Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

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        LATEST NEWS UPDATES | RBI says 98.96% of Rs 500, Rs 1000 notes returned after demonetisation -Gopika Gopakumar    </title>
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RBI annual report estimates value of Rs 500 and Rs 1000 notes returned was Rs 15.28 trillion against Rs 15.44 trillion in circulation before demonetisation

Mumbai: According to Reserve Bank of India&rsquo;s (RBI) annual report released Wednesday, 98.96% of Rs 500..."/>
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RBI annual report estimates value of Rs 500 and Rs 1000 notes returned was Rs 15.28 trillion against Rs 15.44 trillion in circulation before demonetisation

Mumbai: According to Reserve Bank of India&rsquo;s (RBI) annual report released Wednesday, 98.96% of Rs 500..." />
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    <h1 class="cat-box-title">RBI says 98.96% of Rs 500, Rs 1000 notes returned after demonetisation -Gopika Gopakumar</h1>
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                            <div align="justify">-Livemint.com<br /><br /><em>RBI annual report estimates value of Rs 500 and Rs 1000 notes returned was Rs 15.28 trillion against Rs 15.44 trillion in circulation before demonetisation<br /><br />Mumbai: </em>According to Reserve Bank of India&rsquo;s (RBI) annual report released Wednesday, 98.96% of Rs 500 and Rs 1000 notes (by value) that were invalidated due to the demonetisation exercise had been returned by the end of June.<br /><br />The numbers put to rest one of the big mysteries surrounding the demonetisation exercise, which, according to some analysts, was one of the reasons behind the Bharatiya Janata Party&rsquo;s landslide win in this year&rsquo;s elections in Uttar Pradesh.<br /><br />The RBI annual report said that &ldquo;subject to future corrections based on verification process when completed,&rdquo; the estimated value of the banned notes it &ldquo;received&rdquo; was Rs 15.28 trillion. This compares with the Rs 15.44 trillion of the invalidated notes that were in circulation as of 8 November, according to data provided by minister of state for finance Arjun Meghwal to Parliament on 21 January.<br /><br />Following Prime Minister Narendra Modi&rsquo;s surprise announcement of the invalidation of old high-value currency notes on 8 November, estimates suggested that around Rs 3 trillion would not return to the banking system because it was unaccounted or black money. While defending demonetisation in the Supreme Court in November, then attorney general Mukul Rohatgi said around Rs 4-5 trillion would probably not find its way back into the system.<br /><br />By December, though, it was clear that tax evaders had managed to legalize their unaccounted money using mules and proxies to make deposits, made high-value purchases using back-dated bills and colluded with bank officials to exchange old currency.<br /><br />With RBI&rsquo;s data showing that most of the money has returned to the system, the opposition was quick to criticise the government. The Congress said RBI&rsquo;s report was proof that demonetisation had &ldquo;utterly failed&rdquo;.<br /><br />Measuring the success of demonetisation on the basis of how much cash has come into the system shows &ldquo;an inadequate understanding&rdquo;, finance minister Arun Jaitley said.<br /><br />Indeed, &ldquo;the fact that the entire demonetised money has come back shows black money has been accounted for completely. In that sense, demonetisation has been a success,&rdquo; said R. Gandhi, former deputy governor of RBI. It is now up to the tax department to do its job, he added. In January, the government decided to use data analytics to identify people whose deposits didn&rsquo;t match their known sources of income.<br /><br />In his Independence Day speech this year, Prime Minister Modi said that more than Rs 1.75 trillion deposited in banks after demonetisation was under the scanner.