FinMin asks RBI, banks to double-check old notes deposit data

December 15, 2016

New Delhi, Dec 15: Finance Ministry today exuded confidence that supply of new currency notes will considerably improve in next 2-3 weeks even as it asked the RBI and banks to "countercheck" the data regarding deposit of now-defunct currency notes to ensure there is no double counting.

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The RBI has already pumped in Rs 5 lakh crore worth 500 and 2,000 rupee notes and by month end about 50 per cent of the Rs 15 lakh crore worth demonetised currency would be injected into the system, Economic Affairs Secretary Shaktikanta Das told reporters here.

"Finance Ministry, RBI and enforcement agencies are working in tandem so that situation eases out. Situation has considerably improved. And going forward, I would expect in next 2-3 weeks situation will considerably ease out with the supply of more new 500 rupee notes," he said, adding that condition would not "worsen" after December 30.

He said the government has stepped up printing of 500 rupee notes and as its circulation increases, people would also take out the 2,000 rupee notes they were hoarding so far.

More than 2 lakh ATMs have already been recalibrated against 2.20 lakh ATMs and it has come to the Ministry's notice that some banks in order to ensure that they are in a position to service their own customers, they prefer to give the cash through their branches.

"We have advised banks that they should continue replenish cash in ATMs and not to starve ATMs. We are monitoring it regularly," Das said.

As per RBI data, over Rs 12.44 lakh crore worth defunct 500 and 1000 rupee notes have been deposited till December 10.

"RBI has given a figure of Rs 12.5 lakh crore which has been received back. There are lot of areas where we feel there could be double counting. So we have identified those areas and we have requested RBI and banks to again double check.

"So a process of correction, checking, counter checking of the figure, due diligence is being done to see there is no double counting of figure.... We think there is scope for double counting and therefore the scope for verification of those figures are going on," Das said.

He said three times the total number of lower denomination notes -- 100, 50, 20 and 10 -- which RBI supplies in a year has been supplied over the last five weeks.

About Rs 1.60 lakh crore worth 100 rupee notes were in circulation before November 8 and more than Rs 80,000 crore worth of this notes have been supplied to the market over past five weeks.

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News Network
May 8,2024

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Congress leader Sam Pitroda has stepped down from the post of Chairman of the Indian Overseas Congress and his resignation was accepted by the party. Congress leader Jairam Ramesh took to X and announced that Sam Pitroda had decided to resign from the key post "of his own accord".

Pitroda had been under fire over his controversial remark that Indians in the East resemble the Chinese while those in the South look like Africans.

"We could hold together a country as diverse as India -- where people on East look like Chinese, people on West look like Arab, people on North look like maybe White and people in South look like Africans. It doesn't matter. We are all brothers and sisters," Pitroda said during an interview with The Statesman.

The Congress immediately distanced itself from Pitroda's remarks, terming them "unacceptable".

"The analogies drawn by Mr Sam Pitroda in a podcast to illustrate India's diversity are most unfortunate and unacceptable. The Indian National Congress completely dissociates itself from these analogies," Jairam Ramesh said in a post on X.

The BJP also hit out at the Congress over Pitroda's remarks and termed them "racist and divisive".

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News Network
May 6,2024

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The stage is all set for the third phase of voting for the Lok Sabha election, which will take place on Tuesday, May 7. The polling will take place across 94 Lok Sabha constituencies covering ten states and two union territories.

Jammu and Kashmir's Anantnag-Rajouri Lok Sabha seats were also to vote in the third phase of polling. However, due to several connectivity issues, the Election Commission of India rescheduled it to May 25.

The voting in the third phase of the Lok Sabha election will begin at 7 am on Tuesday and conclude at 5 pm. The results will be declared on June 4.

Lok Sabha election Phase 3: List of states and constituencies:

Karnataka Chikkodi, Belgaum, Bagalkot, Bijapur, Gulbarga, Raichur, Bidar, Koppal, Bellary, Haveri, Dharwad, Uttara Kannada, Davangere, Shimoga 
Assam Dhubri, Kokrajhar, Barpeta, Gauhati
Chhattisgarh Sarguja, Raigarh, Janjgir-Champa, Korba, Bilaspur, Durg, Raipur
Bihar Jhanjharpur, Supaul, Araria, Madhepura, Khagaria
West Bengal  Maldaha Uttar, Maldaha Dakshin, Jangipur, Murshidabad
Goa North Goa, South Goa
Gujarat  Kachchh, Banaskantha, Patan, Mahesana, Sabarkantha, Gandhinagar, Ahmedabad East, Ahmedabad West, Surendranagar, Rajkot, Porbandar, Jamnagar, Junagadh, Amreli, Bhavnagar, Anand, Kheda, Panchmahal, Dahod, Vadodara, Chhota Udaipur, Bharuch, Bardoli, Surat, Navsari, Valsad    
Uttar Pradesh Sambhal, Hathras, Agra (SC), Fatehpur Sikri, Firozabad, Mainpuri, Etah, Budaun, Aonla, Bareilly
Madhya Pradesh Bhind, Bhopal, Guna, Gwalior, Morena, Rajgarh, Sagar, Vidisha, Betul
Maharashtra  Baramati, Raigad, Osmanabad, Latur (SC), Solapur (SC), Madha, Sangli, Satara, Ratnagiri-Sindhudurg, Kolhapur, Hatkanangle
Dadra and Nagar Haveli Dadra and Nagar Haveli
Daman and Diu Daman and Diu

