The year 2016 is finally coming to its end with leaving a long list of financial happenings that brought tremors in the nation from time to time. Whether it was willful defaulter business tycoon Vijay Mallya’s escape to the UK, ousting of Cyrus Mistry from Tata Sons, politics over Goods and Services Tax, appointment of new RBI Governor, impact of Brexit or demonetisation of two high-value currencies announced by Prime Minister Narendra Modi in the second last month of the year, there were many events that have become historic now with giving positive or negative memories to people. We have listed out five major financial events for you that surprised the nation, have a look at them:
Demonetisation: The November 8 evening brought goose bumps to all the Indians when Prime Minister Narendra Modi announced demonetisation of Rs 500 and Rs 1,000 currency notes after that midnight. The step of the Centre was said to be taken to combat black money, corruption and fake currency from Indian economy besides encouraging cashless economy. This decision divided the country into two categories–the one that supported the move while the other that criticized it. While the common people seemed standing in queues to withdraw money or exchange old currencies, the politicians, diplomats, celebrities and other whos’s who found talking for or against it. The demonetisation was followed by the introduction of a new denomination of Rs 2,000 that was also circled with controversies including rumours of tracking chip in the note to its bleeding colour.
Reliance Jio’s ‘4G-only’ network launch: Mukesh Ambani brought big smiles on the faces of netizens by launching its 4G network-Reliance Jio with free high-speed Internet, calling and roaming services till year end as an introductory offer and later extending it up to March as ‘Happy New Year’ offer. Soon after its launch, people were found standing in long queues outside Reliance outlet to take the SIM card. But the launch also attracted controversy with country’s top three network operators– Airtel, Vodafone and Idea found to deliberately block Jio calls. They were slapped with a heavy penalty by Telecom Regulatory Authority of India.
Vijay Mallya’s escape to the UK: Business tycoon Vijay Mallya made headlines in the year. However, this time not for his calendar girls or prodigal lifestyle but for a very bad reason. The liquor baron escaped from India after defrauding around Rs 9,000 crore to a consortium of Indian banks that extended loans to his companies. The Government of India cancelled his passport and requested the UK Government to him. But it received a negative response as the UK Government did not deport him owing to its laws. There has been repeated attempts by the lenders to sell Kingfisher’s properties.
Income declaration scheme: The scheme was announced by Finance Minister Arun Jaitley in the Budget 2016 with an aim to fish out black money from the Indian economy. It gave one time opportunity to all persons who had not declared income in early years to come forward and declare such undisclosed income with immunity like exemption of declared assets from Wealth Tax, no scrutiny under Income Tax Act or Wealth tax and others. In a press conference, Jaitley said that a total 64,275 declarants made disclosures of Rs 65,250 crore under the Income Declaration Scheme.
Patanajli CEO Acharya Balkrishna’s name in Forbes list of richest Indians: With relentless effort to include FMCG products of Patanjali into favourite list of households, its CEO Acharya Balkrishna entered into the list of Forbes India’s richest person. Known as Baba Ramdev loyalist, Balkrishna made a debut to the list by securing 48 number with net worth of $2.5 billion. With this, the 44-year-old has also made a record of becoming the youngest billionaire entered in Forbes India rich list.