Why Not Deposit All In One Go, Says Arun Jaitley, On New Rs. 5,000 Rule

December 20, 2016

New Delhi, Dec 20: After tightening rules for depositing old 500 and 1000-rupee notes, Finance Minister Arun Jaitley said on Monday evening that no questions will be asked if any amount of scrapped currency is deposited in one go but repeated deposits may raise queries.

jaitleyWith nearly Rs. 13 lakh crore out of the Rs. 15.4 lakh crore worth of 500 and 1000-rupee old notes already deposited in banks, the government has changed rules to mandate that individuals can deposit over Rs. 5,000 in old currency bills only once until December 30 and that too after explaining why it had not been done so far.

Explaining the rationale behind the move, Mr Jaitley said all exemptions to certain sectors and utilities, which had been allowed to accept the banned currency post demonetisation, ended last week and all those in possession of the old notes are supposed to deposit them with banks.

"Anyone who has old currency notes is not allowed to trade in them. He can only go and deposit them with banks," he said.

With a view to curtail queues at banks, holders are encouraged to deposit the entire holding in one go, rather than going repeatedly.

"If they go and deposit with the bank any amount of currency, no questions are going to be asked to them and therefore the 5000 rupee limit does not apply to them - but (only) if they go and deposit it once.

"But if they are going to go everyday and deposit some currency (small amounts), same person, that gives rise to suspicion that where is he acquiring this currency from. In that event a person may have something to worry about. Therefore everyone is advised whatever old currency you have please go and deposit it now," he said.

And since there is no scope now for earning any old currency because all exemptions have been waived, it makes sense to go deposit all the holding in one go, Mr Jaitley said.

"This is the objective of the order passed today."

After banning old 500 and 1,000-rupee notes on November 8, the government had allowed all of the cash holdings with any person to be deposited in bank accounts till December 30.

There was no limit on the quantity or value of the junked notes that could be deposited.

However, the government on December 17 issued a gazette notification putting restrictions on deposits henceforth.

"The deposits of old notes of Rs. 500 and Rs. 1,000 denominations have been reviewed by the government from time to time. Already more than five weeks have elapsed since the time of the announcement of the cancellation of the legal tender character of these notes. It is expected that, by now, most of the people would have deposited such old notes in their possession," an official statement said.

With a view to "reduce the queues in the banks", the government said it has now been decided that "amounts exceeding Rs. 5,000 in old notes can be deposited only once between now and December 30, 2016."

"The banks have been advised to conduct due diligence regarding the reasons for not depositing these notes earlier," the statement said.

Amounts of Rs. 5,000 or less may continue to be deposited with banks in the customer's account, as at present.

"However, cumulative deposits exceeding Rs. 5,000 between December 19 and December 30, 2016 will be as per the procedures advised by the RBI in respect of deposits exceeding Rs. 5,000," it said.

The Reserve Bank of India (RBI) too came out with deposit guideline stipulating that restrictive conditions will also apply on the cumulative deposit of such notes in a single account when it exceeds Rs. 5,000.

However, the defunct currency up to any amount can be deposited under the new black money amnesty scheme, Pradhan Mantri Garib Kalyan Yojana or PMGKY.

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Ibrahim
 - 
Tuesday, 20 Dec 2016

RBI - REVERSE BANK OF INDIA,
YAHAN GANGA ULTI BEHTI HAI,
CRAZY GOVERNMENT,
THUGLAK KA YAAD BAAR BAAR DILATI HAI

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News Network
January 24,2020

New Delhi, Jan 24: Although India's Ujjwala programme encouraged adoption of liquefied petroleum gas (LPG) for cooking among the poor, households availing the scheme have not shifted away from using highly polluting fuels like firewood, a study reveals.

The researchers, including those from the University of British Columbia (UBC) in Canada, found that additional incentives to encourage regular use of cooking gas are necessary for a complete transition to clean cooking fuel among poor rural households.

They noted that about 2.9 billion people across Asia, Africa, and Latin America burn solid fuels like firewood to meet their cooking energy needs.

This has significant negative implications for public health, the environment, and societal development, according to the researchers.

