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Demonetisation to curb Black Money turned black days for many…



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By Armaan Amrohi

An article in short about the overall insight of markets in Delhi post demonetisation.

My next door neighbour had been to Dubai to visit their son on a visa of three months on 21 October. Being an elderly couple all in the society have been in close contact with them. I was surprised to see them on 17th November back home. When enquired as to what happened, they came so early; they said, “After the announcement of Modi regarding demonetisation, we were forced to come back…!” I felt sorry for them as this time both uncle and aunti were much excited to visit their son in Dubai as there had been a new member in the family.

It is not only them who had to curtail their trip, there are many who have been in deep trouble after Rs.500 and Rs.1000 notes had been announced to be discontinued as legal tenders from 9 November 2016. Daily news papers since 9/11 are regularly updating us regarding the deaths of people in queues of ATMs. The situation is pathetic and troublesome for the people, with no choice!

All this made me to personally visit few places in Delhi to understand the reality at the ground level. I started my research from the Malls which are mostly crowd bulging. It was really surprising that the crowd was thin. Anyway I went to my choice restaurant where the owner is known to me due to regular visit. He did welcome me but the regular smile was missing. When I enquired for the dull welcome he suddenly busted out, “Saheb, there is a down graph in business, I am not able to fetch the rent of this place in this month”. I really felt sorry for him; still thinking that the eatery business in most promising and profitable, but has really the footfall has fallen so drastically that business has fallen to 85%. This made me to be more inquisitive regarding effects of demonetisation. I walked around the mall talking to many shop keepers in this regard. Not even a single person around the mall had been happy regarding demonetisation, all advocated that there is fall in business. No matter that they have been digitally advanced for sometime now, but low footfall has affected them at large.

CNG Station

This feedback was shocking for me as I had never thought of negative effect of demonetisation. My next destination was Azadpur Mandi–Asia’s biggest vegetable and fruit market–where loaders and porters are normally to be seen busy earning daily bread. This time I saw many sitting ideally. I asked one of them as to what is the effect of demonetisation. It was like I had ignited a bomb, many flocked around me thinking that I am a journalist, in chorus, “Saheb, do joon ke rooti bhi kamana mushkil hai!” (Mister, not able to earn two meals a day also). The rate of unloading a sack of onion was Rs.20 before but in the present times the rate has gone down to Rs. 13 per sack. Avnish a loader, “I used to earn around Rs. 200 per day, but now I am not able to earn even Rs. 100”. When I asked where is the crowd, he said, “Most of the loader have gone back home because of no work, the people are not coming to market”. Rajender Sharma, president of the Federation of Fruit and Vegetable Traders’ Associations, said, “Not just have costs of vegetables fallen, deals have fallen by 20-30 per cent, most clients are purchasing over credit which is a system of this market. Around 80 per cent of my business a month ago has been on credit, but payments have to be made to supplier who is not accepting old currency and the new is nowhere to be seen in bulk to make payments.” Other shopkeepers admitted that because business was down, ancillary work has been affected.

It’s not just wholesale and flea markets like Chandni Chowk, Sarojini Nagar and Lajpat Nagar, however demonetisation has soberingly affected Delhi’s world class markets as well. The reasons, be that as it may, are distinctive. The upscale Khan Market–which was recently positioned as the 28th costliest retail market in the world by Cushman and Wakefield–has lost around 50 per cent business since November 9.

Connaught Place in Lutyens‘ Delhi has lost 30-40 per cent deals in one month since Prime Minister Narendra Modi made the declaration. What’s more, South-Ex Market, which has a few extravagance brands, has lost around 20-25 per cent income in a similar time. These figures were accounted for by the individual market associations.Be that as it may, the reason for VVIP card-wielding clients moving in the opposite direction of these shopping edifices is not the same as those referred to behind the incomplete shutdown of Chandni Chowk, Khari Baoli and Sadar Bazar. The purpose for this is any purchase above Rs 2 lakh must be joined by outfitting the PAN card, which is likewise imprinted in the bill. This is consequently answered to the Income Tax (IT) division, and on the off chance that IT sleuths discover one’s buys surpassing their enrolled wage, a notice might be sent at his or her doorstep at whatever time.

