-Hindustan Times India’s wholesale price index-based inflation flared up to two-and-a-half years high of 6.55% in February from 5.25% in January mainly due to a spurt in mineral and fuel prices while food prices started rising following rapid remonetisation. The spurt in WPI inflation adds to the worries of a pent up demand after demonetisation which may prompt Reserve Bank of India to keep policy interest rates unchanged for some more months. The...
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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 »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 »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...
More »What the RBI Should Do to Minimise the Impact of Demonetisation -Surajit Das
-TheWire.in People have lost their jobs, small businesses are closing down and the agricultural sector has been hit hard as a result of demonetisation. The RBI must increase the supply of cash to curb further fallout. Money is not cash. In fact, cash in circulation was just 14% of all money in 2015-16 according to the Reserve Bank of India (RBI). Measures of money also count close substitutes of cash including the...
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