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TDS on cryptos, IT disclosures, credit card rules, PAN Aadhaar linking – all that’s changed in July

<ul><li>From October 1, <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>’s new auto-debit rules will be effective after which banks will have to process an additional authentication step for all recurring transactions through debit cards, credit cards and UPI.</li><li>Under the new norms, users who have set automated recurring payments for utility bills, phone recharge, OTT platforms etc., through above payment methods will receive notification from the bank every time before auto-transaction to approve or cancel payment.</li><li>The new norm looks to ensure secure and safe payments by inserting checkpoints before every auto transaction made.</li></ul>Reserve Bank of India’s (RBI) new norms for auto-debit transactions will come into effect from today, October 1, according to which banks are required to notify users or rather take their confirmation before every auto generated transaction. This rule goes for those using debit/credit cards, wallets and unified payments interface (UPI) for transactions. Those who have e-mandated their recurring payments through net banking mode for paying either utility bills, phone recharge, over-the-top (OTT) will continue to be the same. Apart from these, systematic investment plan (SIP) transactions will also not be impacted. This is because most SIP transactions happen through the national automated clearing house (NACH) mandate, which is executed directly by the bank. So, investors who have their ongoing investment through apps like Zerodha, Upstox, Groww, Motilal Oswal, Angel Broking and other broking firms aka investment platforms need not worry about their SIP payments. “Zerodha uses an e-mandate facility on the NPCI NACH platform to allow its clients to set up auto-debits. Since the auto-debit instruction is authorised by the client using their bank account, the new RBI rules do not affect this channel. All existing and new auto-debit instructions will be carried out in the same mode as before,” said a spokesperson at Zerodha. An e-mandate is a standing instruction initiated by the RBI and the National Payments Corporation of India (NPCI) that allows businesses to collect recurring payments of up to ₹5,000. For recurring payments above Rs 5,000, banks will require an additional link for authentication as they are not eligible for e-mandate based recurring transactions. This is also because SEBI doesn’t allow stock brokerage firms to accept debit or credit cards from users to make transactions through the investment platform. Basically, the new <a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11668">guidelines </a>require users to opt for an e-mandate facility through a one-time registration process, which can only be successful once the user validates using a one-time password (OTP), besides entering their bank/card/UPI details. Users will also get an option to pause, modify or cancel their recurring transactions. So if you have been making payments to your Netflix account or any other OTT platform that lets you make recurring payments, you will have to set up an e-mandate. <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ola-electric-raises-200-million-from-softbank-falcon-edge-at-valuation-of-3-billion/articleshow/86649236.cms">5-year old Ola Electric is now worth over a half of its older sibling Ola</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/from-netflix-and-hotstar-to-airtel-to-jio-bills-brace-for-surprises-as-rbis-guidelines-on-auto-debit-transactions-kick-in-from-october-1/articleshow/86642500.cms">From Netflix and Hotstar to Airtel to Jio bills, brace for surprises as RBI’s guidelines on auto-debit transactions kick-in from October 1</a>

If you’re paying electricity, water, LPG bills via auto-debit, RBI’s new norms affect you

India has displaced Japan to become world's second-largest importer of liquefied petroleum gas (<keyword id="6360114" type="ORGANIZATION" weightage="100" keywordseo="LPG">LPG</keyword>), thanks to PM <keyword id="6354642" type="PERSON" weightage="100" keywordseo="Modi">Modi</keyword>'s pledge to provide gas cylinders to country’s poor households. <a href="http://www.businessinsider.in/latest/demand-for-fuel-in-india-to-rise-outpacing-china/articleshow/56564364.cms">China</a> continues to hold the first position. India’s LPG imports saw a rise of 23% during FY 2016-17, reaching 11 million tons, says data from oil ministry's <keyword id="503200" type="ORGANIZATION" weightage="100" keywordseo="Petroleum-Planning-Analysis-Cell">Petroleum Planning &amp; Analysis Cell</keyword>. On the other hand, Japan's imports slipped 3.2% and reached 10.6 million tons during the same period, as per its finance ministry. It was after his election as the PM in 2016 that Modi started a drive to provide <a href="http://www.businessinsider.in/retail/government-is-yet-to-make-domestic-lpg-cashless-indian-oil-confirmson-twitter/articleshow/56156572.cms">free cooking gas</a> connections to women belonging to extremely poor households, therefore planning to reduce their dependence on polluting fuels like wood and dried cow. As per data from World Health Organization, these polluting fuels are responsible for 1.3 million premature deaths in India every year. Also read: <a href="http://www.businessinsider.in/beneficiaries-of-welfare-schemes-dont-need-to-have-aadhaar-rules-supreme-court/articleshow/57853497.cms">Beneficiaries of welfare schemes don’t need to have Aadhaar, rules Supreme Court</a> After this drive was started in 2016, India saw a record distribution of 32.5 million new cooking gas connections. "It's a game changer," Ong Han Wee, head of LPG team at Singapore-based Facts Global Energy told <a href="http://economictimes.indiatimes.com/news/economy/policy/pm-narendra-modi-push-to-make-kitchens-safer-makes-india-no-2-lpg-importer/articleshow/58335383.cms">Bloomberg</a>. "Never in history we have [sic] seen such huge LPG usage in India. LPG will remain main cooking fuel for India over next two decades." The government plans to increase <a href="http://www.businessinsider.in/LPG-subsidy-in-bank-accounts/articleshow/52108184.cms">LPG usage</a> to an extent that it covers 80% of the country’s households by March 2019; this number stood at 72.8% on April 1 2017. Also read: <a href="http://www.businessinsider.in/Bid-goodbye-to-pilferages-as-transparent-LPG-cylinders-are-going-to-be-a-reality-soon/articleshow/52025895.cms">Bid goodbye to pilferages as transparent LPG cylinders are going to be a reality soon</a> The fall in the demand of LPG in Japan could be because of its shift towards cheaper alternatives such as natural gas, says Ong.

