The impact of the demonetisation drive on the economy and the looming GST tax are likely to keep It is necessary to expand the tax base, as the tax burden is unequally distributed between the s For the financial sector I would do 3 things. I would allocate a significant amount to expand th CCI on Thursday fined Shree Cement, UltraTech Cement, JK Cement, Ambuja Cements in a ruling relat One of the sectors impacted most by the cash ban, the automobile sector is looking for some big s December quarter earnings so far have not been as bad as expected and that is why the domestic ma The consensus sees no change in long-term capital gains (LTCG) tax structure in the budget, but a Foreign investors do not like surprises, more so when the government is trying to project India a A bulk of this money has gone into the capital goods major LampT, though the company is projected tYou have searched for Interbank Forex and RBI rates RBI rejigs deputy guvs portfolios 24 Jan 2017, 04:00 Mumbai: RBI governor Urjit Patel on Monday reassigned responsibilities of deputy governors, giving the monetary policy department to newly-appointed deputy Viral Acharya who assumed office on January 20. Under the new dispensation, deputy governor S S Mundra has been given responsibility of the central security cell, where the RBI has appointed former ATS chief K P Raghuvanshi as security adviser. Besides the monetary policy department, Acharya has taken charge of department of economic research and policy, department of statistics and information management, financial market operations, financial market regulation and market intelligence, international department, corporate strategy and corporate services. Following the elevation of Patel to the position of governor, the monetary policy department was managed by the senior most deputy governor R Gandhi. He was also given additional responsibility of department of economic research and financial market regulation. RBI has four deputy governors besides Gandhi, Acharya and Mundra, the fourth deputy governor is N S Vishwanathan. Two of the governors Gandhi and Vishwanathan are from RBI. The former Bank of Baroda chief Mundra represents the banking industry, while Acharya is an economist. Indias traffic mortality rate is the lowest among emerging economies 23 Jan 2017, 13:15 World Health Organization estimates that 1.25 million people die each year in road accidents across the world. About 90 of these deaths are reported in developing or poor countries despite their low vehicle density. Around 1.5 lakh Indians were killed in traffic accidents in 2017. If not checked, road accidents are predicted to become the 7th leading cause of death by 2030. Conviction rate in state falls since 2010 23 Jan 2017, 02:00 The conviction rate in the state has drastically come down since chief minister Nitish Kumars JD(U) severed its 17-year-long coalition with the BJP in 2017. Men over-rate their knowledge. Dont know as much as they think they know 22 Jan 2017, 10:06 In India at the invitation of IDFC Asset Management Co to educate investors about common cognitive errors, Swiss thinker and entrepreneur Rolf Dobelli tells Neelam Raaj why you should choose logic over gut feeling. Centre, RBI were in talks on note ban for months 22 Jan 2017, 04:07 The proposal of demonetisation was under discussion between the government and the RBI for several months, the RBI has said. It also said that the arrangements for printing new notes had started months back and a reasonable amount of new notes were ready when the decision was announced. Under Rajan, RBI had sought Rs 5,000, Rs 10,000 notes for eroded Rs 1,000 21 Jan 2017, 04:22 The Reserve Bank of India (RBI), under former governor Raghuram Rajan, had suggested the introduction of Rs 5,000 and Rs 10,000 notes in view of the value of the Rs 1,000 note being eroded by inflation. Some 18 months later, the government took the decision to demonetise. NMC finalizes rate for daily poll expenses 21 Jan 2017, 03:01 After the State Election Commission (SEC) has set Rs4 lakh poll expenses for corporation elections, the election department of the NMC on Friday issued guidelines scheduling rates for election campaigning of the candidates. Slump-hit realtors pin hopes on collector rate 21 Jan 2017, 00:27 Bhopal: With property market in Bhopal showing signs of recessionary trends post-demonetisation, eyes of builders and investors are now on collector guideline rates, which would be revised in next financial year. The district administration, too, has felt the heat of crashed property market as number