Economy

RBI’s latest report is clinching evidence that demonetisation was a failure

RBI’s latest report is clinching evidence that demonetisation was a failure

Besides, notes issued by the RBI in the one-year period between June 2017 and June 2018 increased by almost 27 per cent.

Economic affairs secretary Subhash Chandra Garg today said that with the some key details about the currency culling exercise mentioned in the Reserve Bank of India's (RBI's) annual report, the process of demonetisation is complete now. The central bank said 99.3 per cent junked notes were deposited in banks, while 0.7 per cent notes worth Rs 10,720 crore couldn't be traced. According to the RBI data, 522,783 pieces of counterfeit notes were detected in the banking system in 2017-18. They have been disposed of and the final account that has come up is about Rs. 10 thousand odd crore of the notes have not come back.

"The total value of SBNs in circulation as on November 8, 2016, post verification and reconciliation, was Rs 15,417.93 billion".

Trump's Cancellation of Pompeo Trip Dashes Hopes in South Korea
But Trump still kept the door open to a second summit with Kim, with whom the president recently said he has "great chemistry". He accused of China of preventing further progress in a peace deal due to the trade war between the U.S. and China.

"That alone was a loss of Rs 2.25 lakh crore a year", he said. But new notes could not be printed fast enough, and the policy sparked a months-long currency crunch that left tens of millions of Indians cashless or standing in line for hours each day to retrieve small sums of cash.

People were given several weeks to exchange their demonetised currency for new notes at banks.

Another narrative that made the rounds after demonetisation was that the Indian economy had too many high-denomination notes.

Harry and Meghan swap media storm for Balmoral midge swarm
Meghan did bring her rescue Beagle, Guy , along for the trip, but Bogart was sadly just too old to make the transatlantic journey. Prince Harry and Meghan Markle are not expecting twins.

Collateral damage as a result of the rise in printing the notes and other cost was dividend RBI pays to the government.

With more Rs. 500 notes having been pumped into the system over the last year, the share of Rs. 2,000 notes by value declined to 37.3% as on March 2018, compared with 50.2% a year earlier. There was, however, a 2.1% increase in the volume of banknotes. The report also states the amount returned to be worth Rs 15.3 lakh crore against the Rs 15.4 lakh crore that was in circulation on November 8, 2018. "125 crore Indians, destroyed the Indian economy, demolished India's global image and brought absolutely no gain to the country", he said.

The Congress leader feared that at the end of this exercise, the government may have more than 100 pc of the currency that was demonetised, as the RBI is yet to take into account currency notes in Nepal and Bhutan besides the money blocked in court cases.

YouTube stars KSI and Logan Paul battle to six-round majority draw
KSI appeared to dominate from thereon, particularly in the final round where he seemed to connect with a number of his punches. Billed as "The Greatest Amateur Boxing Fight of All Time", YouTube stars Logan Paul and KSI fight with no discernable victor .

Apart from the currency figures RBI Annual Report for the year, 2017-18 stated that in the evolution of monetary aggregates, currency in circulation surpassed its pre-demonetisation level while credit growth revived to double digits from a historic low in the previous year.


  • Elon Musk on Twitter is now a labor issue

    Elon Musk on Twitter is now a labor issue

    Tesla has said it has various lots in California where it keeps cars before delivering them to distribution outlets. The dip has generated more than $942 million in paper profits for short-sellers, according to S3 Partners.
    Trump says White House counsel Don McGahn to leave administration

    Trump says White House counsel Don McGahn to leave administration

    He was even tasked with overhauling the federal judiciary with conservative judges. Trump made the announcement on Twitter where he thanked McGahn for his service.
    Here’s The 1st Trailer For

    Here’s The 1st Trailer For "True Detective" Season 3

    Moonlight star Mahershala Ali will play the main character, with Ray Fisher taking the place of his son. The anthology crime drama focuses on a new cast each season.
  • Andrew Cuomo and Cynthia Nixon swap insults in NY  governor's debate

    Andrew Cuomo and Cynthia Nixon swap insults in NY governor's debate

    Nixon, a longtime liberal activist, went after the incumbent early in the debate, calling Cuomo corrupt and a liar. Some believe the comment has already knocked Cuomo out of the contention for a presidential run in 2020.
    United told to sack Jose Mourinho NOW on one condition

    United told to sack Jose Mourinho NOW on one condition

    They went on to lift the title that season but Paddy Power are convinced Mourinho can not replicate Sir Alex Ferguson's success. Respect, respect", his voice could be heard echoing from the corridor.
    Ranked Halep crashes out of US Open first round

    Ranked Halep crashes out of US Open first round

    Halep recovered and it appeared a comeback was on when she broke Kanepi to love to level the second set at 4-4. Simona Halep , of Romania, returns a shot to Kaia Kanepi , of Estonia, during the first round of the U.S.
  • John McCain’s family and the public pay their respects in Arizona

    John McCain’s family and the public pay their respects in Arizona

    Tallahassee has seen a spike in homicides, but its overall crime rate has declined, although it remains the highest in the state . In an interview with The Associated Press he added: "I think the Florida electorate is going to reject the politics of division".
    Spurs thrash United to keep pressure on Mourinho

    Spurs thrash United to keep pressure on Mourinho

    The Portuguese added: "We worked all week, and by strategy we didn't lose, tactically we didn't lose, but we lost the game. If this was Louis van Gaal who had produced a performance like that, the fans would be chanting to get him out.
    French Open president says Serena Williams won't be able to wear catsuit

    French Open president says Serena Williams won't be able to wear catsuit

    Despite the controversy Serena took it all in stride, as she spoke to the media on Saturday ahead of the start of the US Open. Serena Williams , a six-time US Open champion, was slated to play later Monday against Magda Linette in Arthur Ashe Stadium.
  • Wear OS gets a major re-design

    Wear OS gets a major re-design

    In the meantime, the changes Google announced look like a big improvement to the outdated Wear OS interface users now sport. The update also lets you use Google's Smart Reply feature to respond to messages right from your notification stream.
    Jalen Ramsey reacts to Odell Beckham’s record-breaking deal

    Jalen Ramsey reacts to Odell Beckham’s record-breaking deal

    His reputation took another hit when a video was posted with him in a room where a hand-rolled cigarette was visible. Beckham, who has been working for a new deal for most of the past two seasons, is now under contract through 2023.
    Russian arms maker set to rival Tesla with new electric vehicle

    Russian arms maker set to rival Tesla with new electric vehicle

    Russian defence business Kalashnikov has unveiled an electric auto prototype which it said will rival cars produced by Tesla . The capacity of electric auto can reach 500 kilowatts at peak, and the range is 350 miles.