RBI may be holding back Rs 2,000 notes: SBI report

Agencies
December 21, 2017

New Delhi, Dec 20: The Reserve Bank of India (RBI) may either be holding back Rs 2,000 notes or could have stopped printing high denomination currency, says a SBI Research report.

Juxtaposing the data presented in the Lok Sabha recently with the one provided by RBI in its Annual Report earlier, the SBI Ecoflash report said on Wednesday, "we observe" that the value of small denomination currency in circulation up to March 2017 was Rs 3.5 lakh crore.

This implies that the value of high denomination notes was equivalent to Rs 13.32 lakh crore as on December 8, after netting out the small denomination notes from the currency in circulation on that day, it said.

The report further said that as per the Ministry of Finance in the Lok Sabha recently, the RBI has printed 1,695.7 crore pieces of Rs 500 notes and 365.4 crore pieces of Rs 2,000 notes as on December 8. The total value of such notes translates into Rs 15.79 lakh crore.

"This means that the residual amount of high currency notes (the difference between Rs 15.79 lakh crore Rs 13.32 lakh crore) of Rs 2.46 lakh crore may have been printed by the RBI but not supplied in the market," said the report authored Soumya Kanti Ghosh, group chief economic adviser, SBI.

Interestingly, the report added, "it is safe to assume" that Rs 2.46 lakh crore may be on the lower side as the RBI must have printed notes of small denomination in the interregnum (Rs 50 and Rs 200).

"As a logical corollary, as Rs 2,000 denomination currency led to challenges in transactions, it thus indeed seems that RBI may have either consciously stopped printing the Rs 2,000 denomination notes/or printing in smaller numbers after initially it was printed in ample amount to normalise the liquidity situation," said Ecoflash.

This also means that the share of small currency notes in total currency in circulation now may have touched 35% in value terms, it added.

The government on November 8 last year had announced demonetisation of high value notes, Rs 500 and Rs 1,000, which together accounted for 86-87% of the currency in circulation.

The move had lead to huge cash shortage and large queues were witnessed at banks for exchange or depositing the scrapped currency.

The RBI introduced a new Rs 2,000 note as well as new version of the Rs 500 note.

Subsequently, the RBI, for the first time, also introduced a Rs 200 note.

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News Network
July 26,2020

New Delhi, Jul 26: Union Home Minister Amit Shah on Sunday saluted the valour and grit of the Indian soldiers on the occasion of 21st anniversary of the 'Kargil Vijay Diwas'.

Shah took to Twitter and said that 'Kargil Vijay Diwas' is a symbol of India's proud, valour and steadfast leadership.

"Kargil Vijay Diwas is a symbol of India's proud, valor and steadfast leadership. I bow to the soldiers who, with their indomitable courage, drove the enemy from the inaccessible hills of Kargil and waved the tricolor there again. The country is proud of the heroes of India, who are dedicated to protecting the motherland," Shah tweeted (translated from Hindi)
The country is celebrating the anniversary of the 'Kargil Vijay Diwas'.

The Indian armed forces had defeated Pakistan on July 26, 1999. Since then, the day is celebrated as 'Kargil Vijay Diwas' to rekindle the pride and valour of the soldiers who took part in Operation Vijay.

The day marks the victory of Indian soldiers in recapturing the mountain heights that were occupied by the Pakistani Army on July 26, 1999, known as the Kargil War. 

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News Network
January 31,2020

New Delhi, Jan 31: The Supreme Court Friday dismissed the plea filed by one of the four death row convicts in the Nirbhaya gang-rape and murder case, Pawan Gupta, seeking review of its order rejecting his juvenility claim.

The review plea filed earlier in the day was taken up for consideration in-chamber by a bench comprising Justices R Banumathi, Ashok Bhushan and A S Bopanna. 

On January 20, the apex court had rejected the plea by Pawan who had challenged the Delhi High Court's order dismissing his juvenility claim.

Advocate A P Singh, who is representing Pawan in the case, said he filed a petition on his behalf seeking review of the top court's January 20 order on Friday.

While dismissing the plea, the top court had said there was no ground to interfere with the high court order that rejected Pawan's plea and his claim was rightly rejected by the trial court as also the high court.

It had said the matter was raised earlier in the review petition before the apex court which rejected plea of juvenility taken by Pawan and another co-accused Vinay Kumar Sharma and that order has attained finality.

Singh had argued that as per his school leaving certificate, he was a minor at the time of the offence and none of the courts, including trial court and high court, ever considered his documents.

Solicitor General Tushar Mehta, appearing for the Delhi Police, had said Pawan's claim of juvenility was considered at each and every judicial forum and it will be a travesty of justice if the convict is allowed to raise the claim of juvenility repeatedly and at this point of time.

The trial court on January 17 issued black warrants for the second time for the execution of all the four convicts in the case -- Mukesh Kumar Singh (32), Pawan (25), Vinay (26) and Akshay (31) -- in Tihar jail at 6 am on February 1. Earlier, on January 7, the court had fixed January 22 as the hanging date.

As of now, only Mukesh has exhausted all his legal remedies including the clemency plea which was dismissed by President Ram Nath Kovind on January 17 and the appeal against the rejection was thrown out by the Supreme Court on January 29.

Convict Akshay's curative petition was dismissed by the top court on January 30. Another death row convict Vinay moved mercy plea before President on January 29, which is pending.

Singh has also approached the trial court seeking stay on the execution scheduled on February 1, saying the legal remedies of some of the convicts are yet to be availed.

A 23-year-old paramedic student, referred to as Nirbhaya, was gang-raped and brutally assaulted on the intervening night of December 16-17, 2012, in a moving bus in south Delhi by six people before she was thrown out on the road.

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News Network
March 2,2020

Mathura, Mar 2: Union Minister of state Sadhvi Niranjan Jyoti on Sunday said after the Citizenship (Amendment) Act (CAA), the Centre might bring a population control law.

Jyoti claimed that she has already spoken to Prime Minister Narendra Modi in this regard.

She said she believes that this issue is under the prime minister's consideration and he himself has discussed the importance of bringing this law.

Jyoti arrived here on Sunday to attend a tribute meeting held at Swami Vamdev Jyotirmath in Chaitanya Vihar. Unnao MP Sakshi Maharaj was also present at the event.

"There was a time when abrogation of Article 370 in Jammu and Kashmir was impossible. It was feared that if such thing happens, there will be bloodbath. No one will be hold the national flag in Kashmir. But this government can bring any law in favour of the nation," Jyoti said.

"Now, everyone believes that if Article 370 can be removed...Prime Minister Narendra Modi can bring any law which is important for the country," she added.

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expat
 - 
Monday, 2 Mar 2020

already people are childless. struggling for IVF treatment. no need of population control. it is automatically getting control byu nature.

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