of registries have slumped, ultimately affecting the government revenue. The decline in number of registries was because many buyers feared that they may come under the I-T scanner for registering property. If officials are to be believed, rates in collector guidelines may come down or at least will not be increased in some areas of the city. The real estate majors of Bhopal and office-bearers of Confederation of Real Estate Developers Associations of India (CREDAI), Bhopal pointed out it is not only builders, but investors, too, have been hit hard due to increase in property rates by district administration in past few years and it must come down this time to give respite to all. CREDAI Bhopal president Wasiq Husain said the collector guideline rates must be directly linked to market reality. If rates have crashed, the collector rates must be reduced accordingly. The government agencies should target volume to generate revenue and not increase rates in arbitrary manner to generate more revenue. Ajay Mohgaonkar, managing director, Fortune Builders, says the collector guideline rates must come down this time since the actual market condition is not hidden from anyone. Banks have reduced loan rates. Similarly, if rates in collector guidelines are reduced, it will generate positive signs in the market and bring real estate sector back on tracks. Suniel Moolchandani, director of Chinarr Group said the collector guideline rates should be brought down to the level it was in the 2017-12. The actual condition of market demands the same since there has been no growth after that. District administration should take a note of it and do the needful. The builder community has also met officials of district administration to put across their point at repeated intervals. However, realtors are still not sure what will happen and suggest that district administration should come up with a logical formula to revise property rates in its guidelines. Collector rate may be lowered to boost note bandi real estate 21 Jan 2017, 00:21 Bhopal: In order to give a fillip to the sluggish real estate market in the city, the district administration is weighing the option of revising the collectors guideline rate for properties at select locations. The district administration has listed 57 colonies and some villages on the outskirts of the state capital where the lower guideline rates would apply. After demonetisation, the revenue generated after registration of properties has taken a bad hit. An estimated 40 per cent registration of property documents stopped immediately. Many people who were scheduled to register documents backed out for fear of coming under the scanner of the income tax department. Indications are that around two per cent to five per cent drop in the guideline rate can be expected in 57 colonies. We expect a drop in the guideline rate to propel more new property registrations, said an official. District Sub-Valuation Committee started the survey of property rates in December across Bhopal. A full report is expected to be submitted to the district collector, who heads the District Valuation Committee. The panels proposed new formula and criteria for rate hike aims at encouraging new registration of properties, said an official with the district administration on the condition of anonymity. Focus is on new colonies that have been brought into the Bhopal Municipal Corporation (BMC) limits. Colonies around Gandhi Nagar, Katara Hills, Ayodhya Nagar and areas near Islamnagar are being considered. It includes Godarmow near Jail Road and Gandhinagar along with the developing colonies at Katara Hills, Rasla Khedi (Vidhisha road), Salaiyya, Ayodhya Nagar and Sangh Khedi, said the official. Besides the 57 selected, nine new colonies have been identified with the help of BMC and our survey team, said the official, adding that the district administration was focused on colonies that have reported a spurt in registration in the pre-demonetisation period. Reeling under the impact of note bandi, CREDAI, the apex body of private real estate developers, had been demanding a relook into the existing guideline rates. According to industry estimates, there are about 5,000 homes that are ready for possession but without takers. Ready reckoner rates for 16,000 villages set for hike 20 Jan 2017, 23:56 Ready reckoner rates of villages close to highways in the state and those that have seen development in their periphery are set to go up. RBI working on plan to reduce online transaction charges: Sources 20 Jan 2017, 17:03 The Reserve Bank of India is working