English हिन्दी
Connect with us

Latest business news

Less than 11,000 crore of demonetised notes did not come back, says RBI; 99.3 percent returned

Published

on

Less than 11,000 crore of demonetised notes did not come back, says RBI; 99.3 percent returned

Leaving less than Rs.11,000 crore worth of Rs.500 and Rs.1000 notes invalidated overnight by Prime Minister Narendra Modi on November 8, 2016, almost all of these notes – 99.3% – were deposited in the banks, says the Reserve Bank of India’s (RBI) annual report released on Wednesday, August 29.

Finally completing the counting of such notes  – it took over one-and-a-half years to do so – the RBI’s said in its report that of the Rs. 15.41 lakh crore worth of 500 and 1,000-rupee notes taken out of circulation through demonetisation on November 8 2016, notes worth Rs. 15.31 lakh crore have been returned.

This means only Rs. 10,720 crore of the junked currency did not return to the banking system.

The banned cash deposited by the public was verified, counted and processed in the sophisticated “high speed currency verification and processing system” for accuracy and genuineness and then shredded,” the RBI said.

The value of banknotes in circulation stands at Rs. 18 lakh crore till the end of the last fiscal, having increased by nearly 38 per cent.

A collateral damage because of the rise in printing and other costs is “dividend RBI pays to the government”, said the report.

The government replaced old Rs. 500 notes with new ones, but Rs. 1,000 notes have not been replaced. Instead, new Rs. 2,000 notes were introduced.

The RBI spent Rs. 7,965 crore on printing new Rs. 500 and Rs. 2,000 and other denomination notes, more than double the spending on cash in the previous year.

In 2017-18, the central bank spent another Rs. 4,912 crore on printing of currency, the annual report said.

Demonetisation was hailed as a step that would curb black money, corruption and check counterfeit currency but according to the RBI, fake notes in banned Rs. 500 and Rs. 1,000 decreased by 59.7 and 59.6 per cent.

The Modi Government had scrapped the SBNs to clamp down on corruption and black money, cut off terrorist financing and tackle fake Indian currency notes. But with almost all the money coming back, experts wonder whether the purpose of demonetisation has been served.

Indicating that cash is back as favourite rather than electronic mode of transaction, RBI said the value of banknotes in circulation increased by 37.7 per cent over the year to Rs 18.03 lakh crore as at end-March 2018. The volume of banknotes, however, increased by 2.1 per cent.

In value terms, the share of Rs 500 and Rs 2000 banknotes, which had together accounted for 72.7 per cent of the total value of banknotes in circulation at end-March 2017, increased to 80.2 per cent as at end-March 2018.

The share of newly introduced Rs 200 banknotes in the total value of banknotes in circulation was 2.1 per cent as at end-March 2018. In volume terms, Rs 10 and Rs 100 banknotes constituted 51.6 per cent of the total banknotes in circulation as at end-March 2018 compared with 62.0 per cent as at end-March 2017.

Experts point out that even though electronic transactions have increased, they haven’t risen at a pace the government expected.

“None of the original objectives have been met. Some of the other objectives laid out fighting terrorism and corruption, even that has clearly not been met,” said Jayati Ghosh, economics professor at New Delhi’s Jawaharlal Nehru University, according to a report by Quartz India. “Instead, what it did was give a body blow to the informal economic activity and I don’t think that the country has still fully recovered from it,” she said.

The Congress said reiterated its allegations of demonetisation being a “Modi Made Disaster”. “RBI Report again proves that Demonetisation was ‘Modi Made Disaster’ of Epic Proportions! 99.30% of Demonetised Money Returns! PM Modi,in his 2017 Independence Day speech made tall claims of Rs 3 Lakh Cr coming back to the system! Modiji, will you apologise for that Lie now?” party spokesperson Randeep Singh Surjewala tweeted.

In a series of tweets, former finance minister P Chidambaram said the bulk of the black money might be in Nepal and Bhutan.

“Every rupee of the Rs 15.42 lakh crore (barring a small sum of Ra 13,000 crore) has come back to the RBI. Remember who had said that Rs 3 lakh crore will not come back and that will be a gain for the government!?” Chidambaram said.

“I suspect that the bulk of the Rs 13,000 crore is currency in Nepal and Bhutan and some that was lost or destroyed,” he said.

“Over 100 lives were lost. 15 crore daily wage earners lost their livelihood for several weeks. Thousands of SME units were shut down. Lakhs of jobs were destroyed,” said the former finance minister about the impact of demonetisation.

Demanding a white paper on the issue, AAP convenor and Delhi chief minister Arvind Kejriwal said in a tweet: “People suffered immensely due to demonetization. Many died. Business suffered. People have a rt to know – what was achieved thro demonetization? Govt shud come out wid a white paper on the same.”

That seems no chance of this, considering the approach of Modi government and the BJP whose MPs joined hands to block the report of Parliament’s Standing Committee on Finance on demonetisation since it was critical of the move.

Latest business news

Google restores delisted Indian apps after government intervention

Google on Saturday restored all Indian apps it had removed.