India is now world’s second largest LPG importer

New Delhi, Jan 16 () Indian Oil Corp (IOC), the country's biggest oil firm, will decide on bidding to buy Bharat Petroleum Corporation Ltd (BPCL) after the government lists out rules for the stake sale, its Chairman Sanjiv Singh said Thursday.
 The Cabinet Committee on Economic Affairs had on November 21, 2019 decided to sell government's entire 53.29 per cent stake in country's second-largest state refiner BPCL, but a tender for sale hasn't yet been issued.
 "The expression of interest (EoI) (for BPCL stake sale) hasn't been issued yet. We don't know the conditions. We have no information whether PSUs are allowed to bid or not," Singh told reporters here. "I cannot comment if IOC will bid or not unless we see the conditions set out in the EoI."
 He said a decision on the issue can only be taken once there is clarity on the bidding process the government intends to follow.
 Soon after the Cabinet decision, Oil Minister Dharmendra Pradhan had hinted that PSUs will be kept out of BPCL privatisation.
 "Since 2014, we have a clear vision that the government has no business to be in business," Pradhan had said on November 22, 2019. "We have examples of 2-3 sectors such as telecom and aviation where ushering in private participation has led to customers benefiting from price cuts, efficiency, and better service."
 Asked if the company has been told that PSUs will be kept out, Singh said there is no information on whether state-owned firms can bid or not.
 BPCL will give the buyer ready access to 14 per cent of India's oil refining capacity and about one-fourth of the fuel marketing infrastructure in the world's fastest-growing energy market.
 It, however, will be sold after carving out Numaligarh Refinery from its portfolio and given to a pubic sector unit. Numaligarh Refinery Ltd is also to be sold out to a PSU, possibly through a bidding process.
 Singh said he cannot comment if the company will bid for the Numaligarh Refinery unless tender conditions are revealed.
 "We don't know if Numaligarh Refinery will be sold with marketing infrastructure or without its marketing infrastructure. We have to wait for details before IOC can take any decision," he said.
 Numaligarh refinery was set up as per the Assam Peace Accord and the government has decided to keep it in the public sector.
 At the current trading price of BPCL, the government's 53.29 per cent stake is valued at around Rs 53,400 crore. On top of this, the acquirer will have to make an open offer to buy an additional 26 per cent stake from minority shareholders for about Rs 26,000 crore.
 The price of BPCL has been hammered since the November 21 CCEA decision. On that day, the government stood to gain Rs 62,000 crore from privatisation but will now get about Rs 8,000 crore less.
 The stake sales are critical for the government to meet its disinvestment target of Rs 1.05 lakh crore set for the current financial year.
 The government had allowed PSUs to bid when it sold petro retailer IBP Co Ltd in 2002. IOC had bagged the government's 33 per cent stake in IBP for Rs 1,153.68 crore or Rs 1,551 a share. 
 The other bidders for IBP were Reliance Industries, Royal Dutch Shell, Kuwait Petroleum Corporation, BPCL, and Hindustan Petroleum Corporation. The reserve price for IBP was Rs 337 crore.
 Last year, the government sold its entire stake in Hindustan Petroleum Corp Ltd (HPCL) to state-owned Oil and Natural Gas Corp (ONGC) for Rs 36,915 crore.
 BPCL operates four refineries in Mumbai, Kochi (Kerala), Bina (Madhya Pradesh) and Numaligarh (Assam) with a combined capacity of 38.3 million tonnes per annum, which is 15 per cent of India's total refining capacity of 249.4 million tonnes. 
 After removing 3 million tonnes capacity of Numaligarh refinery, the new buyer will get 35.3 million tonnes of refining capacity.
 It also owns 15,177 petrol pumps and 6,011 LPG distributor agencies in the country. Besides, it has 51 LPG (liquefied petroleum gas) bottling plants. The company distributes 21 per cent of petroleum products consumed in the country by volume as of March this year and has more than a fifth of the 250 aviation fuel stations in the country.
 The government is keen to get international energy majors such as Saudi Aramco, Total SA of France and ExxonMobil to operate in the downstream fuel marketing business so as to bring in greater competition.
 Currently, 95 per cent of retail petrol and diesel sales and near 100 per cent of cooking gas (LPG) and kerosene sales are controlled by the public sector units.
 As on March 31, BPCL reported cash and cash equivalents of around Rs 5,300 crore against Rs 10,900 crore of debt maturing over the next 15 months. ANZ RVK

IOC to decide on bidding for BPCL after govt lays out rules: Chairman

Petrol pumps and LPG retail outlets based in Bengaluru and other urban areas of Karnataka might be mandatorily asked to obtain a No Objection Certificate (NoC) from the oil marketing companies in case they want to switch businesses. 
 
This means that oil companies too will need to approve the changes that the landlord decides in using the land. It was after the ministry of petroleum and natural gas sent a letter to the urban development department, asking it to treat retailing of petrol, diesel and LPG as essential activities that the department sent a circular to this effect to BDA and other state authorities. 
 
The new rule only applies to outlets that are affiliated to public sector oil marketing companies, leaving private retail outlets untouched. 
 However, the new rule has not met the consent of <keyword id="3511610" type="UNKNOWN" weightage="100" keywordseo="IT-Bangalore-Petroleum-Dealers-Association">IT Bangalore Petroleum Dealers Association</keyword>, which has expressed its grief. 
 
Association president BR Ravindranath said that the pumps are closing down because the landlords don't want to renew the lease keeping in mind the poor rentals that these state-run oil firms pay. 
 
