Economy News Daily Digest: 5 Key Updates

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1. State Bank of India, India’s largest bank, has collected around Rs 38,677 crore in deposits in two days after the government scrapped Rs 500 and Rs 1,000 notes. The total deposit collection by all the commercial banks would have crossed Rs 1 lakh crore mark in the last two days.

2. In a bid to create a leading cable and satellite distribution platform in India, satellite television service provider Videocon D2H will merge itself with Dish TV.

3. The IMF said it supports India’s efforts to fight corruption through demonetisation, but noted that the transition needs to be managed “prudently” to minimise any disruption.

4. The finance ministry said that the exemptions allowed for certain transactions through the now demonetised currency of Rs 500 and Rs 1,000 have been extended till November 14 and that payment for court fees will be included in the exemption list. The exemptions were earlier provided for the first 72 hours after the decision on November 8 to demonetise the high value bank notes. The exemption list included payments towards fees, charges, taxes and penalties payable to the central and state governments including municipal and local bodies. Such old notes will also be accepted for making payment of utility charges for water and electricity, etc.

5. From December 1, domestic flights between the six metros and other big cities will cost between Rs 60 and Rs 100 more. The money thus collected will be used to create a fund to implement the government’s ambitious plan to put India’s small towns on the flying map.

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