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Last month, the RBI governor had said the majority of the withdrawn Rs 2,000 currency notes are expected to be returned to the banking system by the September 30 deadline.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
July 20,2024

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A family of four from Kerala, who had just returned to Kuwait after a vacation, died in a tragic fire at their Abbasiya residence on Friday night. The victims are Mathew Mulackal (40), wife Lini Abraham (38) and children Irin (14) and Issac (9), all hailing from Neerattupuram, Alappuzha.

The family returned to their Kuwait flat on Friday evening, after a month-long vacation in Kerala. The fire, believed to have been caused by an air conditioning unit malfunction, broke out around 9 p.m. Preliminary reports suggest that the family died from inhaling toxic fumes.

Mathew was employed with Reuters, while Lini worked as a nurse in Kuwait. They had returned from their vacation just ahead of the reopening of their children's school. 

The family had recently built a new home in Kerala, which was completed a year ago. During their vacation, they visited the house for a blessing ceremony but couldn't stay long due to their return schedule.

Fire brigade and police have launched an investigation. The Indian Ambassador in Kuwait, along with Union Ministers, are taking measures to repatriate the bodies to India. 

"Embassy @indembkwt expresses its deepest condolences on the tragic demise of Mr Mathews Mulackal, his wife and 2 children due to fire in his flat in Abassiya yesterday night," the Indian Embassy in Kuwait said in a post on X.

"Embassy is in touch with his family and will ensure early repatriation of mortal remains," it added. Mathews Mulackal is survived by his mother and three siblings.

"Mathew has been working there for the past 15 years. His wife is a nurse. The children are studying there. They left after their vacation on Thursday night from Nedumbassery and reached Kuwait on Friday," a relative told the media on Saturday.

Notably, this happened more than a month after a massive blaze at a building in Kuwait killed 46 Indian nations. Authorities say an electrical short circuit in the room of the guard on the ground floor of the building caused the blaze. Of the 196 residents in the housing facility, 175 are Indians, 11 are Filipinos and the rest are from Thailand, Pakistan and Egypt.

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News Network
July 19,2024

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Mangaluru, July 19: In what is being termed as a result of negligence on the part of Mangalore Electricity Supply Company Limited (Mescom), a teenage college girl was electrocuted to death in Muluru, under the limits of Gurupura gram panchayat, in the coastal district of Dakshina Kannada.

The victim has been identified as Ashwini Shetty, a student at a private college in Mangaluru who aspired to become a Chartered Accountant. She is survived by her mother, father, and elder brother.

The tragedy occurred when Ashwini accompanied her father to a paddy field. It is learned that their pet dog, which had followed them, came into contact with a live wire and started struggling. Ashwini, while attempting to rescue the dog, reportedly stepped on the live wire and was electrocuted.

A neighbor of the deceased, speaking about the incident, said, "There were sparks emitting from the wires, and we immediately informed the authorities concerned, but they did not respond to our calls."

"Around 7 pm, we heard someone screaming. Everyone gathered, and we tried to take her to the hospital, but we were unsuccessful in saving her life. This whole incident could have been prevented if the Mescom officials had responded on time and cut the power supply," he added.

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News Network
July 17,2024

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Bengaluru: Search and rescue operations resumed on Wednesday morning in Shirur village in Uttara Kannada district, where a massive landslide claimed the lives of four people a day ago.

Vehicular traffic has been temporarily suspended on National Highway 66, where the incident occurred, officials said.

After an intensive rescue and search operation by the local police, a team of National Disaster Response Force, fire and emergency services and officials of other agencies amid rains, four bodies were recovered by Tuesday evening.

"So, far four bodies have been recovered and identified. Restoration and search operations have resumed early morning today," a senior police official said.

Among the four dead were members of the same family, who ran an eatery along the national highway.

Following the incident, the state government had said that three gas tankers had pulled up at the eatery for a tea break when mud and rocks plunged down the hill.

The landslip triggered by incessant rains also swept away two of the three tankers into the Gangavali river flowing on the other side of the road.

According to state government, the National Highways Authority of India while building National Highway 66 "cut the hill steep instead of a 45-degree slope resulting in the accident.

Meanwhile, vehicular movement has been banned till July 22 in Seethalayanagiri-Mullayanagiri area of Chikkamagaluru taluk due to collapse of hills and severe damage to the road surface owing to heavy rains.

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