"They want to pay peanuts for the land they get. Instead of making rentals attractive, they come up with irrational rules such as this infringing upon the fundamental rights of citizens," he told <a href="http://economictimes.indiatimes.com/industry/energy/oil-gas/noc-must-if-fuel-pumps-want-to-switch-business/articleshow/53374645.cms">ET</a>. 
 
"The oil marketing companies are making no efforts to retain the landlords, and as a result, more than a dozen pumps have closed down in the past two years," he added. 
 
<a href="http://blog.sajithm.com/wp-content/uploads/2008/07/20080703_132213.jpg">Image source</a>

Karnataka govt brings new rule for petrol pump owners, mandates NOC for switching businesses

<ul><li>Paid carpooling and ridesharing may be banned in Delhi by the committee in charge of reviewing the regulations of app-based cab operators. </li><li>Under the City Taxi Scheme 2017, permits only allow cab operators to pick up passengers from point A to point B, without any intermediary stops.</li><li>Considering Delhi’s parking, congestion and air quality problems, the fall out of such a ruling remains uncertain. </li></ul>The five-member committee currently reviewing the regulation of app-based cab operators like Uber and Ola in <keyword id="6358777" type="UNKNOWN" weightage="20" keywordseo="New-Delhi">New Delhi</keyword> is <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/cab-pool-rides-likely-to-be-banned-in-delhi/articleshow/65976950.cms?utm_source=ETTopNews&amp;utm_medium=HP&amp;utm_campaign=TN&amp;utm_content=23&amp;from=mdr">unlikely to rule in favour of paid carpools</a>. With the national capital’s <keyword id="71724" type="PERSON" weightage="20" keywordseo="traffic-congestion">traffic congestion</keyword> problems and air quality issues, the consequences of this move may have ample environmental fallouts. Under the City Taxi Scheme 2017, cabs are only allowed to pick up and drop passengers from one point to the next. Currently legal provisions only allow buses to pick up other passengers along the route and make multiple stops. After effects Customers are going bear the ultimate brunt if the verdict rules in favour of banning of ride-sharing. Even if individuals choose to pay more and opt for solo rides, the increased congestion on the road with more people using individual cars, will add to the time opportunity cost. The increasing number of cars on the road could also spell worsening air quality in New Delhi. <a href="http://www.who.int/airpollution/data/cities/en/">According</a> to the World Health Organisation (WHO), Delhi has 292 micrograms per cubic meter of PM10 particles. That’s double the amount in Dakar, the second city on the list. The effect on the companies themselves is a different story. Recent reports <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/uber-ola-enter-slow-lane-in-2018/articleshow/65927443.cms">indicate</a> that while the absolute number of rides have been increasing, the companies are now growing at a slower rate. Experts believe that one of the reasons is the focus on ride-sharing. The ban could either be good for the companies if customers shift to solo rides. Or, bad if customers choose to shift to public transport altogether or find other alternative means of transportation. Other issues on the table In reviewing the regulations for cabs in the Indian national capital, the committee is also discussing the issue of green fuels and permits. Possible outcomes include enforcing that cabs only use fuels like CNG or LPG and providing proof of parking before applying for a permit. The biggest development to come is probably the tracking of cabs. Currently, cabs in the city aren’t monitored as they pick up and drop passengers. But the committee is considering adding GPS monitoring to the roster, not only for cabs in Delhi but for cabs that are registered in other states while operating within the city. For actual customers, the issues of greater relevance are the ‘panic’ button that will soon become a mandatory feature in cabs and putting a cap on the maximum fare that companies can charge from customers. If the scheme also goes through with its plan of limiting the number of cabs that can be put on call by a cab operator, the demand-supply disparity might even increase the overall prices in the market. The committee, that includes the transport minister Kailash Gahlot and Satyender Jain, a minister at the Public Works Department, is currently reviewing the City Taxi Scheme 2017, Licensing and Regulation of App-based Cab Aggregator Rules 2017 and app-based premium bus services. Sources have told Times of <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> that this the committee is unlikely to rule in the favour of companies being allowed to operate ride-sharing in Delhi. They were originally supposed to come to a decision on Monday, but that has now be deferred to a date that is yet to be decided.

If Delhi has the worst air quality, why are paid carpool rides under the danger of getting banned?

New Delhi, Nov 18 () The Competition Commission has disposed of a case against Prathima Industries alleging cartelisation by the manufacturer of LPG cylinders in a tender floated by Hindustan Petroleum Corporation Ltd (HPCL).
 The matter pertains to a tender floated by HPCL for 14.2 kg LPG cylinders for 18 states and involved 64 bidders.
 Prathima Industries participated in the tender and allegedly quoted identical prices along with other bidders in Andhra Pradesh, without having a plausible justification for such quotation of prices.
 While disposing of the case, CCI, which also considered response of HPCL in the matter, said it is the procurer that decides the price at which the tender has to be awarded.
 "Notwithstanding the quotation of prices by bidders, it is the procurer i.e. HPCL which decides the price at which the tender has to be awarded in this kind of a market viz. monopsony/oligopsony," CCI said.
 Consequently, in an order passed on Friday, the fair trade regulator said, "The Commission in the facts and circumstances decides not to proceed against Prathima Industries in this matter".
 Besides, it was alleged that officials of Prathima Industries violated certain provisions of the Competition Act.
 CCI said since it has decided not to proceed against Prathima Industries, "no question of liability of the officers...arises in the present case."
 The officials include directors of the firm, Ch. Ramu, B. Usharani, Savitri and general manager B L N Murthy.
 The ruling comes after the Commission decided the matter afresh.
 Earlier in an order passed in 2014, CCI had noted that the analysis of price bids submitted by vendors for each of the 18 states showed similarity of pattern. 
 After "prima facie" finding that such similar price patterns indicated collusion amongst the bidders to directly or indirectly determine the sale price, CCI directed director general to carry out an investigation in the matter. SRS SP 
RVK

