Nearly 50 per cent of Rs 2K notes in circulation has already come back: RBI Governor

News Network
June 8, 2023

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Reserve Bank Governor Shaktikanta Das on Thursday said about 50 per cent of Rs 2,000 notes in circulation has come back in the banking system since the RBI announced withdrawal of the highest denomination currency last month.

As on March 31, 2023, he said, Rs 2,000 notes worth Rs 3.62 lakh crore were in circulation.

"So far, Rs 1.80 lakh crore have come back after the announcement," he said during an interaction with media after releasing the bi-monthly monetary policy here.

About 85 per cent of Rs 2,000 notes are coming as deposits in bank accounts and this is in line with expectation, he said.

On May 19, the Reserve Bank of India (RBI) announced the withdrawal of Rs 2,000 denomination banknotes as part of its currency management and permitted the exchange of such notes (up to Rs 20,000 in one go) from May 23 onwards. The exchange or deposit window is available till September 30, 2023.

The governor also urged the public not to panic for exchange or deposit of Rs 2,000 notes but should avoid last minute rush.

He also made it clear that RBI is not thinking of withdrawing Rs 500 notes, or even re-introducing notes in the Rs 1,000 denomination, and requested the public not to speculate on this.

Last month, the RBI governor had said the majority of the withdrawn Rs 2,000 currency notes are expected to be returned to the banking system by the September 30 deadline.

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News Network
February 6,2025

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A U.S. military aircraft carrying 104 Indian migrants deported from the United States landed in Amritsar, Punjab, on Wednesday. This marks the first such deportation flight under President Donald Trump's intensified crackdown on illegal immigration. 

Harrowing Journeys in Pursuit of the American Dream

Many of the deported individuals undertook perilous journeys orchestrated by unscrupulous agents who promised legal entry into the U.S. Harvinder Singh, from Tahli village in Punjab's Hoshiarpur district, recounted his ordeal:

False Promises and Dangerous Routes: After paying an agent ₹4.2 million for a U.S. work visa, Singh was rerouted through multiple countries, including Brazil and Colombia. He endured a treacherous two-day trek through mountainous terrain, often referred to as the "donkey route," and a perilous sea journey toward the Mexico-U.S. border. During this voyage, the boat capsized, resulting in the death of a fellow traveler. 

Survival Amidst Tragedy: Sukhpal Singh from Darapur village described a similar experience, involving a 15-hour sea journey and a 45-kilometer hike through hazardous hills. He witnessed numerous fatalities along the way and was eventually apprehended in Mexico before reaching the U.S. Detained in a dark cell for 14 days, he emphasized the dire conditions faced by many Punjabi migrants. 

Financial Ruin and Broken Dreams

Families of the deported migrants are now grappling with substantial debts incurred to fund these ill-fated journeys.

Crippling Debts: Kuljinder Kaur, wife of Harvinder Singh, lamented, "We sold whatever little we had and borrowed money at high interest to pay the agent, hoping for a better future. But he deceived us. Now, not only has my husband been deported, we are also left with a huge debt." 

Mortgaged Futures: In Kapurthala's Behbal Bahadue, Gurpreet Singh's family mortgaged their home and took loans to send him abroad. Similarly, Jaswinder Singh's family in Fatehgarh Sahib spent ₹5 million, only to face the burden of high-interest loans after his deportation. 

Government Response and Future Implications

This deportation operation precedes Prime Minister Narendra Modi's upcoming visit to Washington for discussions with President Trump. The Indian government has expressed its willingness to accept deported nationals after proper verification. Between November 2023 and October 2024, the U.S. deported 519 Indian citizens, with estimates suggesting around 725,000 unauthorized Indian immigrants currently reside in the U.S. 

The deported individuals' experiences underscore the perils of illegal migration and the exploitation by fraudulent agents. Authorities urge citizens to pursue legitimate avenues for international travel and employment to avoid such tragedies.

