FinMin asks RBI, banks to double-check old notes deposit data

December 15, 2016

New Delhi, Dec 15: Finance Ministry today exuded confidence that supply of new currency notes will considerably improve in next 2-3 weeks even as it asked the RBI and banks to "countercheck" the data regarding deposit of now-defunct currency notes to ensure there is no double counting.das

The RBI has already pumped in Rs 5 lakh crore worth 500 and 2,000 rupee notes and by month end about 50 per cent of the Rs 15 lakh crore worth demonetised currency would be injected into the system, Economic Affairs Secretary Shaktikanta Das told reporters here.

"Finance Ministry, RBI and enforcement agencies are working in tandem so that situation eases out. Situation has considerably improved. And going forward, I would expect in next 2-3 weeks situation will considerably ease out with the supply of more new 500 rupee notes," he said, adding that condition would not "worsen" after December 30.

He said the government has stepped up printing of 500 rupee notes and as its circulation increases, people would also take out the 2,000 rupee notes they were hoarding so far.

More than 2 lakh ATMs have already been recalibrated against 2.20 lakh ATMs and it has come to the Ministry's notice that some banks in order to ensure that they are in a position to service their own customers, they prefer to give the cash through their branches.

"We have advised banks that they should continue replenish cash in ATMs and not to starve ATMs. We are monitoring it regularly," Das said.

As per RBI data, over Rs 12.44 lakh crore worth defunct 500 and 1000 rupee notes have been deposited till December 10.

"RBI has given a figure of Rs 12.5 lakh crore which has been received back. There are lot of areas where we feel there could be double counting. So we have identified those areas and we have requested RBI and banks to again double check.

"So a process of correction, checking, counter checking of the figure, due diligence is being done to see there is no double counting of figure.... We think there is scope for double counting and therefore the scope for verification of those figures are going on," Das said.

He said three times the total number of lower denomination notes -- 100, 50, 20 and 10 -- which RBI supplies in a year has been supplied over the last five weeks.

About Rs 1.60 lakh crore worth 100 rupee notes were in circulation before November 8 and more than Rs 80,000 crore worth of this notes have been supplied to the market over past five weeks.

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News Network
July 9,2020

Ujjain, Jul 9: Kanpur encounter main accused Vikas Dubey has been arrested at a police station here on Thursday, as per sources in the Uttar Pradesh government.

"Vikas Dubey, the main accused in Kanpur encounter case, has been arrested at a police station in Ujjain," said UP government sources.

Dubey is the main accused in the encounter that took place in Kanpur last week, in which a group of assailants allegedly opened fire on a police team, which had gone to arrest him.

Eight police personnel were killed in the encounter.

Earlier today, Bahua Dubey and Prabhat Mishra, close aides of the main accused, were killed in separate encounters in Etawah and Kanpur respectively.

Whereas, Shyamu Bajpai, also an aide to Dubey, has been arrested by Chaubeypur police following an encounter. He carried a reward of Rs 25,000. Uttar Pradesh's Special Task Force (STF) had gunned down Vikas Dubey's close aide Amar Dubey in Hamirpur district, earlier on Wednesday.

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News Network
January 31,2020

New Delhi, Jan 31: The central government has decided that pensioners' life certificates will be collected from their doorstep, saving them from hassles of visiting pension disbursing banks.

The service will be charged an amount not exceeding Rs 60, according to a statement issued on Thursday by the Department of Pension and Pensioners' Welfare (DoPPW).

Every year a pensioner is required to give proof of him being alive to banks in order to ensure continued pension. These certificates can be submitted online or by visiting the bank.

"The department has taken a landmark step to make life easier for senior citizens to submit their annual life certificate for continued pension," it said.

Directions have been issued to all pension disbursing banks to send SMS or emails to all their pensioners on October 24, November 1, November 15 and November 25 every year reminding them to submit their annual life certificates by November 30, the statement said.

"The bank in addition will also ask such pensioners through SMS/email as to whether they are interested in submission of life certificate through a chargeable doorstep service, the charge not exceeding Rs 60, it said.

The department for stricter monitoring and in order to ensure that no pensioners are left out has also directed the banks to make an exception list on December 1 every year of those pensioners who fail to submit their life certificate and issue another SMS or email to them for submitting it.

The Central Pension Processing Cells (CPPC) of the pension disbursing banks shall now be duty bound to submit a report to the DoPPW in January, February and March.

The report will indicate the total number of pensioners who have not given their life certificate along with a breakup of the certificates submitted physically and through digital means, the statement said.

This is a landmark step from the side of the central government showing due care for pensioners, it said.

This step is in addition to the order issued in July last year, vide which all pensioners aged 80 years and above have been given an exclusive window to submit their life certificate w.e.f. 1st October every year instead of 1st November every year, the statement added.

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News Network
March 28,2020

Mumbai, Mar 28: Industrialist Ratan Tata on Saturday announced that Tata Trusts has committed Rs 500 crore for the medical supplies and equipments which will help combat the coronavirus outbreak.

"The COVID-19 crisis is one of the toughest challenges we will face as a race. The Tata Trusts and the Tata group companies have in the past risen to the needs of the nation. At this moment, the need of the hour is greater than any other time," said Ratan Tata, in an official release.

"Tata is committing Rs 500 crore for: personal protective equipment for the medical personnel on the frontlines; respiratory systems for treating increasing cases; testing kits to increase per capita testing; setting up modular treatment facilities for infected patients and knowledge management and training of health workers and the general public," Tata added.
Tata Chairman also expressed his deep gratitude for the members of all the organizations who are fighting coronavirus at the frontline, puting their life at risk.

"The Tata Trusts, Tata Sons and the Tata group companies are joined by committed local and global partners as well as the government to fight this crisis on a united public health collaboration platform which will strive to reach out to sections that are underprivileged and deprived," he added.

According to the Ministry of Health and Family Welfare (MoHFW), there are 873 confirmed cases of coronavirus cases in the country and 19 fatalities have been reported.

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