CCI dismisses case against Prathima Industries alleging violation of competition norms

New Delhi, Dec 20 () Infrastructure sector on Friday urged the government to bring captive renewable policy and exempt from cross subsidy and transmission charges to make renewable energy more viable for those willing to set up clean energy plants beyond factory boundaries.
The infrastructure companies raised these issues during a pre-budget consultation with Finance Minister Nirmala Sitharaman and top officials from finance, new &amp; renewable, road transport and environment ministries.
They also asked to make finance available for real estate and affordable housing to boost consumption of cement and other inputs like steel.
Besides, they were of the view that government should release stuck up funds meant for infrastructure sectors as soon as possible for bringing in buoyancy in the economy.
 "We asked government to see, how can finance be made available for real estate and affordable housing. We also asked to release funds withheld at different levels in the government.
"Cement and other Core infrastructure sector can do a lot of work toward renewable energy. But the deterrents are cross subsidy and transmission charges. These two charges made renewable energy even more expensive than thermal power," Dalmia Bharat Cement MD &amp; CEO Mahendra Singhi said after the meeting.
The infrastructure players have asked the government to bring captive renewable energy policy and give exemption from cross subsidy and transmission charges for clean energy plants beyond factory boundaries, he added.
Infrastructure sector players, particularly cement, claimed that they can also set up 12GW to 15GW of renewable energy projects and there is positive mood on this in the country.
The cross subsidy charges ranging from Rs 1.5 to Rs 2 per unit and transmission charges are to the tune of 50 paisa per unit. These add Rs 2.5 per unit to the cost of clean energy, which comes around Rs 3.5 per unit. That make renewable energy cost Rs 6 per unit, which is even higher than thermal power cost in most of the cases.
On the tax issues, he said that there was no discussion in the meeting held on Friday.
Cement sector is paying GST (Good &amp; Service Tax) at the rate of 28 per cent and contributing around Rs 40,000 crore annually to the exchequer.
They also informed the minister that how can infrastructure sectors can play a role in dealing with plastic and municipal waste or bio mass.
"Government is positive about it. Lets see what best comes out (budget)," he added.
 The main areas of discussion during the meeting included issues relating to challenges in the infrastructure sector vis-a-vis framing of trade rules and policies in global context, quality of resilience of infrastructure sector and related finance, railway infrastructure, enhanced focus on adapting renewable energy for economy and environment, and climate resilient infrastructure development among others, the finance ministry said in a statement.
The stakeholders of infrastructure sector and experts of energy sector and climate change gave a wide range of suggestions in the meeting including availability of finance for real estate, infrastructure and affordable housing; renewable energy sector to have larger capacity creation, further fine-tuning in IT Act and lower duties and softer lending rates.
They also suggested on automotive industry's role in fighting climate change through support for electric mobility, scrapping policy for old polluting vehicles and focus on mass transport powered by renewable energy; attention on taxonomy on green economic activities/climate finance; climate compliant investment and more funds for combating air pollution and increasing efficiency of resources.
They also called for promoting energy efficiency in SME sector via government support to cluster based intermediaries and faster phasing out of depreciated coal fired power plants.
The suggestions also include push to bio-fertiliser; viability gap funding for batteries to encourage renewable energy power storage, expansion of existing Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM), promotion of energy efficient appliances including LPG Cooking stoves and bringing technology for improving Railway infrastructure. KKS BAL

Infra players pitch for captive renewable energy policy, exemption from cross subsidy charges

<keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword> made a bold move and declared Rs 500 and Rs 1000 currency notes as void starting midnight. 
 In his address to the entire nation, Modi said the decision was taken to clamp down on <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword>. 
 
He urged Indians to bear with temporary hardships in the implementation of the new rule. 
 
"We are No 1 in rate of economic growth. Despite some progress, India still ranks at No 76 in world rankings for perception of corruption,” said Modi. 
 
Modi said persons holding old notes of Rs 500 and Rs 1000 can deposit these notes in their bank or post office accounts from November 10 till close of banking hours on December 30, 2016 without any limit. 
 
He also made other important points during his address to the nation. 
 
Here’s the full text of his speech 
 
 
My dear citizens 
 
I hope you ended the festive season of Diwali with joy and new hope. Today, I will be speaking to you about some critical issues and important decisions. Today I want to make a special request to all of you. You may recall the economic situation in May 2014 when you entrusted us with an onerous responsibility. In the context of BRICS, it was being said that the “I” in BRICS was shaky. Since then, we had two years of severe drought. Yet, in the last two and a half years with the support of 125 crore Indians, India has become the “bright spot” in the global economy. It is not just we who are saying this; it is being stated by the International Monetary Fund and the World Bank. 
 
In this effort for development, our motto has been ‘Sab Ka Saath Sab Ka Vikas’: We are with all citizens and for development of all citizens. This Government is dedicated to the poor. It will remain dedicated to them. In our fight against poverty, our main thrust has been to empower the poor, and make them active participants in the benefits of economic progress. 
 
The Pradhan Mantri Jan Dhan Yojana, 
 
the Jan Suraksha Yojana, 
 
the Pradhan Mantri Mudra Yojana for small enterprises, 
 
the Stand-up India programme for Dalits, Adivasis and Women, 
 
the Pradhan Mantri Ujjwala Scheme for gas connections in the homes of the poor, 
 
the Pradhan Mantri Fasal Beema Yojana and Pradhan Mantri Krishi Sinchai Yojana to protect the income of farmers, 
 
the Soil Health Card Scheme to ensure the best possible yield from farmers’ fields, 
 
and the e-NAM National Market Place scheme to ensure farmers get the right price for their produce 
 
—these are all reflections of this approach. 
 
