AMAZON- THE GROWTH STORY

BUSINESS, World Affairs
Year Milestone
1994 Jeff Bezos quits his job, launches Amazon.  Initial startup capital- his parent’s personal savings
1995 Amazon.com goes online with book sales. Bezos raises an $8 Million round of funding from Kleiner Perkins
1997 Amazon goes public at $18 per share
1999 Bezos named Time Magazine’s “Person of the Year” for popularising online shopping.
2009 Bezos acquires Zappos through  stock swap
2013 Bezos acquires the Washington Post
2015 Amazon surpasses Walmart as the most valuable retailer in the United States
2016 Becomes the fourth most valuable public company, goes offline with its first bookstore in Seattle
2017 Amazon acquires Dubai-based Souq.com, Bezos becomes the second richest person in the world

Amazon founder Jeff Bezos became the second richest person in the world, moving ahead of when Amazon acquired on 29 March acquired Middle East’s largest online retailer, Souq.com. According to Bloomberg, Bezos added around $1.5 billion to his fortune (now at $75.6 billion) as his company’s share rose to $18.35 billion as of  29 March.

From Bezos’ garage to becoming the world’s largest online retailer, here is a quick overview the incredible journey of the company.

From The Start

The year was 1994 when Bezos read a statistic that in the spring of 1994 web usage grew at 2300 percent.  This gave him the idea of tapping into the internet revolution to start an internet company we all now as amazon today. Jeff, 30 years old, at that time, quit his job as V.P of D.S Shaw and Co. and started Amazon from his garage, the rest they say is history.

Bezos made a list of ‘top 20′ products that he could be sold on the internet and decided to go with books because of low cost and a universal demand. That was just a start and now we know amazon is everywhere, selling everything.

In an interview at the Academy of Achievement, Bezos revealed that the initial startup capital was funded by his parents. He warned them that there was a 70 percent chance they could lose their life savings but they bet on him and his dream anyway. Later in 1995, Amazon raised a series A funding of $8M from Kleiner Perkins Caufield & Byers. By 1999, the value of its initial investors the Kleiner Perkins Caufield & Byers created returns of over 55,000%.

The rise and rise of Amazon

It was July 1995, amazon.com was introduced to the world. Within 30 days, without any press, Amazon was able to sell books in 45 countries and 50 US states. By September, the sale hit $20,000 a week.

In 1997, Amazon went public to raise capital with a share price of $18. Priced at over $800 per share currently, it took only about a year to reach there.   Since the start of 2015 Amazon’s share price has risen by 173 per cent, seven times the growth of the preceding two years.

Committed to long-term growth, the company has continued to reinvest their revenue back into growth and has been consistently keeping the profit at a minimum.

The Road Ahead

Amazon has big plans for the future. The plans of overseas expansion more aggressive when it finalized to buy Dubai-based souq.com on Mar 29. With Souq.com, popularly called “Amazon of the Middle East,” Amazon will supposedly be getting 23 million online visits a month as claimed by the Souq.

Shipping across 100 countries, Amazon currently operates inside of at least 16 countries. This in no way ensures a smooth sail, for the company. Amazon is facing a tough competition from Jack Ma’s Alibaba in China, the company is on a head on collision with Flipkart in India.  In India, driven by its growth in tier two and three cities, Amazon has left no stone unturned to expand its services. It has partnered with India Post to deliver to all serviceable zip codes to ensure cost effective and faster delivery of products. Despite this, the company accounts for just 16% of the country’s $22 billion e-commerce market, with Flipkart and Snapdeal still holding a large share of   44% and 32% respectively.

The advantage, however, that amazon has is that it is not just restricted to being a mere online retailer and it doesn’t intend to confine itself to that either. Its cloud-computing business, Amazon Web Services (AWS), has been a blessing for the startups. Popular video streaming service Netflix also uses AWS to serve millions of users. Amazon’s personal assistant, Alexa, has been well-received in its home market.