<br /><br />&ldquo;The trail of deposits&rdquo; of bank notes &ldquo;into bank accounts may provide valuable information to the revenue authorities in tracing unaccounted money&rdquo;, RBI said in its annual report.<br /><br />Interestingly, RBI&rsquo;s annual report shows a spike in the number of so-called suspicious transaction reports filed by banks, financial institutions and intermediaries. Banks filed 361,214 such reports in 2016-17, up from 61,361 the previous year. This is evidence that people have been forced to deposit money &ldquo;illegitimately lying with them&rdquo;, Jaitley said in a press briefing after the release of the RBI annual report.<br /><br />A banker, who asked not to be identified, said the spike in suspicious transaction reports was exclusively because of demonetisation, although he added that at least some of these could end up being genuine transactions.<br /><br />Defending demonetisation, Jaitley said its major objectives&mdash; a &ldquo;less cash economy&rdquo;, digitization, formalisation of the economy, widening the tax base, curbing terror financing, tracking black money, and clamping down on counterfeit currency&mdash;had been met.<br /><br />&ldquo;The effect of demonetisation in all these areas have been extremely positive,&rdquo; he added.<br /><br />According to RBI, the volume of cash in the banking system has come down by 17%. Total currency in circulation fell from Rs 17.77 trillion on 8 November to Rs 14.75 trillion on 4 August, according to the finance ministry.<br /><br />The invalidation also resulted in an increase in digital transactions. In a note, the finance ministry said that number of digital transactions increased 56% between October 2016 and May 2017 to 1.1 billion. The demonetisation exercise was announced on 8 November 2016.<br /><br />RBI detected 762,072 fake notes compared to 632,926 pieces a year ago. However, the total value of these fake currency notes amounts to a meagre Rs 43 crore.<br /><br />Please <a href="http://www.livemint.com/Industry/e73ZjH3vLuj6tlIn2b6wSJ/RBI-89-million-out-of-67-billion-Rs-1000-notes-not-return.html" title="http://www.livemint.com/Industry/e73ZjH3vLuj6tlIn2b6wSJ/RBI-89-million-out-of-67-billion-Rs-1000-notes-not-return.html">click here</a> to read more. <br /></div>                                                           
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    <h1 class="cat-box-title">RBI says 98.96% of Rs 500, Rs 1000 notes returned after demonetisation -Gopika Gopakumar</h1>
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                            <div align="justify">-Livemint.com<br /><br /><em>RBI annual report estimates value of Rs 500 and Rs 1000 notes returned was Rs 15.28 trillion against Rs 15.44 trillion in circulation before demonetisation<br /><br />Mumbai: </em>According to Reserve Bank of India&rsquo;s (RBI) annual report released Wednesday, 98.96% of Rs 500 and Rs 1000 notes (by value) that were invalidated due to the demonetisation exercise had been returned by the end of June.<br /><br />The numbers put to rest one of the big mysteries surrounding the demonetisation exercise, which, according to some analysts, was one of the reasons behind the Bharatiya Janata Party&rsquo;s landslide win in this year&rsquo;s elections in Uttar Pradesh.<br /><br />The RBI annual report said that &ldquo;subject to future corrections based on verification process when completed,&rdquo; the estimated value of the banned notes it &ldquo;received&rdquo; was Rs 15.28 trillion. This compares with the Rs 15.44 trillion of the invalidated notes that were in circulation as of 8 November, according to data provided by minister of state for finance Arjun Meghwal to Parliament on 21 January.<br /><br />Following Prime Minister Narendra Modi&rsquo;s surprise announcement of the invalidation of old high-value currency notes on 8 November, estimates suggested that around Rs 3 trillion would not return to the banking system because it was unaccounted or black money. While defending demonetisation in the Supreme Court in November, then attorney general Mukul Rohatgi said around Rs 4-5 trillion would probably not find its way back into the system.