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New Delhi, May 22: Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said most of the withdrawn Rs 2,000 rupee notes are expected to be returned by the deadline of September 30.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 He said Rs 2,000 rupee notes were introduced primarily to replenish the currency that was withdrawn following 2016 demonetisation, he said.

While the withdrawn Rs 2,000 rupee notes can either be deposited in bank accounts or exchange for other currency, banks have been advised to make necessary arrangements for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of furnishing PAN for deposits of Rs 50,000 or more in bank accounts will continue to apply for deposits of the withdrawn 2000 rupee notes, he said.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
May 8,2024

Mangaluru: The Mangaluru North police have apprehended a minor in connection with alleged voyeurism incident reported in a private medical college in Mangaluru. 

DCP (Law and order) Sidharth Goyal said that the minor was produced before JJ Board as per due procedure. The incident came to light when a mobile phone was found in women's washroom in the college. 

The mobile-phone was discovered as it was ringing even when no one was in the toilet by the security guard of the college. 

Investigations revealed that the mobile phone had been strategically placed in the restroom. As a result, a case has been registered under north police station.

Further scrutiny into the matter uncovered the identity of the accused, a minor male aged 17, who had gained access to the college premises under the guise of being a patient. Following his apprehension, the accused was presented before the Juvenile Justice (JJ) Board in adherence to legal protocols.

The phone has been seized and a case has been booked under IPC section 354 (C), said the DCP.

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News Network
May 8,2024

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Congress leader Sam Pitroda has stepped down from the post of Chairman of the Indian Overseas Congress and his resignation was accepted by the party. Congress leader Jairam Ramesh took to X and announced that Sam Pitroda had decided to resign from the key post "of his own accord".

Pitroda had been under fire over his controversial remark that Indians in the East resemble the Chinese while those in the South look like Africans.

"We could hold together a country as diverse as India -- where people on East look like Chinese, people on West look like Arab, people on North look like maybe White and people in South look like Africans. It doesn't matter. We are all brothers and sisters," Pitroda said during an interview with The Statesman.

The Congress immediately distanced itself from Pitroda's remarks, terming them "unacceptable".

"The analogies drawn by Mr Sam Pitroda in a podcast to illustrate India's diversity are most unfortunate and unacceptable. The Indian National Congress completely dissociates itself from these analogies," Jairam Ramesh said in a post on X.

The BJP also hit out at the Congress over Pitroda's remarks and termed them "racist and divisive".

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News Network
May 19,2024

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A senior UN official says around 800,000 people have been "forced to flee" Rafah in the southern Gaza Strip since the Israeli regime began carrying out ground incursions into the refugee-packed city from various axes.

Philippe Lazzarini, the head of UNRWA, the UN agency for Palestinian refugees, made the remarks in a post on X, former Twitter, on Saturday.

"Nearly half of the population of Rafah or 800,000 people are on the road having been forced to flee since the Israeli forces started the military operation in the area on May 6," he said.

The invasion of the city came amid a genocidal war against Gaza by the regime that has so far claimed the lives of more than 35,300 Palestinians.

Around 1.5 million Palestinians had taken refuge in Rafah prior to the incursions, having fled there from the ravages of the war that began following a retaliatory operation against the occupied territories by Gaza’s resistance groups.

The Gazans, who have now left the city, have fled to "the middle areas and [the southern Gaza city of] Khan Younis, including to destroyed buildings," Lazzarini said.

Al-Mawasi, a 14-square-kilometer town on the coast, as well as the central city of Deir el-Balah, were "crammed" with recently displaced people, he added.

"Every time, they are forced to leave behind the few belongings they have ....Every time, they have to start from scratch, all over again."

The Israeli military has, meanwhile, seized the Rafah crossing in southern Gaza, which borders Egypt and serves as the main point of entry for aid supplies, including fuel, into Palestinian territory.

The move came as part of an all-out siege that the regime has been enforcing against the entire Gaza simultaneously with the war.

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