Apart from this, amazon is all set to venture into the offline retail store business. This is an interesting turn since it is the company responsible for populalising online buying.  A New York Times report revealed the company’s  plans to open up electronics stores in the US, for people who might not always be willing to buy products online. Amazon has already launched a bookstore in New York, a grocery store in Seattle, and now plans to open its first retail store in Bengaluru, India. With the guiding principle of “customer obsession rather than competitor focus’” in mind, Amazon wants to redesign the retail experience for its customers.

Although not every path that amazon has trodden along has been a success- Like the Kindle Fire Tablet, Amazon has not shied away from innovation and that has been the key to its success. Although the success of its ventures remains to be seen, as of now, looks like amazon is on its way up and up, fulfilling the customer needs from A to Z with a smile.

IT’S ‘PAY TO MODI’ SAYS RAHUL

National News

It has been 30 days since the 5o0 and 1000 rupee notes were demonetised and the opposition used it as an opportunity to observe Black Day at the parliament.while 200 MPs protested it was Rahul Gandhi who spearhead the scathing attack.

‘THIS A FOOLISH DECISION’

This is not a bold decision, it is a foolish decision which has been taken without any due consideration. It has devastated the poor, the farmers, the daily wage workers. We want to have a discussion. We want a vote, the government doesn’t.

‘HIS NARRATIVE IS INCONSISTENT’

The Prime Minister’s narrative has changed. It started by saying it’s against black money, then terrorism, then counterfeit currency and now cashless economy.

PAYTM MEANS ‘PAY TO MODI’

If I am allowed to speak in Lok Sabha, I will show to all how Paytm means ‘Pay to Modi’. The idea behind cashless economy is that a few people must get maximum benefits from these transactions. This has damaged the nation. If he comes to the House for debate, we won’t let him run.

 

RATAN TATA TAKES ON CYRUS MISTRY

BUSINESS, National News

Just days ahead of the Extraordinary General Meeting of six Tata firms, the interim Chairman of Tata Sons pressed for the ouster of Cyrus Mistry as the director  of Tata Sons.

In a letter addressed to the shareholders, Tata sought their support to move a special resolution.

 

The right step would have been for him to resign as director. Unfortunately, he has not yet done so and his continued presence as a director is a serious disruptive influence on these company boards, which can make the company dysfunctional, particularly given his open hostility towards the primary promoter, Tata Sons. As a final step he was offered an opportunity to step down voluntarily from the Chairman position, which he rejected and said that it should be taken up at the Board,

Yoga declared as an Intangible Wealth by UNESCO

National News

​Yoga, the mind-body discipline based on ancient Indian philosophy and now practised all over the world, has joined Unesco’s list of intangible world heritage.

It was added to the prestigious list in recognition of its influence on Indian society , from health and medicine to education and the arts.

@UNESCO

Inscribed on the Representative List of #IntangibleHeritage https://t.co/rvo1ri6EfP #India

pic.twitter.com/kwEfuvkimn

Bear has a free run at Sensex

BUSINESS

The S&P BSE Sensex slipped below its crucial psychological support level of 26,000 in the first hour of trade on Monday. This happened for the first time since June 24 on an intraday basis and May 25 on closing basis.

The Nifty50 also pared gains after a positive start and slipped below its crucial support at 8,000 level, weighed down by losses in realty, consumer durables, capital goods, autos and IT stocks.

Things you must know about Agra-Lucknow Expressway

National News

1) The Agra-Lucknow Expressway has a design speed of up to 120 kms per hour.

2) The six-lane expressway is expandable to 8-lanes.

3) The expressway includes 4 rail over bridges, 13 major bridges, 57 minor bridges, 74 vehicular underpasses, 148 pedestrian underpasses and 9 flyovers.

4) The Agra-Lucknow Expressway has been built in a record time of 23 months by the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA).

5) The Agra-Lucknow Expressway will have development centres, agricultural mandis, schools,  service centres and other public amenities.