“On one side, suppliers constrained us to make payments for stock provided before while purchasing power of the shoppers recorded exceptional cuts bringing about tremendous money related misfortunes. The extreme outcomes of the impact have additionally been felt in Khari Baoli–Asia’s largest food and grocery markets–that have seen thin business nowadays,” said Pradeep Gupta, a dealer from Khari Baoli, the biggest dry organic product market of Asia.

Post demonetisation, the money emergency has prompted to a complex ascent in costs of fundamental family unit items amid past one month. With almost Rs 7 per kg increase in the unorganised market and Rs 10 per kg increase in the organised one, wheat prices have seen most escalation amid the period. Prior, a 20-kg acket of wheat was accessible for Rs 260-300 yet now the cost has gone up to Rs 340 in the unorganised market and Rs 350 to Rs 440 in the organised business sectors like Big Bazar, Reliance Fresh and other retail outlets. Costs of mustard oil, refined and different oils are likewise being sold on uplifted costs as discount markets have recorded an expansion of Rs 10-20 per litre. “Prior, mustard oil was accessible for Rs 100 a litre in the discount advertise however after the cash boycott, it has gone up to Rs 120. The same is accessible above Rs 145 in retail shops,” said Dinesh Gupta, a trader from a similar market.

To the extent costs of pulses are concerned, the majority of the things have recorded a climb. The most exceedingly terrible influenced are gram (chana dal) as its cost has shot up to Rs 125 per kg from Rs 85-100 in the wholesale market. A similar item is accessible at the rate of Rs 140-145 in the retail market. Rates of Bengal gram has additionally gone up from Rs 90 a kg to Rs 104 in wholesale markets. “In the midst of the emergency, the price of pulses has shot up. The more terrible is that it will record additionally increase as a few merchants may start hoarding,” said Dinesh Kumar, a dealer from Naya Bazar market. Desperate clients and retailers going to different mandis are likewise having an extreme time as they have been battling hard to meet their requirements. A majority of them have been requesting goods in lesser quantity bringing about lesser market exchanges. A few have even been requesting products on credits from wholesalers also. Correspondingly, a larger part of family units have been looking for sustenance things using a credit card from retailers prompting to the emergency.

The impacts of demonetisation on small traders and manufacturers in the national capital were discussed in a meeting of Chamber of Trade and Industry (CTI), wherein agents communicated their apprehensions over the move. Representative from grocery, jewelry, transport, garment, property, and manufacturers raised the issues confronted by them and stretched out recommendations to meet the difficulties of the circumstance set apart by scarcity of usable notes and new banking money rules. The gathering stretched out different proposals to handle the circumstance, including increase in the deposit limit from Rs 2.5 lakh to Rs 10 lakh in view of interests of small traders, said Brijesh Goel, national convener of CTI. A few traders likewise recommended withdrawal point of confinement to be upgraded from Rs 10,000 to Rs 50,000 too.

While some proposed expansion of tax exemption limit utmost to Rs 10 lakh and cutting down the most extreme tax rate to 25 per cent, he said.”All the proposals will be talked about in future,” he said. The meeting also accentuated on the need to shield the interests of the traders and manufacturers. The CTI office bearers reported a helpline number for the brokers who require assistance from experts including advocates, contracted bookkeepers and specialists.

While in Chandni Chowk I saw huge lines on ATMs. Police deployed to control the crowd. I was told that the crime rate in Delhi has fallen after demonetisation. I asked the person so demonetisation is the sole reason behind crime rate decline, to which he proudly said, “yes…!” I simply replied then I think the government should conduct this demonetisation on yearly basis to control the crimes. There are many who have habit to connect things to anything. Government has itself paved way for organised crimes by demonetisation. I was also told that police has announced that if the people are spreading rumours on social media they will be punished under section 505 IPC. I am surprised that the same thing is being done by the government on daily basis, what about these? The queues have gone less, people are happy with demonetisation, all the Black Money will be flushed out by demonetisation, opposition is not happy as they did not get time to protect their black money, etc. new flashes by the government.

The government is promoting Cashless Economy but the reality at the grass root level is that most of the petrol pumps on the highways are only dealing in cash, thus tossing away Digitalization—the dream of Modi.

Today the Delhi Pradesh BJP has announced one laddoo per family for their patience on demonetisation. Shame on them for many died in queues for their own money while standing in ATM line and BJP is bragging about success. Height of fooling the masses!

