99.3% of demonetised notes are back; Rs 15.31 trillion returned: RBI

500- and 1000-rupee notes worth Rs 15.41 trillion were demonetised.

DeMonetisation News: As many as 99.3 per cent of the old 500 and 1,000 rupee notes, that was banned overnight in November 2016, have been returned, the Reserve Bank of India said in its annual report.

Of the Rs 15.41 trillion worth 500 and 1,000 rupee notes in circulation before November 8, 2016, notes worth Rs 15.31 trillion have been returned.

The "humungous task of processing and verification of specified bank notes (SBNs) was successfully achieved," it said.

The SBNs received were verified, counted and processed in the sophisticated high-speed currency verification and processing system (CVPS) for accuracy and genuineness and then shredded, it added.

SBNs refer to the demonetised old 500 and 1,000 rupee.
RBI said the processing of SBNs has since been completed. "The total SBNs returned from circulation is Rs 15,310.73 billion".

Read the annual report on → DeMonetisation

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News Source: BS

From 2016 to 2018, life of a Rs 2,000 note; All you need to know

The supply of Rs 2,000 notes has also been reduced substantially since April 2017.

Latest News : For a long time, the government and the Reserve Bank of India were silent on the supply and printing of Rs 2,000 notes. Without clarifying when the printing of Rs 2,000 notes were discontinued, the government recently said supply of these notes in the system were adequate. Business Standard takes a look at the journey of the high-value currency note that was introduced in November 2016 when the government had announced demonetisation of old Rs 500 and Rs 1,000 notes.

2016

• August: RBI’s printing press Bhartiya Reserve Bank Note Mudran Private Limited starts printing Rs 2,000 notes
• November: Prime Minister Narendra Modi announces demonetisation of Rs 500 and Rs 1,000 notes; Rs 2,000 notes are soon supplied in the market
• December: Rs 2,000 notes worth Rs 3,216 billion pumped into the system till December-end; about 58 per cent of the total notes supplied after demonetisation

2017

• March: Rs 2,000 notes amounting to Rs 7,008 billion printed till March 31; RBI’s annual report says Rs 6,570 billion worth notes of Rs 2,000 were in circulation (about 50% in value)
• December: The government says Rs 2,000 notes worth Rs 7,309 billion printed till December 15, indicates no new Rs 2,000 note printed for a while

2018

• February: Minister of State for Finance Pon Radhakrishnan tells Lok Sabha only small denomination currency notes being printed at present.
• On April 17, Economic Affairs Secretary Subhash Garg said Rs 2,000 notes worth Rs 6,750 billion in the system “sufficient” so printing of Rs 2,000 has been halted “since a few days”

Also Read About  → Cash Crunch in India

Income Tax department attaches benami properties worth Rs 39 billion

Show cause notices for provisional attachment of benami properties were issued in over 1,500 cases.

Business News : Income tax department has provisionally attached benami properties of over Rs 39 billion in more than 1,200 cases, the Finance Ministry informed the Rajya Sabha today.

In a written reply, Minister of State for Finance Shiv Pratap Shukla also said the tax department has identified more than 1,600 benami transactions till end-February.

“Show cause notices for provisional attachment of benami properties were issued in over 1,500 cases and provisional attachment has been made in over 1,200 cases.

The value of properties under attachment is over Rs 39 billion,” he said.

In another reply, Shukla said till date, in three phases of ‘operation clean money’, the income tax department has identified around 22.69 lakh persons whose tax profile was found to be inconsistent with the case deposits made by them during the demonetisation period.

“Total case to the tune of Rs 5.27 lakh crore has been found to be deposited in bank accounts in case of these 22.69 lakh taxpayers during demonetisation period,” Shukla said.

However, the unaccounted income in such transactions, if any, can be quantified only after completion of the verification/assessment process.

→ Benami Property Act ←

RBI may be holding back Rs 2,000 notes or stopped printing them

High-value notes worth Rs 2.46 lakh cr not released, says the report

 

The Reserve Bank of India (RBI) may either be holding back Rs 2,000 notes or could have stopped printing high denomination currency, says a SBI Research report.

Juxtaposing the data presented in the Lok Sabha recently with the one provided by RBI in its Annual Report earlier, the SBI Ecoflash report said today, “we observe” that the value of small denomination currency in circulation up to March 2017 was Rs 3,501 billion.

