-Livemint.com RBI’s testimony to parliamentary panel shows the bank had warned the government of possible inconvenience to the public for some time New Delhi/ Mumbai: India pushed ahead with its decision to demonetise high-value banknotes even as the Reserve Bank of India’s (RBI) own board expressed concern whether the cash could be replaced quickly enough, the central bank has said in written testimony to parliament. The revelation comes amid growing criticism about whether...
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Note ban has caused loss of Rs 20,000-50,000 per acre, claims famers' union
-IANS New Delhi: India’s cash-driven agri sector continues to reel under the effects of Demonetisation, with farmers growing fruits and vegetables suffering “huge losses”, say farm leaders who want the Union budget to “compensate” them for these losses. Amid reports of farmers dumping or refusing to harvest crops like tomatoes and peas due to a crash in prices as traders did not have the cash to purchase the produce, farmer leader Ajay...
More »FinMin agencies find no counterfeit notes in post-Demonetisation search operations -AM Jigeesh
-The Hindu Business Line Chennai tops in seizure of money, Delhi is a distant second New Delhi: The Finance Ministry has said that no counterfeit currency was seized by any of its agencies during searches conducted between November 8 and December 30. In a written response to questions posed by Parliament’s Public Accounts Committee, which is looking into Demonetisation and its impact on monetary policy, the Ministry said an amount of Rs....
More »System not yet ready for cashless economy, RBI Governor tells PAC -AM Jigeesh
-The Hindu Business Line 'RBI working on cutting transactions costs on digital payments' New Delhi: RBI Governor Urjit Patel, who appeared before the Public Accounts Committee looking into Demonetisation and its impact on monetary policy, told the panel that the country’s infrastructure is not ready for a cashless economy. He assured the panel that the RBI is working out ways to reduce transaction costs involved in digital payments. As was the case when he...
More »Give answers on note ban in writing, an unhappy PAC tells RBI governor -Amit Agnihotri
-Business Standard The governor did not give specific answers on who initiated the note ban New Delhi: Unsatisfied with the responses of Reserve Bank of India (RBI) Governor Urjit Patel to specific queries on Demonetisation, the Public Accounts Committee (PAC) of Parliament on Friday asked him to furnish written replies to the concerns expressed by the members within two weeks and appear before the panel again. Patel, along with Deputy Governor R Gandhi...
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