Disclaimer: Views express are Author’s own.


Royal Orchid announces the opening of group’s newest hotel in Nashik




 Royal Orchid Hotels, the fastest growing hospitality chain in India today announced the opening of its new hotel in Nashik named ‘Regenta Resort Soma Vine Village’. Nashik popularly known as the wine capital of the country has gained immense popularity among the tourist in India.

Regenta Resort Soma Vine Village, with 32 rooms offers boutique accommodation with varied dining and banquet facilities. The glorious property will give travelers a mesmerizing experience and contemporary luxury.

On-site amenities at the hotel include a completely refreshed restaurant, a winery, a state-of-the-art fitness center and outdoor pool, as well as a business centre, and spa services. The hotel has a wide range of facilities that let the guests choose from various room categories designed in keeping the touch of the city with elegance and relaxing atmosphere.

Located in the northern part of the state of Maharashtra, Nashik is developing as a lively city with a blend of the ancient and modern touches attracting tourists from across the country. The city has numerous forts, temples, historic sites as well as a home to industries. The city offers green pastures, mountains and tours of the wine yard.

The most important attraction of the city includes Vineyards and Hindu temples situated in and around Nashik. May it be an important corporate event or a business meet or a simple getaway to explore nature and feel the essence of spirituality, Regenta Resort Soma Vine Village allows enormous options to its guests. The guests can experience the beauty and culture of Nasik just by availing one of the several facilities that the hotel provides to its patrons.

Chander K. Baljee, Managing Director, Royal Orchid Hotels said, “The hotel is the perfect complement to our recently refreshed Regenta portfolio of hotels across India. We are taking continuous steps towards expanding our presence all over India. The new hotel in Nasik is one such move towards achieving our aim. The government push toward tourism sector is giving us the much needed enthusiasm to go aggressive in adding new properties to our bouquet. Going forward we will continue to add more properties to both-explored and unexplored tourist destinations”

By now we have added eight properties – Mysore, Ahmedabad, Dehradun, Kanpur, Dwarka, Indore, Pushkar and now Nasik in the current fiscal year taking the number to 49 hotels. We will continue our efforts in expanding our presence all over India”.

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Nationalism of Narendra Modi is under question



The economic bungling by Jeweller Nirav Modi, Business tycoon Vijay Mallya  and Lalit Modi has put a serious  question mark on the nationalism of Prime Minister Narendra Modi. His conspicuous silence on  India’s largest banking fraud to the tune of Rs 11,400-crore and still counting is shocking as he repeatedly claimed to have won the huge mandate on the basis of giving achhe din to the people of India but crony capitalists have escaped India with taxpayers’ money and there is no clarification from Narendra Modi who has taken the voter for a ride.

Congress president Rahul Gandhi advised Prime Minister Narendra Modi  to speak on  the Nirav Modi and Rafale scams rather than seeking suggestions for his Mann Ki Baat programme from the general public.

The intentions of Modi government are also conspicuous when the central government  opposed a plea seeking an independent Special Investigation team ( SIT )probe and deportation of billionaire diamond merchant Nirav Modi in the Supreme Court,citing an FIR has already been filed and that a probe was on.

The Supreme Court has already admitted the PIL, filed by lawyer Vineet Dhanda in the Rs 11,400 crore PNB fraud and has now been listed for further hearing on March 16.The PIL has made Punjab National Bank, Reserve Bank of India and the ministries of finance and law and justice as parties.

Modi has been touring the world citing that his government is enhancing the status of India as an investor friendly country and where there is an ease of doing business. On the contrary, his reforms of demonetisation and GST has benefitted selected Business people having links with the ruling party and crony capitalists and general public has been made to bear the burnt. The economic frauds have dented the image of India globally and these types of  incidents would amplify questions about distress in the country’s financial sector reeling under bad loans.

What type of image is being projected when the  picture in which billionaire jeweller Nirav Modi is seen with Prime Minister Narendra Modi in Davos where the 48th Annual Meeting of the World Economic Forum took place  from 23 to 26 January 2018. The summit was attended by world’s leading figures .

On January 31, PNB filed a case of “criminal conspiracy and cheating” against the gem trader, members of his family and others two weeks ago alleging a 2.8 billion indian rupee ($44m) fraud.

