RBI
Currency management exercise, not demonetisation: RBI to Delhi HC on 2K note issue
The central bank defended its decision on a PIL filed by petitioner lawyer Rajneesh Bhaskar Gupta challenging RBI's decision. The PIL argued that it lacks the independent authority, as per the RBI Act, to make such a decision.
India's GDP growth may even cross 7% in FY23: RBI Governor
Speaking at the annual conference of the Confederation of Indian Industry (CII) here Das noted that for FY23, the estimates for GDP growth is 7 per cent. He said going by the trends, there is a possibility that the GDP growth may cross the 7 per cent mark. Das was confident that India's GDP growth rate for FY24 at 6.5 per cent.
PIL in Delhi HC against RBI, SBI permitting Rs 2K note exchange without identity proof
The PIL says that the notifications -- published on May 19 and 20 -- are arbitrary and offends Article 14 of Constitution of India. The plea also seeks a direction to the RBI and SBI to make sure that Rs 2000 notes are deposited in respective bank accounts only, so that people having black money and disproportionate assets could be identified.
Rs 2K note withdrawal won't increase gold demand or affect rupee value (Ld)
According to them, the number of Rs 2,000 denomination notes in circulation (or stocked in lockers) is not huge. "The number of Rs 2,000 currency notes in circulation is not large. This is not like demonetisation of Rs 500 and Rs 1,000 currency notes that happened in 2016,"
Rs 2,000 note withdrawal may not impact gold demand, rupee value: Expert
According to the expert, the number of Rs 2,000 denomination notes in circulation (or stocked in lockers) is not huge. "The number of Rs 2,000 currency notes in circulation is not large. This is not like demonetisation of Rs 500 and Rs 1,000 currency notes that happened in 2016,"
Spike in counterfeit notes, people's choice may have contributed to withdrawal of Rs 2,000 banknotes
According to RBI's annual report for FY22, during FY20, 17,020 Rs 2,000 denomination counterfeit notes were detected and the number went down to 8,798 pieces in FY21 and climbed up to 13,604 pieces in FY22. It should be noted that the RBI had stopped printing of the Rs 2,000 notes during FY19.
10 Rs 2,000 notes can be exchanged per account holder at a time: RBI
The central bank has also said the ATMs/Cash Recylers to be reconfigured accordingly. It said banks may exchange Rs 2,000 banknotes up to a limit of Rs 20,000 (10 notes per account holder) at a time from an account holder so that the inconvenience to the public is minimised. The facility for exchange of Rs 2,000 banknotes.
Withdrawal of Rs 2,000 notes a blessing in disguise for banks
However, the RBI's decision is a blessing in disguise for the banks and ATM players as the number of transactions will go up which in turn is good for them. The city based FSS manages about 30,000 ATMs of different banks.The ATMs were not giving out Rs 2,000 denomination notes for the past one year.
RBI to withdraw Rs 2,000 currency notes; to continue as legal tender
In a statement, the RBI said: "The 2,000-denomination banknote was introduced in November 2016 primarily to meet the currency requirements of the economy in an expeditious manner after the withdrawal of legal tender status of all 500 and 1,000 banknotes in circulation at that time.
RBI may cancel license of ARCS after Income Tax report
RBI had earlier sent show cause notices to a few asset reconstruction companies (ARCs), seeking answers on why their licenses should not be cancelled, as per media reports. RBI is contemplating cancelling the licenses of four Asset Reconstruction Companies (ARCs) namely, Omkara Asset Reconstruction Pvt Ltd, Rare Asset Reconstruction Pvt Ltd, CFM Asset Reconstruction Pvt Ltd, and Invent ARC Pvt Ltd.
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