Claiming that critics were proved wrong on note ban, Finance Minister Arun Jaitley on Thursday said that impact ofdemonetisation on GDP so far not as bad as predicted. “Critics were proved wrong. There could have been adverse impact of demonetisation on GDP for quarter or so, but it is not[Read More…]
Tag: RBI
Demonetisation: RBI grants additional 30 days for loan repayment
In further relief to people hit by demonetisation, the Reserve Bank of India has relaxed the norms for bad loan classification for small scale borrowers by giving an additional 30 days to repay the loan. RBI said that lenders can now wait for 90 more days before classifying a loan[Read More…]
Restrictions on cash withdrawals won’t be lifted soon: SBI Chairman
State Bank of India chairman Arundhati Bhattacharya on Thursday warned that given the ongoing cash crunch, it’s unlikely that restrictions on cash withdrawals from banks and ATMs will be lifted immediately. The Hindu reported Bhattarcharya as saying, “We have to see… if there is cash I will give it, if[Read More…]
Demonetisation: 60 changes in just 43 days
43 days after Prime Minister Narendra Modi announced the demonetisation move, Reserve Bank of India has changed the rules regarding the demonetisation for the 60th time. In a latest modification, RBI allowed Know-Your-Customer (KYC) compliant account holders to deposit over Rs 5,000 without being interrogated. While he was addressing the[Read More…]
U-turn: RBI relaxes Rs 5,000 deposit norm for 100% KYC accounts
The Reserve Bank of India (RBI) on Wednesday made an important change in how banned 500- and 1,000-rupee notes can be deposited in banks after a backlash over a rule that required an explanation for deposits above Rs 5,000. No questions will be asked for deposits above Rs 5,000 rupees[Read More…]
RBI changes rules like Modiji changes clothes: Rahul Gandhi
Congress vice president Rahul Gandhi on Tuesday took a sly dig at the Prime Minister on the ever-changing rules relating to the notes ban. “RBI changes rules like Modiji changes clothes,” tweeted the Congress Vice President on his official Twitter handle. RBI उसी तरीके से नियम बदल रही है, जिस[Read More…]
RBI has enough cash to last beyond Dec 30, says Jaitley
Finance minister Arun Jaitley on Tuesday assured that the Reserve Bank of India has more than adequate cash for circulation to last not just December 30 but even beyond it. “We were prepared. There has been no day when RBI did not dispense adequate cash to banks. Even today, RBI[Read More…]
RBI imposes fresh curbs on deposits of old notes over ₹5,000
The Reserve Bank of India (RBI) on Monday imposed new restrictions on the deposits of old ₹500 and ₹1,000 notes into the bank accounts. According to the RBI, the old notes above ₹5,000 can be deposited only once till December 30, 2016 – the deadline to deposit scrapped notes that[Read More…]
Deposits of old notes over ₹5,000 can be made only once till Dec 30: Report
Ever since the demonetization move was announced by the government on November 8, the government is keep announcing new rules and restriction almost every day. And now, as just couples of weeks are left for the deadline to deposit the old notes, the government has announced fresh restrictions on deposits[Read More…]
CBI arrests 2 RBI officials for exchanging old notes worth 1.99 cr illegally
The Central Bureau of Investigation on Saturday arrested two Reserve Bank of India (RBI) officials from Bengaluru for allegedly exchanging old notes worth Rs 1.99 crores illegally. Earlier this week, the CBI arrested a senior official from the Reserve Bank of India for helping touts convert the now banned Rs[Read More…]
Remonetisation won’t take long, RBI will complete it soon: Jaitley
Union Finance minister Arun Jaitley on Saturday said that the Reserve Bank of India will soon complete the process of remonetisation by injecting enough money through the banking and postal system in line with the objective of reducing use of cash currency in the economy. Speaking at the annual general[Read More…]
Finance Ministry confident that situation will normalise in 2-3 weeks
The Finance Ministry sounded confident on Thursday over the supply of new currency notes, claiming that the situation will considerably improve in the next 2-3 weeks. It also asked the RBI and banks to ‘countercheck’ the data regarding deposit of now-defunct currency notes to ensure there is no double counting.[Read More…]
Demonetisation: RBI Governor to appear before finance panel on Dec 22
Parliamentary Standing Committee on Finance asking Reserve Bank of India (RBI) Governor Urjit Patel to appear before it on December 22. Top sources and members of the committee confirmed that Patel had been “invited” to appear before it. “Summoning is too strong a word; we have invited Patel to meet[Read More…]
