Demonetization: Modi announces bumper prizes; 15 lakh users to get 1,000 rupees

Narendra Modi announced several ‘prize schemes’ to promote cashless transactions.

Under the schemes announced today, there will be two sets of prizes for consumers and another for small merchants.

Under the first scheme, any customer who uses any electronic form of payment, including wallets and debit cards, will qualify for a ‘lucky draw’ of Rs 1,000 each.

15,000 such prizes — each amounting to Rs 1,000 — will be given out per day.

This will be continued for a period of 100 days.

This will start on Dec 25.

In addition, there will be a weekly draw of “lakhs of rupees” each after 30 Dec.

On April 14, the birth anniversary of Babasaheb Ambedkar, there will be a “bumper draw” which will be worth far more, Modi promised.

Finally, for traders who have less than 2 cr turnover, there will be a weekly draw based on the transactions conducted via electronic formats.

The moves are targeted at promoting electronic forms of payment. Electronic payments are expected to help the government crack down on tax evasion and reduce corruption.

CARROT AND STICK?

It is likely that along with the above ‘carrot’ policies, the government could also announce more traditional methods of encouragement, such as limits on the size of cash transactions that can be carried out in the economy.

Despite the existence of robust digital payments system in India, many businesses still take wads of cash as part of their transactions.

Modi said the move to digital is inevitable and part of the evolutionary process.

“There was a time when you had to carry metal coins made of silver and gold for transactions. This gave way to paper currencies, which was far easier to manage. Now we are moving to electronic payments where the money cannot be seen,” he said at a rally today.


