-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...
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99% of junked Rs 500/1000 notes returned to banks: RBI
-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...
More »Note ban hit not just poor, but manufacturing sector too: House panel -Abantika Ghosh
-The Indian Express When announcing the decision on November 8, the government had said the then Rs 500 and Rs 1,000 notes would cease to be legal tender and this would cleanse the system of black money. A Parliamentary panel has come down heavily on demonetisation, describing it as one that not just inconvenienced the poor but also affected the manufacturing sector. “It was an effort to combat corruption, tax evasion and...
More »Counterfeiting of new notes worries agencies
-The Hindu Officials want security features changed every 3-4 years That the new Rs. 2,000 and Rs. 500 notes have the same security features as the old Rs. 500 and Rs. 1,000 ones has the security agencies worried. At a high-level meeting last week to discuss the presence of fake currency notes, officials at North Block were informed that the “covert security features” had not been changed since 2005. The Hindu had reported on...
More »Demonetisation sucked in cash like vacuum cleaner: IMF
-PTI “Repercussions from the currency exchange initiative will likely persist through the first quarter of 2017.” Washington: India’s demonetisation led to huge cash shortages that have “adversely affected” consumption and like a “vacuum cleaner” it sucked in cash and then was slowly replacing the currency, a senior IMF official has said. “You’ve heard about so-called ‘helicopter drops’ of money with unconventional monetary policies, so one way to characterise this demonetisation initiative is as...
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