How to tackle with sudden change of notes in Indian Economy.

Face of new Indian Notes, How they will Look 500, 2000

New Notes for India 500 and 2000. Containing M. Gandhi's image on front and Red Fort,  Mars Satellite respectively.  

Surgical strike on black money: Key points of PM Narendra Modi's announcements

NEW DELHI: Taking the nation by surprise, Prime Minister Narendra Modi tonight announced demonetisation of Rs 1000 and Rs 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.

In his first televised address to the nation, Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.

Main points from PM Modi Speech:

1. Currency notes of Rs 500 and Rs 1000 denominations will not be legal beginning November 9.

2. New notes of Rs 500 and Rs 2,000 would be released and circulated from November 10.

3. ATMs will not work on November 9, and at some places on November 10 as well.

4. People can deposit notes of Rs 1000 and Rs 500 in their banks from November 10 till December 30, 2016 .

5. Those unable to deposit Rs 1000, Rs 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof .

6. Currency notes of Rs 1000 and Rs 500 will be just paper with no value

7. Banks will remain closed on 9th November 8. All banks and post offices will remain shut tomorrow .

8. All banks and post offices will remain shut tomorrow

9. Cashless fund transfer won't be affected by this .

10. Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes till 11 November midnight .

11. Some medical facilities will be exempted from this for the time being .

12. Rs 20,000 weekly cap on exchange of Rs 500 & Rs 1,000 notes .


Source Economic Times of India


Read more at:

http://economictimes.indiatimes.com/articleshow/55316475.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

$940-mn fine cloud on TCS

Two days before its results for the quarter ended March 2016, India’s largest information technology services provider Tata Consultancy Services (TCS) has been slapped with a fine notice of $940 million (Rs 6,204 crore) by a federal jury in the US in a trade secret lawsuit.

Though the trial court has not given its final verdict yet, TCS said it plans to defend its position. It also stated that the jury verdict will not have any impact on its Q4 and FY16 financial results.

If this fine is finally imposed, it would be nearly Rs 200 crore more than the company's net profit of Rs 6,083 crore in the third quarter of FY 16. Analysts have estimated the fourth quarter profit at Rs 6,277 crore, which would be just about enough to cover the fine.

The lawsuit was filed by Verona-based electronic medical records vendor Epic Systems in October 2014, and said TCS and its US subsidiary Tata America International Corp have taken confidential data from them.

The federal jury in the US State of Wisconsin ruled that TCS and Tata America International Corp must pay $240 million to Epic Systems for ripping off its software.

In addition, the Tatas have also been asked to pay $700 million in punitive damages.

In a statement, TCS said: “The company did not misuse or derive any benefit from downloaded documents from Epic System’s user-web portal. TCS plans to defend its position vigorously in appeals to higher courts. TCS appreciates the trial judge’s announcement from the bench that he is almost certain he will reduce the damages award.”

Restrictions, shutdown continue as tension grips Kashmir

Authorities have decided to continue the curfew-like restrictions in parts of Srinagar city and north and south Kashmir areas as tension gripped the valley on Saturday. With the death of another teenager in Army firing on Friday in Kupwara district, the toll in the five-day long unabated violence has risen to five.