-Outlook Six months after the announcement of demonetisation by Prime Minister Narendra Modi, the RBI has declined to share details of the note ban process, saying it would be detrimental to the country's economic interests. Replying to an RTI query, the central bank said disclosing such details may impede future economic or fiscal policies of Government of India. The Reserve Bank of India (RBI) was asked to provide a copy of the minutes...
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After 6 months, RBI still in dark on junked notes -AM Jigeesh
-The Hindu Business Line Central bank says specified bank notes yet to be reconciled with the physical cash balances New Delhi: Even six months after the demonetisation exercise, the Reserve Bank of India is yet to complete the accounting of the withdrawn Rs. 1,000 and Rs. 500 notes. The RBI has admitted as much in a 15-page response late in April to questions from the Standing Committee on Finance, headed by veteran Congress...
More »Deposit gush: CA Institute bats for special audit -KR Srivats
-The Hindu Business Line Need to assess impact of demonetisation on banks, says ICAI chief Vikamsey New Delhi: The CA Institute has urged the Finance Ministry and the Reserve Bank of India (RBI) to allow its members to undertake focused “special audit” of deposit flows into the banking system during the demonetisation period, which started on November 8 and ended on December 31 last year. There is a need to assess the demonetisation...
More »Demonetisation: Cash withdrawals in March nearly the same as last year -Mahua Venkatesh
-Hindustan Times Withdrawals from ATMs in March this year stood at 2,259 billion — 0.6% more than what people withdrew in the same month last year. Cash transactions are back in vogue despite the government’s push for a less-cash economy post-demonetisation, Reserve Bank of India (RBI) data on ATM cash withdrawals indicate. Withdrawals from ATMs in March this year stood at 2,259 billion — 0.6% more than what people withdrew in the same...
More »Six months after demonetisation: Currency in circulation may not match pre-8/11 levels -Sandeep Singh
-The Indian Express Given the slow pace of currency printing and indications from govt sources, it is unlikely that there will be full replacement of banned notes As currency in circulation is about 20 per cent lower than the levels at the beginning of November 2016, the sharp decline in the pace of remonetisation over the past few weeks and indications from government officials suggest that the government and the Reserve Bank...
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