60% demonetised notes already accounted for: RBI

November 29, 2016

Mumbai, Nov 29: Around 60% of the value of the demonetised notes (Rs 14 lakh crore), has already been accounted for, according to data released by the Reserve Bank of India (RBI) on Monday.

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While deposits of the demonetised notes in banks since November 9, when the decision kicked in, total Rs 8.11 lakh crore (57% of the total value of demonetised notes), notes worth Rs 33,498 crore (3%) have been exchanged. Even as deposits surge, there have been reports that the printing of Rs 2,000 notes has been stalled, which is said to have resulted in a drop in the legal tender being released by banks.

Between November 10 and 18, notes worth Rs 1.36 lakh crore were pumped out by banks, but the value dropped to Rs 1.14 lakh crore between November 18 and 27. It was around a week after the demonetisation kicked in that reports surfaced that the printing of Rs 2,000 notes had been stalled to generate more of the new Rs 500 notes. Unlike the Rs 2,000 notes, which were printed weeks in advance, the RBI had no stockpile of the new Rs 500 notes.

The total amount of legal tender released since November 9 amounts to Rs 2,50,115 crore, which is around 18% of the value of the withdrawn notes. Of this, Rs 2,16,617 crore was withdrawn from banks and ATMs.

There were expectations in the government that old notes worth Rs 3 lakh crore would not return to the banking system. This, it was believed, would result in a fall in the RBI's liabilities and thus translate into windfall gains for the government. However, if the current pace of deposit accretion continues, the value of the old notes coming back would inch up, and the windfall gains may not be realised.

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News Network
April 25,2024

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The Election Commission of India on Thursday announced that it had taken cognisance of violations to the Model Code of Conduct by both Prime Minister Narendra Modi and Congress leader Rahul Gandhi.

While Modi has indulged in a diatribe against Muslims, without naming them, using terms like 'infiltrators' and 'those with more children', Rahul has been accused of making a false claim about 'rise in poverty'.

Both the BJP and INC have raised allegations of causing hatred and divisions based on caste, religion, language, and community, ANI reported.

While the EC had initially refused to comment on Modi's speeches, sources had told PTI that the commission was 'looking into' the remarks made by the BJP leader.

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News Network
April 22,2024

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The BJP has opened its account in the ongoing Lok Sabha elections. The party's candidate from Gujarat's Surat constituency, Mukesh Dalal, has won the polls as all his opponents are now out of the fray.

BJP's Mukesh Dalal elected unopposed from the Surat Lok Sabha seat after all other candidates withdrew from the contest, the party's Gujarat unit chief CR Paatil said today. Today was the deadline for withdrawing nominations.

The nominations of the Congress party's Surat candidate and his substitute were rejected by the returning officer over alleged discrepancies in paperwork, a development that the Congress called an attempt at "match-fixing".

"Surat has presented the first lotus to Prime Minister Narendra Modi. I congratulate our candidate for Surat Lok Sabha seat Mukesh Dalal for getting elected unopposed," Mr Paatil posted on the microblogging website X, referring to the BJP's election symbol.

Eight candidates - seven of them independents - and Pyarelal Bharti of the Bahujan Samaj Party (BSP) withdrew their papers.

The nomination papers of the Congress's Surat candidate Nilesh Kumbhani was rejected on Sunday after the district returning officer Saurabh Parghi found discrepancies in the signatures of the proposers.

The nomination form of Suresh Padsala, the Congress's substitute candidate from Surat, was also found invalid.

The returning officer had said the four nomination forms submitted by the two Congress candidates did not appear genuine. The proposers, in their affidavits, had said they had not signed the forms themselves, the returning officer said in the order.

Congress lawyer Babu Mangukiya said the party will approach the high court and the Supreme Court for relief.

Congress leader Jairam Ramesh in a post on X said the Surat developments indicate "democracy is under threat". "Our elections, our democracy, Babasaheb Ambedkar's Constitution - all are under a generational threat. This is the most important election of our lifetime," Mr Ramesh said.

Mr Ramesh alleged the "distress" of micro, small and medium enterprise (MSME) owners and the business community in PM Modi's "Anyay Kaal" and their anger have "spooked the BJP so badly that they are attempting to match-fix the Surat Lok Sabha polls, which they have won consistently since the 1984 Lok Sabha elections."

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News Network
April 26,2024

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Voting has begun in 88 constituencies across 13 states and Union Territories amid a furious row between the Congress and the BJP over manifesto and inheritance tax. Election will be held on all seats of Kerala, a chunk of Rajasthan and UP.

Key points

Elections for the second phase will be held for 20 seats of Kerala, 14 seats in Karnataka, 13 in Rajasthan, eight each in Uttar Pradesh and Maharashtra, seven in Madhya Pradesh, five each in Assam and Bihar, three each in Bengal and Chhattisgarh and one each in Jammu and Kashmir, Manipur and Tripura.

Earlier, 89 constituencies were expected to vote in this phase. But polling in Betul, Madhya Pradesh, was rescheduled after the death of a candidate from Mayawati's Bahujan Samaj Party. Betul will now vote in the third phase, due on May 7.

Key candidates for this round include the BJP's Union minister Rajeev Chandrashekhar  -- up against Congress' Shashi Tharoor from Thiruvananthapuram; actors Hema Malini, and Arun Govil from 1980s iconic serial Ramayan, senior BJP leader Tejasvi Surya and Lok Sabha Speaker Om Birla,  Congress' Rahul Gandhi, KC Venugopal, Bhupesh Baghel. and Ashok Gehlot's son Vaibhav Gehlot.

For both BJP and the Opposition, the most crucial states in this phase will be Karnataka and Kerala. Karnataka is the only BJP bastion in the south, where the Congress won in the last assembly election. The party is hoping to do well amid concerns about delimitation and the disadvantage southern states could face after it.

Further south, the BJP is trying to break into the bipolar politics of Kerala. The party is hoping to open its account in the state having fielded Union ministers Rajiv Chandrasekhar and V. Muraleedharan. In Wayanand, a Congress bastion for over 20 years, it has fielded its state unit president K Surendran against Rahul Gandhi.

For the Opposition, Kerala is a big shining hope. Even though the Left and the Congress are competing against each other in the southern state, victory by either will add to the tally of the Opposition bloc INDIA. Kerala is one of the few states that have never sent a BJP member to parliament.

With north, west and northeast India saturated, the BJP is hoping to expand in the south and east in their quest for 370 seats. The party had won 303 seats in 2019, a majority of them from the Hindi heartland and bastions new and old, including Gujarat and the northeast.

The Congress, though, has claimed it would post a much better performance compared to 2019. After the first phase of the election, their claims have got louder, especially in Rajasthan and western Uttar Pradesh. Rashtriya Janata Dal chief Tejashwi Yadav has claimed INDIA will win all five seats in Bihar.  

The election is being held amid a bitter face-off between the Congress and the BJP. The row was sparked by Prime Minister Narendra Modi's comment that the Congress, if voted to power, will redistribute the personal wealth of people among "infiltrators" and won't even spare the mangalsutras of women. The Congress has questioned if the people had to fear for their wealth and mangalsutras in 55 years of the party's rule and accused the BJP of sidestepping issues that matter.

The next phase of election is due on May 7. The counting of votes will be held on June 4 – three days after the seventh and last phase of election on June 1.

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