on a plan to reduce online transaction costs as it tries to encourage more digital banking. RBI governor Urjit Patel said that it will take a few more weeks for the situation to improve in rural and remote areas. As RBI declines exchange, son left with dead fathers stash of old notes 20 Jan 2017, 15:09 The Reserve Bank of India (RBI) has declined a mans request to accept old demonetised notes left by his dead father. England fined for slow over-rate in 2nd ODI against India 20 Jan 2017, 14:05 As if the loss was not enough, England cricket players were on Friday fined 10 per cent of their match fees while captain Eoin Morgan was docked 20 per cent his earnings for maintaining a slow over-rate in the second ODI against India. Note ban: I-T writes to RBI says co-op banks cash records seriously tampered with 20 Jan 2017, 10:25 The probe has found serious difference in these banks accounts, to the tune of multi-crore rupees, in the aftermath of note ban. No gap in Urjit Patel, RBI note figures 20 Jan 2017, 04:34 MUMBAI: How much has been the actual remonetisation or replacement of scrapped currency by Reserve Bank of India since November 8, 2017 Numbers doing the rounds following the RBI governors statement to the parliamentary standing committee on finance seemed to indicate that Rs 9.2 lakh crore of demonetised currency was replaced by RBI. This seemed to indicate that 60 of banned currency was remonetised. However, the reserve money numbers released by RBI as part of its regular data dissemination showed that as on January 13, currency in circulation (CIC) was Rs 9.5 lakh crore. This includes the non-demonetised low de nomination notes worth Rs 2.53 lakh crore. If the CIC number were to be adjusted for the notes already in circulation, the addition to the stock of currency (replacement of banned notes) works out to Rs 6.97 lakh crore. Sources in the RBI said that the apparent discrepancy has arisen because the number shared by RBI was the data gathered on notes in circulation as on January 13. This means that remonetisation at Rs 6.97 lakh crore would be only 45.3 of the scrapped currency notes. While this number may appear small given that the Rs 2,000 denomination itself amounted to nearly Rs 5 lakh crore, it does not include the notes in transit or in RBIs currency chest. If the extent of remonetisation is only Rs 7 lakh crore, it is an indication that the central bank had shifted to printing of lower denomination currency notes, said Soumya Kanti Ghosh, group chief economic advisor, SBI. He added that going by the official CIC number, around 70 of remonetisation would be completed by Februaryend. But if you factor in the transactions that have moved to digital platform, particularly for fuel, 70 of remonetisation should be good enough to bring about normalcy in transactions. New notes put in circulation of Rs 6.78 lakh crore appears more correct when tallying it with the currency in circulation data. The Rs 9.2 lakh crore number appears to refer to something else. If indeed Rs 9.2 lakh crore of new notes were issued, then CIC would have risen at a much faster pace, which it has not, said Sonal Verma, chief India economist at Nomura, Singapore. Madhya Pradesh Congress seeks RBI governors resignation over note ban 20 Jan 2017, 00:31 Bhopal: As part of the Congress nationwide protest against demonetisation, Madhya Pradesh party unit held a protest outside the Reserve Bank of India (RBI) building here on Wednesday. The agitation was led by AICC general secretary Mukul Wasnik, former Union minister Pallam Raju and PCC chief Arun Yadav. The Congress workers gathered at the BDA Square on Wednesday afternoon to voice their angst against demonetisation. They marched towards RBI building around 4 pm and submitted their memorandum to an RBI official after a mild scuffle with the police. Later, party workers started their march towards the chief ministers official residence, but were arrested by the police and released later. Wasnik attacked Prime Minister Narendra Modi and said, No one has the right to arbitrarily make an announcement to withdraw currency. He demanded RBI governor Urjit Patels resignation and claimed the Congress party will not rest till he steps down. Wasnik also asked the BJP to explain how many of its leaders have been caught with wads of new currency notes to the tune of lakhs and crores of rupees. Pallam Raju said the prime minister withdrew 86 of the nations currency in a single stroke without proper back-up plan and 10 weeks later, the RBI is still groping in the dark. PCC president Arun Yadav headed