Government of India can print Re 1 note: Law Ministry

September 7, 2014

New Delhi, Sep 7: Putting to rest the debate on printing of one rupee notes, the Law Ministry has opined that the Government of India has all the powers to print currency notes of this denomination.

India Re 1 noteWhile the Reserve Bank of India (RBI) has the authority to issue bank notes of denominational values of Rs. 2, Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500, Rs. 1,000, Rs. 5,000 and Rs. 10,000, the one rupee note was printed and issued by the central government.

The Government of India also has the sole right to mint coins of all denominations.

However, since the RBI was of the view that with the repeal of Section 2 of the Currency Ordinance, the Government of India is not empowered to issue note of denominational value of one rupee, the law ministry opinion was taken.

The Law Ministry in its opinion stated that the Coinage Act of 2011, which consolidates the laws relating to coinage and the mints, does not bar the Government of India from printing one rupee notes.

Section 4 of the Act provides that the central government may authorise minting of coin of denomination not higher than Rs. 1,000, it said, adding that the definition of coin in the Act makes it clear that Government of India one rupee note is included in the definition of coin.

The Act defines a coin as “made of any metal or any other material stamped by the Government or any other authority empowered by the Government in this behalf and which is a legal tender including commemorative coin and Government of India one rupee note,” the ministry said in its opinion.

“Further, apart from the metal, the coin may be made of any other material,” it said.

The ministry said while repealing the Currency Ordinance, 1940, “necessary provisions for inclusion of Government of India one rupee note within the meaning of ‘Coin’ have been consciously incorporated in the Coinage Act, 2011. Further, the RBI, as per Section 24(1) of the RBI Act, 1934, is not empowered to issue bank note of denomination of value of one rupee.”

“Central government is not precluded to issue one rupee Government of India note under the Coinage Act, 2011. The dimension, design, material and standard weight of such One Rupee Note have to be prescribed by the Central Government in terms of Section 4 and 5 of the Coinage Act, 2011,” the opinion said.

The printing of notes in the denominations of Re. 1 and Rs. 2 has been discontinued as these denominations have been coinised. However, such notes issued earlier are still in circulation.

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News Network
June 29,2020

New Delhi, Jun 29: India recorded 19,459 new coronavirus cases and 380 deaths in the last 24 hours.

According to the Ministry of Health and Family Welfare on Monday, the total coronavirus cases in the country stands at 5,48,318 including 2,10,120 active cases, 3,21,723 cured/discharged/migrated and 16,475 deaths.

Maharashtra's COVID-19 count touched 1,64,626 and cases in Delhi have reached 83,077.

The total number of samples tested up to 28 June is 83,98,362 of which 1,70,560 samples were tested yesterday, as per the data provided by the Indian Council of Medical Research (ICMR). 

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Agencies
June 26,2020

New Delhi, Jun 26: Over 700 employees of Hindu Rao Hospital would stage a protest against North Delhi Municipal Corporation on Friday morning over non-payment of their salaries since April. The staff includes paramedical, nurses, and Class IV employees of the hospital. However, the employees said that only 40 or 50 people would gather to stage the protest keeping COVID situation in mind, and the norms of social distancing would also be followed.

Tejinder Singh, president of the Paramedical technical staff welfare association, said that the corporation is forcing the employees to go on a protest when they are needed the most. "The government hails us as Corona warriors but do not treat us like one," he commented.

"We all have families. Many amongst us have taken loans, live on rental accommodation, and have children whose schools and colleges are demanding fees. How would we incur our expenses when we are not paid? We repeatedly asked the corporation to clear our dues, but our requests fell on deaf ears. We don't have any option but to go on protest," he said.

Besides, Singh also said that the staff of Hindu Rao had not received arrears of seventh pay commission, bonus and dearness allowances for two years. "These are our rights which we are being denied. The protest is to call out injustice and ignorance we face from the administration," he added.

The nurses of the hospital corroborated with Singh. However, they also added the issues they are facing since the pandemic started that they would be rising through the protest.

Nurses complain lack of facilities despite hospital gearing up as dedicated COVID care

Indumati Jaiswal, president of nurses' welfare association of the hospital, said that apart from salaries, the hospital is not providing many facilities required by the staff to battle the pandemic. The Delhi government had designated the hospital as a dedicated COVID facility on June 16.

