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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News Network
January 15,2020

Jan 15: Uttar Pradesh Chief Minister Yogi Adityanath said on Tuesday that the Muslim population in India increased manifold since the partition because they were given special rights and facilities, according to a report by The Indian Express.

"The Muslim population in India has increased manifold since 1947, it has gone up by seven to eight times. No one has any objection. If they, as citizens of the country, work for development, they are welcome. Their population has increased because they have been given special rights and facilities. All possible steps were taken to ensure their growth," Adityanath said while addressing a rally in Gaya organised by the BJP in support of the Citizenship (Amendment) Act.

He asked the audience, "But what happened in Pakistan?" Claiming that the Hindu population in Pakistan had decreased since 1947, he asked why it was so.

Yogi said that the countrywide anti-CAA protests are a "conspiracy" hatched from afar by those resentful of a united and grand India and these are being aided by a "crooked" opposition. He further charged that those opposing the legislation were committing the "paap" (sin) of working against national interests.

"For taking such a step, Prime Minister Narendra Modi and Home Minister Amit Shah deserve acclaim. Instead, they are being attacked", Yogi lamented.

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India
 - 
Wednesday, 15 Jan 2020

He himself contradicts his statements. He claims the Muslim population rose 8-9 (according to him) times since 1947. If he was educated its simple 73 years have passed the population grows. Still, the Muslim population is only a minority against the majority. He talks about special rights and facilities given yes agreed but not by him it's by the Constitution of India and for all the minorities. So it's not you its Constitution of India.  The majority of the people are against the act CAA is against the very fundamental of the Constitution of India which PM & HM are taking away from the people. If you disagree, disrespect, go against it then you are against the country itself in Hindi deshdruhi. 

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News Network
January 14,2020

New Delhi, Jan 14: The curative petitions of Vinay Sharma and Mukesh, who were sentenced to death in the Nirbhaya gang rape and murder case, was on Tuesday rejected by a five-judge Supreme Court Bench led by Justice N.V. Ramana.

In a three-page order, the Bench concluded, after an in chamber consideration that began about 1.45 p.m., that there was no merit in their pleas to spare them from the gallows.

“We have gone through the curative petitions and relevant documents. In our opinion, no case is made out within the parameters indicated in the decision of this Court in Rupa Ashok Hurra versus Ashok Hurra. Hence, the curative petitions are dismissed,” the court held.

Curative is a rare remedy devised by a Constitution Bench of the Supreme Court in its judgment in the Rupa Ashok Hurra case in 2002. A party can take only two limited grounds in a curative petition - one, he was not heard by the court before the adverse judgment was passed, and two, the judge was biased. A curative plea, which follows the dismissal of review petition, is the last legal avenue open for convicts in the Supreme Court. Sharma was the first among the four convicts to file a curative.

The Bench also rejected their pleas to stay the execution of their death sentence and for oral hearing in open court.

Besides Justice Ramana, the Bench comprised Arun Mishra, Rohinton Nariman, R. Banumathi and Ashok Bhushan.

Curative petitions were filed in the Supreme Court by both convicts on January 9. The petitions had come just days after a Delhi sessions court schedulled the execution of all the four convicts in Tihar jail on January 22.

Sharma and Mukesh, in separate curative petitions, argued that there was a “sea change” in the death penalty jurisprudence since their convictions. Carrying out the death sentence on such changed circumstances would be a “gross miscarriage of justice”.

In his plea, Sharma said the Court had commuted the death penalty in several rape and murder cases since 2017, when it first confirmed the death penalty to the Nirbhaya convicts.

“fter the pronouncement of judgment in 2017, there have been as many as 17 cases involving rape and murder in which various three-judge Benches of the Supreme Court have commuted the sentence of death,” the petition contended.

The Supreme Court recently dismissed a review petition filed by Akshay Singh, another of the four four condemned men, to review its May 5, 2017 judgment confirming the death penalty. It also refused his plea to grant him three weeks' time to file a mercy petition before the President of India.

A Bench led by Justice R. Banumathi had said it was open for the Nirbhaya case convicts to avail whatever time the law prescribes for the purpose of filing a mercy plea.

Akshay (33), Mukesh (30), Pawan Gupta (23) and Sharma (24) had brutally gang-raped a 23-year-old paramedical student in a moving bus on the intervening night of December 16-17, 2012. She died of her injuries a few days later.

The case shocked the nation and led to the tightening of anti-rape laws. Rape, especially gang rape, is now a capital crime.

One of the accused in the case, Ram Singh, allegedly committed suicide in the Tihar jail. A juvenile, who was among the accused, was convicted by a juvenile justice board. He was released from a reformation home after serving a three-year term.

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News Network
June 4,2020

Jun 4: Mahatma Gandhi’s statue outside the Indian Embassy in Washington DC was vandalised with graffiti and spray painting by unknown persons allegedly involved in the ongoing protests in the US against the custodial killing of African-American George Floyd.

This has prompted the mission officials to register a complaint with the local law enforcement agencies.

The incident is reported to have taken place on the intervening night of June 2 and 3 in Washington DC.

The Indian embassy has informed the State Department and registered a complaint with local law enforcement agencies, which are now conducting an investigation into the incident.

On Wednesday, a team of officials from Metropolitan Police in consultation with the Diplomatic Security Service and National Park Police visited the site and are conducting inquiries.

Efforts are on to clean up the site at the earliest.

Vandalism of the statue of the apostle of peace comes during the week of nationwide protests against the custodial killing of African-American George Floyd in Minneapolis on May 25.

Several of these protests have turned violent which many times has resulted in damage of some of the most prestigious and sacred American monuments.

In Washington DC, protestors this week burnt a historic church and damaged some of the prime properties and historic places like the national monument and Lincoln Memorial.

One of the few statues of a foreign leader on a federal land in Washington DC, the statue of Mahatma Gandhi was dedicated by the then Prime Minister Atal Bihari Vajpayee, in the presence of the then US president Bill Clinton on September 16, 2000, during his state visit to the US.

In October 1998, the US Congress had authorised the government of India to establish and maintain a memorial “to honour Mahatma Gandhi on Federal land in the District of Columbia."

According to the Indian Embassy website, the sculpture of Mahatma Gandhi is cast in bronze as a statue to a height of 8 feet 8 inches. It shows Gandhi in stride, as a leader and man of action evoking memories of his 1930 protest march against salt-tax, and the many padyatras (long marches) he undertook throughout the length and breadth of the Indian sub-continent.

The statue, the design of which was created by Gautam Pal, is a gift from the Indian Council for Cultural Relations (ICCR). The pedestal for the statue of Mahatma Gandhi is a block of new Imperial Red also known as Ruby Red a block originally weighing 25 tonnes reduced to a size of 9'x7'x3'4". It now weighs 16 tonnes.

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