Through the Pradhan Mantri Ujjwala Yojana (PMUY), India has provided capital cost subsidies to poor women to adopt a clean-burning cooking fuel or LPG.

The researchers explained that within the first 40 months of the scheme, more than 80 million households obtained LPG stoves.

However, the full benefits of LPG adoption depend on near complete replacement of polluting fuels with LPG, according to a research-based policy brief published in the journal Nature Energy.

The scientists said this cannot be assumed solely on the basis of LPG presence in the household.

"Our research shows that Ujjwala was able to attract new consumers rapidly, but those consumers did not start using LPG on a regular basis," Abhishek Kar, a postdoc at Columbia University in the US, told PTI.

The study analysed LPG sales data for over 25,000 consumers, including PMUY beneficiaries, as well as general rural LPG consumers in Koppal district of Karnataka.

The scientists employed data covering all LPG purchases of PMUY beneficiaries through their first year in the programme.

They also assessed the general rural population's purchases during their first five years as consumers to assess the effect of experience on use.

The findings estimate that an average rural family needs to purchase five 14.2 kilogramme-cylinders annually to meet half of their cooking needs.

However, the study said just seven per cent of PMUY beneficiaries in Koppal purchased five or more cylinders annually, suggesting that the beneficiaries seldom use LPG.

The general (nonPMUY) consumers in this region use on average two times more LPG cylinders than PMUY beneficiaries, the researchers noted.

Yet, only 45 per cent of nonPMUY consumers use five or more cylinders per year -- even after several years of experience with LPG, they said.

The team assessed price and seasonal factors affecting LPG use among the general population over a three-year period.

It found that LPG consumers are sensitive to price and seasonality -- LPG cylinder refill rates are lower in the summer when agricultural activity is limited, and cash is scarce.

"There was no scheme incentives to promote use, except general LPG subsidies which is available to all, including the urban middle class," said Kar, who was a Ph.D. scholar at UBC when the research was published.

"If there is no additional income, what cost would a poor family on an already tight budget cut to pay for an extra expense on a regular basis.

"Ujjwala has started the scheme of 5 kg-cylinder in response, but the impact of that on LPG sales is still publicly unknown," he said.

These findings, the researchers noted, suggest the need for additional measures to promote regular LPG use for all rural populations.

Although the finding come from a single district in Southern India, it may also apply to other areas with similar socio-economic conditions, they said.

A more expansive evaluation of PMUY would help design targeted incentives to transform infrequent users to regular users, according to the researchers.

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News Network
March 4,2020

Mar 4: Twenty-one Italian tourists and three Indian tour operators have been sent to an ITBP quarantine facility in Delhi on Tuesday for suspected coronavirus exposure, official sources said.

Health Ministry sources said these foreigners, 13 women and eight men, were in the same group of which an Italian and his wife have tested positive in Rajasthan capital Jaipur.

“His (Italian in Jaipur) condition is stable,” a source said.

Three Indians, who were accompanying this Italian group as tour operators, have also been sent to the ITBP facility in Chhawla area of south-west Delhi, they said.

All these people, staying at a five-star hotel in south Delhi, have been put in “preventive isolation” at the ITBP camp and their samples will be taken on Wednesday, sources said.

The centre already has 112 people, 76 Indians and 36 foreigners, since February 27 after they were evacuated by an IAF plane from Wuhan in China, the epicentre of the coronavirus.

The first samples of these 112 people had tested negative when reports came in last week.

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News Network
January 9,2020

New Delhi, Jan 9: JNU students who tried to march towards the Rashtrapati Bhavan on Thursday protesting the violence on the university campus were stopped by police and later detained.

The police also resorted to baton charge to control the mob who tried to block the traffic at Janpath. Using loudspeakers, the police also appealed to the crowd to maintain peace.

Before the students tried to proceed towards the Rashtrapati Bhavan, a delegation of JNU Students' Union and JNU Teachers' Association also met Human Resource Development (HRD) Ministry officials and demanded the removal of Vice-Chancellor M Jagadesh Kumar from his post.

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