Telangana News

Prime Minister Narendra Modi launched a new e-wallet app, "Bhim", named after founding father, Dr BR Ambedkar, to make the digital transactions easy. The PM also reiterated that digital transactions will be rewarded with raffle-like cash prizes from the government.

Today is the last date for exchanging the old notes in the banks. However, the banned notes can still be deposited in the Reserve Bank of India, that too only till March 31st. After that deadline, the government has decided to impose a minimum of Rs. 10000 fine on those holding the old notes. Modi will address the country tomorrow evening to discuss the impact of his abrupt demonetization drive.

The analysts opined that the cash squeeze would dent India’s economic growth in a short term. Ratings agency Fitch revised down its GDP forecast for the 4th quarter of 2016 to 6.9% from 7.4%.

On the other side, according to the economists, that the economy would be benefited in the long term due to an increase in tax revenues, but only once there is a plentiful supply of those elusive new notes in circulation.