<br /><br />By December, though, it was clear that tax evaders had managed to legalize their unaccounted money using mules and proxies to make deposits, made high-value purchases using back-dated bills and colluded with bank officials to exchange old currency.<br /><br />With RBI&rsquo;s data showing that most of the money has returned to the system, the opposition was quick to criticise the government. The Congress said RBI&rsquo;s report was proof that demonetisation had &ldquo;utterly failed&rdquo;.<br /><br />Measuring the success of demonetisation on the basis of how much cash has come into the system shows &ldquo;an inadequate understanding&rdquo;, finance minister Arun Jaitley said.<br /><br />Indeed, &ldquo;the fact that the entire demonetised money has come back shows black money has been accounted for completely. In that sense, demonetisation has been a success,&rdquo; said R. Gandhi, former deputy governor of RBI. It is now up to the tax department to do its job, he added. In January, the government decided to use data analytics to identify people whose deposits didn&rsquo;t match their known sources of income.<br /><br />In his Independence Day speech this year, Prime Minister Modi said that more than Rs 1.75 trillion deposited in banks after demonetisation was under the scanner.<br /><br />&ldquo;The trail of deposits&rdquo; of bank notes &ldquo;into bank accounts may provide valuable information to the revenue authorities in tracing unaccounted money&rdquo;, RBI said in its annual report.<br /><br />Interestingly, RBI&rsquo;s annual report shows a spike in the number of so-called suspicious transaction reports filed by banks, financial institutions and intermediaries. Banks filed 361,214 such reports in 2016-17, up from 61,361 the previous year. This is evidence that people have been forced to deposit money &ldquo;illegitimately lying with them&rdquo;, Jaitley said in a press briefing after the release of the RBI annual report.<br /><br />A banker, who asked not to be identified, said the spike in suspicious transaction reports was exclusively because of demonetisation, although he added that at least some of these could end up being genuine transactions.<br /><br />Defending demonetisation, Jaitley said its major objectives&mdash; a &ldquo;less cash economy&rdquo;, digitization, formalisation of the economy, widening the tax base, curbing terror financing, tracking black money, and clamping down on counterfeit currency&mdash;had been met.<br /><br />&ldquo;The effect of demonetisation in all these areas have been extremely positive,&rdquo; he added.<br /><br />According to RBI, the volume of cash in the banking system has come down by 17%. Total currency in circulation fell from Rs 17.77 trillion on 8 November to Rs 14.75 trillion on 4 August, according to the finance ministry.<br /><br />The invalidation also resulted in an increase in digital transactions. In a note, the finance ministry said that number of digital transactions increased 56% between October 2016 and May 2017 to 1.1 billion. The demonetisation exercise was announced on 8 November 2016.<br /><br />RBI detected 762,072 fake notes compared to 632,926 pieces a year ago. However, the total value of these fake currency notes amounts to a meagre Rs 43 crore.<br /><br />Please <a href="http://www.livemint.com/Industry/e73ZjH3vLuj6tlIn2b6wSJ/RBI-89-million-out-of-67-billion-Rs-1000-notes-not-return.html" title="http://www.livemint.com/Industry/e73ZjH3vLuj6tlIn2b6wSJ/RBI-89-million-out-of-67-billion-Rs-1000-notes-not-return.html">click here</a> to read more. <br /></div>                                                           
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RBI annual report estimates value of Rs 500 and Rs 1000 notes returned was Rs 15.28 trillion against Rs 15.44 trillion in circulation before demonetisation