straight to the protest site after being discharged from a private city hospital. He was injured in a clash with the police during an NSUI demonstration against the Katni hawala scam. He could not stand to address his party workers, but spoke sitting on the dais. Raising the Katni hawala scam, Yadav said, The Congress demands that minister of state Sanjay Pathak should be arrested and legal proceedings should be initiated against BJP state president Nandkumar Singh Chouhan and chief minister Shivraj Singh Chouhan. We demand a judicial probe into the issue and a trial under the supervision of the high court. He said the Congress does not trust the CBI after the Vyapam investigations. CM Pinarayi Vijayan urges RBI, Nabard to help protect cooperative sector 20 Jan 2017, 00:00 Chief minister Pinarayi Vijayan has sought fruitful interventions by the agencies, including the Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (Nabard), to protect the interests of the cooperative sector in the state, which is being unjustifiably strangled by post-demonetisation policies. Modi has made CBI, RBI a joke 19 Jan 2017, 23:57 NEW DELHI: CM Arvind Kejriwal said on Thursday that the BJP-led Centre was getting nervous about AAPs imminent electoral success in Punjab and Goa. His reaction came soon after a CBI team reached the directorate of information and publicity in Civil Lines in the evening to search for documents pertaining to the Delhi governments outreach programme, Talk To AK. Now A CBI Case Against Sisodia: Is AAP Giving the BJP Sleepless Nights Still Modi ji has turned both CBI and RBI into laughing stocks, Kejriwal tweeted. Hours later, deputy CM Manish Sisodia, against whom the case has been initiated as he is the minister of both revenue and DIP, said: CBI could find nothing against me even after spending five hours in the DIP office. Mdiji, now you will have to arrest me from my house with proof. Earlier, he tweeted, Your (Modi) threats in the form of CBI wont be able to save your favourite Majithia who is embroiled with the drugs mafia. His countdown has started. Held last year, Talk To AK was compared to PM Narendra Modis Mann Ki Baat, through which he discussed various issues via a live stream. Delhi government officials said the details revealed by CBI, both in this case and in that of appointment of health minister Satyendar Jains daughter Saumya as volunteer in the health department, were false. They added that they were not aware of what Sisodia was being charged with. The government did not appoint any consultant for Talk To AK. It had hired a public relation firm, Perfect Relations, through a tendering process to handle government work. Later it was decided to start Talk To AK. Since the government had no expertise in the matter, it asked Perfect Relations to arrange for the online publicity, said a senior government official. As a policy, the government has no system for either payment in advance or through credit cards while some of the fora on which Talk To AK was publicised only take payment through credit card. The official added that the PR firm had made its own arrangements and presented the government with a bill of Rs 98 lakh, which had not been paid. So CBIs claim of Rs 1.5 crore is baseless as it is off the mark. Secondly, we did not pay any service charge to the PR firm, he said. Jain, who clarified that his daughter was not paid while she worked with the government, said: She was a volunteer who did not receive any pay or perks. She did travel for one event but I paid for the entire trip. City crime rate shows downward trend: Kochi cops 19 Jan 2017, 23:31 KOCHI: The latest crime statistics released by the city police shows a reduction in crime rate. The city police in a statement released on Thursday claimed that the number of grave offences in the city have come down. The data shows that the city witnessed a reduction in the overall crime rate compared to the previous year. Only 78 house break-ins were reported in the year 2017. MP Dinesh, city police commissioner, said they had registered 97 such cases in the previous year. The statement also claims that the number of theft cases have fallen. Thefts came down from 322 registered in 2017 to 239 in the year 2017. According to the statement, vehicle theft cases also saw a downward trend. The number fell to 91 cases in 2017 from the 110 cases registered in 2017. The number of chain-snatching cases saw a decline by almost 50 per cent. Only 25 chain snatching cases were registered in 2017 whereas the number of cases registered in 2017 was 49. The number of