In the past decades, the spectre of corruption and black money has grown. It has weakened the effort to remove poverty. On the one hand, we are now No. 1 in the rate of economic growth. But on the other hand, we were ranked close to one hundred in the global corruption perceptions ranking two years back. In spite of many steps taken, we have only been able to reach a ranking of seventy-six now. Of course, there is improvement. This shows the extent to which corruption and black money have spread their tentacles. 
 
The evil of corruption has been spread by certain sections of society for their selfish interest. They have ignored the poor and cornered benefits. Some people have misused their office for personal gain. On the other hand, honest people have fought against this evil. Crores of common men and women have lived lives of integrity. We hear about poor auto-rickshaw drivers returning gold ornaments left in the vehicles to their rightful owners. We hear about taxi drivers who take pains to locate the owners of cell phones left behind. We hear of vegetable vendors who return excess money given by customers. 
 
There comes a time in the history of a country’s development when a need is felt for a strong and decisive step. For years, this country has felt that corruption, black money and terrorism are festering sores, holding us back in the race towards development. 
 
Terrorism is a frightening threat. So many have lost their lives because of it. But have you ever thought about how these terrorists get their money? Enemies from across the border run their operations using fake currency notes. This has been going on for years. Many times, those using fake five hundred and thousand rupee notes have been caught and many such notes have been seized. 
 
Brothers and sisters, 
 
On the one hand is the problem of terrorism; on the other is the challenge posed by corruption and black money. We began our battle against corruption by setting up an SIT headed by a retired Supreme Court judge, immediately upon taking office. Since then 
 
• a law was passed in 2015 for disclosure of foreign black money; 
 
• agreements with many countries, including the USA, have been made to add provisions for sharing banking information; 
 
• a strict law has come into force from August 2016 to curb benami transactions, which are used to deploy black money earned through corruption; 
 
• a scheme was introduced for declaring black money after paying a stiff penalty; 
 
My dear countrymen, 
 
Through all these efforts, in the last two and a half years, we have brought into the open nearly 1 lakh 25 thousand crore rupees of black money belonging to the corrupt. Honest citizens want this fight against corruption, black money, benami property, terrorism and counterfeiting to continue. Which honest citizen would not be pained by reports of crores worth of currency notes stashed under the beds of government officers? Or by reports of cash found in gunny bags? 
 
The magnitude of cash in circulation is directly linked to the level of corruption. Inflation becomes worse through the deployment of cash earned in corrupt ways. The poor have to bear the brunt of this. It has a direct effect on the purchasing power of the poor and the middle class. You may yourself have experienced when buying land or a house, that apart from the amount paid by cheque, a large amount is demanded in cash. This creates problems for an honest person in buying property. The misuse of cash has led to artificial increase in the cost of goods and services like houses, land, higher education, health care and so on. 
 
High circulation of cash also strengthens the hawala trade which is directly connected to black money and illegal trade in weapons. Debate on the role of black money in elections has been going on for years. 
 
Brothers and sisters, 
 
To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016. This means that these notes will not be acceptable for transactions from midnight onwards. The five hundred and thousand rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper. The rights and the interests of honest, hard-working people will be fully protected. Let me assure you that notes of one hundred, fifty, twenty, ten, five, two and one rupee and all coins will remain legal tender and will not be affected. 
 
This step will strengthen the hands of the common man in the fight against corruption, black money and fake currency. To minimise the difficulties of citizens in the coming days, several steps are being taken. 
 
1. Persons holding old notes of five hundred or one thousand rupees can deposit these notes in their bank or post office accounts from 10th November till close of banking hours on 30th December 2016 without any limit. 
 
2. Thus you will have 50 days to deposit your notes and there is no need for panic. 
 
3. Your money will remain yours. You need have no worry on this point. 
 
4. After depositing your money in your account, you can draw it when you need it. 
 
5. Keeping in mind the supply of new notes, in the first few days, there will be a limit of ten thousand rupees per day and twenty thousand rupees per week. This limit will be increased in the coming days. 
 
6. Apart from depositing your notes in your bank account, another facility will also be there. 
 
7. For your immediate needs, you can go to any bank, head post office or sub post office, show your identity proof like Aadhaar card, voter card, ration card, passport, PAN card or other approved proofs, and exchange your old five hundred or thousand rupee notes for new notes. 
 
8. From 10th November till 24th November the limit for such exchange will be four thousand rupees. From 25th November till 30th December, the limit will be increased. 
 
9. There may be some who, for some reason, are not able to deposit their old five hundred or thousand rupee notes by 30th December 2016. 
 
10. They can go to specified offices of the Reserve Bank of India up to 31st March 2017 and deposit the notes after submitting a declaration form. 
 
11. On 9th November and in some places on 10th November also, ATMs will not work. In the first few days, there will be a limit of two thousand rupees per day per card. 
 
12. This will be raised to four thousand rupees later. 
 
13. Five hundred and thousand rupee notes will not be legal tender from midnight. However for humanitarian reasons, to reduce hardship to citizens, some special arrangements have been made for the first 72 hours, that is till midnight on 11th November. 
 
14. During this period, government hospitals will continue to accept five hundred and thousand rupee notes for payment. 
 
15. This is for the benefit of those families whose members may be unwell. 
 
16. Pharmacies in government hospitals will also accept these notes for buying medicines with doctors’ prescription. 
 
17. For 72 hours, till midnight on 11th November, railway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept the old notes for purchase of tickets. This is for the benefit of those who may be travelling at this time. 
 
18. For 72 hours, five hundred and thousand rupee notes will be accepted also at 
 
• Petrol, diesel and CNG gas stations authorised by public sector oil companies 
 
• Consumer co-operative stores authorised by State or Central Government 
 
• Milk booths authorised by State governments 
 
• Crematoria and burial grounds. 
 
These outlets will have to keep proper records of stock and collections. 
 
