Currency with public doubles from DeMo low; hits record at over Rs 18 lakh cr

Agencies
June 10, 2018

New Delhi, Jun 10: Currency with the public has reached a record high level of over Rs 18.5 lakh crore, more than double from a low of about Rs 7.8 lakh crore it had hit post-demonetisation decision in late 2016, as per RBI data.

At the same time, the total currency put in circulation by the Reserve Bank has also more than doubled to over Rs 19.3 lakh crore -- from a low of about Rs 8.9 lakh crore post- demonetisation.

Currency with the public is arrived at after deducting cash with banks from total currency in circulation.

This high level of currency available with the public is in sharp contrast to the reported cash crunch in various parts of the country a few months ago. There has been a fear that hoarding or accumulation of large amounts of cash for various reasons could have triggered an artificial currency crunch.

The figures for both 'currency with the public' and 'currency in circulation' have also exceeded the levels seen before the government's demonetisation decision on November 8, 2016, that saw nearly 86 percent of the currency in circulation at that time being invalidated overnight by scrapping the then Rs 500/1,000 banknotes.

The public was given time to deposit the invalidated notes in banks, which saw nearly 99 percent of banned notes coming back into the system.

As per the RBI's latest disclosure in this regard, people had returned Rs 15.28 lakh crore as on June 30, 2017, of the Rs 15.44 lakh crore banned currency, or 98.96 percent, of the scrapped notes to the banking system.

Since then, the RBI has introduced new denominations of Rs 2,000 and Rs 200, among others, besides a new Rs 500 note. After the recent cash crunch, the government had announced that printing of Rs 500 notes would be stepped up.

While the RBI is yet to announce its final word on processing and verification of all the returned notes, the latest 'money supply' data from the central bank puts the "currency with the public" at over Rs 18.5 lakh crore as on May 25, 2018 -- up more than 31 percent from year-ago level.

This is an over two-fold jump from Rs 7.8 lakh crore as on December 9, 2016 -- the lowest level it had seen after the announcement of the demonetisation decision as people rushed to deposit the scrapped notes with banks and the RBI.

Prior to demonetisation, the currency with the public stood at about Rs 17 lakh crore.

In terms of 'currency in circulation', the RBI puts the latest figure at over Rs 19.3 lakh crore as on June 1, 2018 -- again a jump of about 30 percent from the year-ago level, according to the 'reserve money' data released by the central bank.

This also marks an over two-fold rise from a low of Rs 8.9 lakh crore as on January 6, 2017 -- the lowest level it saw post-demonetisation. The current level of currency in circulation is also above the pre-demonetisation figure of Rs 17.9 lakh crore as on November 5, 2016.

The RBI publishes the figures for currency in circulation on a weekly basis, while the currency with the public comes out every fortnight.

An analysis of historical data shows that the currency with the public stood at about Rs 13 lakh crore before the Modi government took charge in May 2014.

It rose to over Rs 14.5 lakh crore in a year and then further to close to Rs 16.7 lakh crore by May 2016. The figure crossed Rs 17 lakh crore level by October that year, before starting to decline due to demonetisation.

The figure again came back above Rs 10 lakh crore by February 2017 and crossed Rs 15 lakh crore mark in September last year.

A similar trend was seen in the currency in circulation figure, which dropped sharply from November 2016 till early January 2017 due to demonetisation, before starting to go up.

The total money supply, described as M3 by the RBI, now stands at over Rs 140 lakh crore -- nearly 11 percent higher than the year-ago level. It stood at about Rs 120 lakh crore during the demonetisation period and was below Rs 100 lakh crore level before the Modi government came to power.

The M3 includes currency with the public, deposit money of the public (demand deposits with the banking system plus 'other' deposits with the RBI) and the time deposits with the banking system.

This figure is equivalent to the net bank credit to the government, plus the bank credit to the commercial sector, plus net foreign exchange assets of the banking sector, plus government's currency liabilities to the public, minus the net non-monetary liabilities of the banking sector.

The government's currency liabilities to the public comprise rupee coins and small coins.

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Agencies
August 3,2020

New Delhi, Aug 3: Congress leader and Rajya Sabha MP Digvijaya Singh on Monday said that Prime Minister Narendra Modi should defer the foundation stone laying ceremony for Ram temple from August 5 as it will be an "inauspicious hour" for the event.

"I request Modi Ji again that the inauspicious occasion of August 5 (for foundation stone laying ceremony for Ram temple) should be deferred. The construction of Ram temple is to begin after hundreds of years of struggle and PM Modi should leave his stubbornness that may cause an obstruction in the process," Digvijaya tweeted (translated from Hindi).

The Congress leader went on to claim that several BJP leaders were falling sick due to COVID-19 as the result of ignoring the norms of Sanatan Dharma. "The results of ignoring the norms of Sanatan Dharma are - all priests of Ram temple tested positive for COVID-19, death of UP Minister Kamal Rani Varun due to corona, UP BJP chief tested COVID-19 positive, Home Minister Amit Shah tested positive for COVID-19, Madhya Pradesh CM Shivraj Singh Chouhan tested positive for COVID-19, Karnataka CM Yediyurappa tested positive for COVID-19," he added.

"Lord Ram is the epicentre of faith for crores of Hindus and the PM should not play with norms and traditions of Sanatan Dharma established across thousands of years," he added.