This implies that the value of high denomination notes was equivalent to Rs 13,324 billion as on December 8, after netting out the small denomination notes from the currency in circulation on that day, it said.

The report further said that as per the Ministry of Finance in the Lok Sabha recently, the RBI has printed 16,957 million pieces of Rs 500 notes and 3,654 million pieces of Rs 2,000 notes as on December 8. The total value of such notes translates into Rs 15,787 billion.

“This means that the residual amount of high currency notes (Rs 15,787 billion Rs 13,324 billion) of Rs 2,463 billion may have been printed by the RBI but not supplied in the market,” said the report authored Soumya Kanti Ghosh, group chief economic adviser, SBI.

Interestingly, the report added, “it is safe to assume” that Rs 2,463 billion may be on the lower side as the RBI must have printed notes of small denomination in the interregnum (Rs 50 and Rs 200).

“As a logical corollary, as 2000 denomination currency led to challenges in transactions, it thus indeed seems that RBI may have either consciously stopped printing the 2000 denomination notes/or printing in smaller numbers after initially it was printed in ample amount to normalise the liquidity situation,” said Ecoflash.

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After note ban, will Modi govt now ban cheque books for its digital push?

CAIT Secretary General Praveen Khandelwal said the government needs to encourage the use of debit and credit cards

 

Business News : After deciding to revoke the legal tender of Rs 500 and Rs 1,000 currency notes in November last year, the Narendra Modi -led central government might now be working on another disruptive step to boost digital transactions — banning the cheque book. A senior functionary of the Confederation of All India Traders (CAIT) on November 16 said the Centre might withdraw the bank cheque book facility in the “near future” to encourage digital transactions.

CAIT Secretary General Praveen Khandelwal said the government needed to encourage the use of debit and credit cards. “In all probability, the Centre may withdraw the cheque book facility in the near future to encourage digital transactions,” he said.

Impact of cheque book facility withdrawal

Demonetisation was a big disruption for most Indians, right from poor labourers to big industrialists. Now, the withdrawal of the cheque book facility could have a massive impact as well. Most business transactions are conducted through cheques. According to experts, 95 per cent transactions currently take place via cash or cheques.

Since cash transactions have declined, transaction by cheque might have increased after demonetisation.

Use of cheque in India

Cheques are fairly popular in SME payments. By taking a PDC (post-dated cheque) against the delivery of goods, a supplier secures payments due in future from its customer. People pay by cheques while buying land and house, too.

Many landlords now take rent from tenants via cheque. Since November 8, 2016, digital payments like BHIM have grown. However, their sweet spot has been small-value payments (two to three figures). The retail and commercial payment usage strongly suggests that cheque is a very compelling method of payment for large-value payments (four figures and above).

Click to Read → Cheque Book Ban

Rs 87 cr cash, 2,600 kg gold, silver detected at airports since note ban

The maximum suspect cash detection over Rs 33 crore has been made at the Mumbai airport till now

 

Over Rs 87 crore suspect cash, 2,600 kg of gold and other precious metals were intercepted by the CISF at airports in a year since One year of Demonetisation, the latest data said.

The CISF, that is tasked to guard 59 civil airports in the country, was alerted by the finance ministry to check the suspicious movement of cash and other high-value items in the wake of the demonetisation of the old Rs 500 and Rs 1,000 notes in November last year.

As per a data of the Central Industrial Security Force (CISF), between November 8, 2016-November 7-- the force detected Rs 87.17 crore suspect cash, 1,491.5 kg of gold and 572.63 kg of silver as part of its airports guarding task after the note ban was declared.

While the maximum suspect cash detection -- over Rs 33 crore -- has been made at the Mumbai airport till now, the highest volume of gold (over 498 kgs) has been interdicted at Delhi's Indira Gandhi International (IGI) airport, according to the data.

The highest volume of silver -- more than 266 kgs -- was detected at the Jaipur airport by the force, it added.

"All these instances and passengers apprehended with these high-value items were handed over to the Income Tax Department for further inquiry as per the law," a CISF spokesperson said.

Click here to Read → Anti Black Money Day

Demonetisation anniversary: It’s govt’s ‘anti-black money day’ vs Oppn’s ‘black day’

The Left parties will also demonstrate against the note ban across the country, as would the Rashtriya Janata Dal in Bihar.

