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Economic slowdown biggest negative impact of DeMon: Survey

It has been three years since the Rs 500 and 1,000 notes were demonetised to curb the use of black money and fresh Rs 500 and 2,000 notes were released.

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New Delhi, Nov 8 : A survey on the impact of demonetisation, done three years after it was done, has revealed its impact — 32 per cent said it caused loss of earnings for many unorganised sector workers, 2 per cent said it was a sizable migration of labour to villages and lowered rural income while 33 per cent said the biggest negative impact of demonetisation was the economic slowdown.

The survey done by a social media firm ‘LocalCircles’, was released on Friday here. The pan India survey was done to check how consumers were conducting transactions and whether they felt that demonetisation had brought any positive change for the country.

“When asked about the negative impact of demonetisation, 32 per cent respondents said that it caused a loss of earnings for many in the unorganised sector and two per cent said it led to migration of labour to villages and lower rural income. A sizable chunk of 33 per cent said the biggest negative impact of demonetisation was the economic slowdown. But, there was the 28 per cent chunk that felt that there was no negative impact”, the survey said.

An important goal of demonetisation was to reduce the use of cash in transactions and encourage people to pay using non-cash modes, but the use of cash in the Indian economy does not seem to be reducing, the report said.

While 28 per cent feel the demonetisation had no negative impact, it has also been reported that the amount of fake currency seized in the last three years has considerably shot up when compared to the pre-demonetisation time, the LocalCircles said.

The survey also said after three years of demonetisation, citizens identified the expansion of tax net as the top positive, and the economic slowdown and the loss of earnings for the unorganised sectors as the top negatives.

Percentage of citizens using cash as primary mode of transaction reduced by over 30 per cent in one year and the citizen feedback suggested cash component in property buying rose in the last year, it said.

It has been three years since the Rs 500 and 1,000 notes were demonetised to curb the use of black money and fresh Rs 500 and 2,000 notes were released.

After that the Centre has taken several measures to promote digital transactions, but according to the feedback from people via LocalCircles survey, though digital transactions are increasing year over year, a large number of people still prefer cash transactions over the digital transactions.

The 2,000-rupee note has made it easier for people to keep cash in stock. On a purchase of a property in the last 12 months, 33 per cent said they paid the full amount by e-payment or cheque while 10 per cent said they paid under 25 per cent in cash and rest via e-payment or cheque, and 57 per cent said they said 25-50 per cent in cash and rest via e-payment or cheque.

When asked for which category of purchases have they paid the most amount in cash (without receipt) in last 12 months, 31 per cent said salaries of domestic staff, 36 per cent said groceries, 5 per cent said discretionary purchases and eating out, and 7 per cent said property, rent & home repairs. One per cent each said jewellery and used vehicles while 7 per cent said they used cash to pay bribes while 12 per cent said they did not make any purchases in cash.

People were asked that three years after demonetisation, what they thought was its top benefit — 21 per cent said it reduced black money in the economy and 12 per cent said it increased direct tax collections, 42 per cent said it brought a large number of evaders in the tax net while 25 per cent said they felt demonetisation had no benefits at all.

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Galaxy S11 may come with a 120Hz high refresh rate display

The Galaxy S11 is not the only device rumoured to launch with a 120Hz display, OnePlus is also looking forward to launch its new smartphone with ultra-high refresh rate.

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Seoul, Nov 21 : South Korean tech giant Samsung is reportedly planning to introduce a high refresh rate of 120Hz display with its upcoming smartphone Galaxy S11.

Famed leakster Ice Universe Ice universe tweeted screenshots of Samsung’s latest One UI beta update that insinuate the Galaxy S11 could receive a 120Hz display.

The Galaxy S11 is not the only device rumoured to launch with a 120Hz display, OnePlus is also looking forward to launch its new smartphone with ultra-high refresh rate.

Recently, a code in the APK file (the Android app software file) for Samsung’s camera app suggests that Galaxy S11 lineup would support 8K video recording.

The Exynos 990 chipset, which is expected to power the international variants of the device, features [email protected] video decoding/encoding capabilities.

