South Korean lawmakers have impeached it’s president Park Geun-Hye over corruption scandal. The National Assembly motion passed by 234 votes to 56. Park was accused of “influential peddling”. South Korea is fourth largest economy in Asia. Prime Minister of South Korea Hwang Kyo-ahn will now become the acting president. The country will now witness snap elections in two months.
Even as the crowds at ATMs and banks grew longer, the government has come up with a unique solution to combat the cash crunch that has severely affected the country. Speaking at a press conference Economic Affairs Secretary Shaktikanta Das announced that indelible ink would be used at banks to stop multiple withdrawals. He also announced the creation of a Special Task Force to monitor fake currency that was being circulated in the market.
‘To solve this problem we have decided to use indelible ink marks,similar to elections,on cash counters.’
SHAKTIKANTA DAS, SECRETARY, ECONOMIC AFFAIRS
Places of worship, who receive smaller denomination notes, have been requested to deposit money in banks so that supply of these notes increased.
The political war of words over the issue of demonetisation hit the crescendo after opposition put on a united front against the ruling NDA.
BSP, Congress and the AAP held three separate press conferences and this is what they had to say.
“After demonetisation, the poor are enjoying a sound sleep while rich are running from pillar to post to buy sleeping pills” -Arvind Kejriwal, AAP
“Whatever may be the differences, political parties should not shy away from voicing the concern of the people so as to address the grievances” – Randeep Singh Surjewala, Congress
“In order to divert people’s attention from his failures, Modi levels baseless allegations against his poltical opponents which is condemnable…allegations on policy matters are different but personal ones should not be made…he cannot tolerate that a dalit ki beti is presented garland of notes” -Mayawati,BSP
Indian Finance Ministry has increased the cash withdrawal limit from INR 2000 to INR 2500.
Daily exchange limits have been increased to INR 4,500 from the previous limit of INR 4,000.