-PTI As much as 99 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system, RBI said today, prompting opposition to question the efficacy of the government's unprecedented note ban decision to curb black money and corruption. The Reserve Bank, which has so far shied away from disclosing the actual number of junked currency deposited after November 8 last year, said in its Annual Report...
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Economy yet to recover from the body blow of demonetisation, admits Economic Survey -Mayank Jain
-Scroll.in The Economic Survey stated that long term benefits of the exercise are yet to materialise. It is now over nine months since the government suddenly withdraw 86% of India’s currency in November but India’s Chief Economic Advisor Arvind Subramanian remains unsure if this note ban or demonetisation actually helped any sector of the Indian economy, the latest volume of Economic Survey tabled in Parliament on Friday suggests. The Chief Economic Advisor...
More »Economy red flags go up -Jayanta Roy Chowdhury and R Suryamurthy
-The Telegraph New Delhi: India's growth juggernaut has started to lose steam. In the mid-year Economic Survey, chief economic adviser Arvind Subramanian flagged big risks to economic growth and fiscal targets while asserting that the country had entered a "new phase of relatively low, possibly very low, inflation". In the first volume of the survey published in January, the government had forecast GDP growth in the range of 6.75 to 7.5 per cent...
More »Govt stays firm, refuses to reopen note swap window -Dhananjay Mahapatra
-The Times of India NEW DELHI: Ignoring the Supreme Court's prod to provide a fresh window to those who could not exchange scrapped Rs 500 and Rs 1,000 notes by last December 30 because of genuine difficulty, the Centre on Monday firmly said that no new opportunity would be given for the exchange of the outlawed currency as it could be misused.Centre on Monday firmly said that no new opportunity would...
More »Non-availability of machines slowed down counting of withdrawn notes: Urjit Patel -AM Jigeesh
-The Hindu Business Line Remonetisation taking place at a good pace, RBI Governor tells House panel New Delhi: RBI Governor Urjit Patel told the Parliamentary Standing Committee on Finance that the non-availability of the currency verification processing system (CVPS) machines is one reason why the counting of demonetised notes is not yet done. Though he painted a rosy picture of the digitisation process in the country post-demonetisation before the panel, figures presented by...
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