Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
September 23, Saturday 2017 5:51 AM       

       HEADLINES: SC approves admissions to three pvt medical colleges                                              Thomas Chandy’s issue needs to be discussed within LDF: CPI                                              One-week old dead body found in Thiruvananthapuram                                              RSS functionary Nandakumar lashes out at Pinarayi                                              Single-Bench has right to lift ban on Sreesanth: HC                                              Dawood is in Pak: Kaskar tells Thane police                                              Ready to contest if election can be held within 100 days: Kamal Haasan                                              Navy gets its first indigenous submarine ‘Kalvari’                                              'Madman' Kim Jong-Un doesn't mind starving or killing his people: Trump                                              Zardari resposnible for Benazir Bhutto's murder: Musharraf                                              Moon at UN: S Korea not seeking collapse of N Korea                                              China bans use of anti-Islam words on social media                                              Pakistan a 'terroristan': India                                              Paes, Raja reach St. Petersburg Open tennis semi-finals                                              Srikanth, Prannoy lose; Pranaav-Sikki in semis of Japan Open                                              India dethrone SA to attain top spot in ODIs                                              Kaumudi Facebook
       BUSINESS Next Article: Virtual currencies prone to misuse, cautions RBI  
       No info on black money removed by note ban: RBI to Par panel
 
         Posted on :01:11:11 Sep 6, 2017
   
A A
       Last edited on:01:11:11 Sep 6, 2017
         Tags: No info on black money removed by note ban: R
 
New Delhi: The RBI has told a parliamentary panel that it has "no information" on how much black money has been extinguished as a result of demonetisation of Rs 500/1,000 notes or about unaccounted cash legitimised through exchange of currency post note ban.
 
Stating that an estimated Rs 15.28 (rpt) 15.28 lakh crore in junked notes has come back "subject to future corrections based on verification process", the Reserve Bank also said it has "no information" whether demonetisation is being planned to be implemented at regular intervals.
 
The RBI has been facing flak from the opposition parties for demonetisation and delay in disclosing figures on the junked notes, even as the government has maintained that the November 8, 2016 decision to ban Rs 500/1,000 notes in circulation at that time has helped in curbing black money, among other benefits.
 
Last week in its annual report, the RBI finally made public the details of the junked notes that have come back into the system putting the figure at Rs 15.28 (rpt) 15.28 lakh crore. The same figure has now been shared with the Parliamentary Standing Committee on Finance.
 
Replying to queries from the panel, the RBI said the verification for authenticity and numerical accuracy are still on, while some of the specified bank notes (old Rs 500/1,000 notes) which were accepted by banks and post offices are still lying in currency chests.
 
The central bank also informed the panel that the completion of the process of verification will take time in view of the large volume involved.
 
The process is "going on in full swing" with most RBI offices working in double shifts and with the help of high-end verification machines, the central bank said.
 
"Till such time, these notes are processed by the RBI, their numerical accuracy and authenticity, only in estimation of SBNs received back is possible. Subject to future correction, based on verification process when completed, the estimated value of SBNs received as on June 30 is Rs 15.28 trillion," the RBI said in its written reply to the panel.
 
To a query on how much amount of black money has been extinguished as a result of demonetisation, the central bank said, "The RBI has no information in this regard." 
 
The RBI gave similar reply to another question on how much unaccounted money has been legitimised through exchange of junked currency.
 
The central bank did not give any direct reply on adverse impact on the informal and unorganised sector, as also about the GDP loss. The RBI said the deceleration in overall economic growth figures for 2016-17 had begun "much before demonetisation" due to weakness in industrial and services sector.
 
Last week, several members of the panel had sought redrafting of its draft report on demonetisation as the RBI at that time had not provided some crucial details including on the quantum of junked Rs 500/1,000 notes.
 
The acceptance of the report was deferred as member MPs across party lines including BJD MP Bhartruhari Mahtab, SP MP Naresh Agrawal and BJP MP Nishikant had said that the panel's report on demonetisation needed to be "redrafted" while some of them stated that it "lacks punch".
 
In its annual report for 2016-17, the RBI had disclosed that all but about 1 per cent of the scrapped currency notes have come back into the system.
 
The government had on November 8, banned old Rs 500 and Rs 1,000 notes in an attempt to weed out black money in the country. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny.
 
The government replaced old Rs 500 notes with new ones, but no replacement for Rs 1,000 notes has been made. Instead, a new Rs 2,000 note was introduced post note ban.
A A
       BUSINESS
Next Article: Virtual currencies prone to misuse, cautions RBI
 
 
BUSINESS HEADLINES
Note ban was a shake-up, achieved its main objectives: Jaitley  
Stressed assets core area of concern: Jaitley  
SBI launches FTSE SBI Bond Index series in London  
Sensex tanks 448 pts on global sell-off, falling rupee  
FinMin dispels concerns over high GST transition credit  
'Tax on fuel more important for a dry state like Gujarat'  
Tata battle: NCLAT grants shareholding waiver to Mistry  
Jaitley asks biz not to wait till last day to file GST returns  
"Distinct Person" under the GST Act is a recipe for inviting tax litigation  
Tata Technologies appoints JK Gupta as new Chief Financial Officer  
Nifty ends flat amid caution ahead of Fed meet  
Ministry of Tourism reports 11 pct growth in FTA in August  
Fuel prices may come down by Diwali: Pradhan  
GST on petrol, diesel requires wider discussion: Nitish  
Nifty ends at new peak 10,153, Sensex soars 151 pts  
Nifty scales fresh peak of 10,167.15, Sensex climbs 235 pts  
MiG eyes deal to supply military jets to Navy  
RBI likely to keep policy rate on hold till fiscal-end: Report  
Govt may raise over Rs 15K cr from IPO of 2 PSU gen insurers  
Air India plans to rationalise some routes, says Bansal  
AI starts direct flight to Copenhagen  
SBI hopeful of controlling fresh slippages: MD  
Odisha leader in ease of doing business ranking: Naveen  
Connaught Place world's 10th most expensive office location'  
Should not miss industrial revolution this time: Pradhan  
 
Do you support taking over of Guruvayur Parthasarathy temple by the government?
yes
 
no
 
no opinion
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy