-The Hindu Business Line Value of banknotes in circulation increased to Rs 18.03 lakh crore as at end-March 2018 Mumbai: Close to 99.40 per cent of Specified Bank Notes (SBNs) of Rs 500 and Rs 1,000 denominations, which were scrapped in the November-December 2016 period, have been returned from circulation, according to the Reserve Bank of India's annual report. The report pegged the total SBNs returned from circulation at Rs 15.31 lakh crore....
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15 months after demonetisation, RBI still processing returned notes
-PTI RBI said in the report, for the year ended June 30, 2017, that only Rs 16,050 crore of the Rs 15.44 lakh crore in old high denomination notes had not returned The RBI has said that Rs 500 and Rs 1,000 notes, returned to banks when the government demonetised high-value currency 15 months ago, are still being “processed for their arithmetical accuracy and genuineness”. This is being done in an...
More »Well-oiled ring offering to change old notes for a hefty commission, say officials -Vijaita Singh
-The Hindu Syndicates target cash hoarders The government's decision to scrap ?500 and ?1,000 notes in 2016 has led to the creation of a space for police acting as complainants in multiple cases of ‘cheating.’ The cash haul in Uttar Pradesh last week, where 16 people were arrested for allegedly storing scrapped ?500 and ?1,000 notes worth ?96 crore is a case in point. The tip-off was provided by the National Investigation Agency...
More »Electoral Bonds prize anonymity, you won't know who's bought them -Milan Vaishnav
-The Indian Express Far from reducing opacity in how politics is financed, this new vehicle merely legitimizes it. It is an open secret that political finance in India is, to put it mildly, a sordid affair. When it comes to political contributions, opacity reigns. The situation is not much better when it comes to expenditure, as candidates regularly declare laughably small amounts of campaign spending in order to give the appearance...
More »Note ban anniversary: RBI says still verifying returned notes
-PTI NEW DELHI: Nearly a year after Prime Minister Narendra Modi announced demonetisation, the Rs 500 and Rs 1,000 bills returned to banks are still being "processed in all earnest" through a sophisticated currency verification system, the RBI has said. In reply to an RTI query, the central bank said it has processed about 1,134 crore pieces of Rs 500 notes and 524.90 crore pieces of Rs 1,000 junked notes, having face...
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