Power Minister Piyush Goyal on Saturday described the decision to demonetize currency notes "100% success" and said money which was not kept in bank accounts has come into formal economy and now is traceable. We have given 50 days time to deposit (old currency notes of Rs 500/1000) money," Goyal told reporters. Goyal also said that government is working on encouraging use of point-of-sale (PoS) machines by reducing its rental to Rs 100-150 per month which, is presently Rs 500-700. At present there are about 14 lakh PoS in the country provided by different banks. EESL has reduced the procurement price of 9 watt LED bulbs from Rs 310 per unit to Rs 38 recently.

Source: dna December 03, 2016 14:37 UTC