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News Network
February 6,2025

deportedindians.jpg

A U.S. military aircraft carrying 104 Indian migrants deported from the United States landed in Amritsar, Punjab, on Wednesday. This marks the first such deportation flight under President Donald Trump's intensified crackdown on illegal immigration. 

Harrowing Journeys in Pursuit of the American Dream

Many of the deported individuals undertook perilous journeys orchestrated by unscrupulous agents who promised legal entry into the U.S. Harvinder Singh, from Tahli village in Punjab's Hoshiarpur district, recounted his ordeal:

False Promises and Dangerous Routes: After paying an agent ₹4.2 million for a U.S. work visa, Singh was rerouted through multiple countries, including Brazil and Colombia. He endured a treacherous two-day trek through mountainous terrain, often referred to as the "donkey route," and a perilous sea journey toward the Mexico-U.S. border. During this voyage, the boat capsized, resulting in the death of a fellow traveler. 

Survival Amidst Tragedy: Sukhpal Singh from Darapur village described a similar experience, involving a 15-hour sea journey and a 45-kilometer hike through hazardous hills. He witnessed numerous fatalities along the way and was eventually apprehended in Mexico before reaching the U.S. Detained in a dark cell for 14 days, he emphasized the dire conditions faced by many Punjabi migrants. 

Financial Ruin and Broken Dreams

Families of the deported migrants are now grappling with substantial debts incurred to fund these ill-fated journeys.

Crippling Debts: Kuljinder Kaur, wife of Harvinder Singh, lamented, "We sold whatever little we had and borrowed money at high interest to pay the agent, hoping for a better future. But he deceived us. Now, not only has my husband been deported, we are also left with a huge debt." 

Mortgaged Futures: In Kapurthala's Behbal Bahadue, Gurpreet Singh's family mortgaged their home and took loans to send him abroad. Similarly, Jaswinder Singh's family in Fatehgarh Sahib spent ₹5 million, only to face the burden of high-interest loans after his deportation. 

Government Response and Future Implications

This deportation operation precedes Prime Minister Narendra Modi's upcoming visit to Washington for discussions with President Trump. The Indian government has expressed its willingness to accept deported nationals after proper verification. Between November 2023 and October 2024, the U.S. deported 519 Indian citizens, with estimates suggesting around 725,000 unauthorized Indian immigrants currently reside in the U.S. 

The deported individuals' experiences underscore the perils of illegal migration and the exploitation by fraudulent agents. Authorities urge citizens to pursue legitimate avenues for international travel and employment to avoid such tragedies.

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Agencies
February 3,2025

The Indian rupee plummeted to a historic low of 87.29 per dollar on Monday. This decline is attributed to escalating trade tariffs imposed by US President Donald Trump amid global market uncertainties.

Having already depreciated over 1.5% this year, the rupee's latest tumble is regarded as a repercussion of tariff measures enforced by the US government. The currency opened with a substantial gap-down of 43 paise, hitting a low of 87.29 before rebounding to 87.13 following a Reserve Bank of India (RBI) intervention. 

Currency expert KN Dey explained to ANI that the tariff war, ignited by the US against Canada, Mexico, and China, is responsible for the rupee's decline. KN Dey noted, "Rupee opened with a gap of 43 paisa which was one of the highest gap openings, touched a new low of 87.29, but is now trading at 87.13 due to RBI intervention."

The situation remains fluid as President Trump has also hinted at possible tariffs on BRICS nations, including India. KN Dey cautioned, "Though Trump has been threatening BRICS countries also, it remains as to when he would press the button. This could be a knee-jerk reaction on the Rupee, but it's better to wait and watch for a couple of days." 

On a broader scale, this pressure on the rupee is mirrored by a strengthening US dollar against global currencies. Monday saw the Canadian dollar and Mexican peso dip to multi-year lows and the Chinese yuan weaken to a historic low. The US government announced an imminent 25% tariff on imports from Canada and Mexico and a 10% tariff on Chinese goods.

Market analysts suggest this may be a short-term reaction, with investors advised to observe how circumstances develop. The unfolding situation is anticipated to shape market movements significantly.

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