Govt may make direct and indirect tax more reasonable: Arun Jaitley on demonetisation
Finance Minister Arun Jaitley on Tuesday hinted at lower direct and indirect tax rates in the future as demonetisation resulted in higher tax revenues coming into the system from unaccounted wealth. “So much money… operating as loose cash has today come into the banking system,” he said. “It has to[Read More…]
Reserve Bank official arrested in Bengaluru for money laundering
An Reserve Bank of India (RBI) official was arrested on Tuesday in Bengaluru for allegedly helping convert banned notes. Eight men have also been arrested in a series of raids in which crores in new notes have been found. K Micheal, a senior special assistant with the RBI Bengaluru, has[Read More…]
Expect all demonetised money to come back to system: Revenue Secretary
Contrary to reports anticipating a windfall gain for the government, Revenue Secretary Hasmukh Adhia has said that the government expects the entire scrapped currency notes of Rs 500 and Rs 1,000 to come back to the banking system, following which the tax authorities will trace transactions and tax black money[Read More…]
Despite cash crunch, RBI leaves repo interest rate unchanged
Despite the possibility of growth being impacted due to the crippling cash crunch since the currency ban, the Reserve Bank of India (RBI) on Wednesday left the main repo interest rate unchanged at 6.25 per cent, to keep inflation in check. The repo rate is the interest rate at which[Read More…]
More than half of the demonetised notes deposited: Where is black money?
Black money was the main reason given by the government for demonetising high value notes. The estimates showed the amount of black money is around ₹ 3 lakh crore to ₹ 5 lakh crore. This figure was not anticipated to be deposited in the banks. But the cash deposited in[Read More…]
Cash crunch may end soon with RBI substantially increasing supply of notes
Considering the current cash crunch situations at banks and ATMs, the government increased the printing of ₹ 500 notes. The officials are hopeful that the new stock of the elusive currency will ease the situation in the next few days. Banks across the nation continued to face cash scarcity with[Read More…]
RBI limits Jan Dhan account withdrawal to ₹ 10,000 per month
Reserve Bank of India has issued a notification which limits the Jan Dhan account holders to withdraw only ₹10,000 a month, as a temporary measure to avoid money laundering. “With a view to protect the innocent farmers and rural account holders of PMJDY from activities of money launders and legal[Read More…]
Demonetisation: Exchange of banned currencies to continue at RBI counters
The Reserve Bank of India on Friday said that the exchange of banned Rs 500 and Rs 1000 notes will continue at RBI counters subjected to the limit of Rs 2000 per person. “The Reserve Bank of India advises members of public that exchange of banknotes in Rs 500 and[Read More…]
Exclusive: RBI asks Paytm to revise final application for payments bank; central bank not comfortable with Paytm’s capital structure
The Reserve Bank of India has asked e-commerce portal Paytm to revise its final application for payments bank. Sources in Paytm said that the delay was to give the central bank further details on distribution. Sources in the RBI have told Newsd that the central bank was not comfortable with[Read More…]
No transaction charges on debit card payments, says government
The government on Wednesday said no transaction charges will be levied on debit cards till December 31. All public sector banks and some private sector ones have agreed to waive the transaction cost for all payments made through debit cards, Economic Affairs Secretary Shaktikanta Das told reporters in New Delhi.[Read More…]
Demonetisation chaos: Bank officers union calls for Urjit Patel’s resignation
D Thomas Franco, senior vice president of the All India Bank Officers Confederation, has called for the resignation of Reserve Bank of India governor Urjit Patel. He said that Urjit Patel should take the moral responsibility of the havoc created in country due to unplanned decision of demonetisation, which resulted[Read More…]
BJP drags feet on recommendations of own task force on black money
The Narendra Modi-led government claims that the demonetisation move is aimed at dealing with the menace of domestic black money but the party has failed to implement study of a task force constituted by it to retrieve the black money. Instead of implementing recommendations of its own task force, the[Read More…]