HOME > SOCIETY > POLITICS > Will currency ban hit non-BJP parties in UP elections?

Will currency ban hit non-BJP parties in UP elections?

500-rupee-noteThe currency ban could give the Bharatiya Janata Party an upper hand in the upcoming UP election by denying funding to opposition parties.

The Congress has already attacked the move to ban 500 and 1000 rupee notes with effect from midnight today.

Since nearly the entire money used to fight elections in India is in ‘black’, the sudden and unexpected move by the BJP government to ban old notes of 500 and 1000 rupees will render much of the political funds totally useless.

To make matters worse, not all parties are likely to be impacted to the same degree.

While those parties who did not have previous information about the move will find themselves starved for cash, those parties who knew about the move would not.

Anyone or party who knew that this step was going to be taken could have switched their funds to either smaller denomination notes such as 100 rupees, or into assets like gold.

This could then be converted back into the new currency.

However, other parties who failed to do this would literally have their money swept away from under them.

This will not just impact the UP elections, but also the continuing functioning of political parties for quite some time, as most of them keep their savings in ‘cash’, or with real estate companies.

ALSO SEE

http://ultra.news/s-e/24667/will-currency-ban-burst-real-estate-bubble

Follow ULTRA.news
The fast rise of extremist Islam in Maldives When Hussain Rasheed started talking about his son, a sob choked his voice.Hussain Rasheed (left) and Shauna Aminath (rightmost)His feeble reply wasn't even audible to the small gathering for sometime. When he regained his composure the first question he asked: Why was ...
O Panneerselvam says to look at alliance with BJP soon O Paneerselvam, the ex-chief minister of Tamil Nadu and the leader of a prominent faction within the All India Anna Dravida Munnetra Kazhakam (All India Anna Dravida Advancement Front) has indicated that his faction is open to an alliance with the Bharatiya Janata Party.Panne...
Rajinikanth set to announce his own party; BJP, AIADMK nervous Rajinikanth, the most popular actor in Tamil Nadu, today made it more or less clear that he would enter politics soon.Going by his comments, the charismatic actor is likely to float a new party, which has made existing parties such as the BJP, AIADMK and DMK nervous.Speak...
Demonetization hits real estate builder prices, but not resale flats – report Demonetization of 500- and 1000-rupee notes hurt the real estate sector in North India, while its impact on the sector in South India was negligible, according to Magicbricks’ PropIndex for Jan-March 2017.The report, brought out by the eponymous real estate classifieds site, ...
Kapil Mishra to file FIR against Arvind Kejriwal Estranged Aam Aadmi Party leader Kapil Mishra said he will file a police complaint against Arvind Kejriwal today.The rebel AAP leader has accused the party supremo of taking bribes and acting like a dictator within the party."It is with a heavy heart that I am doing this,...
Ravi Shankar Prasad tears into Mamata for ‘forcing’ family to abandon BJP BJP spokesperson Ravi Shankar Prasad today attacked West Bengal chief minister Mamata Bannerjee using very sharp words for what he said was the pressure brought on the adivasi family to renege its connection with his party and become supporters of Bannerjee's Trinamool Congress....
Cow Violence: Amit Shah says will bring situation under control Bharatiya Janata Party President Amit Shah said the state governments run by the party will bring people who commit violence in the name of the cow under control."Trust us, we will bring this under control very soon," Shah said in an interview with India Today television....
Supreme Court dismisses Center’s reasons for not appointing Lokpal The Supreme Court has dismissed the government of India's stand that it cannot appoint the Lokpal as there was no leader of the opposition.The court's decision came on a bunch of petitions seeking the appointment of a Lokpal is likely to lead to the first ever appointment...
Mayank Gandhi delivers scathing message to Arvind Kejriwal From the video message of Mayank GandhiFormer compatriot and head of Aam Aadmi Party Maharashtra, Mayank Gandhi has assailed Arvind Kejriwal in an acerbic letter that traces the AAP leader's rise and fall over the last five years.Gandhi, who left the organization after fou...
Delhi MCD Election Results Live: End of the road for AAP & Kejriwal BJP 181CONGRESS 31AAP 46OTHERS 12The initial trends from the Delhi Municipal Corporation (MCD) elections indicate that the prediction of exit polls of a demise for the Aam Aadmi Party have turned out to be correct.The BJP is all set to come...