The Modi government is busy creating eyewash by deploying agencies to probe the scandal  and the Central Bureau of Investigation  on Tuesday arrested five senior executives in connection with the multi-crore PNB fraud including Vipul Ambani (President, Finance, Firestar International/Diamonds group), Kavita Mankikar (executive assistant and authorised signatory of 3 accused firms), Arjun Patil (senior executive, Firestar group), Kapil Khandelwal (CFO, Nakshatra and Gitanjali group) and Niten Shahi (Manager, Gitanjali).

Modi asked people of India in 2014 to vote out corrupt UPA regime then how he and his government is defending the scandals that have occurred under his tenure of just four years . Modi is even trying to bring back the culprits to India .

The question should be asked to the ministers of Modi government what type of nationalism they carry with them when they do not value the life of Indian citizens ,when Dalits are being thrashed ,security personnel get killed on the border when our ruling political class provokes the enemy country just to showoff the Indian voter (woo voters) that they are superior than other political parties. Modi should have strengthened  the country militarily, economically and cohesively as an answer to the huge mandate given by the voters on trust.


By: Arti Bali

Senior Journalist

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Arun Jaitley blames Auditors, Management for failing to detect PNB scam

PM Modi cannot afford to campaign in 2018 and 2019 elections on giving corrupt free government as massive scams are coming to light and government is assisting capitalists to run away with taxpayers’ money.



Arun Jaitley

After five days,Finance Minister Arun Jaitley was quick to blame the PNB management and auditors for the Nirav Modi’s Rs. 11,300 crore fraud. It is pertinent to remind Jaitley that Dr Manmohan Singh as Finance Minister was charged for being responsible for the 1992 Harshad Mehta scam, therefore in the present context Finance Minister Jaitley cannot acquit himself of the eroding credibility of India’s banking system that has a direct cost on the country and the taxpayer and an indirect cost on borrowings and development as well.

Finance Minister and Prime Minister Narendra Modi cannot absolve their constitutional and democratic responsibility for the enormous scale of the scam which has many dimensions including fake bank guarantees or letters of Understanding.

Firms associated with Nirav Modi got fake LoUs from the Punjab National Bank (PNB), which is distributed to other banks stationed overseas seeking credit.The fraudulent transactions worth Rs 11,400 crore by Nirav Modi and his maternal uncle Mehul Choksi has embarrassed the government that claims to provide scam-free governance.

Prime Minister Narendra Modi cannot afford to campaign in 2018 and 2019 elections on giving corrupt free government as massive scams are coming to light and government is assisting capitalists to run away with taxpayers’ money.

PM Modi’s silence is amazingly stunning as he is not at all worried about India’s economy,one of the country’s biggest bank frauds, security and other problems of the common man but is rather living in his own false world and brags of giving good governance , acche din and Mann ki Baat where he continues on giving one sided communication.

Modi has fielded Defence Minister Nirmala Sitharaman, Law Minister Ravi Shankar Prasad and Education Minister Prakash Javadekar  to defend the government and clean the blot that could not have taken place without “top leadership involvement”.

Modi should step down for the financial fraud as 293 letters of undertaking (LoU), many letters of credit (LC), were issued during March, April and May 2017. Trying to hide failures of NDA government, the centre has sought the aid of seven agencies (Enforcement Directorate, Interpol, Central Bureau of Investigation, Income Tax department, Central Vigilance Commission,Ministry of Corporate Affairs) both at home and abroad to investigate the entire scam and investigators are conducting t searches at PNB branches and Nirav Modi’s properties.

Modi even claimed that his government had deregistered over 3 lakh dormant and shell companies listed with the Registrar of Companies but How is it possible that the ministry of Corporate affairs failed to identify the 200 shell companies of Nirav Modi and Choksi which the Central Bureau of Investigation and the Enforcement Directorate found to have been used to invest the Rs 11,400 crore of fraudulently obtained money.

The Indian banking sector is already struggling under the weight of bad loans or the NPAs valued as high as $150bn. and the government recently announced it would inject $32bn into the sector to help banks clean up their books, but analysts have questioned whether the money is enough without reforming the banks themselves. The Bharatiya Janata Party is also diverting the attention by saying that the Nirav Modi scam occurred during UPA regime and trying to accuse the Opposition for their failure to detect scams.


By: Arti Bali

Senior Journalist

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