Banks get Rs 12.44 lakh crore in old notes till Dec 10: RBI

December 13, 2016

Mumbai, Dec 13: RBI today said banks have garnered Rs 12.44 trillion (Rs 12.44 lakh crore) in banned notes till December 10, while they have issued Rs 4.61 trillion to them since the demonetisation drive began 35 days ago.

RBI

"The old notes of Rs 500 and Rs 1,000, which have been returned to the Reserve Bank and the currency chest, amounted Rs to 12.44 trillion as of December 10," RBI Deputy Governor R Gandhi told reporters here.

The money that various banks have issued through their counters and ATMs since November 10 and up to December 10 stood at Rs 4.61 trillion, he added.

In volume terms the number stood at 21.8 billion pieces of notes of various denominations, of which 20.1 billion pieces were of Rs 10, Rs 20, Rs 50 and Rs 100. The number of higher denomination of new Rs 500 and Rs 2,000 notes stood at 1.7 billion, he said.

Hence, while the notes surrendered have risen by almost Rs 1 trillion, cash disbursal has risen only a little since December 7, when RBI had said that banks had issued Rs 4.27 trillion of new notes post demonetisation through ATMs and bank counters, the banned notes collected stood at Rs 11.55 trillion.

"The entire system is continuously gearing up for supporting the circulation of notes in the hands of the public. Daily, we are issuing more and more notes, getting it printed and issuing it and this will be a continuous affair. The public are requested to freely use the notes that they have in their hands rather than hoard it," Gandhi said.

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News Network
May 4,2024

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Canadian Police said they have arrested three Indians they suspect were part of the alleged hit squad that had killed Hardeep Singh Nijjar, a Sikh separatist leader involved with the Khalistan movement, which calls for an independent Sikh state.

Nijjar's killing had become the epicentre of a diplomatic row between India and Canada last year after Prime Minister Justin Trudeau alleged the role of "Indian agents" in the murder. India had rejected the charge as "absurd" and "motivated".

The three arrested Indians - Karan Brar, 22, Kamalpreet Singh, 22, Karanpreet Singh, 28 - were living as non-permanent residents in Alberta for three to five years, said Superintendent Mandeep Mooker, who leads the Integrated Homicide Investigation Team. The police have also released their photos.

They have been charged with first-degree murder and conspiracy to commit murder, showed court documents.

Police said that none of the suspects were known to them earlier and they were investigating their possible ties to the Indian government.

The murder remains "very much under active investigation," Royal Canadian Mounted Police (RCMP) Assistant Commissioner David Teboul told a press conference on Friday.

"There are separate and distinct investigations ongoing into these matters, certainly not limited to the involvement of the people arrested today, and these efforts include investigating connections to the government of India," CTV News quoted him as saying.

Nijjar, a Canadian citizen who was wanted in India on various terror charges, was shot dead outside a gurdwara in Surrey on June 18, 2023. Trudeau's charge against India sparked a massive row later that year with both countries expelling diplomats of the other country.

A fresh row erupted earlier this week after separatist slogans on 'Khalistan' were raised at an event addressed by Trudeau, prompting New Delhi to summon their Deputy High Commissioner and lodge a strong protest.

On the sidelines of the event, Trudeau told reporters that Nijjar's killing had created a "problem" that he could not have ignored.

India rejected his comment and said it once again showed Canada provides political space given to separatism, extremism, and violence. "This not only impacts India-Canada relations but also encourages a climate of violence and criminality in Canada to the detriment of its own citizens," foreign ministry spokesperson Randhir Jaiswal said.

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News Network
May 8,2024

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Nearly 80 Air India Express flights were canceled after the cabin crew members went on a "mass sick leave", official sources said on Wednesday.

As many as 79 international and domestic flights were canceled after about 300 senior cabin crew members reported sick at the last minute and switched off their mobile phones.

The Air India Express management is currently trying to reach out to the crew, who are protesting against the new employment term at the Tata Group-owned airline, sources said.

The cabin crew has also alleged that there was a lack of equality in the treatment of the staff after the merger with Tata Group. They claim that some staff members were offered lower job position despite clearing interviews, sources said.

