Mon, Feb 20, 2017 | updated 02:20 PM IST

India's demonetisation move extraordinary, dramatic and surprising, says UK solicitor

Updated: Nov 10, 2016 18:25 IST

London [United Kingdom), Nov.10 (ANI): A London-based solicitor, Sarosh Zaiwalla, has described Prime Minister Narendra Modi's decision to demonetise currency notes of Rs.500 and Rs.1000 as an extraordinary, dramatic and surprising step.

In a statement issued by his office, Zaiwalla said,"The extraordinary, dramatic and surprising decision of the Indian Union government to cease issuance of INR 500 and INR 1000 notes and declaring them an invalid legal tender past midnight tonight is set to jostle the deep rooted black market nexus of corruption in the Indian subcontinent".

"After crucial decisions like the introductions of the GST Bill to tackle corruption, the Modi administration is back on track with application of extraordinary measures to deliver the right message. This will drastically change the way the Indian economy operates - the decision is a landmark move and perhaps one of the key decisions made since independence," he added.

"Problems of tax evasion, corruption and black money are holding back the Indian economy from thriving - high levels of currency inflation and cumulative housing price bubbles are a direct result of black money operations. Mr. Modi is making fundamental reforms in an attempt to tackle corruption through perseverance and determination," Zaiwalla said.

"It is a constructive verdict for the economy and leaves us convinced that such reforms will be put forth in the future as well. Indian Prime Minister deserves congratulations for this bold move," he stated further.

In a separate statement, Curofy, India's largest verified doctor network platform, has also welcomed Prime Minister Modi's demonetisation move.

In a statement, Pawan Gupta, Co-founder of Curofy, said,"Our healthcare system which has been cash dependent since years will be thrust-ed into the world of cashless transactions. In a twist of policy, tech-averse medicine will be forced to become digitalised and embrace the winds of change. This will bring the hoarded up cash from the private sector into circulation and give transparency."

"Private clinics and nursing homes which mainly transacted in cash will have to declare their income. Moreover, patients won't have to worry about carrying money with them physically as their treatment will be only a swish of card away. This move will also bring down the cost of medical education since the cash component of admission process will be completely obliterated, thereby improving the quality of future doctors," he added.

"Also, with their money going online, more people will come in the digital health ecosystem. In long-run, all this will improve the quality of healthcare and make it more affordable. Though there might be an initial hitch in the transition, with the government encouraging online and cashless transactions, healthcare will adapt to it over time," he said. (ANI)

New Delhi [India], Feb 20 (ANI): India-born chief executive of Microsoft Satya Nadella on Monday said that the company is very excited about the potential of augmented reality along with Microsoft's Cortana's AI offering, which has the capability to do human-level speech recognition.

Full Story >>

New Delhi [India], Feb 20 (ANI): India's top mobile balance management service app True Balance on Monday announced that it has raised a sum of Rs. 100 crore in Series B round of funding from Softbank Ventures Korea.

Full Story >>

New Delhi [India], Feb 20 (ANI): Global OTT leader in South-Asian content YuppTV on Monday announced that it has entered an exclusive partnership with ETV Telugu in the United States.

Full Story >>

New Delhi [India], Feb 20 (ANI): Connect Broadband, the telecom arm of the Videocon Group and market leader in broadband in Punjab has collaborated with Indian mobile wallet major 'MobiKwik' to offer and promote cashless digital transactions.

Full Story >>

New Delhi [India], Feb. 19 (ANI): CAclubindia's Goods and Services Tax (GST) app became the number one app on GST on Google Play Store, with a successful 85,000 plus downloads within a month's time, scoring an average of 4.4 rating by over 700 users.

Full Story >>

New Delhi [India], Feb. 19 (ANI): Indian food processing sector has the potential to attract USD 33 billion of investment and create nine million jobs by FY 2024, revealed an ASSOCHAM-Grant Thorton Research paper.

Full Story >>

New Delhi [India], Feb. 19 (ANI): ONE Co.Work, the end-to-end co-working space provider, announced the launch of its Gurugram-based co-working office on Saturday. The event received a phenomenal response from the start-up community, investors, freelancers, and bloggers, and was also attended by several industry veterans.