Published

on

Google has started to restore all the delisted Indian mobile apps on Play Store agian, which they had removed due to a disagreement over service fees. After a discussion between company representatives and IT Minister Ashwini Vaishnaw, the decision was made, according to sources.

The step was taken in response to Vaishnaw’s strong statement in which he said that it is not allowed for apps to be removed from the Google Play Store. The minister had said, India is very clear, our policy is very clear…our startups will get the protection that they need.

Vaishnaw  continued saying that he has already given Google a call. They will be speaking with the app developers who were delisted this week. This is not acceptable. The minister said this kind of delisting cannot be permitted.

Ten Indian companies’ apps were banned by Google on Friday, causing outrage in one of its fastest-growing markets. With 94% of phones running on its Android platform, Google holds a large portion of the Indian market. Popular names like Naukri and Bharatmatrimony were on the list.

The main point of contention is Google’s in-app purchase fees, which range from 11% to 26%. Indian startups have long opposed the US tech giant’s actions, believing them to be unfair.

The founder of Bharat Matrimony, Christian Matrimony, Muslim Matrimony, and Jodii, Matrimony.com, expressed shock at the matchmaking apps’ removal from the Google Play Store.

Shaadi. Com CEO Anupam Mittal described it as a dark day for India’s internet, highlighting the possible broad effects on matchmaking services. He also called Google an evil.

While, Kuku FM Co-founder Vinod Kumar Meena in a statement had said that Google was behaving like a monopoly.

Meanwhile, Google temporarily withdrew the famous Indian payments app Paytm from the Play Store in 2020, claiming a few policy infractions. Due to this decision, the founder of the company as well as the larger startup community came together to build their own app stores and file lawsuits against Google.

Continue Reading

Latest business news

Anant Ambani says he is 100% lucky to get Radhika Merchant in his life

Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her. He added although he had known Radhika for the last 7 years, it felt he had met her only yesterday. He thanked Radhika for everything.

Published

on

Anant Ambani and Radhika Merchant’s grand three-day wedding celebrations began with a glamorous cocktail night on Friday in Jamnagar. During the celebrations, Anant Ambani also gave a speech wherein he thanked his late grandfather Dhirubhai Ambani and grandmother Kokilaben Ambani for inspiring him. Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her.

He expressed his gratitude to his mother for pulling together the lavish three-day wedding celebrations in Jamnagar. Anant thanked his mother for all she had done. He said all the arrangements had been done by his mother and nobody else. He added his mother had gone all out and she had worked 18-19 hours a day and he was extremely grateful to her.

He also thanked all the guests who were present there at the pre-wedding celebrations. He said everyone had made it to Jamnagar to make him and Radhika feel special. He said both of them were honored and humbled to have all of them present there. Anant said he was sorry if they had caused an inconvenience to anyone. He asked for forgiveness. He hoped everyone is going to enjoy the coming three days. He also thanked his mother, father, sister, brother, his sister-law and his brother in-law for making this event memorable.

Anant said everyone has been sleeping for less than 3 hours a day for the last 2-3 months and he was very happy to share this joy with everyone. The youngest Ambani talked about his personal struggles and how his parents had always supported him. He further added his life had not been entirely a bed of roses. He said he had also experienced the pain of thorns. He said he had faced many health crises.

Continue Reading

Latest business news

Facebook chief Mark Zuckerberg shares pictures from 2nd day of Anant Ambani and Radhika Merchant pre-wedding celebrations

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

Published

on

Facebook boss Mark Zuckerberg and wife Priscilla Chan joined the star- studded pre-wedding celebrations of Anant Ambani and Radhika Merchant in Jamnagar on Friday. The event was attended by many prominent figures from different fields. Zuckerberg took to his Instagram handle congratulated the couple and said he loved Indian weddings.

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

The theme of the opening day of the pre-wedding celebrations was Evening in Everland as the guests wore cocktail attire. The first day of the grand celebrations elevated the expectations of the guests for the following days. The theme of the 2nd day of the pre-wedding bash is known as a Walk on the Wildside and the guests can be seen in Jungle Fever attire.

Zuckerberg has opted for an animal print shirt with white trousers, Chan is complementing his look in a strappy one piece in black and golden. The Jungle theme is aligned to Vantara, Reliance’s animal welfare initiative undertaken and launched by Anant Ambani a few days back.

International pop star Rihana electrified the pre wedding celebrations on Friday with an amazing performance, marking her debut appearance in India. The chart topping artist engaged the audience with performances of her iconic hits which included Pour it Up, Work and Diamonds.

Zuckerberg graced the opening day, wearing a black-on-black firefly blazer and shoes from Alexander McQueen while his wife Priscilla wore a black gown with gold flower details and other accessories such as dainty chain bracelet, gold necklace and stud earrings. Mark Zuckerberg and wife Priscilla Chan are one of the Power couples invited from the global business community for the festivities currently underway at Jamnagar.

Continue Reading

Trending

-->

© Copyright 2022 APNLIVE.com