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Last month, the RBI governor had said the majority of the withdrawn Rs 2,000 currency notes are expected to be returned to the banking system by the September 30 deadline.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
January 14,2025

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New Delhi: Social media giant Meta is set to get a summons from a Parliamentary Standing Committee over its boss Mark Zuckerberg's remark on the 2024 Indian general election. Nishikant Dubey, BJP MP and chairman of the House panel on Communication and Information Technology, said Meta would be summoned on grounds of spreading misinformation.

"Misinformation on a democratic country maligns its image. The organisation would have to apologise to the Parliament and the people here for this mistake," Mr Dubey said in a post on X.

In a podcast on January 10, the 40-year-old Facebook co-founder said the Covid pandemic had led to an erosion of trust in incumbent governments the world over. He incorrectly cited India's example in this connection. "2024 was a very big election year around the world and all these countries, India, had elections. The incumbents basically lost every single one. There is some sort of a global phenomenon - whether it was because of inflation or the economic policies to deal with Covid or just how the governments dealt with Covid. It seems to have had this effect that's global," he said.

Soon after, Union Minister Ashwini Vaishnaw fact-checked Zuckerberg's remark and said the people of India had reaffirmed their trust in the NDA led by Prime Minister Narendra Modi in the Lok Sabha election held last year.

"As the world's largest democracy, India conducted the 2024 elections with over 640 million voters. People of India reaffirmed their trust in NDA led by PM @narendramodi Ji's leadership. Mr. Zuckerberg's claim that most incumbent governments, including India in 2024 elections, lost post-COVID is factually incorrect," Mr Vaishnaw, who handles portfolios of Railways, Information and Broadcasting and Electronics and Information Technology in the Modi 3.0 government, said in a post on X.

"From free food for 800 million, 2.2 billion free vaccines, and aid to nations worldwide during COVID, to leading India as the fastest-growing major economy, PM Modi's decisive 3rd-term victory is a testament to good governance and public trust. Meta, it's disappointing to see misinformation from Mr. Zuckerberg himself. Let's uphold facts and credibility," he added.

The ruling BJP, which had scored thumping victories in the 2014 and 2019 Lok Sabha polls, suffered some setbacks in the general election last year and ended below the majority mark. The NDA alliance, however, crossed the magic figure comfortably with key allies bolstering the BJP's numbers. A united Opposition led by the Congress did make gains, but fell well short of the numbers required to turn the tables. With Modi 3.0, Prime Minister Modi became only the second Indian Prime Minister after Jawaharlal Nehru to get the top post for three consecutive terms.

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News Network
January 13,2025

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Riyadh: The Indian Embassy in Riyadh hosted a grand Indian Community Interaction Program at its auditorium in the Diplomatic Quarter, attended by the Honorable Minister for Parliamentary and Minority Affairs, Shri Kiren Rijiju. The event, which commenced at 6 PM (KSA time) brought together a vibrant gathering of Indian community members, Embassy officials and dignitaries.

The Minister was warmly welcomed by the Indian community steering committee with a traditional Himachali cap and shawl, symbolizing Indian cultural richness and diversity. The Honorable Indian Ambassador to Saudi Arabia, Dr. Suhel Ajaz Khan, shared the dais. 

In his address, Shri Kiran Rijiju emphasized the growing strategic partnership between India and Saudi Arabia, describing it as critical for fostering mutual growth and supporting the well-being of the Indian diaspora. He remarked, “India and Saudi Arabia share ancient ties, which have evolved into a robust partnership spanning trade, education, technology and culture.”

“The Kingdom is not only home to 2.6 million Indians but also a key ally in advancing global stability and prosperity,” he said. With the Indian diaspora in Saudi Arabia being the second-largest globally, Shri Rijiju equated their number to the population of many nations.

Shri Rijiju underscored the shared commitment to strengthening cultural and economic links, which directly benefit the Indian community in Saudi Arabia and their families in India. 