 

Timeline of the demonetisation saga on November 18

National News

 

18:02 (IST)

This is a required surgery which is being done in the country, for a better India: Venkaiah Naidu

Aam Aadmi Party naraz ho sakti hai, par aam aadmi naraz nahi hai: Union Minister Venkaiah Naidu #demonetization pic.twitter.com/fdhmUKCH7n

— ANI (@ANI_news) November 18, 2016

This is a required surgery which is being done in the country, for a better India: Venkaiah Naidu #demonetization

— ANI (@ANI_news) November 18, 2016

17:59 (IST)

The common man of India is very happy with this move: Union Minister Venkaiah Naidu

 “This mandate is to curb corruption. This decision is for the benefit of the people in the long run. Common man is very happy with the move,” Union Minister Venkaiah Naidu said.

 Comparing the inconvenience of the public to the labour pains of a pregnant woman, Naidu said, “This is very temporary. Temporary pain for long-term gain – this is how the common man is dealing with this issue.”

 17:48 (IST)

Only 13% of all ATMs re-calibrated till today: CNBC-TV18

17:28 (IST)

Finance Minister Arun Jaitley to visit banks at Connaught Place to take stock of situation: Times Now

17:08 (IST)

Exchange of old notes likely to be curbed or stopped: News18 quoting sources

— ANI (@ANI_news) November 18, 2016

16:55 (IST)

Step taken by PM Modi is highly appreciable, but demonetisation is implemented without doing any homework: BJP MP Shatrughan Sinha

Step taken by PM Modi is highly appreciable, but #demonetization is implemented without doing any homework: BJP MP Shatrughan Sinha pic.twitter.com/Dr50CoTTr6

— ANI (@ANI_news) November 18, 2016

16:36 (IST)

PM Modi should apologise to the families of the people who died while standing in long queues: Congress leader Randeep Surjewala

PM Modi should apologize to the families of the people who died while standing in long queues, says Randeep Surjewala on #CashCrisis pic.twitter.com/blRTgVXlba

 

— ANI (@ANI_news) November 18, 2016

16:15 (IST)

Delhi: Long queue at mobile ATM installed outside Air Force Headquarter pic.twitter.com/R0fBYjZC3Y

— ANI (@ANI_news) November 18, 2016

16:04 (IST)

PM Modi said MPs should use weekend to sensitise their constituents about demonetisation: BJP sources tell CNN-News18

PM in his meeting with ministers said MPs should use weekend to sensitize their constituents about demonetization: BJP Sources@maryashakil

 

The Delhi Chief Minister and his Bengal counterpart Mamata Banerjee had on Thursday demanded that demonetisation of Rs 500 and Rs 1,000 notes be rolled back within the next three days.

I am v sad that FM has plainly refused to even review and consider rollback. Modi govt has lost connect wid people n has bcome v insensitive

— Arvind Kejriwal (@ArvindKejriwal) November 18, 2016

15:48 (IST)

There could be riots: Supreme Court

 

Coming down heavily on the Narendra Modi government for not taking the issue seriously, the Supreme Court on Friday questioned the move to reduce the exchange limit of old notes from Rs 4,500 to Rs 2,000. The apex court added that the situation was serious and there are possibilities of riots breaking out. 

 

“It is a serious issue which requires consideration,” a bench comprising Chief Justice T S Thakur and Justice A R Dave said, while asking the parties to be ready with data and other issues in writing. The apex court also refused Centre’s request to put on hold petitions pending in various high courts challenging the decision to demonetise.

 

 

“Some measures are required. See the kind of problems people are facing. People have to go to the high court. If we shut them from going to the high court, how can we know the magnitude of the problem. People going to different courts indicates the magnitude of the problem,” the bench said.

 

SC made the remarks as Attorney General (AG) Mukul Rohatgi submitted that any matter relating to challenge to the demonetisation issue be heard by the apex court only.

