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Bank with Amit Shah as Director had highest deposits of banned notes after demonestisation

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Amit Shah

[vc_row][vc_column][vc_column_text]A RTI report has named a district cooperative bank which has BJP president Amit Shah as a director as netting the highest deposits among such banks of banned Rs 500 and Rs 1,000 notes within five days of demonetisation on November 8, 2016.

The reply to a RTI query by a Mumbai-based activist said Ahmedabad District Cooperative Bank (ADCB) secured deposits of Rs 745.59 crore of the spiked notes – in just five days after Prime Minister Narendra Modi made the demonetisation announcement.

Notably, all the district cooperative banks were banned from accepting deposits of the banned currency notes from the public after November 14, 2016 – five days after demonetisation – on fears that black money would be laundered through this route.

According to the bank’s website, Shah continues to be a director with the bank and has been in that position for several years, said media reports. He was also the bank’s chairman in 2000. ADCB’s total deposits on March 31, 2017, were Rs 5,050 crore and its net profit for 2016-17 was Rs 14.31 crore.

Right behind ADCB is the Rajkot District Cooperative Bank, whose chairman JayeshbhaiVitthalbhaiRadadiya is a cabinet minister in Gujarat Chief Minister Vijay Rupani’s government. It got deposits of old currencies worth Rs 693.19 crore.

Interestingly, the figures of these DCCBs of Ahmedabad and Rajkot DCCBs are much higher than the apex Gujarat State Cooperative Bank Ltd, which got deposits of a mere Rs 1.11 crore.

“The amount of deposits made in the State Cooperative Banks (SCBs) and District Central Cooperative Banks (DCCBs) – revealed under RTI for first time since demonetisation – are astounding,” Manoranjan S Roy, the RTI activist who made the effort to get the information, told IANS.

The RTI information was given by the Chief General Manager and Appellate Authority, S Saravanavel, of the National Bank for Agriculture & Rural Development (NABARD).

RTI queries also revealed that only seven public sector banks (PSBs), 32  SCBs, 370 DCCBs, and a little over three-dozen post offices across India collected Rs 7.91 lakh crore — more than half (52 per cent) of the total amount of old currencies of Rs 15.28 lakh crore deposited with the RBI.

The break-up of Rs 7.91 lakh crore mentioned in the RTI replies showsthat the value of spiked notes deposited with the RBI was

Seven PSBs – Rs 7.57 lakh crore

32 SCBs – Rs 6,407 crore

370 DCCBs – Rs 22,271 crore.

Old notes deposited by 39 post offices were worth Rs 4,408 crore.

Information from all the SCBs and DCCBs across India were received through the replies. The seven PSBs account for around 29,000 branches — out of the over 92,500 branches of the 21 PSBs in India — according to data published by the RBI. The 14 other PSBs declined to give information on one ground or the other.

Of the total 21 PSBs, State Bank of India, Bank of Baroda, Bank of Maharashtra, Central Bank of India, Dena Bank, Indian Overseas Bank, Punjab & Sindh Bank, Vijaya Bank, Andhra Bank, Syndicate Bank, UCO Bank, United Bank of India, Oriental Bank of Commerce, and IDBI Bank (14 banks) — with over 63,500 branches amongst them — did not give any information on deposits.

Fifteen months after demonetisation, the government had announced that Rs 15.28 Lakh crore — or 99 per cent of the cancelled notes worth Rs 15.44 lakh crore — were returned to the RBI treasury.

Roy said it was a serious matter if only a few banks and their branches and a handful post offices, apart from SCBs and DCCBs, accounted for over half the old currency notes.

“At this rate, serious questions arise about the actual collection of spiked notes through the remaining 14 mega-PSBs, besides rural-urban banks, private banks (like ICICI, HDFC and others), local cooperatives, Jankalyan Banks and credit cooperatives and other entities with banking licenses, the figures of which are not made available under RTI,” he said.

NABARD issued a statement defending the ADCB.

The apex institution for rural economy credit in India, noted that all the bank accounts into which the demonetised notes were deposited were verified and checked to see if they had complied with ‘know-your-customer’ (KYC) regulations.

“NABARD conducted 100 % verification in Ahmedabad DCCB which revealed that the bank had complied with all the KYC Guidelines of the RBI while accepting the demonetised notes,” it said in a statement released on Friday afternoon.

“As per the verification report of NABARD, required under the extant guidelines, the bank had also submitted the required Cash Transaction Reports (CTRs) and STRs to FlU-India wherever required,” it added.

The agricultural and rural institution also curiously makes two other points in defence of ADCB.

Firstly, it notes that district central cooperative banks in Gujarat received less demonetised notes when compared to their counterparts in Kerala and Maharashtra.

Secondly, it notes that the amount of money that was deposited in the days after demonetisation in ADCB was in complete “proportion to the size and number of accounts in the bank”.

“Of the total 16 lakh accounts with the DCCB, deposits/ exchanges were made only by 1.60 lakh customers  i.e. 9.37% of the total deposit accounts,” NABARD’s statement notes.