While the Narendra Modi government and the ruling Bharatiya Janata Party (BJP) have prepared to celebrate the first demonetisation anniversary of note ban as ‘anti-black money day’, the Opposition has plans to mark it as ‘black day’ and ‘dhokha divas’ (day of betrayal). Union ministers will fan out to address public meetings in cities across the country on Wednesday. There could be some interesting face-offs in states run by non-BJP governments.

 

After former prime minister Manmohan Singh addressed a press conference in poll-bound Gujarat on Tuesday, Congress Vice-President Rahul Gandhi is scheduled to interact with traders in Surat on Wednesday. Rahul Gandhi is also slated to be part of a candlelight vigil to mark the ‘black day’ in the evening.

 

Union Textiles Minister Smriti Irani is set to meet a delegation of businesspersons from Surat in New Delhi, before leaving for Lucknow to attend programmes related to 'anti-black money day'. Irani is also scheduled to flag off a digital ‘rath yatra’ organised by traders in Delhi.

In Kolkata, the minister of state for civil aviation, Jayant Sinha, will address a meeting in support of demonetisation, while the ruling Trinamool Congress will take out protest marches. Bengal Finance Minister Amit Mitra will hold a series of press conferences. Chief Minister Mamata Banerjee on Tuesday termed the note ban a big scam.

In Chennai, Defence Minister Nirmala Sitharaman will address meetings. While the ruling All India Dravida Munnetra Kazhagam (AIADMK) has decided to be neutral, the opposition Dravida Munnetra Kazhagam (DMK) has said its chief MK Stalin will lead the protests, along with leaders of the Congress and other parties, in Madurai. The DMK has decided not to take out the protests in eight rain-affected districts. However, the DMK will protest in rest of the districts.

Click to Read → Anti Black Money Day

One year of demonetisation: I-T scanner on 80,000 cases for huge deposits

Soon after demonetisation, the I-T department had launched the first phase of Operation Clean Money, which began on January 31 and ended on February 15

 

One year of demonetisation of high-value currency notes, the income-tax (I-T) department has identified 80,000 “actionable cases” (people) who deposited cash of over Rs 10 lakh each in bank accounts but have no tax profile.

This is the new addition to the tax data, which had identified over 600,000 people for scrutiny over huge inconsistencies in the cash deposits made during the period under the two phases of Operation Clean Money — an exercise to identify black money stashed in the form of cash deposits in banks.

According to sources, the I-T department has sought explanations from these 80,000 people who have no record of income-tax filing in the system. Some of them deposited cash of more than Rs 20 lakh in the bank account but have never filed returns.

The findings are part of a status report on demonetisation which was prepared by the I-T department under the supervision of the Central Board of Direct Taxes (CBDT). Sources said the report will be tabled in the Prime Minister’s Office (PMO) along with the action plan on what could be done further on the actionable cases. Interestingly, after examining some of the profiles of these people, their official income had no match with their cash deposits.

“We are currently collaborating the minute details of each person identified. The issue seems complex as the person’s testimonial and submission look financially weak. However, we are not concluding here and are trying to dig out the nuances of such deposits,” said a senior tax official privy to the development.

Click here to Know → Anti Black Money Day

One year of demonetisation: Opposition to observe Nov 8 as Black Day

Demonetisation was an ill-conceived and hasty decision of the govt: Ghulam Nabi Azad

 

Opposition parties on Tuesday said they would observe November 8 as Black Day to protest against the "ill-conceived" decision of the government to spike Rs 500 and Rs 1,000 currency notes, a year ago.

Leader of the Opposition in the Rajya Sabha Ghulam Nabi Azad told reporters that the opposition parties have worked out a joint strategy and would register their protest against the November 8, 2016, demonetisation decision.

"Demonetisation was an ill-conceived and hasty decision of the government. It is unprecedented, perhaps in the entire world, that a government had to alter its policy 135 times within a month," Azad said, recalling how the government kept changing its rules in the aftermath of the note ban last year.

The decision to mark November 8 as the black day was taken at a coordination meeting on Monday that was attended by JD-U rebel leader Sharad Yadav, CPI MP D. Raja, DMK MP Kanimozhi, BSP's Satish Mishra and Trinamool Congress' Derek O'Brien.

Click here to know more → One year of demonetisation

99% of banned notes returned after demonetisation

RBI annual report says Rs 15.28 lakh cr of the junked currency came back, leaving only Rs 16,050 cr

 

 

The Reserve Bank of India (RBI) on Wednesday said it estimated that people had returned almost 99 per cent of the scrapped Rs 1,000 and Rs 500 notes after demonetisation, effectively putting a question mark over the government gaining handsomely by the unreturned money turning into a special dividend by the central bank.  → Income Tax Efiling ←

In its annual report, the RBI also said the face value of fake high-value notes was minuscule at Rs 41 crore.

