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Tag: RBI

  • RBI Governor Shaktikanta Das honored with ‘Governor of the Year’ award

    RBI Governor Shaktikanta Das honored with ‘Governor of the Year’ award

    New Delhi. Reserve Bank of India Governor Shaktikanta Das has been honored with the ‘Governor of the Year’ award. Shaktikanta Das has been given this honor by London Central Banking. Shaktikanta Das has taken many major decisions after taking over as the governor of the Reserve Bank. Recently, he has taken a big decision to make two thousand rupee notes out of circulation. Central Banking is an international economic research journal. RBI Governor Shaktikanta Das was selected for the award because of his handling of India’s banking system amid the economic crisis that arose during the Covid pandemic and during the economic upheaval. At the same time, he also achieved success in managing inflation efficiently.

    Earlier on Tuesday, Reserve Bank Governor Shaktikanta Das had said in the opening address given at the summer meetings organized by Britain’s Central Banking in London that the process of controlling inflation will be slow and long and the inflation target of 4 percent in the medium term. aims to achieve.

    The Governor’s name was recommended by the Central Bank for the award in March 2023 itself. He has been awarded the title for his leadership of the central bank during global turmoil and difficult circumstances. He managed the Reserve Bank of India and the entire banking system during the COVID-19 pandemic, critical non-banking companies, the Russia-Ukraine war, etc. Shaktikanta Das led India through the Covid pandemic and the IL&FS crisis.

  • Delhi High Court’s order against RBI and SBI reserved

    Delhi High Court’s order against RBI and SBI reserved

    New Delhi (IANS) | The Delhi High Court on Tuesday reserved its verdict on a plea challenging the notifications of the Reserve Bank of India (RBI) and the State Bank of India (SBI) that allow exchange of currency notes without any identity proof. A division bench of Chief Justice Satish Chandra Sharma and Justice Subramaniam Prasad said, “We will pass appropriate orders.” Senior RBI advocate Parag P. Tripathi objected to the Public Interest Litigation (PIL), saying it should be dismissed.

    The PIL has been filed by BJP leader and advocate Ashwini Upadhyay.

    Tripathi said it was a statutory exercise and not demonetisation.

    He said, none of the points raised by my learned friend affect the public issues in any way.

    The PIL states that the notifications published on May 19 and 20 are arbitrary and violate Article 14 of the Constitution of India.

    The plea has also sought a direction to the RBI and SBI to ensure that Rs 2,000 notes are deposited in the respective bank accounts only, so that black money and people with disproportionate assets can be identified.

    To weed out corruption, benami transactions and secure fundamental rights of citizens, the PIL, which has the RBI, SBI and the Union Home and Finance Ministries as respondents, has sought a direction to the Center to take action with respect to the same. Gives

    Recently, it was announced by the Center that every family having an Aadhaar card and a bank account. So, why is RBI allowing exchange of Rs 2000 notes without obtaining identity proof. It is also necessary to mention that 80 crore BPL families get it for free. This means that 800 million Indians rarely use Rs 2,000 notes. Therefore, the petitioner has also sought a direction to RBI and SBI to take steps to ensure that Rs 2000 notes are deposited only in bank accounts.

    –IANS

  • Jewellers getting more inquiries for gold after RBI withdraws Rs 2,000 notes; no panic buying

    Jewellers getting more inquiries for gold after RBI withdraws Rs 2,000 notes; no panic buying

    Mumbai: Jewellers in India, the world’s second largest gold consuming country after China, have started receiving more inquiries for purchase of gold or silver immediately after the Reserve Bank’s announcement to withdraw Rs 2,000 notes from circulation.

    However, there is no panic buying of the precious metal unlike the situation witnessed in 2016 during demonetisation, jewellers body GJC said on Sunday.

    In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level.

    Currently, gold prices have corrected to around Rs 60,200 per 10 grams level in the country.

    “There have been a lot of inquiries about purchasing gold or silver with Rs 2,000 notes, hence the higher footfalls on Saturday. However, due to strict KYC norms actual purchase has been less,” apex industry body All India Gem And Jewellery Domestic Council (GJC) Chairman Saiyam Mehra told PTI.

    There is “no such panic” and footfalls have also settled down as the RBI has kept a larger window of four months as the deadline for withdrawing the pink notes from the market, he said.

    On May 19, the Reserve Bank of India (RBI) announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30, to either deposit such notes in accounts or exchange them at banks. It has asked banks to stop issuing Rs 2,000 notes with immediate effect.

    Mehra further said implementation of goods and services tax (GST) and Bureau of Indian Standard (BIS)’ hallmarks has encouraged jewellery manufacturers to become organised and carry out formal business.

    “Large-denomination currency notes are normally required to deal in cash, which has now become insignificant in India’s jewellery industry and consumers are more inclined towards digital formats.
    Therefore, the withdrawal of Rs 2,000 currency notes will not have a major impact on India’s gold and jewellery business,” he added.

    However, according to sources, many jewellery retailers did sell gold on Saturday against Rs 2,000 notes and that too at a premium rate.

    PNG Jewellers Chairman and Managing Director Saurabh Gadgil said, “The practice of taking Rs 2,000 notes in lieu of gold at a premium rate is something that may exist only in the unorganised sector. The organised jewellery players stay miles away from such things.” Nemichand Bamalwa & Sons partner Bachhraj Bamalwa said, “There are some inquiries, but there is no rush for gold buying. It should increase from tomorrow.” Jewellers are selling gold complying with KYC norms as per the income tax as well as ant-money laundering laws, he said.

    Commtrendz Research co-founder and director Gnanasekar Thiagarajan said that in the demonetisation has always led people to gold. However, the difference this time is that there are a lot of compliances in place.

    Unlike the demonetisation of Rs 500 and Rs 1,000 notes in 2016, the number of people holding Rs 2,000 notes are less as the RBI had stopped printing them in 2018-19 and they were rarely in circulation.

    Any purchase of gold, silver, jewellery, or precious gems and stones below Rs 2 lakh does not require a permanent account number (PAN) or Aadhaar of a customer as mandatory KYC document.

  • Demonetisation may happen again in the country, RBI took a big decision

    Demonetisation may happen again in the country, RBI took a big decision

    New Delhi. The Reserve Bank of India has taken a big decision on the biggest currency note of 2000 rupees. According to the Reserve Bank, the Rs 2000 note will remain legal tender, but it will be taken out of circulation. The Reserve Bank of India has advised the country’s banks to stop issuing 2000 rupee notes with immediate effect. The Reserve Bank has taken this decision under the ‘Clean Note Policy’. By September 30, 2023, Rs 2000 notes can be deposited in the bank. After the demonetization of the Reserve Bank in the year 2016, the Reserve Bank had issued a note of 2000 rupees. For the last few months, 2000 rupee notes were less visible in the market. People said that even 2000 rupee notes are not coming out from ATMs.
    In this regard, the government had also given information in the Parliament. The Reserve Bank had given a lot of information about the 2000 rupee note in its annual report. According to the annual report of the Reserve Bank of India, not a single note of Rs 2000 has been printed in FY 2019-20, FY 2020-21 and FY 2021-22. Because of this, the circulation of Rs 2000 notes has reduced in the market. After the announcement of Prime Minister Narendra Modi on 8 November 2016, all the notes of 500 and 1000 rupees were out of circulation. In place of these currencies, new notes of 500 and 2000 rupees were issued by the Reserve Bank. The Reserve Bank believed that the Rs 2000 note would easily compensate for the value of those notes which were put out of circulation.