Over 1,300 candidates, including 120 women, are in the fray in the third phase of the Lok Sabha election. Some of the key candidates include bigwigs such as union ministers Amit Shah, Jyotiraditya Scindia, Mansukh Mandaviya, Parshottam Rupala, Pralhad Joshi, and SP Singh Baghel. Former Madhya Pradesh chief ministers Shivraj Singh Chouhan and Digvijaya Singh are also contesting the election in Madhya Pradesh. At the same time, the fate of former Karnataka chief minister Basavaraj Bommai will also be decided in the third phase. Meanwhile, several members of Mulayam Singh Yadav's family are also contesting in this phase in Uttar Pradesh.

List of key candidates and their constituencies

Amit Shah (BJP) - Gandhi Nagar, Gujarat

Digvijaya Singh (Congress) - Rajgarh, Madhya Pradesh

Shivraj Singh Chouhan (BJP) - Vidisha, Madhya Pradesh

Dimple Yadav (SP) - Mainpuri, Uttar Pradesh

Supriya Sule (NCP) - Baramati, Maharashtra

Purshottam Rupala (BJP) - Rajkot, Gujarat

Jyotiraditya Scindia (BJP) - Guna, Madhya Pradesh

Pralhad Joshi (BJP) - Dharwad, Karnataka

KS Eshwarappa (BJP) - Shimoga, Karnataka

Praniti Shinde (Congress) - Solapur, Maharashtra

Hasmukbhai Patel (BJP) - Ahmedabad East, Gujarat

Pallavi Dempo (BJP) - South Goa, Goa

Adhir Ranjan Chowdhury (Congress) - Berhampore, West Bengal

The Lok Sabha elections are being held in seven phases - with the first phases concluded on April 19 and April 26. The third phase will be held on May 7; the fourth phase will be held on May 13; the fifth phase will be on May 20; the sixth phase will be on May 25; and the seventh phase on June 1.

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News Network
April 26,2024

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The Supreme Court of India on Friday, April 26, rejected pleas seeking 100% cross-verification of votes cast using EVMs with a Voter Verifiable Paper Audit Trail (VVPAT) and said “blindly distrusting” any aspect of the system can breed unwarranted scepticism.

A bench of Justices Sanjiv Khanna and Dipankar Datta delivered two concurring verdicts. It dismissed all the pleas in the matter, including those seeking to go back to ballot papers in elections.

An EVM comprises three units – the ballot unit, the control unit and the VVPAT. All three are embedded with microcontrollers with a burnt memory from the manufacturer. Currently, VVPATs are used in five booths per assembly constituency.

EVM VVPAT case: Supreme Court issues two directives

1.    Justice Khanna directed the Election Commission of India to seal and store units used to load symbols for 45 days after the symbols have been loaded to electronic voting machines in strong rooms.

2.    The Supreme Court also allowed engineers of the EVM manufacturers to verify the microcontroller of the machines after the declaration of the results at the request of candidates who stood second and third. The top court said the request for the verification of the microcontroller can be made within seven days of the declaration of the results after payment of fees.

Option for candidates to seek verification of EVM programmes

•    Candidates who secure second and third position in the results can request for the verification of burnt memory semicontroller in 5% of the EVMs per assembly segment in a Parliamentary constituency. The written request to be made within seven days of the declaration of the results.

•    *On receiving such a written request, the EVMs shall be checked and verified by a team of engineers from the manufacturer of the EVMs.

•    Candidates should identify the EVMs to be checked by a serial number of the polling booth.

•    Candidates and their representatives can be present at the time of the verification.

•    After verification, the district electoral officer should notify the authenticity of the burnt memory.

•    Expenses for the verification process, as notified by the ECI, should be borne by the candidate making the request.
What did the Supreme Court say?

•    "If EVM is found tampered during verification, fees paid by the candidates will be refunded," the bench said.

•    "While maintaining a balanced perspective is crucial in evaluating systems or institutions, blindly distrusting any aspect of the system can breed unwarranted scepticism...," Justice Datta said.

Who filed the petitions?

NGO Association for Democratic Reforms, one of the petitioners, had sought to reverse the poll panel's 2017 decision to replace the transparent glass on VVPAT machines with an opaque glass through which a voter can see the slip only when the light is on for seven seconds.

The petitioners have also sought the court's direction to revert to the old system of ballot papers.

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