The central bank said people had returned Rs 15.28 lakh crore of the Rs 15.44 lakh banned currency, or 98.96 per cent of the scrapped Rs 500 and Rs 1,000 notes, to the banking system.  → IT Return ←

“Subject to future corrections based on the verification process when completed, the estimated value of Specified Bank Notes received as on June 30, 2017, is Rs 15.28 lakh crore,” the annual report said.
The old notes came to the RBI either directly or from bank branches and post offices through the currency chest mechanism. → Tax Filing ←

Some of these notes were still lying in currency chests, the RBI said, adding it could only estimate the value of the notes and could not provide an accurate figure.

The RBI data showed the unreturned Rs 1,000 notes in March 2017 amounted to Rs 8,900 crore. The segregation of old and new Rs 500 notes were not that clear. The RBI incurred a cost of Rs 7,965 crore in printing notes in .... Read Full Article

Note ban: You can withdraw Rs 50,000 from your savings accounts from today

Govt, RBI had imposed limits on withdrawal of money due to shortage of currency following note ban

 

 

Breaking News - The weekly limit on withdrawal of cash from savings bank accounts will be increased to Rs 50,000, from the current Rs 24,000, from Monday, and the limit will be removed from March 13.

"Effective February 20, 2017, the limits from cash withdrawal limit from savings bank accounts will be enhanced to Rs 50,000 per week from the current limit of Rs 24,000 per week (and) effective March 13, 2017, there will be no limits prescribed by RBI on cash withdrawal from savings bank accounts."

The Government and RBI had imposed limits on withdrawal of money from ATMs and bank branches in view of the currency shortage following demonetisation.

These limits, however, are being gradually eased, with RBI pumping in new notes of Rs 500 and Rs 2,000. (read more...)

Brexit, note ban, Trump and more: 10 events that moved the markets in 2016

After a roller-coaster year, Indian indices set to end 2016 with little gains

 Breaking News - The year 2016, indeed, has been a year of many surprises. From Britain’s unexpected vote to exit the European Union to Republican candidate Donald Trump’s upset victory in the US Presidential election, from Raghuram Rajan’s decision of not seeking a second term as the Reserve Bank of India (RBI) governor to India’s sudden surgical strike on Pakistan – the Indian stock market dealt with all these shocks through Markets 2016. The biggest of them all, however, was the government’s call towards the end of the year to demonetise Rs 500 and Rs 1,000 currency notes.

After 12 months of a roller-coaster ride, the market now seems poised to end the calendar year at almost the same level as at the start of 2016. As at close on Tuesday, the BSE benchmark Sensex was merely 96 points, or 0.4%, higher at 26,213.44, and the broader National Stock Exchange Nifty was up 86 points, or 1%, at 8,032.85.

1. January: The devaluation of the yuan

2. February: Union Budget 2016-17

3. June: The so-called Rexit

4. Brexit

5. July-September: Monsoon, GST Bill

6. September: Surgical strike

7. November: Donald trumps Hillary in US election

8. November: Demonetisation of high-value currency

9. December: Surge in oil prices

10. Another rate hike by the US Fed

What lies ahead?

Going into the calendar year 2017, the market will track the demonetisation impact on quarterly earnings. The Budget 2017 and any development on GST will also be in focus. Baliga believes the Union Budget could be tilted to balance the ill-effects of demonetisation. On the global front, Trump’s policies in the US and the impact of Brexit on the European economy will be keenly watched. 

Read Article Source>>>

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PokemonGo to Rio2016: The top five social media trends in 2016

A selection of events that played out big on social media in the year 2016

Latest News - The year 2016 is nearly over and, like previous years, this one also saw some good, some bad and some strange stuff on social media.

It is not unusual for people to comment on the speed with which an entire year went by, that does not, however, mean that the year was not full of action. Here is a recap of some of the major topics that  top trended on social media 2016 to help refresh your memory:

#Brexit

To stay or leave? In June this year, British citizens voted to answer this question about Britain’s membership of the European Union. In an event that sent shockwaves around the world, 52 per cent of the voters who participated in the ......

 

#PokemonGo

In July this year, Niantic released an augmented reality game for mobile phones and people all over the world left their homes in search of imaginary creatures called Pokémon. Gamers tried to locate and...

