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Demonetisation: Reserve Bank of India to issue new Rs 100 banknotes

Demonetisation: Reserve Bank of India to issue new Rs 100 banknotes

The Reserve Bank of India (RBI) is ready to issue fresh Rs 100 banknotes in the Mahatma Gandhi Series-2005 without inset letter in both the numbering panels, bearing the signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The old Rs 100 notes will, though, continue as legal tender, the Reserve Bank said. In the Mahatma Gandhi Series-2005 the Reserve Bank of India will shortly issue Rs 100 denomination banknotes, without inset letter in both the numbering boards, bearing the signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and the year of printing ‘2016’ printed on the reverse of the note, the central bank said in a report. Following the demonetisation move by the government of India, banks are reportedly running short of cash due to shortage of the new Rs 500 and Rs 2000 notes. The Rs 100 notes have been distributed largely via ATMs but they get over very soon. And while the new Rs 500 and Rs 2000 notes have been made available for the public, it is reportedly very tough to get changes for them in Rs 100 notes. Thus, the Reserve Bank has decided to issue fresh Rs 100 banknotes which could be a major comfort for the...
Demonetisation Effect: Monetary Policy Committee meeting starts Tuesday

Demonetisation Effect: Monetary Policy Committee meeting starts Tuesday

In order to tackle the effect of demonetisation move by the central government, Monetary Policy Committee (MPC) will begin its conference on Tuesday among expectations of at least 0.25 percent policy rate cut. In its last outing, six-member MPC dropped the short term lending rate by 0.25 % to 6.25 percent. It will be the second meet of the MPC chaired by the Reserve Bank of India Governor Urjit Patel. RBI has reduced repo rate by 1.75 % since January 2015. Very difficult to forecast now because the monetary policy committee now decides. Maybe, like 25-50-basis point cut is what everybody is awaiting and no rate cut will be a bigger surprise, SBI Managing Director Rajnish Kumar said. Canara Bank MD and CEO Rakesh Sharma said that with softening of inflation, we expect that RBI may go for a 25-basis point rate cut in the next policy. According to Bandhan Bank Managing Director Chandra Shekhar Ghosh, there is expectation of a 0.25 % cut in repo rate as the October inflation has shown decline and the demonetisation drive is further expected to lower inflation in November. Within October, retail inflation stood at 4.20 % while wholesale inflation eased to 3.39 per cent. “0.50 per cent cut is not feasible this time around as there are still uncertainties surrounding US Fed rate hike,” Ghosh...
Demonetisation Effect: Indian economy grows 7.3% in Sept quarter

Demonetisation Effect: Indian economy grows 7.3% in Sept quarter

India remained the rapidly growing major economy with its GDP accelerating to 7.3 percent in the September quarter, forced mainly by farm output, although the strength may be hit in the coming months by the effect of demonetisation. The Gross Domestic Product (GDP) or national income which rose from 7.1 % in the last quarter is however lower than 7.6 % recorded in the same period previous year. India overtook China in economic growth rate in 2015, and continues to be the world’s fastest growing large economy. Simultaneously, monthly macro-economic data on performance of eight infrastructure sectors showed six-month high growth of 6.6 % in October. According to the data revealed today by the Central Statistics Office (CSO), the Gross Value Added (GVA), which is estimated at the basic price, growth decelerated to 7.1 % as compared 7.3 % both in the last as well as the year ago period. The data revealed that over 7 percent growth was registered by ‘public administration, defence and other services’, ‘financial, insurance, real estate and professional services’, ‘manufacturing’ and ‘trade, hotels and transport and communication and services related to broadcasting’. Growth figures in agriculture, forestry and fishing; mining and quarrying; electricity, gas, water supply and other utility services; and construction were at 3.3 percent, (-)1.5 percent, 3.5 percent & 3.5 percent respectively. This compares with 2 percent, 5 percent, 7.5 percent and 0.8 percent year ago...
Govt using helicopters, Indian Air force to reduce cash transportation

Govt using helicopters, Indian Air force to reduce cash transportation

The time taken from printing currency notes to transporting it to distribution centers has come downward from 21 days to just 6 days. The government is aiming to improve it further over the next week, said The Times of India report. All possible methods of transport including helicopters & Indian Air Force planes are moving the cash speedly. With availability of cash improving in urban areas, the government is focusing on rural areas. The report, quoting senior government sources, said the level of economic activity should rise back to normal levels by January 15. Any gains flowed due to demonetisation will be used for recapitalisation of banks, building infrastructure and purchasing advanced weapons systems for the armed forces. The government is also expecting high returns from the RBI as significant section of the notes may not come back, reducing the liability of RBI. The swelling of deposits with banks is also predicted to convert into better lending capacity for...
Demonetisation; Rs 2.5 lakh can be withdrawn for wedding

Demonetisation; Rs 2.5 lakh can be withdrawn for wedding

Even as government looked at ways of increasing supply of new 2000 & 500 rupee notes, which have been launched in place of the scrapped older high denomination Rs 500/1000 notes, government has decided to reduce exchange limit allowed per person. Directing a press conference in the National capital on Thursday, Economic Affairs Secretary Shaktikanta Das said that effective tomorrow, exchange bound will be reduced to Rs 2,000 from earlier limit of Rs 4,500. Over the counter exchange of old Rs 500 & Rs 1000 notes, w.e.f 18th November, the existing limit of Rs. 4500 will be reduced to Rs 2000, Das added. For wedding ceremonies, upto Rs 2.5 lakh can be withdrawn from the bank account which are KYC compliant, he said. One member of the family, be it father or mother can withdraw upto Rs 2.5 lakhs for a wedding, Das. Maintaining that there is enough cash with the government, he further said that central government employees up to group C can draw salary advance up to Rs 10,000 in cash that will be disposed against their November...
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