"A section of our cabin crew has reported sick at the last minute, starting last night, resulting in flight delays and cancellations. While we are engaging with the crew to understand the reasons behind these occurrences, our teams are actively addressing this issue to minimise any inconvenience caused to our guests as a result," an Air India Express spokesperson said.

"We sincerely apologise to our guests for this unexpected disruption and emphasise that this situation does not reflect the standard of service we strive to provide," the spokesperson added.

Guests impacted by cancellations will be offered a full refund or complimentary rescheduling to another date, the airline said.

Several passengers took to their social media accounts and complained about the sudden cancellations of their flights. They said that they had "no information" about the cancellations.

Some "very disappointed" passengers on X said that they had reached the airport when they were informed that their flights were canceled.

"We apologise for any inconvenience. Please be informed that your flight has been canceled due to operational reasons," Air India Express said in response to one of the posts on X.

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News Network
April 26,2024

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Voting has begun in 88 constituencies across 13 states and Union Territories amid a furious row between the Congress and the BJP over manifesto and inheritance tax. Election will be held on all seats of Kerala, a chunk of Rajasthan and UP.

Key points

Elections for the second phase will be held for 20 seats of Kerala, 14 seats in Karnataka, 13 in Rajasthan, eight each in Uttar Pradesh and Maharashtra, seven in Madhya Pradesh, five each in Assam and Bihar, three each in Bengal and Chhattisgarh and one each in Jammu and Kashmir, Manipur and Tripura.

Earlier, 89 constituencies were expected to vote in this phase. But polling in Betul, Madhya Pradesh, was rescheduled after the death of a candidate from Mayawati's Bahujan Samaj Party. Betul will now vote in the third phase, due on May 7.

Key candidates for this round include the BJP's Union minister Rajeev Chandrashekhar  -- up against Congress' Shashi Tharoor from Thiruvananthapuram; actors Hema Malini, and Arun Govil from 1980s iconic serial Ramayan, senior BJP leader Tejasvi Surya and Lok Sabha Speaker Om Birla,  Congress' Rahul Gandhi, KC Venugopal, Bhupesh Baghel. and Ashok Gehlot's son Vaibhav Gehlot.

For both BJP and the Opposition, the most crucial states in this phase will be Karnataka and Kerala. Karnataka is the only BJP bastion in the south, where the Congress won in the last assembly election. The party is hoping to do well amid concerns about delimitation and the disadvantage southern states could face after it.

Further south, the BJP is trying to break into the bipolar politics of Kerala. The party is hoping to open its account in the state having fielded Union ministers Rajiv Chandrasekhar and V. Muraleedharan. In Wayanand, a Congress bastion for over 20 years, it has fielded its state unit president K Surendran against Rahul Gandhi.

For the Opposition, Kerala is a big shining hope. Even though the Left and the Congress are competing against each other in the southern state, victory by either will add to the tally of the Opposition bloc INDIA. Kerala is one of the few states that have never sent a BJP member to parliament.

With north, west and northeast India saturated, the BJP is hoping to expand in the south and east in their quest for 370 seats. The party had won 303 seats in 2019, a majority of them from the Hindi heartland and bastions new and old, including Gujarat and the northeast.

The Congress, though, has claimed it would post a much better performance compared to 2019. After the first phase of the election, their claims have got louder, especially in Rajasthan and western Uttar Pradesh. Rashtriya Janata Dal chief Tejashwi Yadav has claimed INDIA will win all five seats in Bihar.  

The election is being held amid a bitter face-off between the Congress and the BJP. The row was sparked by Prime Minister Narendra Modi's comment that the Congress, if voted to power, will redistribute the personal wealth of people among "infiltrators" and won't even spare the mangalsutras of women. The Congress has questioned if the people had to fear for their wealth and mangalsutras in 55 years of the party's rule and accused the BJP of sidestepping issues that matter.

The next phase of election is due on May 7. The counting of votes will be held on June 4 – three days after the seventh and last phase of election on June 1.

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