National News

Cabinet passes ordinance penalising citizens for holding old notes beyond March 31: Reports

The government has not officially announced details of the new rules yet.

The Union Cabinet on Wednesday approved an ordinance that will penalise citizens for possessing more than Rs 10,000 in the demonetised Rs 500 and Rs 1,000 notes after March 31, 2017. Citizens can only hold a total 10 old notes, whatever the denomination, the report added.

The penalty for possessing, transferring or receiving the old bills could be a four-year jail term as well as a fine, PTI reported. However, there was no official confirmation on the details of the ordinance. The Cabinet also reportedly approved an ordinance to amend the Reserve Bank of India Act to remove their liability and the central bank’s on the demonetised notes, PTI reported.

Reports added that the deadline for depositing the old notes at the bank remains December 30. Beyond this, citizens will have to submit a declaration to the Reserve Bank of India and make deposits at specific RBI offices to submit any old notes.

The government had, on November 8, demonetised Rs 500 and Rs 1,000 notes, which made up 86% of India’s currency, saying the move would help smoke out those hoarding black money. It has since said that the decision will also push India into becoming a cashless economy. The move has been widely criticised by the Opposition and economists, and citizens have faced a massive cash crunch ever since.

Support our journalism by subscribing to Scroll+ here. We welcome your comments at letters@scroll.in.
Sponsored Content BY 

The cost of setting up an employee-friendly office in Mumbai

And a new age, cost-effective solution to common grievances.

A lot has been theorised about employee engagement and what motivates employees the most. Perks, bonuses and increased vacation time are the most common employee benefits extended to valuable employees. But experts say employees’ wellbeing is also intimately tied with the environment they spend the bulk of the day in. Indeed, the office environment has been found to affect employee productivity and ultimately retention.

According to Gensler’s Workplace Index, workplace design should allow employees to focus, collaborate, learn and socialise for maximum productivity, engagement and overall wellbeing. Most offices lag on the above counts, with complaints of rows of cluttered desks, cramped work tables and chilled cubicles still being way too common.

But well-meaning employers wanting to create a truly employee-centric office environment meet resistance at several stages. Renting an office space, for example, is an obstacle in itself, especially with exorbitant rental rates prevalent in most business districts. The office space then needs to be populated with, ideally, ergonomic furniture and fixtures. Even addressing common employee grievances is harder than one would imagine. It warrants a steady supply of office and pantry supplies, plus optimal Internet connection and functioning projection and sound systems. A well-thought-out workspace suddenly begins to sound quite cost prohibitive. So, how can an employer balance employee wellbeing with the monthly office budget?

Co-working spaces have emerged as a viable alternative to traditional workspaces. In addition to solving a lot of the common problems associated with them, the co-working format also takes care of the social and networking needs of businesses and their employees.

WeWork is a global network of workspaces, with 10 office spaces in India and many more opening this year. The co-working giant has taken great care to design all its premises ergonomically for maximum comfort. Its architects, engineers and artists have custom-designed every office space while prioritising natural light, comfort, productivity, and inspiration. Its members have access to super-fast Internet, multifunction printers, on-site community teams and free refreshments throughout the day. In addition, every WeWork office space has a dedicated community manager who is responsible for fostering a sense of community. WeWork’s customised offerings for enterprises also work out to be a more cost-effective solution than conventional lease setting, with the added perks of WeWork’s brand of service.

The video below presents the cost breakdown of maintaining an office space for 10 employees in Vikhroli, Mumbai and compares it with a WeWork membership.

Play

To know more about WeWork and its office spaces in India, click here.

This article was produced by Scroll marketing team on behalf of WeWork and not by the Scroll editorial team.