December 17: Top news at noon

FM: Remonetisation will be completed soon

Finance Minister Arun Jaitley, speaking at FICCI's 89th Annual General Meeting today, said remonetisation will not take a very long time, and that the RBI will be able to complete it very soon. The Finance Minister said that the long-term benefits very clear even if people have to bear “short-term inconveniences”. On GST, Jaitley said that though ideally, GST should start from April 1, 2017, it was a constitutional necessity for it to come into force by September 16, 2017.

Karunanidhi recovering after surgery

DMK Chief M Karunanidhi, hospitalised yesterday after complaining of a lung and throat infection, is recovering after a tracheostomy surgery conducted last night. Congress Vice President Rahul Gandhi is in Chennai today, and visited the 92-year-old DMK leader in hospital.

Blasts in Imphal, Manipur; no casualties reported

A series of powerful explosions rocked Imphal in a gap of about 20 minutes at 8 PM yesterday, police said today. No casualties were reported in the explosions. The first IED explosion took place at the residence of a special contractor, Shangreihan Muivah, who local media claimed was the elder brother of NSCN (IM) supremo Thuingaleng Muivah. Window panes and some other portions of the residence were shattered in the explosion. Another IED damaged the residence of one Mingyao Ruivanao.

Tax exemptions to political parties subject to conditions

Revenue Secretary Hasmukh Adhia said political parties depositing old ₹500 and ₹1,000 rupee notes in their accounts will be exempt from income tax, provided that individual donations taken in cash do not exceed ₹20,000 and are properly documented with full identity of the donor. "If it is a deposit in the account of a political party, they are exempt. But if it is deposited in individual's account then that information will come into our radar. If the individual is putting money in his own account, then we will get information," said Adhia.

Police, ED raids in Mumbai

Late last night, police seized ₹1.40 crore from three persons riding in a car on Juhu-Versova Link Road in Andheri in north-west Mumbai. The money was in the new ₹2,000 notes, police said. Yesterday, police had seized ₹10.10 crore in old notes in suburban Chembur. Meanwhile the Enforcement Directorate raided four bullion traders in the city, alleging that they had deposited ₹69 crores in old notes after demonetisation.