Mumbai: According to Reserve Bank of India&rsquo;s (RBI) annual report released Wednesday, 98.96% of Rs 500..."/>
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RBI annual report estimates value of Rs 500 and Rs 1000 notes returned was Rs 15.28 trillion against Rs 15.44 trillion in circulation before demonetisation

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    <h1 class="cat-box-title">RBI says 98.96% of Rs 500, Rs 1000 notes returned after demonetisation -Gopika Gopakumar</h1>
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                            <div align="justify">-Livemint.com<br /><br /><em>RBI annual report estimates value of Rs 500 and Rs 1000 notes returned was Rs 15.28 trillion against Rs 15.44 trillion in circulation before demonetisation<br /><br />Mumbai: </em>According to Reserve Bank of India&rsquo;s (RBI) annual report released Wednesday, 98.96% of Rs 500 and Rs 1000 notes (by value) that were invalidated due to the demonetisation exercise had been returned by the end of June.<br /><br />The numbers put to rest one of the big mysteries surrounding the demonetisation exercise, which, according to some analysts, was one of the reasons behind the Bharatiya Janata Party&rsquo;s landslide win in this year&rsquo;s elections in Uttar Pradesh.<br /><br />The RBI annual report said that &ldquo;subject to future corrections based on verification process when completed,&rdquo; the estimated value of the banned notes it &ldquo;received&rdquo; was Rs 15.28 trillion. This compares with the Rs 15.44 trillion of the invalidated notes that were in circulation as of 8 November, according to data provided by minister of state for finance Arjun Meghwal to Parliament on 21 January.<br /><br />Following Prime Minister Narendra Modi&rsquo;s surprise announcement of the invalidation of old high-value currency notes on 8 November, estimates suggested that around Rs 3 trillion would not return to the banking system because it was unaccounted or black money. While defending demonetisation in the Supreme Court in November, then attorney general Mukul Rohatgi said around Rs 4-5 trillion would probably not find its way back into the system.<br /><br />By December, though, it was clear that tax evaders had managed to legalize their unaccounted money using mules and proxies to make deposits, made high-value purchases using back-dated bills and colluded with bank officials to exchange old currency.<br /><br />With RBI&rsquo;s data showing that most of the money has returned to the system, the opposition was quick to criticise the government. The Congress said RBI&rsquo;s report was proof that demonetisation had &ldquo;utterly failed&rdquo;.<br /><br />Measuring the success of demonetisation on the basis of how much cash has come into the system shows &ldquo;an inadequate understanding&rdquo;, finance minister Arun Jaitley said.<br /><br />Indeed, &ldquo;the fact that the entire demonetised money has come back shows black money has been accounted for completely. In that sense, demonetisation has been a success,&rdquo; said R. Gandhi, former deputy governor of RBI. It is now up to the tax department to do its job, he added. In January, the government decided to use data analytics to identify people whose deposits didn&rsquo;t match their known sources of income.<br /><br />In his Independence Day speech this year, Prime Minister Modi said that more than Rs 1.75 trillion deposited in banks after demonetisation was under the scanner.<br /><br />&ldquo;The trail of deposits&rdquo; of bank notes &ldquo;into bank accounts may provide valuable information to the revenue authorities in tracing unaccounted money&rdquo;, RBI said in its annual report.<br /><br />Interestingly, RBI&rsquo;s annual report shows a spike in the number of so-called suspicious transaction reports filed by banks, financial institutions and intermediaries. Banks filed 361,214 such reports in 2016-17, up from 61,361 the previous year. This is evidence that people have been forced to deposit money &ldquo;illegitimately lying with them&rdquo;, Jaitley said in a press briefing after the release of the RBI annual report.<br /><br />A banker, who asked not to be identified, said the spike in suspicious transaction reports was exclusively because of demonetisation, although he added that at least some of these could end up being genuine transactions.<br /><br />Defending demonetisation, Jaitley said its major objectives&mdash; a &ldquo;less cash economy&rdquo;, digitization, formalisation of the economy, widening the tax base, curbing terror financing, tracking black money, and clamping down on counterfeit currency&mdash;had been met.<br /><br />&ldquo;The effect of demonetisation in all these areas have been extremely positive,&rdquo; he added.<br /><br />According to RBI, the volume of cash in the banking system has come down by 17%. Total currency in circulation fell from Rs 17.77 trillion on 8 November to Rs 14.75 trillion on 4 August, according to the finance ministry.<br /><br />The invalidation also resulted in an increase in digital transactions. In a note, the finance ministry said that number of digital transactions increased 56% between October 2016 and May 2017 to 1.1 billion. The demonetisation exercise was announced on 8 November 2016.<br /><br />RBI detected 762,072 fake notes compared to 632,926 pieces a year ago. However, the total value of these fake currency notes amounts to a meagre Rs 43 crore.<br /><br />Please <a href="http://www.livemint.com/Industry/e73ZjH3vLuj6tlIn2b6wSJ/RBI-89-million-out-of-67-billion-Rs-1000-notes-not-return.html" title="http://www.livemint.com/Industry/e73ZjH3vLuj6tlIn2b6wSJ/RBI-89-million-out-of-67-billion-Rs-1000-notes-not-return.html">click here</a> to read more. <br /></div>                                                           
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Home हिन्दी

RBI says 98.96% of Rs 500, Rs 1000 notes returned after demonetisation -Gopika Gopakumar

