Thursday, December 8, 2016
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Urjit Patel brings no respite to borrowers; keeps interest rates unchanged
NEW DELHI, Dec 7 (Agencies): Reserve Bank of India (RBI) on Wednesday kept the interest rates unchanged which will bring no respite to home, auto and corporate borrowers. The 6-member Monetary Policy Committee, headed by RBI Governor Urjit Patel, kept the repo rate or the short term rate at which central bank lends to banks unchanged at 6.25 percent and reverse repo rate at 5.75 percent. This is RBI's first monetary policy review after demonetisation of old Rs 500 and Rs 1,000 currency notes. RBI Governor Urjit Patel addresses press conference soon after the announcement of monetary policy. Here are the key highlights: No fundamental trust deficit, most people think its good decision as it fights fake currency, black money and terrorism Consequences of demonetisation were taken on bo...
Kashmir Times News Report
Russia to lodge diplomatic protest against India's note ban
NEW DELHI, Dec 6 (Agencies): Russia is set to lodge a diplomatic protest against the note ban by the Indian government. Quoting sources from the Russian embassy in Delhi, NDTV reported that Moscow may summon the Indian envoy this week to protest against the demonetisation. The Russian ambassador in Delhi Alexander Kadakin has written a letter to the Mministry of External Affairs on December 2 questioning the Indian government’s decision, the report says. According to the NDTV report, in his letter, the ambassador has said that the Indian government’s withdrawal limit is “not even enough to pay for a decent dinner, adding the Rs. 50,000 a week limit is totally inadequate for operational expenses. "How can such a big embassy in Delhi function without cash?" NDTV quotes the envoy. The repo...
Kashmir Times News Report
IDS gets Rs 67,382-cr; over Rs 2000-cr higher than estimated
NEW DELHI, Dec 4 (Agencies): The Finance Ministry today revised upwards black money disclosed under Income Declaration Scheme (IDS) to Rs 67,382 crore, which will fetch the government a little over Rs 30,000 crore in direct tax revenue even as it did not take into account two high value disclosures. The Income Tax Department, it said, did not take into consideration the much-talked about Rs 13,860 crore declaration made by Ahemdabad based Mahesh kumar Champaklal Shah, who has threatened to disclose the names of politicians and businessmen for whom he was acting as a front. "Among the declarations received, there were two sets of declarations of high value which were not taken on record in the above figure because they were found to be suspicious in nature being filed by persons of small...
Kashmir Times News Report
RBI to issue new Rs 20, Rs 50 notes; old notes to remain legal tender
MUMBAI, Dec 4 (Agencies): The Reserve Bank of India will shortly issue Rs 20 and Rs 50 denomination banknotes in the Mahatma Gandhi Series-2005, bearing signature of Urjit R Patel, Governor, Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote, RBI said in a statement on Sunday Making a statement on the new Rs 20 notes, RBI said, "The design and security features of these banknotes will be similar to the banknotes of ? 20 denomination with the ascending font of numerals in both the number panels and without intaglio print issued earlier in Mahatma Gandhi Series- 2005. "All the banknotes in the denomination of ? 20 issued by the Bank in the past will continue to be legal tender", added RBI. The Reserve Bank of India will also shortly issue Rs 50...
Kashmir Times News Report
Depositing black money in banks will not make it white: Jaitley
NEW DELHI, Dec 3 (Agencies): Issuing a veiled warning, Finance Minister Arun Jaitley today said one cannot convert black money into white by merely depositing unaccounted cash in bank accounts as taxes are required to be paid on them. "By just depositing it (unaccounted money), you don't avoid the responsibility of paying tax," he said when asked about surge in deposits in banks following withdrawal of high denomination currency notes. He further said the income tax department is keeping an eye on such deposits. As per RBI, about Rs 8.45 lakh crore in scrapped Rs 500 and 1,000 notes were deposited with banks by November 27. Following the government's decision to demonetise from November 8 mid-night, people have been depositing these notes in banks. The Lok Sabha has amended the Incom...
Kashmir Times News Report
Some disruption is bound to be created but long term advantages are huge: Jaitley
NEW DFELHI, Dec 2 (Agencies): Some disruption is bound to be created due to demonetisation but long term advantages are huge, Union Finance Minister Arun Jaitley said on Friday. In the wake of the escalating opposition attack on the government, he also rejected all apprehensions of the Indian economy suffering due to demonetisation. He further said that security printing of currency is a time-consuming exercise but RBI is calibrating the release of it . About 90 percent, which is around 1.80 lakh ATMs, have been re-calibrated so far to dispense new Rs 500 and Rs 2,000 notes," ATM manufacturer NCR Corporation's managing director, (India & South Asia) Navroze Dastur said yesterday. A working group, formed under a RBI headed task force, was given a deadline to recalibrate all the ATMs by...
Kashmir Times News Report
Cashless ATMs a new normal for common people
KOLKATA, Dec 2 (Agencies): Cashless ATMs is the new normal for people who are forced to stand in long queues in front of a few that are dispensing money. To add to people's woes, ATMs which were operational in the morning hours were mostly dispensing Rs 2000 currency notes. Annoyed people in queues in front of ATMs and banks said chasing own money has now become a new way of life. ATMs in rural Bengal remained mostly dry. The people are complaining that despite seeking to withdraw money within the weekly limits set by the government, bank personnel are asking them not to write the amount as the final amount would be decided by the bank. "Functioning at the bank branch level in respect of limit to withdrawing money is widely different from what the government is claiming. Branches are...
Kashmir Times News Report
Now Parliament goes cashless
NEW DELHI, Nov 30 (Agencies): The government's cashless campaign was today introduced in Parliament where plastic money payment facilities were launched in all canteens and other eating facilities by Lok Sabha Speaker Sumitra Mahajan. The facility has been made available at 19 places in Parliament, including canteens for MPs and media as well as in the Central Hall. Parliament's Food Committee Chairman A P Jithender Reddy, who played a key role in implementing the cashless system, told PTI that the step was taken to make it easy for those making payments. He said in the wake of cash crunch, people have been finding it difficult to make payments in Parliament canteens. "Sometimes, there was no cash to pay or sometimes there was no change available with the canteen cashier. Card payment ...
Kashmir Times News Report
India to invest $20 Bn in gas fields in next 5-7 yrs: Pradhan
NEW DELHI, Nov 30 (Agencies): India will see an investment of about USD 20 billion in gas field development in the next 5-7 years and is looking to boost usage of the green fuel and double consumption, Oil Minister Dharmendra Pradhan said today. The investment will be primarily in developing natural gas discoveries by state-owned ONGC and Reliance Industries-BP joint venture off the east coast, the minister said at CII's 'Global Energy Dialogue' event here. "We are now expediting production of gas from domestic sources to the extent of 20 trillion cubic feet from already discovered sources through policy, fiscal and regulatory mechanism. These fields and the current auctions of Discovered Small Fields are going to add to the domestic supplies in the next 3-4 years," he said. ONGC is li...
Kashmir Times News Report

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