Money & Banking
Deposited demonetised notes still being counted: RBI Governor
Eight months after demonetisation, RBI Governor Urjit Patel still refused to give the amount of junked notes deposited with banks, saying they are still being counted.
 
He also parried a question on Wednesday at a meeting of the Parliamentary Standing Committee on Finance on the names of 12 industrialists whose outstanding loans amounted to 25 per cent of the Non-Performing Assets in the banking system.
 
Patel was deposing before the committee, which is expected give a report on demonetisation during the Monsoon Session of Parliament beginning next week. 
 
He was specifically asked to give details of the value of the Rs 500 and Rs 1,000 notes which were allowed to be exchanged till December 30. 
 
He is learnt to have told the panel that the process of counting the junked notes was still on and the central bank has to verify fake notes for which specialised machines are being procured. While some machines have been procured, tenders have been floated to procure more, Patel was quoted by sources as having told the committee. 
 
Another reason given for the delay was the window given to the central bank to accept the junked notes collected by District Central Cooperative Banks (DCCBs) as well as pending issues with Nepal where Indian currency is used widely, sources said. 
 
Patel is learnt to have told the panel that the process was being expedited with help of machines and staff putting in extra hours. 
 
Patel said the total money in circulation in the country now was Rs 15.4 lakh crore against Rs 17.7 lakh crore at the time of demonetisation in November last year, according to sources.
 
The government last month allowed the District Central Cooperative Banks (DCCBs) to deposit the demonetised notes, collected during the five-day period after demonetisation was announced on November 8, 2016, with the Reserve Bank of India in 30 days.
 
Sources said a member told the RBI Governor that since the junked notes have so far not been been counted, how will the central bank know how much of these were fake or genuine. 
 
Samajwadi Party member Naresh Agrawal staged a brief walk out from the meeting after not being satisfied with the response to his questions. 
 
He is understood to have demanded the names of 12 industrialists whose outstanding loans amounted to 25 per cent of the Non-Performing Assets in the banking system. 
 
The meeting of the panel, chaired by Congress leader M. Veerappa Moily, lasted for about three hours. Former Prime Minister Manmohan Singh was among those present. 
 
Members also asked questions about the vigil being maintained over the use of bitcoins. 
 
Issues relating to GDP growth and progress towards digital economy also figured in the meeting. 
 
Members are learnt to have asked about transaction cost being levied on digital payments and inadequate presence of banks in rural areas. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Mihir

2 months ago

Mr. Patel, if you don't count by end of this month, you will have to enroll in counting class for junior kg kids.

Deepak Narain

2 months ago

They invent excuses for non-performance.

sohan modak

2 months ago

Oh, i think that smart customers have managed to exchange fake currancy for good new one thereby becoming real gainers in the deal. Besides, most probably, there was prior knowledge to interested parties which ensured a profitable exchange. won't be surprised if the so called old currancy is greater in amounts by several factors over the expected. Poor Mr. urjit Patel, if he can't cound these notes, who else can? What a show by the RBI. or, is it what he is supposeed to keep mum about?

GLN Prasad

2 months ago

Strange. When RBI receives such notes, they have such data, at the most there may be cross checks or matching in case of discrepancies, one can not understand such lame excuse of still counting during the era of digitalization. If it is oursourced, any agency should have collected total amounts lying of such notes bank wise through mail and should have completed the task in less than a day.

Ensure all traders register under GST by August 15, Modi tells Chief Secretaries
Prime Minister Narendra Modi on Wednesday called upon all Chief Secretaries to work towards ensuring that all traders are registered under Goods and Services Tax (GST) regime by August 15.
 
Modi, who chaired his twentieth interaction through PRAGATI (Pro-Active Governance and Timely Implementation) platform, began with a review of the situation caused by flood and other natural calamities in the northeastern states and assured all possible help from the Central government. 
 
He also urged the Central Public Works Department to encourage all vendors to come aboard the Government e-Marketplace (GeM) platform, a paperless and cashless system to enable procurement of common use goods and services with minimal human interface. 
 
"The Prime Minister urged all Chief Secretaries to work expeditiously towards ensuring that all traders register under the GST regime, and this task is completed before August 15," a PMO release said. 
 
It said that Modi reviewed the progress of vital and long-pending infrastructure projects in the railway, road and petroleum sectors across several states and urged the Chief Secretaries to take all possible steps to avoid delays and the resultant cost escalations. 
 
Noting that several of the projects reviewed had been pending for decades, and in one case, over four decades, he emphasised on speedy implementation of such infrastructure projects, the release said.
 
The release said that the pending infrastructure reviewed are spread over several states including Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu, West Bengal, Odisha, Uttar Pradesh, Uttarakhand, Himachal Pradesh, and Arunachal Pradesh. 
 
The projects reviewed include the Chennai Beach-Korukkupet third line and Chennai Beach-Attippattu fourth line and Howrah-Amta-Champadanga new Broad Gauge line. They also included four-laning of Varanasi bypass and four-laning of Muzaffarnagar-Haridwar section of NH-58.
 
Modi reviewed the progress towards resolution of grievances related to Central Public Works Department and Directorate of Estates and asked the Urban Development Ministry to "proactively monitor" them with sensitivity. 
 
He also reviewed the progress of the Pradhan Mantri Awas Yojana (Urban) and urged the departments concerned to accelerate the adoption of new construction technologies at the earliest.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Sebi calls for stakeholders' views on derivatives market
Stock markets regulator Sebi on Wednesday called for stakeholders' views on various issues related to derivatives trading, so as to further strengthen the framework in line with global best practices.
 
The regulator floated a discussion paper to evaluate whether there is a need to further strengthen the regulatory framework for derivatives in India. 
 
As per the paper, derivatives market in India has grown rapidly in recent years and its orderly growth, development and alignment of both cash and derivatives markets is important.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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