Published on Aug 31, 2017   Modified on Aug 31, 2017

-Livemint.com RBI annual report estimates value of Rs 500 and Rs 1000 notes returned was Rs 15.28 trillion against Rs 15.44 trillion in circulation before demonetisation Mumbai: According to Reserve Bank of India’s (RBI) annual report released Wednesday, 98.96% of Rs 500 and Rs 1000 notes (by value) that were invalidated due to the demonetisation exercise had been returned by the end of June. The numbers put to rest one of the big mysteries surrounding the demonetisation exercise, which, according to some analysts, was one of the reasons behind the Bharatiya Janata Party’s landslide win in this year’s elections in Uttar Pradesh. The RBI annual report said that “subject to future corrections based on verification process when completed,” the estimated value of the banned notes it “received” was Rs 15.28 trillion. This compares with the Rs 15.44 trillion of the invalidated notes that were in circulation as of 8 November, according to data provided by minister of state for finance Arjun Meghwal to Parliament on 21 January. Following Prime Minister Narendra Modi’s surprise announcement of the invalidation of old high-value currency notes on 8 November, estimates suggested that around Rs 3 trillion would not return to the banking system because it was unaccounted or black money. While defending demonetisation in the Supreme Court in November, then attorney general Mukul Rohatgi said around Rs 4-5 trillion would probably not find its way back into the system. By December, though, it was clear that tax evaders had managed to legalize their unaccounted money using mules and proxies to make deposits, made high-value purchases using back-dated bills and colluded with bank officials to exchange old currency. With RBI’s data showing that most of the money has returned to the system, the opposition was quick to criticise the government. The Congress said RBI’s report was proof that demonetisation had “utterly failed”. Measuring the success of demonetisation on the basis of how much cash has come into the system shows “an inadequate understanding”, finance minister Arun Jaitley said. Indeed, “the fact that the entire demonetised money has come back shows black money has been accounted for completely. In that sense, demonetisation has been a success,” said R. Gandhi, former deputy governor of RBI. It is now up to the tax department to do its job, he added. In January, the government decided to use data analytics to identify people whose deposits didn’t match their known sources of income. In his Independence Day speech this year, Prime Minister Modi said that more than Rs 1.75 trillion deposited in banks after demonetisation was under the scanner. “The trail of deposits” of bank notes “into bank accounts may provide valuable information to the revenue authorities in tracing unaccounted money”, RBI said in its annual report. Interestingly, RBI’s annual report shows a spike in the number of so-called suspicious transaction reports filed by banks, financial institutions and intermediaries. Banks filed 361,214 such reports in 2016-17, up from 61,361 the previous year. This is evidence that people have been forced to deposit money “illegitimately lying with them”, Jaitley said in a press briefing after the release of the RBI annual report. A banker, who asked not to be identified, said the spike in suspicious transaction reports was exclusively because of demonetisation, although he added that at least some of these could end up being genuine transactions. Defending demonetisation, Jaitley said its major objectives— a “less cash economy”, digitization, formalisation of the economy, widening the tax base, curbing terror financing, tracking black money, and clamping down on counterfeit currency—had been met. “The effect of demonetisation in all these areas have been extremely positive,” he added. According to RBI, the volume of cash in the banking system has come down by 17%. Total currency in circulation fell from Rs 17.77 trillion on 8 November to Rs 14.75 trillion on 4 August, according to the finance ministry. The invalidation also resulted in an increase in digital transactions. In a note, the finance ministry said that number of digital transactions increased 56% between October 2016 and May 2017 to 1.1 billion. The demonetisation exercise was announced on 8 November 2016. RBI detected 762,072 fake notes compared to 632,926 pieces a year ago. However, the total value of these fake currency notes amounts to a meagre Rs 43 crore. Please click here to read more.

Livemint.com, 31 August, 2017, http://www.livemint.com/Industry/e73ZjH3vLuj6tlIn2b6wSJ/RBI-89-million-out-of-67-billion-Rs-1000-notes-not-return.html

Tagged with: Cash Transactions Fake Currency Rs. 1000 Rs. 500 Currency demonetisation Demonetisation

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