Additionally, Qualcomm’s upcoming Snapdragon 865 chip, which will power the US variants of the S11, is also expected to have enough horsepower to offer 8K video recording.

Earlier, famed leakster Ice Universe had claimed that the Galaxy S11 would not use the 108MP ISOCELL Bright HMX sensor that it launched earlier this year, but would instead utilise an upgraded second-generation sensor.

The upcoming Samsung Galaxy S11 smartphone will be available in three screen sizes – 6.4 or 6.2-inch being the smallest, mid-sized with 6.4-inch and 6.7-inch being the largest one.

As per a recent report, Galaxy S11 would arrive in the third week of February 2020 and the launch event is said to take place in San Francisco.

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Punit Goenka to ZEEL staff: Stake sale as per debt repayment plan

Shares of ZEEL on the BSE, closed at Rs 345.25 on Thursday, higher by Rs 38.10 or 12.40 per cent from the previous close.

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New Delhi, Nov 21 : Punit Goenka, the MD and CEO of Zee Entertainment Enterprises (ZEE) has written to the employees of the company saying the proposed sale of 16.5 per cent stake by the Essel Group is in line with the overall debt repayment plan.

Describing the decision as a strong step forward, Goenka, who was reappointed as the MD and CEO earlier in November, said he looks forward to work with the employees and elevate the company to a global media and entertainment powerhouse, said the communication seen by IANS.

He said the promoters would continue to hold 5 per cent stake in the company and thanked the employees for their trust and support.

The Subhash Chandra-led Essel group on Wednesday announced that it is planning to sell 16.5 per cent stake in ZEEL to financial investors in order to repay loan obligations to certain lenders of the group.

After this transaction, the promoter stake in Zee Entertainment will be reduced to 5 per cent, which means that media baron Subhash Chandra will lose control of Zee Entertainment Enterprises Ltd.

Zee, considered a pioneer of television entertainment industry in India, was launched by Subhash Chandra in 1992. Ever since the launch year, the company expanded operations to enter packaging, infrastructure, education, precious metals, finance and technology sectors.

Earlier this year, Essel Group sold up to 11 per cent in Zee Entertainment to Invesco Oppenheimer Developing Markets Fund for Rs 4,224 crore.

Prior to the Wednesday announcement, Subhash Chandra’s Essel Group companies held 22.37 per cent promoter stake in Zee. Of this, 21.48 per cent was pledged as collateral against finances availed by Essel Group firms.

Post completion of the transaction announced on Wednesday by the company, Oppenheimer Developing Markets Fund and OFI Global China will together hold 18.74 per cent.

Shares of ZEEL on the BSE, closed at Rs 345.25 on Thursday, higher by Rs 38.10 or 12.40 per cent from the previous close.

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Slowdown dents October Mergers and Acquisitions deal activity: Report

The report disclosed that while domestic deal segment saw a downtrend in terms of both volumes and value, the cross-border deals value almost doubled.

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Mumbai, Nov 21 : Slow economic growth, amid prevailing uncertainties have dented the volume of ‘Mergers and Acquisitions’ activity in the country which declined by 40 per cent to 28 deals last month from 47 reported for the corresponding month of last year, a report showed on Thursday.

According to Grant Thornton’s M&A Dealtracker report for October 2019, a total of $1.53 billion worth of transactions were spread across 28 deals from a year-on-year level of 47 deals worth $2.81 billion.

However, the report revealed an increase in the deal values despite 22 per cent fall in deal volumes as compared to September 2019, showing signs of improved sentiments and appetite for big ticket deals.

“This was driven by the corporate tax cut, which has improved both investor sentiment and confidence. This also resulted in the average deal size more than doubling from $24 million in September 2019 to $55 million in October 2019,” the report said.

Besides, the report disclosed that while domestic deal segment saw a downtrend in terms of both volumes and value, the cross-border deals value almost doubled.

“The month also displayed great potential in the automotive and infra space, attracting big cheques of over $100 million each amid the recent slowdown in the auto sector,” the report said.

“Consolidation in these sectors was driven by strategic reasons to access combined market potential and gain sizeable market share.”

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