Impact of Rs 2K note withdrawal on economy will be ‘very very marginal’: RBI Governor

News Network
May 22, 2023

New Delhi, May 22: Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said most of the withdrawn Rs 2,000 rupee notes are expected to be returned by the deadline of September 30.

Speaking to reporters for the first time since the surprise decision to withdraw the highest denomination currency note was announced, Das said the decision was part of currency management.

Rs 2,000 currency notes continue to be legal tender, Das added.

Indian currency management system is very robust, exchange rate has remained stable despite crisis in financial markets due to war in Ukraine and failure of certain banks in the West, he said.

The impact of the withdrawal on the economy will be "very very marginal", he said, adding Rs 2,000 currency notes made up for just 10.8 per cent of the total currency in circulation. He said Rs 2,000 rupee notes were introduced primarily to replenish the currency that was withdrawn following 2016 demonetisation, he said.

While the withdrawn Rs 2,000 rupee notes can either be deposited in bank accounts or exchange for other currency, banks have been advised to make necessary arrangements for exchange, he said.

"We expect most of Rs 2,000 bank notes to come back to the exchequer by September 30," he said. "We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason for worry. We have sufficient stocks, no need to worry."

RBI, he said, was sensitive to difficulties faced by people and would come out with regulations if need be.

Existing income tax requirement of furnishing PAN for deposits of Rs 50,000 or more in bank accounts will continue to apply for deposits of the withdrawn 2000 rupee notes, he said.

Das said liquidity in the system is being monitored on a daily basis.

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News Network
June 14,2024

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Kochi: An Indian Air Force (IAF) flight carrying the mortal remains of the Indians who died in the tragic fire incident in Kuwait two days ago, landed at the international airport here on Friday.

The IAF C30J aircraft is carrying the bodies of the Indians and of them 31 were received at the airport here.

The 31 bodies include 23 Keralites, 7 Tamilians and one person from Karnataka, officials said.

Officials had said that 49 people were killed in the fire in the Al-Mangaf building on June 12 and majority of them were Indians; the remaining were Pakistani, Filipino, Egyptian and Nepali nationals.

The blaze in the seven-storey building that housed 196 migrant workers in Mangaf, south of Kuwait City, on Wednesday killed 49 people and injured around 50 others. 

A preliminary probe has indicated glaring lapses – there were around two dozen gas cylinders on the ground floor of the building; inflammable materials were used as partitions to separate the workers in the cramped rooms; the doors to the rooftop were locked, etc.

Ernakulam Range DIG Putta Vimaladitya earlier said that all the required arrangements have been made to receive the bodies at the airport. 

“We have coordinated with the family members of the victims. Once the bodies are received, they will be properly escorted to their respective places.” Vimaladitya said.

A dedicated vehicle will be provided for each body, the DIG said. Heavy police force and ambulances have been deployed at the airport in Kochi.

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Agencies
June 18,2024

New Delhi: Congress leader Rahul Gandhi on Tuesday hit out at Prime Minister Narendra Modi for maintaining "silence" on the NEET exam issue and asserted that his party is committed to strongly raising the voice of the youth from the streets to the Parliament for ensuring strong policies against paper leaks.

The former Congress president said the arrests made in Bihar, Gujarat and Haryana clearly show that there has been organised corruption in the examination in a planned manner and added these BJP-ruled states have become the "epicentre" of paper leaks.

"Narendra Modi, as usual, is maintaining silence on the tampering with the future of more than 24 lakh students in the NEET examination," Gandhi said in a post on X in Hindi.

"The arrests made in Bihar, Gujarat and Haryana clearly show that there has been organised corruption in the examination in a planned manner and these BJP ruled states have become the epicentre of paper leak," he claimed.

In the manifesto, the Congress had guaranteed to secure the future of the youth by making strict laws against paper leaks.

"While fulfilling the responsibility of the opposition, we are committed to formulate such tough policies by strongly raising the voice of the youth from the streets to the Parliament and putting pressure on the government," he said.

Gandhi's remarks came after the Supreme Court on Tuesday said even if there was "0.001 per cent negligence" on the part of anyone in the conduct of the NEET-UG 2024 examination, it should be thoroughly dealt with.

Observing that students have to labour hard while preparing for these examinations, the apex court said the litigation pertaining to the National Eligibility-cum-Entrance Test (Undergraduate)-2024 examination ought not be treated as adversarial.

"Even if there is 0.001 per cent negligence on the part of anyone, it should be thoroughly dealt with," a vacation bench of Justices Vikram Nath and SVN Bhatti told the advocates appearing for the Centre and the National Testing Agency (NTA).

The NTA conducts the all India pre-medical entrance test.

The bench was hearing two separate petitions raising grievances, including on grace marks given to the students in the examination held on May 5.

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Agencies
June 19,2024

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Bengaluru: Kannada actor Darshan Thoogudeepa, who has been arrested in the Renukaswamy murder case, has confessed to have given Rs 30 lakh to another accused Pradosh for the disposal of the body and to ensure that "his name does not come out anywhere," police have claimed.

The amount has been recovered from Pradosh's residence, police sources said.

"Darshan, who is accused number 2 (A2) in the case, has in his voluntary statement to police said that he had given Rs 30 lakh to Pradosh (A14) to dispose of the body, and for the expenditure that would cost...for persons to carry out this task, and to ensure that his name doesn't come out anywhere," a police official said.

A total 17 people, including Darshan and his “friend” Pavithra Gowda, are accused in the murder case.

According to police sources, Renukaswamy, a fan of the actor, had sent obscene messages to Gowda, which enraged Darshan, allegedly leading to his murder. His body was found near a storm-water drain next to an apartment in Sumanahalli here on June 9.

"From the spot of the crime, things such as lathi and wooden logs used for the alleged assault have been recovered along with water bottle, blood stains and material evidence, and DVR containing the CCTV footage," the official said, adding, "blood stains were also found on the vehicle allegedly used for disposing of the body." 

According to the autopsy report, Renukaswamy's death was caused due to shock and haemorrhage as a result of multiple blunt injuries he sustained. "Viscera samples have been sent to the Forensic Science Laboratory for further analysis," he said.

According to sources, one of the accused, Raghavendra, who is part of Darshan’s fan club in Chitradurga, had brought Renukaswamy to a shed in R R Nagar here, on the pretext that Darshan wanted to meet him. It was in this shed that he was allegedly tortured and killed.

The investigation team is believed to have gathered enough evidence, including CCTV footage, which could establish that Darshan was present during the alleged assault on Renukaswamy, leading to his death, sources said.

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