15:30 (IST)

Corruption cases involving new currency notes are already making news: Akhilesh

 

Talking to reporters in Lucknow on Friday after presiding over a Cabinet meeting, Akhilesh Yadav said, “The meeting was of the opinion that farmers should get relaxation in use of Rs 500 and Rs 1,000 notes…cooperative banks to which farmers are directly linked should get relaxation as money is not promptly reaching bank branches.”

 

On the Centre’s stand that demonetisation will check corruption, Akhilesh said cases of graft involving new currency notes are already making news in some parts of the country.

 

“We have also come to know that corruption through new notes has already started. Such reports are surfacing in newspapers and especially on the social media,” he said, claiming the goal of unearthing black money and weeding out fake currency notes will not be achieved.

15:29 (IST)

Demonetisation an ill-planned move: Akhilesh Yadav

 

Criticising the Centre for “foisting crisis” on farmers, who have been at the receiving end of nature’s wrath for consecutive years, Uttar Pradesh Chief Minister Akhilesh Yadav said the “ill-planned” demonetisation could have an adverse impact on the economy.

 

He said the state’s farmers, who hoped that this time round they will make up for the losses of past years, have been forced to face not a natural calamity but a “government-made crisis”.

 

“This has been forced by the government knowingly,” he said, adding, “They (BJP) have the most knowledgeable persons and if such intelligent people force hardships on people what more can be said,” he wondered.

15:24 (IST)

Queues are getting shorter: AG Rohatgi to Supreme Court

 

The Attorney General (AG) Mukul Rohatgi in his response, said there is no dispute, but the queues are getting shorter and even suggested that the Chief Justice of India can go out during lunch and himself look at the queue. “Kindly go in the lunch time,” the AG told the bench and took objection to senior advocate Kapil Sibal, appearing for a private party, for allegedly exaggerating the situation.

 

“It’s a political attempt in the court. I have seen your (Sibal’s) press conference also. You are not appearing for a political party, but for an advocate. You are turning the apex court into a political platform,” Rohatgi said.

 

At the outset, the bench questioned the relief measures undertaken by the Centre by saying, “Last time you said there will be relief for people in the coming days but you have squeezed the exchange limit to Rs 2,000 only.”

 

“What is the difficulty? ” the bench asked Rohatgi. The AG explained the situation by stating that after printing, the currency has to be moved to thousands of centres across the country and ATMs have to be re-calibrated. “There is no shortage of funds,” he said.

 

15:20 (IST)

Long queues is a matter of serious concern: Supreme Court tells AG Rohatgi

 

The Supreme Court dubbed the long queues outside banks and post offices as “serious issue” and expressed its reservation on the Centre’s plea seeking a direction that no other court in the country should entertain petitions challenging the November 8 notification demonetising Rs 1,000 and Rs 500 currency notes.

 

“It is a serious issue which requires consideration,” a bench comprising Chief Justice T S Thakur and Justice A R Dave said, while asking the parties to be ready with data and other issues in writing.

 

“Some measures are required. See the kind of problems people are facing. People have to go to the high court. If we shut them from going to the high court, how can we know the magnitude of the problem. People going to different courts indicates the magnitude of the problem,” the bench said.

 

It made the remarks as Attorney General (AG) Mukul Rohatgi submitted that any matter relating to challenge to the demonetisation issue be heard by the apex court only. However, the bench said, “People are affected. People are frantic. People have the right to approach the courts,” noting that there are difficulties and “can you (the Centre) dispute”.