 

#Rio2016

The year 2016 happened to be one of the 31st Olympic games in the city of Rio de Janiero, Brazil. Just like Pokemon Go, #Rio2016 was a global phenomenon that became one of the biggest trends this year...

 

#Trump

The year 2016 was also one of the US Presidential election, and it was an engrossing battle between the Democrats and the Republicans. Democrat Hillary Clinton fought with all her might but.......

 

#Demonetisation

If you thought #Brexit was a prank that went too far, wait till you hear about this one! It was November 8, 2016, when Prime Minister Narendra Modi announced on national television that the currency notes of Rs 500 and Rs 1,000......

 Read Article Source>>>

 

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Demonetisation: Are your digital transactions secure?

There are no easy solutions regarding securing oneself in the cashless digital world

Latest News -  Paper money is becoming passe as the year comes to an end. The New Year brings in the promise of India going cashless with the population of 1.3 billion being pushed into a digital economy.

Today many users are being exposed to plastic money for the first time. Even the most learned people make mistakes in the digital world and that can prove very costly. Hence, for first-time users, it is a minefield out there and negotiating it needs a lot of tact.

Earlier this year, 3.2 million credit and debit card details, with a bulk of them from India's largest banker the State Bank of India, allegedly got compromised and till date, the investigating agencies have not been able to make much headway.

In a country where, according to UN figures, about 287 million adults are still illiterate how safe is it to indulge in cashless transactions?

Read Article Source>>>

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Modi says law against benami property soon: All you need to know

Modi promised to operationalise the law to deal with 'benami' properties

Breaking News - After demonetisation, Prime Minister Narendra Modi will crack the whip on benami property holders.

 

"You are possibly aware of a law about Benami property in our country which came into being in 1988, but neither were its rules ever framed, nor was it notified. It just lay dormant," Modi said in his monthly 'Mann ki Baat' radio address.

 

The New Benami Act came into effect from November 1.

It prohibits illegal benami transactions, under which up to seven years of imprisonment and penalty for those indulging in such activities could be handed out.

 

Benami is one of the most searched on Google with people enquiring about 'How to convert black money into white money'.

 

What is Benami?

What constitutes Benami property?

What is Benami Act?

What isn’t a benami transaction?

What falls under benami transaction?

How it affects the people?

 

Read Article Source>>>

 

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Demonetisation: Rs 50,000 as penalty for possessing old notes after Dec 30?

Possession of old notes after December 30 may invite penalty of over Rs 50,000

Breaking News - The government is mulling an ordinance to bring a new law under which possessing, transferring or receiving over Rs 10,000 in banned 500 and 1,000-rupee notes post December 30 will be a punishable offence for possessing old notes after Dec 30.

Reports said that there could be a cap of holding no more than 10 notes of each after December 30 and violation of the rule could draw a fine of a minimum of Rs 50,000 or 5 times the amount in question -- whichever is higher, but there was no confirmation. There will be a criminal liability and a municipal magistrate will hear cases involving violation and decide on penalty.

 

Holders of such currency have an option to deposit them in RBI by March 31 but even that period may be curtailed, they said.O

Of the Rs 15.44 lakh crore worth of 500 and 1000 rupee notes in circulation on November 8, close to Rs 13 lakh crore have been deposited in accounts or exchanged for valid currency.

There was no official word on the move which is likely to come up before the Cabinet on Wednesday.

Read Article Source>>>

 

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GPS chips and radioactive ink in new notes: Top 10 fake news in 2016

Along with India's national anthem being declared the 'Best National Anthem In The World'

Breaking News - From currency to salt–very little escaped the reach of fake news in 2016. Rumours spread from WhatsApp and other social media into the mainstream media. Institutions such as the United Nations Educational, Scientific and Cultural Organization (UNESCO), and the Reserve Bank of India (RBI) had to step in and tell us what was true. Even Facebook and Google, two of the world’s biggest Internet companies, sat up and took notice.

Such news can have widespread reach: India is one of the biggest markets for several social media and communication companies–it has 160 million of WhatsApp’s one billion-plus monthly active users, 148 million Facebook users, and over 22 million Twitter accounts.

