reader/id417476558?mt=8">NantMobile</a> Money Reader, another app exclusive to the iOS platform, also has the skills to recognise currency and narrate the denomination back to the user. It has a more expansive scope supporting 21 different currencies, including the Indian rupee, as well as voice over support in 17 languages. Formerly known as LookTel, NantMobile Money Reader may give users the ability to recognise multiple currencies but Seeing AI can do more than just currencies, and that’s where Microsoft’s <a href="http://blindnotalone.com/reviewing-eyenote-vs-money-reader-vs-seeingai-to-recognize-us-notes/">advantage</a> lies. It can be said that its multifunctional aspects provide an impetus to daily life integration. User preference, at the end of the day, will depend on user requirements. According to the company, currency notes pose are especially difficult to recognise because they come in varied sizes. Generally, people who are visually impaired fold the notes in different shapes in order to recognise them. But, they still need help determining the denomination of the note in order to know which shape to fold it in. (Image source: <a href="https://news.microsoft.com/en-in/features/seeing-ai-indian-currency-recognition/" data-type="tilCustomLink">Microsoft News Center India</a>)

Microsoft’s Seeing AI app adds Indian currency note recognition to its trove

Warning of stringent action against black money hoarders, Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> today said 37,000 shell companies indulging in tax evasion have been detected and more than three lakh firms are under the scanner for suspicious dealings post demonetisation, according to PTI news report. He emphasised it would become more difficult for people stashing illicit funds in Swiss banks once automatic tax information exchange regime begins between India and Switzerland. <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> said his government is committed to taking even tougher action against those helping hide black money and he is not at all concerned about any political implications of strong moves. The impact of the government's steps on checking black money is clear from the latest figures of Swiss banks, which show that Indians' money parked there has dipped to a record low, the prime minister added. Taking a dig at the previous government, he said the amount had risen sharply by 42 per cent in 2013, referring to a period when the Congress-led UPA regime was in power. In an hour-long speech at the foundation day function of the Institute of Chartered Accountants of India (ICAI), the prime minister sought to send out a strong message against chartered accountants trying to help entities in black money dealings even as he underlined their powers and responsibility. "The government has cancelled registration of over 1 lakh companies in a single stroke and more than 37,000 shell firms have been identified for strong action," he said. Referring to November 8, 2016 when the government demonetised old Rs 500 and 1,000 currency notes, Modi said he had heard that after the move, the work of the CAs increased and that even many of them cancelled their <keyword id="188" type="ENTERTAINMENT" weightage="20" keywordseo="Diwali">Diwali</keyword> holidays. Stressing that he was going to mention about certain numbers for the first time, he said "more than three lakh registered companies" have come under the scanner for suspicious activities after demonetisation. Data mining about the money that has come into the system after demonetisation is going on, he added. In a veiled dig at the CAs who might have helped entities in dealing with illicit funds post demonetisation, Modi said that he heard that after November 8, CAs had to do a lot of work but not sure how many did work for their clients and how many for the nation. Modi also wondered as to why action has only been taken against just 25 of them for irregularities, while more than 1,400 cases have been pending for many years. According to him, CAs need to safeguard society's economic health and they have a big responsibility. "Your signature is more powerful than that of the prime minister and the government also believes the accounts signed by you," he said addressing the CAs. Further, he asked CAs that if they know anyone with black money, they should warn them that they would not be spared. Along with <keyword id="2517872" type="UNKNOWN" weightage="20" keywordseo="Swachh-Bharat-Abhiyan">Swachh Bharat Abhiyan</keyword> (Clean India), the government is also cleaning India's economy and it has taken tough stand against those who have looted the nation, the prime minister stressed. CAs should take a pledge to bring people under the tax nrather than boasting about the number of clients they have saved from paying taxes, he added. He exhorted them to take charge of bringing their clients to path of honesty and said a wrong audit can impact lives of gullible investors as people take investment decisions on the basis of their audit reports. While stating that there are four goals of a human being -- dharma, arth, kama and moksh -- Modi said that in the economy, it would not be wrong to say that chartered accountants are rishi munis (saints). Alluding to the concept that even if one member of a family breaks the rules, then the family ends, Modi urged the CAs to lead their clients on the path of integrity. "Your patriotism is no less than mine" in ensuring the development of the country, he said. While emphasising that the CAs have been given a new opportunity with the <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> where they also have a crucial role to play, the prime minister urged them to start preparing the roadmap for 2024 -- when the institute would be completing 75 years. "Never let the opportunity slip out of your hands," he said. More than two crore went on foreign trips last year but there are only 32 lakh people who have declared income above Rs 10 lakh, Modi said and wondered whether there can be only that much number of people with high income. He also called for creating four big Indian accounting firms that are counted among the world's Big-8 even as he cautioned CAs against misuse of their all-powerful signature. The prime minister walked on the dais like it was a town hall event and his speech received thunderous applause. Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, other ministers as well as bureaucrats were present at the function which was also telecast at various city capitals.

You Searched For "Demonetisation latest news" and got 13 results

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