15:17 (IST)

Kerala Chief Minister Pinarayi Vijayan and cabinet ministers at the day-long protest against demonetisation

Keralacm@pinarayi vijayan and cabinet minister’s day long protest# demonitization # co-operative sector @CNNnews18 pic.twitter.com/icakOMGvGk

— Neethu Reghukumar (@Neethureghu) November 18, 2016

15:09 (IST)

Queues are getting longer shorter day by day: Chanda Kochar, ICIC MD and CEO

The queues are not getting longer but are getting shorter day by day: Chanda Kochar,ICIC MD and CEO #demonetization pic.twitter.com/ozuc7E0x6y

— ANI (@ANI_news) November 18, 2016

There is a huge movement towards e transactions, card usage has almost doubled: Chanda Kochar,ICICI MD and CEO #demonetization

— ANI (@ANI_news) November 18, 2016

Queues getting shorter,not longer. Reduction in queues for exchange as ppl are using their accounts for transactions-Chanda Kochhar,ICICI MD pic.twitter.com/owczXMRxoK

— ANI (@ANI_news) November 18, 2016

14:47 (IST)

Was Narendra Modi forced to abort RBI plan to calibrate ATMs?

 

An entire population of 1.25 billion is living in misery, craving something they already have: A strange contradiction of shortage in abundance. The only question that everyone is asking is: Did Prime Minister Narendra Modi send a country into war against black money without planning?

 

And the answer is yes and no.

 

The Opposition parties are not wrong — this could have been planned better and the government is not giving us all the facts. The truth is the government did have a plan. Not for recalibration — for which it has come under severe attack — but for the preemptive calibration of ATMs. If this plan had run its course, it could have considerably smoothened the currency exchange at ATMs. But the plan ground to a halt even before it took off. But more on that later.

 

Read the full article here.

14:40 (IST)

Small deposits in banks won’t be questioned by I-T: Finance ministry

 

Announcing that small deposits made in banks of artisans, workers, housewives will not be questioned by Income Tax Department, the finance ministry said that there are reports that a few people were “using other’s accounts to convert their black money into new denomination notes.”

 

“Such tax evasion activities can be made subject to income tax and penalty,” ANI reported. The ministry added that thos who allow their accounts to be misused will be prosecuted.”However, genuine people having their own household savings in cash and depositing the same will not be questioned,” the ministry was quoted as saying by ANI.

It was announced that small deposits made in banks of artisans,workers,housewives etc would not be questioned by IT dept: Finance Ministry

— ANI (@ANI_news) November 18, 2016

There are reports that some ppl are using other person’s accounts to convert their black money into new denomination notes:Finance Ministry

— ANI (@ANI_news) November 18, 2016

Such tax evasion activities can be made subject to income tax&penalty,also who allows his account to be misused will be prosecuted:Fin Min

— ANI (@ANI_news) November 18, 2016

Such tax evasion activities can be made subject to income tax&penalty,also who allows his account to be misused will be prosecuted:Fin Min

— ANI (@ANI_news) November 18, 2016

14:24 (IST)

Blunders lead to more blunders: Mamata Banerjee

 

In a series of tweets on Friday, Mamata Banerjee said that there are ways that the government can restore normalcy and help people.

 

“Government should allow old Rs 500 notes to remain in circulation along with the new notes. Also, Rs 100/50/10 notes must be made easily available. Rs 1,000 notes may be withdrawn when circulation improves by 30 December, or at your discretion. No need for anymore faltu, action-less announcements. Sometimes blunders lead to more more blunders,” says the West Bengal Chief Minister.

We are looking for a solution. I have some concrete suggestions which will help restore normalcy & help all people who are suffering 1/4

— Mamata Banerjee (@MamataOfficial) November 18, 2016

Govt should allow old Rs 500 notes to remain in circulation along with new notes. Also,Rs 100/50/10 notes must be made easily available 2/4

— Mamata Banerjee (@MamataOfficial) November 18, 2016

Rs1000 notes may be withdrawn when circulation improves by December 30. Or at your discretion 3/4

— Mamata Banerjee (@MamataOfficial) November 18, 2016

Rs1000 notes may be withdrawn when circulation improves by December 30. Or at your discretion 3/4

— Mamata Banerjee (@MamataOfficial) November 18, 2016

13:50 (IST)

Rs 2,000 note is not a good decision, it will increase the black money: Anna

— ANI (@ANI_news) November 18, 2016

13:42 (IST)

Supreme Court to Centre: Find ways to resolve crisis

 

The apex court on Friday refused to stay note ban cases in higher courts. The central government requested the Supreme Court to reject pleas against demonetisation in other courts, and also requested that only Supreme Court should hear those cases.