The Congress leader further questioned the urgency of holding the foundation stone laying event in times when COVID-19 spread is prevalent across the country.

"By laying the foundation stone for Ram temple at an inauspicious hour, how many people do you want to send to the hospital Modi Ji? Yogi Ji, please explain to Modi Ji. In your presence, why are the norms and traditions of Sanatan Dharma being broken? What is your compulsion that you are allowing this to happen?" he contended.

"One more question arises. A minister of the Uttar Pradesh government died due to coronavirus. Union Home Minister tested positive for COVID-19 and Uttar Pradesh BJP chief also tested positive. In these circumstances, whether Uttar Pradesh Chief Minister and India's Prime Minister should not be quarantined? Is being quarantined only mandated for common people? Not for Prime Minister and Chief Ministers? The time limit for quarantine is 14 days," he added.

He further said that the entire cabinet should go into quarantine otherwise they will infect the residents of Ayodhya.

"These people's religion is 'Hindutva' and not 'Sanatan Dharma'. hence they have nothing to do with Sanatan Dharma's traditions. They have broken all the norms. Now, Modi Ji will issue the muhurta and he will only lay the foundation stone," he tweeted.

The Prime Minister is scheduled to lay the foundation stone of the Ram temple in Ayodhya on August 5.

The construction of Ram temple will begin after the ceremony to lay the foundation stone in which Chief Ministers of several states, Ministers from the Union Cabinet and RSS chief Mohan Bhagwat are also likely to participate.

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News Network
March 20,2020

New Delhi, Mar 20: The four men convicted of the gang rape and murder of a Delhi woman on December 16, 2012 were hanged in the darkness of pre-dawn on Friday, ending a horrific chapter in India's long history of sexual assault that had seared the nation's soul. Mukesh Singh (32), Pawan Gupta (25), Vinay Sharma (26) and Akshay Kumar Singh (31) were executed at 5.30 am for the savage assault in an empty moving bus on the 23-year-old physiotherapy intern who came to be known the world over as Nirbhaya, the fearless one.

This is the first time that four men have been hanged together in Tihar Jail, South Asia's largest prison complex that houses more than 16,000 inmates. The executions were carried out after the men exhausted every possible legal avenue to escape the gallows. Their desperate attempts only postponed the inevitable by less than two months after the first date of execution was set for January 22.

They were hanged at 5.30 am, Director General of Prison Sandeep Goel said.

After raping and brutalising the woman, the men, one of whom was a juvenile at the time, dumped her on the road and left for dead on the cold winter night. Her friend who was with her was also severely beaten and thrown out along with her. She was so severely violated that her insides were spilling out when she was taken to hospital. She died in a Singapore hospital after battling for her life for a fortnight.

Six people, including the four convicts and the juvenile, were named as accused.

While Ram Singh allegedly committed suicide in the Tihar Jail days after the trial began in the case, the juvenile was released in 2015 after spending three years in a correctional home.

The road to the gallows was a long and circuitous one, going through the lower courts, the High Court, the Supreme Court and the president's office before going back to the Supreme Court that heard and rejected various curative petitions.

The death warrants were deferred by a court thrice on the grounds that the convicts had not exhausted all their legal remedies and that the mercy petition of one or the other was before the president.

On March 5, a trial court issued fresh death warrants for March 20 at 5.30 am as the final date for the execution.

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Agencies
July 15,2020

Lucknow, Jul 15: As many as 122 alleged criminals were killed in over 6,000 encounters in Uttar Pradesh in the past three years, while 13 policemen also lost their lives during this period, a senior police official said.

He also said over 2,000 criminals were injured in police action, while over 13,000 of them have been arrested.

"Thirteen policemen have been killed in action in as many as 6,126 encounters (in UP), while as many as 122 criminals have been gunned down," Additional Director General of Police (Law and Order) Prashant Kumar said while sharing details of police encounters from March 20, 2017, to July 10, 2020.

As many as 13,361 criminals have been arrested, while 2,296 criminals were injured in police encounters, he said, adding 909 policemen were also injured in these incidents.

Referring to the Kanpur ambush in which eight policemen were killed, Kumar said, "Of the 21 named accused in the incident, six have been killed and four arrested so far. A hunt is on to nab the 11 other accused."

Eight police personnel, including a DSP, were gunned down by the henchmen of gangster Vikas Dubey in Bikru village of Kanpur on July 3.

Seven others, including a civilian, were injured in the attack after the police team entered the village past July 2 midnight to arrest the gangster.

Dubey was later killed in an encounter on July 10 after police claimed that he tried to escape from the spot in the Bhauti area where the vehicle carrying him from Ujjain to Kanpur met with an accident.

Kumar said overall there has been a decline in the crime rate in the state this year compared to the last year.

"A total of 579 instances of loot took place in the state from January 1, 2020, to June 15, 2020. This is 44.17 per cent less compared to the crimes committed in the same period in 2019, the ADG (Law and Order) said.

He said 33 incidents of dacoity have been reported in the state this year so far. It is 37.74 per cent less compared to the crimes committed in the same period in 2019 .

Similarly, 2,604 instances of burglary have taken this year so far and is 30.97 per cent less compared to the crimes committed in the same period last year, Kumar added.

He said 1,019 dowry-related deaths have taken place this year, registering a 6.34 per cent decline compared to the previous year.

As many as 913 incidents of rape have been reported this year so far, a decline of 25.41 per cent compared to the last year, Kumar said.

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