The Reserve Bank of India (RBI) booked massive gains on its foreign currency sales and needed to provide much lesser for its reserves in 2020-21 (FY21), helping it to carve out a significant Rs 99,122-crore dividend for the government, revealed the RBI's annual report for FY21. By doing so, the central bank's risk buffers have reduced to the bare minimum, which may restrict some of RBI's scale of operations, and would likely hamper dividend payout for financial year 2021-22, said analysts. The annual accounts are for nine months ended March 31, 2021 since the RBI changed its accounting year from July-June to April-March from FY21.
A total 179 deaths deaths have been reported since Monday evening, of which 98 were from West Bengal, 35 from Maharashtra, 29 from Gujarat, six from Rajasthan, five from Uttar Pradesh, two from Punjab and one each from Chandigarh, Haryana, Karnataka and Tamil Nadu.
If RBI has to replace the entire stock of Rs 1,000 and Rs 500 notes with Rs 100 ones, the cost would be more than Rs 10,000 crore.
'The current crisis is a result of a clash between a coercive attempt by the government to justify demonetisation and rising digital transactions against the market and the economy fighting the unexpected pressure from atop.'
Little attention is paid to the management of currencies and coins in India.
The crux of the problem is change, specifically the Rs 500 note, which India's presses cannot, currently, print in adequate number, says Sahil Kini/IndiaSpend.
Calling Congress vice-president Rahul Gandhi 'mentally unstable' over his remarks about having personal information about Prime Minister Narendra Modi's involvement in corruption, the Bharatiya Janata Party on Wednesday said the former was suffering from an 'attention seeking disorder'.
Breaking his silence over the demonetisation issue, RBI Governor Urjit Patel on Sunday said the central bank is monitoring the situation on a daily basis and taking all necessary actions to "ease the genuine pain of citizens" with a clear intent to normalise the things as early as possible.
Venkaiah Naidu said 'let there be a discussion... November 8 is a historic day'.
James Wilson explains why Indians are destined to silently suffer the cash shortage for half a dozen more months.
Whether it took the corona crisis to bring about the transformation, or otherwise, the change ought to be welcome, notes Virendra Kapoor.
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
India has gone through this exercise twice, and here's what happened then.
Doval had moved court against the magazine, the author of the article Kaushal Shroff and Congress leader Jairam Ramesh for holding a press conference on January 17 reiterating the 'baseless and unfounded facts' as narrated in the article.
The article claimed that Vivek Doval was running a hedge fund whose promoters are of dubious antecedents.
In refusing to accept its failure, the government has sowed the seeds of further damage: by keeping India short of cash; reducing the headroom for responses to seasonal spikes in cash demand; and increasing the chances that groups will panic at temporary cash shortages, says Mihir Sharma.
'With the Election Commission wisening up to the practice, which strikes at the very root of electoral democracy, the practitioners of cash for votes have been getting more and more ingenious,' points out Saisuresh Sivaswamy.
'We spent considerable time re-skilling all the employees, and then we created a new focus called the 'One Infosys'.'
Cash withdrawal limits likely to continue
Opposition members kept on shouting 'Pradhan Mantri sadan me aao'.
'RBI is taking all steps to complete the process expeditiously so as to release firm figures at an early date.'
At a hurriedly convened press conference, the former Uttar Pradesh said, "All deposits are as per norms and party rules and the money was collected before note ban. Should we have thrown it?"
Modi said Nepal and India can benefit if they cooperate and work together for the promotion of five Ts: Tradition, Trade, Tourism, Technology and Transport.
Silverline seems symptomatic of how Kerala -- its claimed education, awareness and all -- overlooks its real problems, notes Shyam G Menon.
The Dera's sprawling headquarters include an ostentatious '7-star MSG resort' with replicas of Eiffel Tower, Taj Mahal, Kremlin and Disney World inside.
RBI Governor Raghuram Rajan, who today surprised markets with a rate hike, defended the move saying a rate cut would not have impacted either banks or borrowers and that bringing down retail prices is the key to sustainable growth.
Ambrose D'Mello, the Independent candidate from Bengaluru South, has been on maun vrat for 15 years. He does not own a house, does not wear footwear and sells books to earn a living.
India will be informing Sri Lanka about an official working with the Pakistan High Commission in Colombo who was allegedly playing a key role in planning terror strikes at the behest of ISI on the US and Israeli consulates in the southern part of this country.
'Women's voices are too high or too low, or they are seen as too short or too tall, or too fat or too thin, to be great leaders.' 'These judgments wear us down.'
He said digitisation was aimed at bringing in accountability and added that more cash would bring with it social evils.
Modi said there was a time when families would celebrate getting gas connections as if they have got home a Mercedes.
In a 35-minute address to the Indian diaspora, the prime minister said that his government was not afraid of taking "big" and "tough" decisions in the interest of the country.
Delhi Police faced a tough time in 2016 when crime cases surged by over nine per cent in the national capital while 73 per cent cases remained unsolved.
'Whoever whispered in his ears that go for demonetisation, misled him completely' and the PM lacked the sagacity to know that it would not work, Yashwant Sinha tells Archis Mohan.
A tweet by the Press Information Bureau said the states which have imposed lockdown in all districts include Chandigarh, Delhi, Goa, Jammu and Kashmir and Nagaland. The other states are: Rajasthan, Uttarakhand, West Bengal, Ladakh, Tripura, Telangana, Chhattisgarh, Punjab, Himachal Pradesh, Maharashtra, Andhra Pradesh, Meghalaya, Jharkhand, Bihar, Arunachal Pradesh, Manipur, Tamil Nadu, Kerala, Haryana, Daman Diu and Dadra and Nagar Haveli, Karnataka and Assam.
The Congress president said the PM should apologise for the note ban decision.
T K S Elangovan has alleged senior bank officials forged documents and faked authorisation from the RBI, to transport huge sums of hawala money during recent elections in the state.
To mark the anniversary of note ban, the Congress was observing a 'black day'.
The last three prime ministers who served full terms started out in their early 70s. Mr Modi is younger and fitter than all of them. But he needs to find it in him to change course if he is to beat the odds, notes T N Ninan.
With about 2,000 qualified engineers to service ATMs across the country, it is an uphill task to modify 220,000 machines.
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