 

Supreme Court rejected Centre’s plea and said that it is a serious issue and people are inconvenienced.

#BREAKING | SC on Note ban: It’s a serious issue, People are inconvenienced. @ashokbagariya with more on the story. pic.twitter.com/6xgtysUCD8

 

— Press Trust of India (@PTI_News) November 18, 2016

13:19 (IST)

SC expresses reservation on Centre’s plea for direction that no court except apex court hears pleas on demonetisation notification

#SC expresses reservation on Centre’s plea for direction that no court except apex court hears pleas on #demonetisation notification.

— Press Trust of India (@PTI_News) November 18, 2016

13:17 (IST)

Maharashtra stamp duty collection drops 37%

 

Stamp duty collection in Maharashtra has dropped by 37 percent after the Centre demonetised high-value notes, a senior official said today.

 

The Union government’s decision to demonetise Rs 500 and Rs 1,000 notes was announced 10 days back and stamp duty collection is already down by 37 per cent across the state, Inspector General of Registration (IGR) and Controller of Stamps N Ramaswamy told PTI.

 

The state government’s average daily earning through property registration charges and stamp duty has come down to Rs 42 crore from Rs 65 crore earlier, he said.

 

“Though most of the transactions such as calculation of ready reckoner, its stamp duty and payment are done digitally as well as through demand drafts, still the collection has gone down.

 

“The IGR offices across the state generally handle 7,300 documents daily, which has now plunged to 4,000 documents,” he said.

 

The IGR office registers all types of property deals, including sale and purchase of land, properties, rent and lease agreements. It is the second largest revenue generating department of the state government, after excise.

13:15 (IST)

Govt making efforts but there is anger among people and party is with the people: Anant Geete, Shiv Sena MP

Govt making efforts but there is anger among people and party is with the ppl: Anant Geete,Shiv Sena MP and Union Minister #DeMonetisation pic.twitter.com/tfHQY9nqig

— ANI (@ANI_news) November 18, 2016

13:06 (IST)

Centre has not applied its mind properly: Kolkata HC raps Centre

#DeMonetisation: Kolkata HC says Centre has not applied its mind properly, everyday they are changing procedures,means there was no homework

— ANI (@ANI_news) November 18, 2016

12:59 (IST)

Opposition is not ready to accept the popularity of PM Modi and the wonderful demonetisation move: M Venkaiah Naidu tells CNN-News18

#EXCLUSIVE Opposition are not ready to accept the popularity of PM & the wonderful #Demonetisation move: @MVenkaiahNaidu to @maryashakil pic.twitter.com/sGqdY89BVG

 

12:31 (IST)

Congress issue ko divert karne ka prayaas kar rahe hain , aur mujhe lagta hai ki vo charcha se bhaag rahe hain: Venkaiah Naidu

— ANI (@ANI_news) November 18, 2016

PM jab bhi zaroorat padti hai intervene karte rahe hain, lekin is issue ko lekar disrupt karna theek nahi hai:Venkaiah Naidu

— ANI (@ANI_news) November 18, 2016

12:30 (IST)

Govt ready for discussion: Venkaiah Naidu

We have said we are ready for discussion, don’t know why opposition is creating uproar in the house: Venkaiah Naidu #DeMonetisation

— ANI (@ANI_news) November 18, 2016

12:29 (IST)

Jumping into well or committing suicide is also radical: Former Union Minister Arun Shourie

 

Former Union Minister Arun Shourie on mocked the claim of demonetisation of high-value currencies being a radical measure, stating that jumping into well or committing suicide is also radical.

 

Everybody will say it is a wonderful move going by its stated objective which is to strike at black money but it was not a “thought-through” exercise, said the former BJP leader who has often flayed the Modi government’s policies.