19. Arrangements will be made at international airports for arriving and departing passengers who have five hundred or thousand rupee notes of not more than five thousand rupees, to exchange them for new notes or other legal tender. 
 
20. Foreign tourists will be able to exchange foreign currency or old notes of not more than Rs 5000 into legal tender. 
 
21. One more thing I would like to mention, I want to stress that in this entire exercise, there is no restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer. 
 
Brothers and sisters, 
 
In spite of all these efforts there may be temporary hardships to be faced by honest citizens. Experience tells us that ordinary citizens are always ready to make sacrifices and face difficulties for the benefit of the nation. I see that spirit when a poor widow gives up her LPG subsidy, when a retired school teacher contributes his pension to the Swacch Bharat mission, when a poor Adivasi mother sells her goats to build a toilet, when a soldier contributes 57 thousand rupees to make his village clean. I have seen that the ordinary citizen has the determination to do anything, if it will lead to the country’s progress. 
 
So, in this fight against corruption, black money, fake notes and terrorism, in this movement for purifying our country, will our people not put up with difficulties for some days? I have full confidence that every citizen will stand up and participate in this ‘mahayagna’. My dear countrymen, after the festivity of Diwali, now join the nation and extend your hand in this Imandaari ka Utsav, this Pramanikta ka Parv, this celebration of integrity, this festival of credibility. 
 
I am sure that all political parties, all governments, social services organizations, the media and indeed all sections of the society will take part in this with enthusiasm and make it a success. 
 
My dear countrymen, 
 
Secrecy was essential for this action. It is only now, as I speak to you, that various agencies like banks, post offices, railways, hospitals and others are being informed. The Reserve Bank, banks and post offices have to make many arrangements at very short notice. Obviously, time will be needed. Therefore all banks will be closed to the public on 9th November. This may cause some hardship to you. I have full faith that banks and post offices will successfully carry out this great task of national importance. However, I appeal to all of you to help the banks and post offices to meet this challenge with poise and determination. 
 
My dear citizens, 
 
From time to time, based on currency needs, the Reserve Bank with the approval of the Central Government brings out new notes of higher value. In 2014, the Reserve Bank sent a recommendation for issue of five thousand and ten thousand rupee notes. After careful consideration, this was not accepted. Now as part of this exercise, RBI’s recommendation to issue two thousand rupee notes has been accepted. New notes of five hundred rupees and two thousand rupees, with completely new design will be introduced. Based on past experience, the Reserve Bank will hereafter make arrangements to limit the share of high denomination notes in the total currency in circulation. 
 
In a country’s history, there come moments when every person feels he too should be part of that moment, that he too should make his contribution to the country’s progress. Such moments come but rarely. Now, we again have an opportunity where every citizen can join this mahayajna against the ills of corruption, black money and fake notes. The more help you give in this campaign, the more successful it will be. 
 
It has been a matter of concern for all of us that corruption and black money tend to be accepted as part of life. This type of thinking has afflicted our politics, our administration and our society like an infestation of termites. None of our public institutions is free from these termites. 
 
Time and again, I have seen that when the average citizen has to choose between accepting dishonesty and bearing inconvenience, they always choose to put up with inconvenience. They will not support dishonesty. 
 
Once again, let me invite you to make your contribution to this grand sacrifice for cleansing our country, just as you cleaned up your surroundings during Diwali. 
 
Let us ignore the temporary hardship 
 
Let us join this festival of integrity and credibility 
 
Let us enable coming generations to live their lives with dignity 
 
Let us fight corruption and black money 
 
Let us ensure that the nation’s wealth benefits the poor 
 
Let us enable law-abiding citizens to get their due share. 
 
I am confident in the 125 crore people of India and I am sure country will get success. 
 
Thank you very much. Thanks a lot. 
 
Namaskar. 
 
Bharat Mata Ki Jai.

PM Modi ends Rs 500, Rs 1000 currency notes. Read his full address here

<keyword id="71" type="POSITION" weightage="20" keywordseo="Prime-Minister">Prime Minister</keyword> <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>, in an interview to ANI, said the opposition alleging that his government is a 'suit-boot ki sarkaar' is definitely better and more acceptable than being labelled a 'suitcase' (ki sarkaar), and satirically added, that after ruling for sixty years, the <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> has suddenly remembered the poor. 

	Excerpts:
 

	1. In a scale of 1-10, how would you grade your government?
 

	It is for the people of this country to grade and evaluate us. How can I take away their right? I have presented my report card to the country. Recently, media has published the findings of some surveys. You would already have seen them. I can only say that we have laid a solid foundation on which the people can rate us.
 

	2. You came in with the promise of 'Acche Din.' Have you been able to meet the goals that you set for yourself in the first year of the government?
 

	Yes. I am fully satisfied with the work that we have done. The most satisfying part of this year is that we have lived up to the promise that our intentions will be pure and our actions will be driven by long-term national interest. Recall the situation one year ago. Massive corruption at various levels of Government gave rise to scams on a regular basis. Our precious natural resources were going into the hands of a chosen few. In contrast, there are neither any charges of corruption against my Government nor any scandals. Corruption was seen as the biggest problem. We have given a clean, transparent and efficient Government. Burey Dino Ki Vidayee Hui hai. (Bad days are over). Is this not Acche Din for the country?
 

