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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 14,2024

Bengaluru: Karnataka Home Minister G Parameshwara on Saturday said the situation in violence-hit Nagamangala town in Mandya district is peaceful now, and steps have been taken to ensure that no untoward incidents take place.

Clashes had broken out between two groups during the Ganesh idol procession in the town, following which mobs went on a rampage with stone pelting and targeting several shops and vehicles leading to tension on Wednesday night.

"Situation in Nagamangala is now peaceful and there is no problem there. I have also instructed officials to hold a peace meeting there. We have instructed officers to ensure that no untoward incidents take place, enough police force is also stationed there," Parameshwara told reporters here.

About 55 people have been arrested in connection with the incident and they have been sent to judicial custody, according to police sources.

Responding to a question on opposition parties including JD(S) leader H D Kumaraswamy raising doubts about the FIR, he said, "The police will do what has to be done in accordance with law..."

Asked about BJP sending a fact finding team to Nagamangala, the Home Minister said, "Let them find the facts and inform us, and if there is any fact from their fact finding, we will look into it. It will make our work a bit easier." The BJP panel consisting of MLA C N Ashwath Narayan, former Minister Byrathi Basavaraj, former Minister K C Narayana Gowda, state secretary Lakshmi Ashwin Gowda, and former IPS officer Bhaskar Rao, will visit the spot and submit a comprehensive report to the party in a week.

According to police, an argument had broken out between two groups, when the Ganesh idol procession by devotees from Badri Koppalu village reached a place of worship on Wednesday, and some miscreants hurled stones, which escalated the situation.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 16,2024

trio.jpg

New Delhi: With Arvind Kejriwal announcing that he will resign as Delhi Chief Minister soon and return to office only after the people's verdict on the allegations of corruption against him, the big question is who in the Aam Aadmi Party (AAP) will get the top job.

Assembly polls in Delhi are due in February next year, even though Mr Kejriwal yesterday demanded that the election be held in November along with the Maharashtra polls. Former Deputy Chief Minister Manish Sisodia, too, has said he will go to the people and return to the top office only after re-election. This effectively means that the top leaders of AAP are not in the race for the Chief Minister's post.

Even though this Chief Ministerial stint will only be for a few months, the AAP leadership would be looking to choose a prominent leader who can articulate the party's position on key issues and has wide acceptability among the party ranks.

Here are five leaders who can make the cut

Atishi:

Delhi Minister Atishi, holding key portfolios such as education and PWD, is one of the key contenders. An Oxford University alumnus and a Rhodes scholar, Ms Atishi has worked extensively in the AAP's flagship exercise to overhaul education in Delhi's schools. An MLA from Kalkaji, the 43-year-old became a minister after Mr Sisodia was arrested in a corruption case linked to Delhi's now-scrapped liquor policy. When Mr Kejriwal and Mr Sisodia were behind bars, Atishi articulated the party's position. On August 15, Mr Kejriwal chose her to hoist the tricolour at Delhi government's Independence Day event. While Delhi Lieutenant Governor VK Saxena foiled the plan, it was clear that the AAP leadership places a lot of faith in Ms Atishi.

Saurabh Bharadwaj: 

Mr Bharadwaj is a three-time MLA from Greater Kailash and holds portfolios such as vigilance and health in the Arvind Kejriwal government. He, too, was named a minister after Mr Sisodia's arrest in the liquor policy case. Mr Bharadwaj, who has worked as a software engineer in the past, was also a minister in Arvind Kejriwal's 49-day government. He is also a national spokesperson of the AAP and was articulating the party's position when its top leaders were in jail after being arrested by central agencies in corruption cases.

Raghav Chadha: 

A member of the AAP's national executive and political affairs committee, Mr Chadha is a Rajya Sabha MP from the party and one of its top faces. Mr Chadha has earlier worked as a chartered accountant and has been in the AAP since its inception. He has been an MLA from Rajinder Nagar and played a key role in the AAP's thumping victory in Punjab in the 2022 state polls. The 35-year-old is among the most prominent young politicians in the country and is known for articulating AAP's position on key issues in Parliament.
Kailash Gahlot: 

Kailash Gahlot:

A lawyer by profession, Mr Gahlot is among the senior members of the AAP government in Delhi and holds key portfolios such as transport, finance and home affairs. The 50-year-old leader is MLA from Delhi's Najafgarh constituency since 2015. An advocate who has practised in both Delhi High Court and Supreme Court, he has served as a member executive in the high court bar association between 2005 and 2007

Sanjay Singh: 

A Rajya Sabha MP since 2018, Sanjay Singh is one of the AAP's most prominent faces known for his spirited speeches in Parliament. The 52-year-old leader is among the founder members of the party and is a member of its national executive and political affairs committee. He is also a regular in the party's media interactions to articulate its position on key issues. Sanjay Singh was also arrested in connection to a corruption case linked to the Delhi liquor policy case and is currently out on bail, like Mr Kejriwal and Mr Sisodia.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 10,2024

masscr.jpg

The Israeli regime has attacked displaced Palestinians in the southern part of the Gaza Strip with US-provided 2,000-pound bombs, killing at least 40 civilians, mostly women and children.

As many as 60 others were injured in the attack that targeted an area previously declared by the Israeli military as a “humanitarian zone” at the al-Mawasi refugee camp in the city of Khan Younis on Tuesday.

The military alleged that it had struck members of the Hamas resistance movement, who were “operating a command and control center” inside the targeted area, a claim that was rejected by the group as a “blatant lie.”

“The resistance has repeatedly confirmed the absence of any of its members among civilian gatherings or the use of such areas for military purposes,” Hamas said.

The bloodletting took place as part of the regime’s ongoing genocidal war on Gaza, which began on October 7 in response to a retaliatory operation staged by the territory’s resistance groups.

So far, close to 41,000 Palestinians have been killed and more than 94,800 others wounded in the brutal military onslaught.

The Tuesday massacre came after the refugee camp witnessed an influx of homeless Palestinians, who had fled there from the death and destruction spree caused by the war elsewhere across the coastal sliver. Between 30,000 and 34,000 people were living upon each square kilometer of the camp at the time of the attack, the United Nations estimates show.

The weapons deployed during the massacre have been identified as American-made MK-84 bombs, which carry 900 pounds of explosives. 

The payload can create a crater about 15 meters wide and over 10 meters deep, besides being capable of causing deadly damage around it within a radius of approximately 73 meters. 

This is not the first time when the regime deploys the ammunition against civilian targets during the war. 

More than 70 Palestinians were killed after it struck the refugee camp with the same bombs in July.

As part of its unbridled military support for the regime, the United States has armed it with as many as 14,000 of the bombs since the onset of the war.

Hamas also called the US “complicit” in such massacres that “are being deliberately carried out without regard for international law, humanitarian law, or resolutions calling for an end to the aggression.”

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.