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December, 4, 2016

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Business > Asia > India
India said old notes would no longer be accepted at gas stations after Friday, fueling anger over the scrapping of high denomination bills that has caused an unprecedented cash crunch.
 
India cash ban slims down big fat weddings
Jatin Pal's wedding was just days away and his family were finalising plans for an extravagant multi-day celebration -- then Indian Prime Minister Narendra Modi banned high denomination notes overnight, casting a dark shadow over the festivities.
 
India's central government has asked all the statutory 4,041 urban local bodies in India to shift to e-payments at the earliest possible time, according to a communique from the Urban Development Ministry.
 
India's top court ordered a temporary ban on the sale of firecrackers in New Delhi on Friday, after air quality reached crisis levels in the world's most polluted capital.
 
Huge bank queues have become a ubiquitous sight across India after the government suddenly withdrew the two highest denomination notes from circulation two weeks ago -- but now you can hire-a-queuer online.
 
Fitch sees 'weak' Q4 as India cash crunch bites
Ratings agency Fitch said Tuesday it would revise down its India growth forecasts for the fourth quarter of 2016 after the country's shock move to pull most of its currency out of circulation.
 
5 ways Indians are dodging currency crackdown
From deploying "cash coolies" to buying Rolex watches, Indians have found unique ways to dodge the government's surprise move to withdraw high value bills in a bid to tackle widespread corruption and tax evasion.
 
India announced new measures Thursday to allow farmers and marrying couples to withdraw more money from banks, as frustration mounted over a cash crisis triggered by the withdrawal of all high-value notes.
 
A long wait for rupees
Indians stand in line at a bank to exchange or deposit discontinued currency notes in New Delhi, Tuesday, Nov. 15. Chaotic scenes played out across India with long lines growing even longer and scuffles breaking out, as millions of anxious people tried to change old currency notes that became worthless days earlier when the government demonetized high-value bills.
 
Indian Prime Minister Narendra Modi on Monday urged Indians to give him more time to resolve a cash crisis that followed the withdrawal of high-value notes, insisting the shock move would benefit the poor in the long run.
 
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