Glaucus questions stock price of Hong Kong-listed Fullshare Holdings Ltd Glaucus Research Group, a California-based short seller, said it was selling Hong Kong-listed developer Fullshare Holdings due to peculiar trading patterns seen in the stock's counter."Fullshare is supposedly a commercial and residential property developer, but this business ...
Arnab Goswami teases the launch of Republic TV A videograb from the 'teaser'Arnab Goswami, arguably the most talked about Indian journalist in recent years, has released a teaser video on the upcoming launch of his new television channel Republic TV.The video shows Goswami writing a letter to Mr Gandhi -- perhaps a r...
Vande Mataram mandatory in Schools: SC sends notice to govt A popular portrayal of Mother IndiaAfter making the National Anthem mandatory in movie halls, the Supreme Court has moved on to the question of whether or not to make Vande Mataram, the national song of India, mandatory in schools.Taking up a petition on the matter, the ...
Malappuram bypoll election results: BJP fails to make headway The Bharatiya Janata Party has failed to make much headway in Kerala over the last two years, going by the results of a by-poll in the Muslim-dominated Malappuram Lok Sabha constituency.With nearly 95% of the eight lakh votes counted, the BJP has seen its vote share decline f...
Asaduddin Owaisi calls Pakistani military tribunal ‘banana court’ Lok Sabha MP Asaduddin OwaisiAsaduddin Owaisi, head of All India Majlis-e-Ittehadul Muslimeen or All India Council of the Union of Muslims said the Indian government should have anticipated the death verdict handed out to Kulbhushan Jadhav, an ex-Indian Navy member, and move...
Bhushan & Yadav’s Swaraj India chooses ‘whistle’ symbol for MCD polls Whistle, the symbol of most Swaraj India candidatesSwaraj India, the political outfit floated by breakaway Aam Aadmi Party faction led by Prashant Bhushan and Yogendra Yadav, will fight the upcoming election to the Municipal Corporation of Delhi on the 'whistle' symbol.T...
There’s no Lokpal because there’s no opposition leader, says govt Lokpal act was passed after massive demonstrations in 2013The Prime Minister's office today said the government has not appointed a Lokpal at the center yet as there is no leader of the opposition in the Lok Sabha.According to the Lokpal and Lokayuktas Act passed in 2013...
Nearly a quarter of all food samples tested found fake or adulterated Food Adulteration and Testing in India, FY16Over one-fifth of all food samples tested in India's government labs in the last year were found to be fake or adulterated, according to numbers compiled from various state government food testing facilities by union government's d...
No exemption to Tamil Nadu on NEET: Health Minister Health Minister Faggan Singh Kulaste at an event in DelhiExemptions to the National Eligibility cum Entrance Test cannot be given to any place or zones inside India as a common entrance test is required under the law, Faggan Singh Kulaste, junior minister in charge of health...
PNB, Corp Bank most aggressive in going after big debtors; SBI, BoB more relaxed Punjab National Bank, the third largest public sector bank in India, and smaller cousin Corporation Bank can teach bigger siblings like State Bank of India and Bank of Baroda a thing or two about going after big loan defaulters, an analysis of Reserve Bank of India data shows. ...
HRD ministry says won’t interfere in college politics Ramjas CollegeThe ministry of human resources development, which oversees educational institutions in the country, today refused to intervene in political protests and incidents in colleges."These autonomous institutions are established under the respective Acts of Parli...
Narada sting operation probe handed over to CBI The Calcutta High Court has handed over the investigation into the sting operation conducted by 'Narada News' to the Central Bureau of Investigation.The agency has been told to complete a preliminary investigation within 72 hours.The move follows complaints that the state...
No plans to impose Indian constitution on Jammu & Kashmir judiciary – Govt Flag of Jammu & KashmirLaw minister Ravi Shankar Prasad today said the government of India had no plans to force judiciary in the state of Jammu & Kashmir to take their oath of office on the Indian constitution instead of the state constitution.Prasad was respond...
At 9.7 cr/year, Sidhu is highest-earning Punjab MLA, 40% AAP MLAs are crorepati An analysis of the election filings of the newly elected members of Punjab Legislative Assembly revealed that Navjot Singh Sidhu, the ex-cricketer and television personality who joined the Indian National Congress just before the election, is the highest-earning member of the h...
NDA-ruled states lead in digitization of public distribution systems States ruled by the National Democratic Alliance have taken the lead in implementing digital ration shops with the introduction of electronic point of sale machines, while non-NDA states have lagged behind in introducing this crucial anti-pilferage measure, data obtained from the...