Modi denies demonetization was a failure Prime Minister Narendra Modi today denied that the withdrawal of high-value currency notes was a failure.Speaking in the lower house of Parliament today, Modi said demonetization has created a money trail that can be used to 'bring everyone into the mainstream' of taxation....
Zero Income Tax up to Rs 4.5 lakh– BUDGET LIVE Finance Minister Arun Jaitley said he is slashing Income Tax paid by individuals by as much as 50% in some slabs.In the starting slab of 2.5-5.0 lakh per year, the income tax rate has been brought down from 10% of income above Rs 2.5 lakh to 5% of income above Rs 2.5 lakh."If...
Siddhu on joining Congress: No party is good or bad! Navjot Singh Siddhu, the cricketer turned politician and a vehement critic of the Indian National Congress for several years, justified his decision to join the party saying that no party, by itself, is good or bad."No party is good or bad. The same party can be run by bad pe...
Katju says SP will defeat BJP in UP Elections; Demonetization, Akhilesh to aid Former Supreme Court judge and a keen observer of Indian politics, Markandey Katju has predicted a win for the Samajwadi Party led by Akhilesh Yadav in the upcoming Uttar Pradesh Assembly elections.BJP, which is seen as a strong contender by many, would be negatively impacted...
Mayawati warns Muslims: Akhilesh vs Mulayalam will bring BJP to power Bahujan Samaj Party leader Kumari Mayawati has warned Muslim voters in Uttar Pradesh against continuing to vote for Samajwadi Party, claiming that the current fight between SP leader Mulayam Singh and his son Akhilesh would split their votes in two."I urge you not to let ...
Hindu fighting for Muslim rights alleges religious discrimination by orthodox Muslims Sreeja NeyyattinkaraSreeja Neyyattinkara, one of the state secretaries of Welfare Party in Kerala, has set off a storm among Dalit and Minority activist circles in Kerala by heavily criticizing some orthodox practices among the Muslims of the state.The criticism has come...
COLUMN: Why it’s hypocritical for Rahul Gandhi to accuse Narendra Modi of taking money from co... One of the interesting aspects of the current accusations and counter accusations around the alleged funding of BJP's 2014 Lok Sabha campaign by corporate houses is the sheer hypocrisy of it.Let's see why.According to third-party figures, an estimated Rs 23,000 cr was...
Mining baron Sekhar Reddy arrested after Income Tax raids Sand miner Shekar Reddy has been arrested, two weeks after the seizure of crores of rupees and gold in an income tax raid. The arrest has come hours after Income Tax officials conducted a raid on Tamil Nadu's top bureaucrat chief secretary P Rama Mohana Rao at his home.It was...
Rahul Gandhi’s gives ‘earthquake evidence’ on Modi After keeping the nation waiting for 10 days, Rahul Gandhi today dropped his 'bomb' on Narendra Modi that he had promised would 'cause an earthquake'.Gandhi said a company based in Uttar Pradesh has written "that Modi has taken money from them multiple times over six mont...
Demonetization: RBI removes ‘explanation’ requirement for KYC accounts The Reserve Bank of India has responded to widespread criticism of its directive to collect 'explanations' from those depositing more than Rs 5000 by clarifying that this directive will not apply to bank accounts with proper documentation."On a review of the above, we advise ...
Demonetizaton: Govt places limits on last minute deposits The Reserve Bank of India said that any person who continues to hold old notes of 500 and 1000 rupees in bulk will get only one more chance to deposit them into bank accounts and will also have to provide an explanation for the delayed deposit."Tenders of SBNs in excess of ₹ ...
Demonetization: Swaraj India says political parties could become money laundering centers Swaraj India party today said the Income Tax department's decision to continue to provide immunity to political parties from having to reveal their sources could turn them into money laundering centers.According to Section 13(A) of the Income Tax Act, 1961, if you have regist...
DEMONETIZATION: Wholesale Price Inflation falls to 3.15% in November The annual rate of inflation, based on monthly WPI, stood at 3.15% for the month of November, 2016 as compared to 3.39% for the previous month and -2.04% during the corresponding month of the previous year.The fall is largely expected due to the impact of the withdrawal of h...
Subramanian Swamy attacks Ratan Tata for investing money in Britain Keeping up his attacks on Tata Group interim chairman Ratan Tata, BJP leader Subramanian Swamy fired yet another salvo at the veteran industrialist for investing huge amounts of money into Britain, instead of doing so in India.Tata Steel had acquired UK-based Corus for around...
Domino’s Pizza starts cashless facility for phone orders Domino's Pizza has started cashless payment facility for those who order by phone as well."Post demonetization, we have seen many customers choosing to order online. Consumers coming to our restaurants to dine in or carry out are able to pay With Credit caras or Wassets. Howe...
Taxes will be made “more reasonable” in cashless India – Jaitley Taxes in India will be made more reasonable as more and more transactions switch to the cashless mode, finance minister Arun Jaitley said."As more and more transactions are made cashless, they will come under taxation.. (and with this) taxes will be made more reasonable, both...
Allahabad High Court says Triple Talaq ‘unconstitutional’ The Allahabad High Court has today said 'triple talaq' or the divorcing of women under Islamic laws -- is unconstitutional in Indian law.The provision "violates women's rights" and no personal law board is above the Indian constitution, the court said while hearing a peti...
Jayalalitha’s successor: Crucial meet starts at AIADMK headquarters The All India Anna Dravida Munnetra Kazhakam (All India Anna Dravidian Progressive Party) started a crucial meeting of its top leadership at 6:30 PM today, minutes after the party hurriedly re-hoisted the flag on its headquarters.All the party's MLA's are attending the me...
Sorrow after Tamil channels say Jayalalitha dead, AIADMK lowers flag The AIADMK has lowered its flag at its headquarters, setting off a frenzy of sorry in Tamil Nadu as desperate followers of Chief Minister J Jayalalitha broke down in tears.UPDATE: The AIADMK has rehoisted its flag after bringing it down initially.There were wailings a...
After pumps, Bata stores to provide cash withdrawal The story has been withdrawn by the company.
Modi says people who deposited others’ money may get to keep it all Opening a new front in the fight against black money, Prime Minister Narendra Modi today said people who were forced or tricked into depositing other people's money into their bank accounts may be allowed to keep the entire sum for themselves."Do not touch that money," Modi s...
Petrol Pumps, Airlines Will Not Take Old Notes From Saturday | DEMONETIZATION Old notes will no longer be accepted at petrol pumps and airline ticket counters starting from Saturday, according to sources.So far, petrol pumps and airlines had been given an exemption from demonetization of 500 and 1000 rupee notes.However, in an effort to control...
Fitch revises US growth estimates on Trump election, says protectionism to rise The surge in populism and anti-establishment sentiment witnessed in the Brexit vote and Donald Trump's victory in the US presidential election seem likely to push structural policies in the direction of economic nationalism, said Fitch Ratings in its latest global economic outloo...
BJP asks all MPs, MLAs to submit bank statement to party As part of the ongoing crackdown on tax evasion and illicit funds, the Bharatiya Janata Party has asked all its MPs and MLAs to submit the full details of their banking transactions from Nov 8 onwards.The central leadership of the party will examine the bank statements of the...
7 ILLOGICAL REASONS to oppose DEMONETIZATION The current demonetization move by the Narendra Modi government has seen a lot of accusations and counter-accusations being levelled by both the supporters and opponents of the move.While the government has tried to deal head on with the official accusations levelled by opp...