"The preparedness for such responsibility is completely shoddy. There is no provision for air conditioners and coolers for us. We have to work wearing PPE kits for six hours straight under ceiling fans. The lack of AC and coolers amplifies our struggle to stay under PPE kits for longer hours. We can't even drink water in that duration. It's just inhumane," Jaiswal said.

Jaiswal also said that the hospital is facing staff crunch, yet, have not prepared a roster for the nurses. "The hospital has 238 nurses on 700 doctors. This is opposite to the prescribed guidelines of the Indian Nurses Council that suggests four nurses per doctor as a healthy ratio. Here, we have less than five nurses per doctor. A complete opposite of an ideal scenario," she complained.

Jaiswal said that the room for donning and doffing the PPE kits should be outside the ward. "In the hospital, it's within the ward, and the nurses have to cross through the patients to wear in and out the PPE suits. It increases the risk of contracting COVID-19 from the patients," she said.

The hospital employees informed that more than 40 healthcare workers from Hindu Rao had contracted the COVID-19 infection.

The corporation argues lack of funds behind delay in salaries

Indu Singhal, the deputy commissioner of North Delhi Municipal Commissioner, told media corporation is in the process to resolve the salary issues of the Hindu Rao Hospital's staff. "We have received their complaints and pursuing the matter. We will release their dues as soon as we receive the funds from the government," she said.

However, a senior official of the corporation revealed that the corporation is reeling under an acute shortage of funds. "Even the employees working in the corporation have not been paid salaries. The employees of A-grade are not paid since March," the official said.

Singhal said that the dispersion of salaries starts from the lower base. "Many officers, including I have not been paid," she added.

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Agencies
March 8,2020

Mumbai, Mar 8: A day after the Enforcement Directorate registered a money laundering case against Yes Bank founder Rana Kapoor and raided his premises, he was taken to the agency's office in Mumbai on Saturday for further questioning.

Kapoor, who was grilled by central agency's officials on Friday night at his Samudra Mahal residence in Mumbai, was shifted to the ED office in the metropolis around 12.30 pm.

ED officials said Kapoor was questioned throughout the night, with some rest time.

A senior ED official connected with the probe told IANS: "Kapoor will be questioned about Yes Bank loans to Dewan Housing Finance Limited (DHFL)."

The official said that during searches a lot of incriminating documents were found and the agency wanted to grill him on his links with DHFL promoters and other companies.

Kapoor's alleged role in the disbursal of loan to a corporate entity and kickbacks reportedly received in his wife's bank account are also under probe.

The ED had filed the money laundering case against Kapoor and raided his residence, apart from issuing a look-out circular so that he does not flee the country.

The ED registered a money laundering case against Kapoor as a continuation of its probe against the DHFL wherein it was allegedly found that Rs 12,500 crore was diverted to 80 shell companies using one lakh fake borrowers. The transactions with these shell companies date back to 2015.

An ED official in New Delhi told IANS that the DHFL probe revealed that funds diverted by the DHFL originated from Yes Bank.

He said that the searches at Kapoor's residence on Friday night were meant to find out any irregularity in grant of loans to the DHFL by the Yes Bank.

The ED has accused Kapil and Dheeraj Wadhawan of DHFL of purchasing shares in five firms -- Faith Realtors, Marvel Township, Abe Realty, Poseidon Realty, and Random Realtors -- after which they were amalgamated with Sunblink.

The outstanding loans of these five firms, totalling around Rs 2,186 crore till July 2019, were allegedly appropriated onto the books of Sunblink to cover up the diversion of loans acquired from DHFL.

The ED's action comes after the RBI superseded Yes Bank Board for 30 days and appointed an administrator, putting a cap of Rs 50,000 on withdrawals by account holders for a month.

The RBI said that the bank's board was superseded "owing to serious deterioration in the financial position of the bank".

Former SBI CFO Prashant Kumar was appointed as administrator of Yes Bank, which has over 1,000 branches and 1,800-plus ATMs across the country.

On Thursday, Union Finance Minister Nirmala Sitharaman said that the bank was on watch since 2017 and developments relating to it were monitored on a day-to-day basis.

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