 

“This is a strike not on black money but on legal tender of India, its currency. This is a strike on cash transactions,” he told NDTV in an interview.

 

Shourie said the demonetisation move showed lack of domain expertise on part of the government.

 

He said to kill a mosquito, an axe should not be wielded.

 

He claimed that the move has been carried out in the “cycle of surgical strikes” and it may lead to smaller parties joining hands to take on the BJP in the future.

 

The senior journalist said the government has been “carried away” by the big idea to combat black money.

12:16 (IST)

The farmers have been worst hit: Uttar Pradesh CM Akhilesh Yadav

 

 

Addressing the media, UP CM Akhilesh Yadav said that the farmers are worst hit. This is not a natural disaster but one created by the Central government.

 

 

 

Farmers are in crisis, this is not a natural disaster but one created by the Central Govt: CM Akhilesh Yadav #DeMonetisation pic.twitter.com/lMhrcHDqkk

— ANI UP (@ANINewsUP) November 18, 2016

Jab ATM Machines naye note sweekar nahi kar rahi hain toh insaan kahan se kar lega: CM Akhilesh Yadav #DeMonetisation

— ANI UP (@ANINewsUP) November 18, 2016

12:09 (IST)

All MPs from Kerala meet Finance Minister Arun Jaitley seeking PACs’ exemption from cash withdrawal limit

#DeMonetisation : All MPs from Kerala meet Finance minister Arun Jaitley seeking PACs’ exemption from cash withdrawal limit. pic.twitter.com/zwqPzB4IFg

— ANI (@ANI_news) November 18, 2016

11:51 (IST)

Kerala CM Pinarayi Vijayan and his Cabinet colleagues stage a protest in front of RBI over demonetisation

Thiruvananthapuram: Kerala CM Pinarayi Vijayan and his Cabinet colleagues stage a protest in front of RBI over #DeMonetisation. pic.twitter.com/GQhmVGE2Wn

— ANI (@ANI_news) November 18, 2016

11:49 (IST)

TMC workers protest at Gandhi statue in Parliament premises over demonetisation move

Delhi: TMC protest at Gandhi statue in Parliament premises over Govt’s demonetisation move pic.twitter.com/KyTkB5QNXA

— ANI (@ANI_news) November 18, 2016

11:41 (IST)

Election Commission against indelible ink use by banks, puts govt in a spot

 

 

The Election Commission (EC) has written to the finance ministry not to use indelible ink in banks for marking people who have exchanged the old Rs 500 and Rs 1,000 notes once, according to a report by news agency ANI.

 

 

In the letter, the EC has raised concerns that several states will be going to the polls in the near future and this is one of the major points to mark citizens who have already voted, the report said.

 

 

The EC seems to be worried that the use of the ink by banks will create confusion during the elections and will render is easy for unscrupulous elements to cash in on this to indulge in malpractices during the elections.

11:35 (IST)

School kids in Madhya Pradesh trick milk vendor with photocopied note of Rs 2,000

 

 

In Madhya Pradesh, four school children on Thursday tricked a milk parlour operator in Shajapur by purchasing products with a photocopied new note of Rs 2,000, reported The Times of India.

 

 

The report states that the children bought milk and confectioneries worth Rs 200 and walked away with the change of Rs 1,800 returned by the vendor.

11:19 (IST)

CM P Vijayan, ministers protest outside RBI office in Thiruvananthapuram, seek steps to protect Cooperative sector

CM P Vijayan,ministers protest outside #RBI office in Thiruvananthapuram,seek steps to protect Cooperative sector after demonetisation.

— Press Trust of India (@PTI_News) November 18, 2016

11:17 (IST)

Why Andhra CM Chandrababu Naidu is the only non-BJP CM to hail move

 

 

Andhra Pradesh Chief Minister and Telugu Desam Party (TDP) supremo Chandrababu Naidu, an important ally for the BJP in the south, is known for his penchant to look for ways to maximise his political clout, says Firstpost writer GS Radhakrishna.