Out of these 1.60 lakh customers, less than Rs 2.5 lakh was deposited in 98.66% of the accounts. Out of the bank’s total accounts, 0.09% of accounts saw deposits above Rs 2.5 lakh made.

“The average deposit amount in Ahmedabad DCCB was Rs. 46,795 which was lower than average per depositor in 18 DCCBs of Gujarat. During this intervening period 1.60 lakh customers of the bank deposited/ exchanged demonetised notes aggregating to Rs 746 crore which was only about 15 % of total deposits of the bank,” the statement emphasises.

The Opposition, however, mounted a strong attack on the BJP and its president. Congress president Rahul Gandhi said: “Congratulations Amit Shah ji , Director, Ahmedabad Dist. Cooperative Bank, on your bank winning 1st prize in the conversion of old notes to new race. 750 Cr in 5 days! Millions of Indians whose lives were destroyed by Demonetisation, salute your achievement.”[/vc_column_text][vc_raw_html]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[/vc_raw_html][vc_column_text]The Congress tweeted: “Is it really a surprise that two-thirds of the demonetised currency was collected in banks in BJP ruled states?”[/vc_column_text][vc_raw_html]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[/vc_raw_html][vc_column_text]CPI(M) general secretary Sitaram Yechury said: “The poor could not get their demonetised notes exchanged, more than 100 died in queues for their own hard-earned money. But Shri Amit Shah ji’s bank had the maximum currency exchanged after notebandi. SaafNiyat or SahiNeeyat, now? #NoteScam”[/vc_column_text][/vc_column][/vc_row]

India News

Late-March western disturbance brings 1,000-km rain band across India, Pakistan and Afghanistan

An unusual western disturbance has created a 1,000-km rain band, bringing widespread storms, rainfall and hail across parts of India and neighbouring countries.

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Weather

An unusual weather system is currently impacting large parts of India, Pakistan and Afghanistan, bringing widespread thunderstorms, gusty winds, rainfall and even hailstorms at a time when summer conditions typically begin to set in.

The ongoing event is being driven by an active western disturbance that has formed a nearly straight, linear low-pressure trough stretching about 1,000 kilometres—from Afghanistan, across Pakistan, and into India. This formation is considered atypical, as most western disturbances usually follow a curved path.

Western disturbances are generally extratropical systems originating near the Mediterranean region and are more common during winter months, when they bring snowfall and cold weather to northern India. However, this system stands out both for its timing in late March and its distinct structure.

Widespread weather activity across regions

The system is associated with an upper-air cyclonic circulation over northern Pakistan, which is leading to widespread thunderstorms and winds ranging between 40 and 80 kmph across northwest India. Isolated hailstorms and light-to-moderate rainfall or snowfall have also been reported.

Heavy to very heavy rainfall has already occurred in sub-Himalayan West Bengal and Sikkim, while southern states including Karnataka, Andhra Pradesh, Kerala and Tamil Nadu have received significant showers. Hailstorm activity has also been observed in multiple regions.

Meteorological conditions indicate that the western disturbance includes a trough in the middle and upper atmospheric levels. This is interacting with several low-level cyclonic circulations over regions such as north Madhya Pradesh, east Uttar Pradesh, west Rajasthan, Haryana, northeast Assam, coastal Andhra Pradesh, and parts of Tamil Nadu and Kerala, intensifying weather activity.

System likely to weaken, another disturbance ahead

The current disturbance is expected to remain active over the Western Himalayas and adjoining plains through Friday, after which its intensity is likely to decrease.

However, forecasts suggest that another weaker western disturbance may approach the region around March 22, potentially bringing further weather changes.

Moisture sources behind the system

The primary moisture feeding this system originates from evaporation over multiple water bodies, including the Mediterranean Sea, Caspian Sea, Black Sea, and the Persian Gulf.

As the system moves eastward, it gathers additional moisture from the Arabian Sea. This moisture is further enhanced due to orographic lifting along the Himalayas. Simultaneously, existing troughs and cyclonic features over regions such as Gujarat and the Mannar area are contributing to increased low-level convergence, leading to intensified rainfall and storm activity.

Delhi-NCR sees cooler conditions and rainfall

In Delhi-NCR, light-to-moderate rainfall accompanied by thunderstorms and winds of 30–50 kmph is expected to continue until Friday. Daytime temperatures are likely to remain between 25 and 28 degrees Celsius, which is below the seasonal average.

Why late-March disturbances are uncommon

Climatologically, western disturbances are most frequent between December and February, with India typically experiencing four to six such systems per month during winter.

By late March, their frequency usually declines sharply as the jet stream weakens and shifts northward. Historically, only one or two such systems occur during this period each year.

However, recent trends suggest a gradual extension of the western disturbance season into April. Experts attribute this to changes in atmospheric patterns, including stronger subtropical jet streams and broader climate variability.

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India News

Mamata Banerjee slams poll body over officials’ transfer, calls move unprecedented

Mamata Banerjee has criticised the Election Commission for transferring senior officials ahead of West Bengal elections, alleging bias and procedural overreach.