He captivated the audience with his thoughtful address, expressing gratitude to the Indian diaspora for their invaluable contributions. Reflecting on his earlier visits to the Kingdom as a Member of Parliament and individual basis, he emphasized the significance of this trip as Minister for Parliamentary and Minority Affairs and it’s going to be helpful to the people, especially Hajjis and all Indian diasporas, who are living in the Kingdom. 

Hajj 2025 Preparations & Increase in Hajj Quota

A major highlight of Shri Rijiju’s address was the Government of India’s efforts to improve the Hajj experience for Indian pilgrims. He announced an increase in the Hajj quota for 2025 and introduced new guidelines aimed at ensuring safety, efficiency, and comfort, especially for elderly pilgrims, women and others. 

The Minister emphasized India’s collaboration with Saudi authorities to streamline travel, accommodation, and healthcare facilities for pilgrims, ensuring a hassle-free and spiritually fulfilling experience. He reiterated the government’s commitment to safeguarding the interests of Hajjis, reflecting India’s proactive approach to catering to the needs of its citizens abroad.

Rising Global Stature of India

Shri Rijiju also emphasized and spoke about India’s emergence as a global power. “Unlike a decade ago, India today is a center of global influence with strong ties to almost every nation; India is becoming a global center of power, linked to almost every nation,” he said. The world’s perception of India and Indians has transformed positively, and every Indian can now feel a profound sense of pride,” he stated.

Commendation for Embassy and Cultural Performances

The minister praised the Indian Embassy in Riyadh and the Consulate in Jeddah for their exceptional works including managing one of the busiest workloads among Indian missions globally, such as issuing around 600 passports daily. He also praised their active involvement in promoting bilateral relations.

The evening featured cultural performances by students from Indian International Schools in Riyadh. Classical dances, along with a special performance marking Vishwa Hindi Divas, captivated the audience. Shri Rijiju applauded the students for showcasing the richness of India’s linguistic and cultural diversity, emphasizing equal respect for all Indian languages such as Tamil, Malayalam, Kannada, Telugu, Marati, Rasthani, Manipuri, Dogra etc. 

The event concluded with the Minister distributing prizes to winners of various competitions, leaving attendees inspired and proud of their shared cultural roots. Dinesh Setia, First Secretary at the Indian Embassy, ensured the program’s seamless flow as the master of ceremonies.

The Indian community expressed gratitude to Shri Rijiju for his inspiring vision and praised the Embassy for hosting a memorable evening.

(Inputs from P.A. Hameed Padubidri, Riyadh)

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News Network
January 9,2025

Mangaluru: In a significant development, Mescom has proposed a phased electricity tariff hike starting with Rs 0.70 per unit for the fiscal year 2025-26. The proposal has been submitted to the Karnataka Electricity Regulatory Commission (KERC) for approval, signaling a potential increase in electricity costs for consumers.

Mescom emphasized that the current tariff structure is insufficient to meet operational expenses and manage revenue effectively. To address this, the company has invited public objections to the proposed hike.

Currently, the electricity supply cost is Rs 9.23 per unit, while the consumer tariff stands at Rs 8.53 per unit, leading to a shortfall of Rs 0.70 per unit. For the financial year 2023-24, Mescom reported revenue of Rs 5,924.73 crore against an expenditure of Rs 6,310.39 crore, resulting in a deficit of Rs 367.66 crore. For the 2025-26 fiscal year, projected revenue is Rs 5,850.81 crore, with an actual requirement of Rs 5,961.63 crore, creating a deficit of Rs 110.82 crore.

In a first, Mescom has submitted a multi-year tariff revision proposal to KERC. The plan outlines a hike of Rs 0.70 per unit for 2025-26, followed by Rs 0.37 per unit for 2026-27 and Rs 0.54 per unit for 2027-28.

"An increase in electricity tariff is inevitable," stated Jayakumar R, Managing Director of Mescom. "Mescom has submitted a proposal in this regard to KERC."

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