 

 

Following PM Modi’s demonetisation announcement, Naidu has been on a gloat mission — he had written to Modi barely a week earlier demanding a ban on these denominations in an effort to curb black money.

 

 

As the Opposition gears up for a strident battle over the issue, Naidu too is gearing up — not to fight, but to defend the idea. Naidu has geared his administration to face the challenge posed by the cash crunch, particularly in Andhra, a state that serves as a junction to three states with the Bay of Bengal on one side.

11:08 (IST)

ATMs in Parliament House too running dry

 

The ripple effects of demonetisation have not spared the high-security Parliament House complex too. On Thursday, the second day of the Winter Session, ATMs went dry at Parliament House, causing intense disappointment among those lined up in the queue.

 

 

Hoping to get hold of much-needed cash, many people, mostly Parliament staff, security officials and some journalists, queued up at the two ATMs in Parliament House in the afternoon. But their wait turned futile as the cash vending machines were not refilled during the day.

 

 

Hoping the ATMs would be replenished in the evening, people again queued up but yet again they were left dejected.

 

 

“The RBI and the office of the Prime Minister are situated just a few yards from here, but even then they couldn’t provide cash. Imagine the situation in ATMs outside Parliament,” said a man frustrated over his wait going in vain.

 

Later at the Central Hall, a union minister talking to reporters, quipped “Only when the government has money will it fill the ATMs.”

11:04 (IST)

Rs 91.5 lakh cash seized allegedly from state cooperation minister Subhash Deshmukh’s vehicle

 

Opposition Congress and NCP on Friday demanded the sacking of Maharashtra Cooperative Minister Subhash Deshmukh amid reports of seizure of Rs 91 lakh and sought an enquiry by Income Tax department into bank transactions of state BJP leaders to “unearth black money”.

 

 

“(Recovery of cash) proves that BJP leaders are in the possession of black money. Since the government has launched a campaign against black money and corruption, properties of the BJP leaders should be searched to unearth black money.

Osmanabad (Maha): Rs 91.5 lakh in cash seized from a vehicle that allegedly belongs to Subhash Deshmukh; Opposition demands his resignation. pic.twitter.com/JnZlbcSHt3

— ANI (@ANI_news) November 18, 2016

10:24 (IST)

EC raised the concern as several states will be going to polls and this is one of major points to mark citizens who have already voted

— ANI (@ANI_news) November 18, 2016

10:22 (IST)

#FLASH: Election Commission writes to Finance ministry not to use indelible ink in banks. #demonetization

— ANI (@ANI_news) November 18, 2016

10:19 (IST)

#Demonetisation: People queue up outside bank for currency exchange and withdrawal in Hyderabad. pic.twitter.com/FaNyqct8RL

— ANI (@ANI_news) November 18, 2016

08:51 (IST)

Mumbai: People gather in the night outside Bank Of India, Zaveri Bazar to exchange/withdraw old notes waiting for it to open in the morning. pic.twitter.com/m6r0SAYzHD

— ANI (@ANI_news) November 18, 2016

Delhi: People stand in a queue outside ATM in RK Puram sector 8 pic.twitter.com/HHNBa2bqjP

— ANI (@ANI_news) November 18, 2016

08:37 (IST)

2,500 petrol pumps to dispense cash

 

In a bid to ease cash crunch, the government on Thursday allowed dispensing cash of up to Rs 2,000 through debit card swipe at select petrol pumps.

The facility will be available at 2,500 petrol pumps.

“It has been decided that an amount up to Rs 2000 per day per person in cash can be dispensed against swiping of debit card from select petrol pumps where POS machines of SBI are already available,” an official said.

#DeMonetisation

Cash Dispensation to be started from select PetrolPumps of IOCL/BPCL/HPCL@dpradhanbjp @AshutoshJindalS pic.twitter.com/N36Ow8PGVH