Full Story >>

New Delhi [India], Feb. 18 (ANI): Khadi and Village Industries Commission (KVIC) which has, in the last six months, bagged large orders from several public and private sector companies since the Narendra Modi government came to power, has bagged the largest ever order from the Ministry Of Health on February 16, 2017.

Full Story >>

New Delhi [India], Feb. 18 (ANI-BusinessWire India): Working towards its vision of enhancing the employability of youth by skill development, CMC Skills Pvt. Ltd. in consortium with Mitcon Consultancy Services Limited was recently selected by Jharkhand Skill Development Mission to Establish and Operate Mega Skill Development Centre in Jharkhand on PPP mode.

Full Story >>

New Delhi [India], Feb. 18 (ANI): The 10th council meeting of the Goods and Services Tax (GST) to vet the draft supporting legislations crucial for its implementation has begun at Udaipur here today.

Full Story >>

New Delhi [India], Feb. 18 (ANI): Delay in resumption of imports by Iran is likely to hinder the recovery in Indian Basmati rice exports, says credit rating agency, ICRA, in its latest update note on Indian Basmati rice industry.

Full Story >>

New Delhi [India], Feb 17 (ANI): Spice Digital Limited, a part of Spice Mobility group has joined hands with MoMagic Technologies to introduce a new product named 'AdGyde'. AdGyde is a real time, mobile App Analytics and Attribution Solution for the App developers and marketers.

Full Story >>

New Delhi [India], Feb 17 (ANI-NewsVoir): The State Government of Victoria hosted a delegation of India's leading Creative Industries for the first time in Melbourne from the 14th 16th of February. The delegation explored business opportunities against the backdrop of the inaugural Asia-Pacific Triennial of Performing Arts (Asia TOPA).

Full Story >>

New Delhi [India], Feb 17 (ANI): The Reserve Bank of India (RBI) on Friday

Full Story >>

New Delhi [India], Feb. 17 (ANI): State Bank of India (SBI) on Friday played host to senior commercial bankers from Egypt at a Strategic Training Unit (STU) organized for the Egyptian bankers who were in India on a study tour on MSME units in the country.

Full Story >>

New Delhi [India], Feb 17 (ANI-NewsVoir): CA Technologies today announced it has appointed iValue InfoSolutions as a Value Added Distributor (VAD) for India and the South Asian Association for Regional Cooperation (SAARC) region to grow the mid-market segment and address customers' needs in their digital transformation journey.

Full Story >>

New Delhi [India], Feb 17 (ANI-NewsVoir): LexisNexis® India (www.lexisnexis.co.in), a leading provider of content and technology solutions, and Legasis Services Private Limited, a provider of integrated legal and information technology solutions specializing in the compliance domain for corporates, announced the launch of Enterprise Compliance Management Module for Ecommerce, Pharmaceuticals and IT/ITESin its Lexis®Practical Guidance portfolio. Lexis® Practical Guidance's Enterprise Compliance Management module is an incredible risk and compliance tool kit designed to help legal professionals in different industries. With clear, concise notes written by leading experts in compliance, spelling out exactly what needs to be done in practical terms, the module provides all sorts of forms, checklists, templates, precedents, policies, registers and examples that are required by any legal professional for compliance management right, and always in line with the latest changes in the law and the marketplace.

Full Story >>

New Delhi [India], Feb. 17 (ANI-BusinessWire India): RICS has launched Emerging Leaders Program (ELP) - a one-year executive program designed for mid-career to senior professionals in the real estate, construction, and infrastructure sector.

Full Story >>

New Delhi [India], Feb. 17 (ANI): Citizen engagement platform LocalCircles , via a survey, revealed that out of the 8, 715 participants, 68 percent said that majority of their transactions are now happening in cash. Only 32 percent said that they still prefer using debit or credit cards as well as other forms of digital transactions to make payments.

Full Story >>

Somany upgrades its mobile app in offline mode

Updated: Feb 17, 2017 15:05 IST

New Delhi [India], Feb. 17 (ANI-BusinessWire India): Somany Ceramics, a leading brand in the Tiles, Sanitaryware and Bath Fittings industry has recently upgraded its mobile app, enabling customers to browse content even in its offline mode. The app is a one-stop destination for users who are interested in tiles, sanitary ware, bath fittings and other ancillary products.

Full Story >>