No information on black money removed by note ban: RBI

Agencies
September 4, 2017

New Delhi, Sept 4: 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.

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News Network
September 19,2024

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Mangaluru, Sep 19: Following the recent Nipah virus-related fatalities in Kerala, health authorities in Dakshina Kannada are taking proactive measures to monitor for potential cases of monkey fever. While typically found in African countries, monkey fever has raised concerns within the district, prompting increased vigilance.

To ensure early detection, travelers arriving at Mangaluru’s international airport and local ports will undergo health screenings. Additionally, a dedicated ambulance has been placed on standby for any emergent cases, and Wenlock Hospital has set aside a special ward with six reserved beds specifically for monkey fever patients.

"We currently have no confirmed cases of monkey fever in Dakshina Kannada, and there are no direct orders from the state government," said Dr. Timmaiah, the District Health Officer. "However, we are taking preventive measures, including continuous screening of incoming passengers. A special meeting is also being planned to discuss future action steps."

Dr. Timmaiah further highlighted the rise in general viral infections following the region's recent shift in weather patterns. "With the decline in rainfall, we are seeing an uptick in viral cases, particularly fevers accompanied by cough, cold, and throat pain, especially in children. Though Mangaluru has experienced mostly sunny weather, occasional rain at night has contributed to the spread of illnesses. It’s crucial for the public to remain vigilant and take preventive measures."

Health officials are urging residents to seek timely medical advice and follow recommended precautions to mitigate the spread of infectious diseases.

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News Network
September 9,2024

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New Delhi: A man who recently travelled from a country experiencing mpox transmission has tested positive for the disease, the Union Health Ministry said on Monday.

"The previously suspected case of mpox has been verified as a travel-related infection. Laboratory testing has confirmed the presence of mpox virus of the West African clade-2 in the patient," it said.

The ministry said that it is an isolated case, similar to the earlier 30 cases reported in India from July 2022 onwards. It is not a part of the current public health emergency reported by WHO which is regarding clade 1 of mpox, it underlined.

"The individual, a young male who recently travelled from a country experiencing ongoing mpox transmission, is currently isolated at a designated tertiary care isolation facility. The patient remains clinically stable and is without any systemic illness or comorbidities," the ministry said.

The case aligns with earlier risk assessments and continues to be managed according to established protocols, it said, adding that public health measures, including contact tracing and monitoring, are actively in place to ensure the situation is contained.

"There is no indication of any widespread risk to the public at this time," the health ministry stated.

The World Health Organisation (WHO) last month declared mpox a Public Health Emergency of International Concern (PHEIC) for the second time in view of its prevalence and spread across many parts of Africa.

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Source: Arab News
September 15,2024

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London: There will be no normalization of ties between Saudi Arabia and Israel until an independent Palestinian state is established, Prince Turki Al-Faisal, the former head of the Kingdom’s intelligence services, has warned. 

During a talk at London-based think tank Chatham House, the former Saudi ambassador to the US also discussed Washington’s role in the peace process as the Gaza war approaches its first anniversary, and how talks before the outbreak of hostilities had been broadly positive.

He said the US is keen on the resumption of talks between Israel and Saudi Arabia to strengthen regional security and to forge economic ties, but Riyadh’s position is that “if there’s a Palestinian state that Israel accepts to come (into) existence, then we can talk about normalization with Israel.”

The prince added: “Before Oct. 7 … talks not only progressed along those lines, but also the Kingdom invited a Palestinian delegation to come and talk directly to the Americans about what it is that might bring about a Palestinian state.

“I’m not privy to those talks so I don’t know what happened between the Palestinians and the Americans, but the Kingdom’s position has always been we won’t speak for the Palestinians. They have to do it for themselves. Unfortunately, of course, the Oct. 7 (Hamas attack against Israel) put an end to those talks.”

Prince Turki said the establishment of a Palestinian state is not only crucial for Israeli ties with Saudi Arabia but with the rest of the Muslim world as well.

“A Palestinian state is a primary condition for Saudi Arabia to have normalization with Israel, but … on the Israeli side, the whole government is saying no Palestinian state,” he added.

Prince Turki said for Saudi Arabia, an independent Palestine would encapsulate the 1967 borders, including East Jerusalem.

He added that the Kingdom has led the way in trying to achieve a peaceful resolution to the conflict, citing the 1981 King Fahd Peace Plan and the 2002 Arab Peace Initiative proposed by King Abdullah.

During the current Gaza war, “the Kingdom led the Muslim world, and not only summits with the Arabs but with the (rest of the) Muslim world, and also … the diplomatic missions that have been taking place to convince the world that there must be an end to the fighting, led by the Saudi foreign minister,” Prince Turki said.

“The Kingdom has been in the forefront of condemning the Israeli onslaught on the Palestinians, not just in Gaza but equally in the West Bank.”

He criticized the US and other Western nations for not applying more pressure on Israel to end the war, citing how the UK had only recently begun to suspend certain arms export licenses to Israel following the election of a new government in July.

“I’d like to see more done by the UK,” he said. “I think, for example, the UK … should recognize the state of Palestine. It’s long overdue.”

Prince Turki said the US could apply direct pressure on Israeli Prime Minister Benjamin Netanyahu over the actions of his government and military, and should address funding and lobbying by groups and individuals sympathetic to Israel.

“I think the US has enormous tools to affect Israel which it isn’t using, not just simply … denial of supply of weapons and material to the Israelis,” the prince added.

“A lot of financial help goes to Israel from the US. If some of the privileges that (the) Israeli lobby, for example, in America, enjoys — of tax-free contributions to Israel — can be withdrawn from those Israeli lobbyists, that will (put) great pressure on Israel.”

In the US, “you have to register as a lobbyist for a specific country, or be prosecuted, if you want to talk for that country, but a lot of organizations in America do that for Israel and still enjoy a tax-free status because they’re considered not representing Israel per se, but simply as philanthropic or humanitarian groupings,” he said.

“There are many tools that are available to the US, not simply harsh talk, which seems to have gotten us nowhere. But is America ready to do that? As I said, I’m not too optimistic about that.”

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