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Mamata Banerjee

West Bengal Chief Minister Mamata Banerjee has sharply criticised the Election Commission of India over the transfer of senior state officials ahead of the assembly elections, alleging bias and procedural overreach.

In a strongly worded letter to Chief Election Commissioner Gyanesh Kumar, Banerjee expressed “deep shock” at the poll panel’s functioning, stating that it had “crossed all boundaries of decency and constitutional propriety.”

Concerns over transfers and alleged bias

The chief minister objected to what she described as “unilateral” transfers of key officials, including the chief secretary, home secretary, director general of police, and several district-level officers. According to her, these decisions were taken without citing any violations of electoral rules or the Model Code of Conduct.

Banerjee further alleged that the Commission had shown “apparent bias” since the beginning of the Special Intensive Revision of electoral rolls, claiming that repeated concerns raised by the state government had been ignored.

She also questioned the timing of the transfers, noting that district election officers were shifted during an ongoing revision process, which she suggested could affect administrative continuity and pending cases.

Supreme Court reference and governance concerns

Referring to her government’s move to approach the Supreme Court of India, Banerjee said the court had acknowledged the concerns and issued directions that are currently being implemented.

The chief minister warned that the removal of senior officials at short notice could disrupt governance, law and order, and disaster preparedness, particularly during the storm-prone months of March and April.

She also criticised the deployment of state police officers as observers in other poll-bound regions, calling it “arbitrary” and a “misuse of authority.”

Warning on federal structure and democracy

Describing the decisions as “biased, hasty and unilateral,” Banerjee said such actions undermine cooperative federalism and could create conditions resembling “indirect central rule.”

She urged the Commission to reconsider its decisions, warning that such steps are “deeply concerning” for a healthy democratic process.

Elections to the 294-member West Bengal assembly are scheduled to be held in two phases on April 23 and April 29, with counting set for May 4.

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India News

AIADMK-BJP seat-sharing talks to be finalised soon, says Edappadi K Palaniswami after Amit Shah meet

AIADMK chief Edappadi K Palaniswami says seat-sharing talks with BJP are in final stages and will conclude within days ahead of Tamil Nadu 2026 elections.

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Amit shah

Signalling momentum ahead of the 2026 Tamil Nadu Assembly elections, Edappadi K Palaniswami on Friday said seat-sharing talks with the Bharatiya Janata Party would be finalised within four days following his meeting with Union Home Minister Amit Shah in Delhi.

Palaniswami, who serves as the general secretary of the All India Anna Dravida Munnetra Kazhagam, expressed confidence that negotiations would be concluded smoothly based on a “give-and-take” formula focused on winnability. He also took a swipe at the ruling Dravida Munnetra Kazhagam, suggesting delays in its own alliance discussions.

Union Minister Piyush Goyal is expected to visit Chennai soon, further accelerating alliance-building efforts. The AIADMK is also preparing to release its election manifesto within a week.

Likely seat-sharing formula emerges

While Palaniswami did not reveal specific numbers, sources indicate the AIADMK is aiming to contest around 165 seats. The remaining seats could be distributed among allies, including the BJP, Pattali Makkal Katchi, Amma Makkal Munnetra Kazhagam led by T T V Dhinakaran, and the Tamil Maanila Congress.

In the 2021 Assembly elections, the BJP and PMK had contested 20 and 23 seats respectively, securing four and five wins. The revised formula suggests a recalibration of alliance strengths ahead of the high-stakes 2026 polls.

‘Delhi visits necessary for coordination’

Responding to criticism over his frequent visits to the national capital, Palaniswami defended his outreach to BJP leadership. He said such meetings were necessary given the busy schedules of senior leaders like Amit Shah, who are handling elections across multiple states.

“I have come to meet Amit Shah twice, as he is busy with elections in five states,” he said, underlining the need for coordination at the national level.

No alliance with Vijay’s TVK

Dismissing speculation about new alliances, Palaniswami ruled out any talks with actor-turned-politician Vijay and his party, Tamilaga Vettri Kazhagam.

“Neither we nor TVK held talks,” he stated, indicating that the electoral contest would largely remain between the AIADMK-led and DMK-led fronts.

Criticism of DMK and internal damage control

Targeting the DMK government, Palaniswami alleged a deterioration in law and order, pointing to rising crimes against women and corruption. He also accused the government of failing to implement key welfare schemes.

At the same time, he sought to contain recent controversies involving AIADMK leaders, stating that former ministers who made objectionable remarks had acknowledged their mistakes and apologised.

High stakes for AIADMK and Palaniswami

The 2026 Assembly election is being seen as a crucial test for both the AIADMK and Palaniswami. Since the death of former Chief Minister J Jayalalithaa, the party has faced a series of electoral setbacks, including the 2019 and 2024 Lok Sabha elections and the 2021 Assembly polls.

The AIADMK had previously allied with the BJP in 2019 and 2021, a partnership often viewed as challenging in Tamil Nadu’s political landscape. In the 2024 Lok Sabha elections, both parties contested separately but failed to secure victories.

For Palaniswami, the upcoming election represents a critical opportunity to establish his leadership and revive the party’s political standing.

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