	3. What has been the single big success in the past year? 
 

	The achievements and successes of my government are numerous. However, I know that the success of a government's journey lies in reaching the last man. Therefore, our efforts were directed towards the poor and marginalized. We have also paid special attention to remote corners of the country. Our objective is to transform quality of life, infrastructure and services. We have worked simultaneously on all fronts which bring a smile on the face of the common man. I can give you some examples. From controlling food prices to enhancing farm productivity; improving Railways to strengthening Roads; generating electricity to its 24x7 availability; building school toilets to setting up IITs, IIMs and AIIMS; building houses for the homeless to upgrading our heritage cities; cleaning surroundings to bridging the digital divide; making world class products to skilling and employment generation; strengthening the banking system to funding the unfunded; ensuring labour welfare to providing social security to common man; rejuvenating rivers to irrigating fields; from enhancing co-operation with States to deepening foreign relations; we have worked at an energetic pace and with innovative spirit. 
 Bringing back black money was a major electoral promise, but then your party president, <keyword id="6355521" type="PERSON" weightage="20" keywordseo="Amit-Shah">Amit Shah</keyword> gave the word 'jumla' to it and Arun Shourie criticized the procedures adopted by the finance ministry. How committed is your government in bringing back black money to India? 

	My Government is fully committed on the issue of Black Money. We want to crack down severely on tax evasion and black money. I had taken up this issue with world leaders during the G-20 summit. In our very first cabinet meeting, we formed an SIT. Then, we presented a new legislation in Parliament which is very stringent. We want to make it more difficult to evade taxes and siphon money abroad. We are also aggressively pursuing cases against those who have stashed funds illegally in foreign banks. Recently the names of some such persons have been revealed. We are also trying to move towards cashless transactions. We want to make maximum use of ICT in our tax administration.
 

	At the same time, we want to remove the discretion which causes corruption and generation of Black Money. Hence, we promulgated ordinances in sectors like coal and mines. It has proved to be a good step. We have generated Rs. 3.30 lakh crore for the country so far through transparent auction of some coal mines. Similar is the case with auction of spectrum. I can say that if your intentions are noble, you are sure to get success and required support.
 

	5. Key bills like the Land Acquisition Bill has got stiff opposition from the opposition. They have been able to create doubts about the government's intention. What do you have to say? 
 

	Opposition to our Land Bill is totally unjustified and unfortunate. We have not made any changes for private industry. Moreover, if you have money, you don't need a Land Acquisition Act to accumulate land. Some individuals have done so in Rajasthan, Haryana, Shimla, Delhi etc. Land acquisition becomes necessary for government-driven strategic and development activities, especially in undeveloped areas. 
 

	This too is done mostly by State Governments. We have made changes only in response to demands of the States. The benefits of these changes will also accrue to the rural poor in terms of irrigation, housing, electrification, as well as better physical and social infrastructure.
 
 

	In this country, the Land Acquisition Act was almost 120 years old. The Congress-led Governments used the same Act after independence. Suddenly, before the last Parliamentary elections, the Congress went to another extreme by legislating an Act which is neither in the interest of farmers nor in the interest of the country's development. 
 

	Now, they are not even ready to sit and discuss. We believe in dialogue with all political parties. I have personally appealed in Parliament that we are ready to open a dialogue with political parties and consider their suggestions. I hope that the parties will cooperate on issues of larger national importance without getting into political calculations. 
 

	6. How are you going to convince the farmers of this country that you mean well?
 

	The proposed Land Acquisition Bill focuses on benefitting the farmer and balancing the long-term interests of the nation. The world is changing fast. Even farmers need canals to irrigate, roads to transfer products from farms to markets. They need hospitals, schools and houses. Farmers want modern amenities in their vicinity and jobs in formal sectors for their sons and daughters. I have always believed that if we want inclusive development, we need amenities. We need to match the development of such amenities with agricultural growth. This is what the Bill strives to do while safeguarding the interests of farmers. Our amendments only aim to do away with the bureaucratic bottlenecks in the 2013 Act. I am sure the farmers of this country will understand where their real welfare lies.
 

	7. Agriculture is in distress in the country. To a large extent the problem is endemic and decades of mismanagement have resulted in the present situation but how does your government plan to stem the tide of farmer suicides and farming stress?
 
 The root causes of the problem find mention in your question itself. This is a very important issue and the Government is concerned about it. We have responded to the recent agrarian crisis with alacrity. We have undertaken several reforms. The <keyword id="6362177" type="ORGANIZATION" weightage="20" keywordseo="union-government">Union Government</keyword> has enhanced the relief norms for compensation against crop loss by 50%. 

	The limit of minimum crop damage, for grant of compensation, has been reduced from 50% to 33%. Norms have been relaxed to allow procurement of damaged food grains at MSP rates. The target of agricultural credit has been enhanced in our two consecutive budgets. 
 

	But as you said, the problem in agriculture is endemic. Nothing much was done for six long decades. But we have started long-term steps for the farm sector. To address the issue of access to irrigation for every farm, and efficient utilization of water, the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) has been started. Blue Revolution which aims to improve production and productivity in the fisheries sector is also an action point. We have launched the soil health card scheme. The price stabilization fund with a corpus of Rs. 500 crores has also been set up for perishable commodities. Rashtriya Gokul Mission has been commenced with the objective of conserving and developing indigenous cattle breeds. We have made honest and sincere efforts for rural development. I have recently launched the Kisan Channel for giving timely information to farmers on inputs and markets. In the coming days, I would like to see more focused action on increasing Farm Productivity; Rural Industrialization; Skill Development in rural areas and rural trades, and faster Investments in Rural Infrastructure including cold chain.
 

	8. The opposition has termed your government as suit boot ki sarkar. What is your take on this allegation? 
 

	Suit-boot is definitely more acceptable than suitcase. After ruling for sixty years, the Congress has suddenly remembered the poor. People of this country have suffered and remained poor due to shortsighted policies of the Congress. Many countries of the world have surpassed us on all accounts including poverty removal. Congress did incremental work so as to keep the issue relevant for next election. Did the coal and spectrum scandals or the CWG fiasco benefit the poor? Everyone knows who were their beneficiaries - some chosen industrialists and contractors. The result of Congress's politics and governance of sixty years is that poverty is still our biggest challenge. One-fourth of the families are without shelter. Health, education, water, electricity and roads are even bigger unrealised dreams for a large number of citizens of this country. You should ask them- If you were pro-poor, why does poverty still exist in India?"
 