Here are some of the most popular Indian fake news stories of 2016:

1. UNESCO declares PM Modi best Prime Minister

2. UNESCO declares Jana Gana Mana best national anthem

3. UNESCO declares new Rs 2,000 note best currency in the world

4. New notes have a GPS chip to detect black money

5. New notes have radioactive ink

6. WhatsApp profile pictures can be used by ISIS for terror activities

7. RBI declares the Rs 10 coin invalid

8. Jayalalithaa’s ‘secret daughter’ and heir lives in the US

9. Salt shortage in India

10. “Nehru Govt has stood like a Banyan Tree”: Mark Tully

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Full text: RBI exempts all KYC accounts from Rs 5,000 deposit norms

Central bank Withdraws provisions for questioning deposits in in fully KYC-compliant bank accounts

News Latest The Reserve Bank of India on Wednesday exempted Know Your customer (KYC) compliant accounts from the new rules on deposits of above Rs 5000 .

No questions will be asked for deposits of old notes of Rs 500 and Rs 1,000 above Rs 5,000 for KYC accounts.

Breaking news, In a message sent to all banks,  the RBI said it had reviewed its instructions and decided that the rule will not apply to KYC-compliant accounts.

RBI had earlier imposed restrictions on the quantum of old notes that can be deposited in bank accounts.Old notes up to the Rs 5,000 limit received across the counter would be allowed to be credited into bank accounts in the normal course until December 30, the RBI had clarified. In the due course of Demonetisation, RBI had also said that the depositor has to give an explanation as to why the old notes were not deposited earlier. The amount will be credited in the bank account only after receiving a satisfactory explanation.

Analysts had said the move would add to the woes of those still waiting to deposit old notes. However, officials said people with money that was accounted for had no cause to worry.

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Get this: Indians have Rs 66 lakh crore worth of gold, reveals wealth report

However, the report said that the proportion of investments in physical assets such as gold and real estate will reduce overtime

Indians have an insatiable appetite for gold, and the latest report by Karvy Wealth Management reinforces this fact. While the individual wealth in physical assets, according to Karvy’s India Wealth Report 2016, stood at Rs 132-lakh crore having grown at a brisk pace of 10.32% in FY16 compared to a 2% decline in FY15, individual wealth in gold stood at Rs 65.90-lakh crore – nearly half the share of physical assets! This has grown nearly 15.41% from Rs 57.1-lakh crore in FY15.

According to agency reports, on Thursday, gold prices fell sharply by Rs 295 to Rs 27,292 per 10 grams in futures trade today as participants cut their bets amid a weak global trend. At the Multi Commodity Exchange, gold prices for delivery in February next year fell by Rs 295, or 1.07 per cent, to Rs 27,292 per 10 grams, in a business turnover of 641 lots.

Going ahead, Karvy expects the next bull-run in gold prices by 2021, where the levels of $3000/ounce looks like an achievable target. However, in the immediate term, progress on the implementation of goods and services tax (GST) bill is a key monitorable, Karvy says.

Currently, gold purchases (jewellery) are taxed at 11.5% (10% import duty plus 1 – 1.5% value added tax). While a rate of 4 – 6% is being mooted under the GST regime, taxing it under the standard rate would probably have a positive impact on demand.

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NPCI will announce 15,000 winners of 1000 rupees each for next 100 days, starting from Christmas

In a move to promote digital payments, the government of India has announced slew measures.

NITI Aayog CEO, Amitab Kant announced the #LuckyGrahakYojna.

The following points are the highlights of the scheme.

Digital payments through RuRay cards, UPI, AEPS and USSD between Rs 50-3000 will be eligible for awards. There will be a different prize for consumers and merchants.

Under the Lucky Grahak Yojna, daily 15,000 winners will eligible for a prize worth Rs 1,000 for the next 100 days starting December 25. A weekly award for around 7,000 consumers eligible for a maximum prize of Rs 1 lakh was announced.

NPCI will announce 15,000 winners of 1000 rupees each for next 100 days, starting from Christmas.

Under the Digi-Dhan Vyaapari Yojna, every week, more than 7,000 merchants will be eligible for Rs 50,000 prize.

Mega awards, in both the categories will be declared on the occasion on the birth anniversary of Dr Bhimrao Ambedkar. Under this Mega Award, consumers can win prize worth Rs 1 rore, Rs 50 lakh and Rs 25 lakh.

While merchants can win prize worth Rs 50 lakh, Rs 25 lakh, and Rs 5 lakh.

"Lucky Grahak Yojana and Digi Dhan Vyapari Yojana is Christmas gifts for the nation", said Amitab Kant.

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