February 22: Top news at 3 pm

No plans to introduce ₹1,000 notes: Shaktikanta Das

The government has no plans to introduce ₹1,000 notes and the focus is on increasing production of lower denomination currencies, Economic Affairs Secretary Shaktikanta Das said today. He also said complaints of cash shortages at ATMs are being addressed and requested people to desist from withdrawing more money than they need. "No plans to introduce ₹1000 notes. Focus is on production and supply of ₹500 and lower denomination notes," he tweeted.

Last week, Finance Minister Arun Jaitley said the remonetisation situation with regard to replenishing the scrapped currency is "almost normal" now and the Reserve Bank is monitoring the supply on a daily basis.

Shurhozelie Liezietsu sworn in as Nagaland CM

Shurhozelie Liezietsu was today sworn in as the Chief Minister of Nagaland by Governor PB Acharya in Kohima. The 81-year-old Liezietsu along with 11 ministers were administered the oath of office and secrecy by Acharya at the Raj Bhavan here. The new Chief Minister is at present not a member of the Nagaland Legislative Assembly. He will have to get elected within six months from taking office. The ministers inducted today were Kiyanilie Peseyie, Yanthungo Patton, P Longon, C Kipili Sangtam, C L John, Yitachu, Paiwang Konyak, Vikheho Swu, Chotisuh Sazo, Imkong L Imchen and G Kaito Aye. Out of 11, Imkong L Imchen and G Kaito Aye are new faces.

IT Department to go easy on up to ₹5 lakh deposits by 70-plus people

The Income Tax department will not carry out any further verification for cash deposits up to ₹5 lakh made by people above 70 years of age post note ban, but the limit has been fixed at ₹2.5 lakh for other individuals.

"There is absolutely no cause for panic. We are not going after everyone who deposited their holding of the demonetised currency in bank accounts between November 8 and December 30, 2016. Very clear thresholds have been set for tax department to take up deposits for verification. I repeat, it is for verification and not scrutiny or assessment," a senior Finance Ministry official said.

Centre clears ₹5,700-crore hydro project to be set up in Nepal

The government today approved a 900 MW hydro power project to be set up in Sankhuwasabha district of Nepal at a cost of ₹5,723.72 crore. The decision to approve the Arun-III project was taken at a meeting of the Cabinet Committee on Economic Affairs headed by Prime Minister Narendra Modi here today, Power Minister Piyush Goyal told reporters at a briefing here.

The project is being implemented by a 100% subsidiary of state-run SJVN Ltd, a joint venture between Central and Himachal Pradesh governments with shareholding of 64.46 per cent and 25.51 per cent, respectively. The Memorandum of Understanding (MOU) for the project was signed with the Government of Nepal on March 2, 2008.

DMK working chief Stalin, cadres sit on fast

DMK working president M K Stalin today sat on a day-long hunger strike in Tiruchirapalli even as a similar fast is being observed by DMK leaders across Tamil Nadu to condemn "the murder of democracy" in the Assembly on February 18 when Chief Minister Edappadi K Palaniswami won a trust vote. IUML leader KM Kader Mohideen and those belonging to GK Vasan-led Tamil Maanila Congress are also participating in the hunger strike.