	9. Opposition says that your government is pro-industrialists.
 

	Those who gave away precious natural resources like coal and spectrum to their favourite industrialists have no right to say this. We are working for the common man of the country. 
 
 
 
 

	We implemented the Jan Dhan scheme and opened more than 14 crore bank accounts for financial inclusion. Earlier also, there were banks, as well as people without bank accounts. What did they do all these years?
 

	The so called pro-poor have been just repeating that there is leakage in subsidy. We used technology to ensure that LPG subsidy reaches the targeted person directly; We have launched MUDRA Bank for financing 6 crore small vendors and businesses 61% of whom are SCs, STs, OBCs and Minorities; We have launched the Pradhan Mantri Krishi Sinchai Yojana which the Congress did not think of in sixty years; We have planned to see that by 2022, no family remains without a roof over its head; The Soil Health Card scheme has been launched to enhance farm productivity and reduce expenses, thereby enhancing the farmer's income. 
 

	We have come out with a comprehensive social security scheme for the poor and marginalised, old and those with low income levels; Swachh Bharat Mission has been started to see that health and hygiene issues of the poor do not affect the working capacity and output of the poor and labourers; Railways, on which the common man travels, is being changed for the better.
 

	We have set up the Skill Development Ministry to enhance employability of the youth to whom we are committed to provide jobs through initiatives like 'Make in India'. In the past, the country had been led into an economy of jobless growth.
 

	We provided for reservation of women in the police forces of Union Territories. This was done even when there were no elections around the corner. 
 

	Through the regime of coal auction that we have put in place, more than Rs. three lakh crore have already been generated for the less-developed states of India. This money will be used for the poor of those states.
 
 These are just a few examples. Why were these things not done in the past sixty years. Who prevented them? Their worry is not that we are not pro-poor. Their worry is that they are being exposed as not being pro-poor. People are asking them: "If <keyword id="6360789" type="ORGANIZATION" weightage="20" keywordseo="Modi-Government">Modi Government</keyword> can think and do this in six to nine months, why could you not think and do it in sixty years." 

	10. You have travelled to 17 countries in 12 months...something that nobody expected you to do as you were seen as a novice on foreign policy matters. But you seem to enjoy running the country's foreign policy. Any comments? 
 

	Foreign engagements are international obligations on the part of the Prime Minister. All Prime Ministers have to do this. Moreover, this is an integrated world. We have to attend international, multilateral and bilateral summits, and build ties with our neighbours and other nations. Our foreign policy is mature and there is a full-fledged mechanism to pursue it. I have only added an element of dynamism to it. We have strived to strongly further our economic cooperation in the Asia-Pacific Region. We have endeavoured to nurture new economic partnerships and tap reserves of energy, minerals, technology and finance from major economies.
 
 11. In real terms, do you see that the Chinese will actually deliver on the financial pledge they have done, that the US will open up its markets for India, that Pakistan will give up its anti-India agenda? That our smaller neighbours will stop seeing us as a bully? Yes, I am sure that the commitments and agreements will be implemented. We have received a commitment from the Government of <keyword id="6355311" type="COUNTRY" weightage="20" keywordseo="Japan">Japan</keyword> for facilitating public and private funding of 3.5 trillion Yen - or approximately $35 billion dollars - over the next five years; there are agreements with China on two industrial parks and intended investments of 20 billion US dollars; there are investment plans of about 42 billion U.S. dollars from U.S. companies over the next five years. <keyword id="6358826" type="COUNTRY" weightage="20" keywordseo="Russia">Russia</keyword> has proposed to manufacture helicopters in India. With Australia and Canada, we have signed civil nuclear cooperation agreements, and other agreements to strengthen our energy security. With the United States, we have moved forward in implementation of the civil nuclear agreement and signed a significant partnership agreement to use renewable energy for rapidly expanding rural access to energy. There has been good response from financial institutions, including pension funds from Korea, Canada, Australia and the US. There is a strong support in all major economies for our "Make in India" programme. 

	In the neighbourhood, there has been forward movement on the 5600 MW Pancheshwar project in Nepal, that was stuck for the last 25 years. Similarly, with Bangladesh we have settled the land boundary issue. We are working with a spirit of mutual benefit. There is no question of bullying anyone. Our recent help to Nepal during the natural calamity shows that our approach is brotherly. With Pakistan too, we will pursue our long-standing approach. We will continue our efforts to advance cooperation and connectivity, without compromising our national security. 
 

	12. If we were to return to domestic issues, you have come for criticism from many for not being able to reign in vitriolic elements in your party who have made disparaging remarks against minorities. What do you say? 
 

	Our Constitution guarantees religious freedom to every citizen and that is not negotiable. The tradition of welcoming, respecting and honouring all faiths is as old as India itself. As Swami Vivekananda said: We believe not only in universal toleration, but we accept all religions as true. This principle of equal respect and treatment for all faiths has been a part of India's ethos for thousands of years. And that is how it became integral to the Constitution of India. Our Constitution did not evolve in a vacuum. It has roots in the ancient cultural traditions of India. I expect that everyone will understand and respect this.
 

	13. Why do some elements in your party feel emboldened to say awful things even though they ought to know that a Prime Minister of India cannot really support bigots in his cabinet? 
 

	I have said this before and I say it again: any discrimination or violence against any community will not be tolerated. My position on this is very clear: Sab ka saath, sab ka vikas. We stand for each of the 1.25 billion Indians regardless of caste or creed and we will work for the progress of each of them. Every faith in our country has equal rights; it is equal not only before the law but also before society. 

	 
	As published in ET.

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