Government counters SC order; Says deposit window against demonetisation purpose

-
Government's purpose behind demonitisation will defeated by the Government officials statements that providing a window for depositing the old notes.

 Replying to Supreme Court’s order of providing a deposit window to the individuals, the government on Wednesday said that providing an option to deposit old currency notes will defeat the purpose of a reform like demonetisation.
ET quoted senior ministry officials, who are directly familiar with the matter saying that the government will respectfully consider the order of the supreme court, however, such a window could result in a large amount of money flowing back into the system, which will eventually defeat the purpose of a reform like demonetisation on such a big scale.

 According to senior government officials, the order by supreme court gives an open opportunity to the illegal money holders. This is also a fact that India shares an open border with Nepal and Bhutan. This route could be used to bring huge illegal money back into the system.
Talking of the consequences, the above-quoted official said that the illegal money coming from international destinations was a prime source of funding for terrorists and Naxalites. The move of demonetisation has put a check over the terrorist activities on a big scale.
In its order on Tuesday, Supreme Court of India had asked government to provide another window for depositing the old notes to the individuals with genuine reasons behind not being able to deposit the money in the prescribed period. The government is likely to submit its reply on July 18, the next hearing of this case.

Comments

Post a Comment

Popular posts from this blog

Positive Opening Likely Following Robust Overall Cues

-
Image
The Indian Equity cash markets are prone to open the remaining trading session of the week on an confident note following positive cues from the Asian peers and powerful shut on Wall street in a single day trade. The developments on SGX Nifty counsel markets are prone to open with features of 24 points at 9,945. Now, going ahead, the level of 9,850 is a a very powerful toughen for the Nifty followed via 9,800. On the upside, Nifty has resistance in the range of 9,930-9,950, and if it manages to efficiently hang above this stage, it may scale up to ranges of 10,040-10,080. Back home, Indian Equity Cash markets snapped four day successful streak to finish marginally decrease on Thursday. The BSE Sensex misplaced 80 points to finish at 31,592 and the Nifty50 index slipped 26 factors to settle beneath the 9,900-mark. The market breadth, indicating the general well being of the market, was once positive. The US stock indices ended Thursday’s session firmly within t...
Read more

Markets May Remain Risky Because of September Collection F&O Expiry

-
Image
The Indian equity markets might see a subdued opening on Thursday because of mixed cues from Asian friends. on the other hand, as the day progresses, markets could trade with excessive volatility as a result of expiry of September collection derivative contracts. The trend on SGX Nifty means that markets could open with marginal loss of 9 factors at 9,728.   Now going ahead, Nifty has make stronger positioned across the level of 9,685, and if this fortify is breached, the following make stronger is seen around 9,630 and 9,600 levels. On the upside, 9,800 is likely to act as a stiff resistance degree.   back house, Indian markets fell for a seventh straight day on Wednesday after stories suggesting that the Indian army conducted a surgical strike alongside the Myanmar border and centered Naga insurgents' camps. The BSE Sensex plummeted 440 points to finish at 31, 160 , while Nifty tumbled by means of 136 factors ending under the 9,750 mark. The broader market depicted wea...
Read more

Market appears absolutely valued, continue to predict consolidation in close to term: JPMorgan

-
Image
Bharat Iyer of JP Morgan stated the sharp 18 % rally since the beginning of the yr has taken the Nifty past 2017 base case target of 9,300 and tracking around bull case target of 9,600 set in December 2016. The rally has been pushed by world possibility-on and native policy improve, together with a 100 bps reduce in lending charges, the BJP's sure exhibiting in state elections and progress on implementation of the GST, he reasoned. He feels equity markets seem fully valued on a near-time period foundation. "we have now been calling for the markets to pause for a breather over the last two months. We continue to name for consolidation," Iyer stated.
Read more