assault cases registered in 2017 was 415. This is 82 cases less than what was recorded in 2017, which witnessed 497 complaints of assault. The city police said they could produce accused in 309 cases before the law. But the statement was silent on the total number of cases they registered. However, the usage of narcotic drugs in the city has registered a steep increase. The number of cases registered for consumption and peddling of drugs almost doubled to 1,164 in 2017 from the 654 cases lodged in 2017. The number of persons arrested for possession and trafficking of ganja increased from 781 to 1,343. The amount of ganja seized in 2017 was 55.8 kg. In 2017 the quantity of the drug seized by the city police went up to 74.3 kg. I-T writes to RBI, says co-op banks cash records seriously tampered with 19 Jan 2017, 14:24 The Income Tax Department has written to the RBI informing it about alleged illegal malpractices being deployed by a number of cooperative banks after its probe found serious difference in accounts, to the tune of multi-crore rupees, in the aftermath of the notes ban. RBI has pumped in Rs 9.2 lakh crore of new notes: Source 19 Jan 2017, 09:13 The Reserve Bank of India has injected 9.2 trillion rupees (135.21 billion) worth of new currency notes into the banking system to help replace the notes banned in November, a parliamentary panel member quoted RBI governor Urjit Patel as saying on Wednesday. Demonetisation impact: Home-buyers are waiting for rate cuts before firming up their purchase plans 19 Jan 2017, 08:56 The real sector has already undergone a time correction, wherein prices have remained stagnant for years together. Since 2017, real estate price inflation has matched the pace of general retail inflation which is mostly in single digits. Ensure free polls, ask RBI to relax withdrawal limit: Captain to EC 19 Jan 2017, 06:31 Punjab Congress president Capt Amarinder Singh has requested the Election Commission to direct the Reserve Bank of India (RBI) to relax the limit on withdrawal of funds from banks and ATMs to enable validly nominated candidates and political parties to contest assembly polls in a democratic environment. Ensure free polls, ask RBI to relax withdrawal limit: Captain to EC 19 Jan 2017, 06:31 Punjab Congress president Capt Amarinder Singh has requested the Election Commission to direct the Reserve Bank of India (RBI) to relax the limit on withdrawal of funds from banks and ATMs to enable validly nominated candidates and political parties to contest assembly polls in a democratic environment. Congress workers gherao RBI office against demonetization 19 Jan 2017, 06:16 Congress party workers, led by former coal minister Shri Prakash Jaiswal, on Wednesday held demonstration in front of regional office of RBI in Kanpur against the Centres demonetization move. One senior party worker said that such protest will continue till January 23. RBI, government began talks on demonetisation in January 2017: Urjit Patel 19 Jan 2017, 05:06 The Reserve Bank of India and the government were in regular touch over the demonetisation of Rs 500 and Rs 1,000 notes and printing of a new series of notes since January 2017, the central bank and senior officials told a parliamentary committee on Wednesday . Cong leaders held for RBI gherao protest 19 Jan 2017, 04:29 As part of its protests across India against the hardship caused to common people due to demonetization of high value notes by PM Narendra Modis Union government, Gujarat Congress staged a protest outside the regional office of the Reserve Bank of India (RBI) in Ahmedabad. Congress seek RBI governers resignation over notebandi mess 19 Jan 2017, 02:39 Thousands of Congress workers on Wednesday took out a Jan Vedna March and demonstrated before the Reserve Bank of India (RBI) in Patna, demanding right of money withdrawal to people by lifting the restrictions imposed on it since notebandi on November 8 last year. Cong demands RBI guvs resignation for demonetisation mess 18 Jan 2017, 22:44 As part of the Congress nation-wide demonstration against demonetisation, the Madhya Pradesh party unit also held a protest outside the Reserve Bank of India (RBI) building here on Wednesday. The agitation was led by AICC general secretary Mukul Wasnik, former Union minister Pallam Raju and state PCC chief Arun Yadav. Bihar Congress demands resignation of RBI governor for demonetisation mess 18 Jan 2017, 22:40 PATNA: Thousands of Congress workers, led by AICC secretary in-charge for Bihar affairs K L Sharma and BPCC chief Ashok Choudhary, on Wednesday took out a Jan Vedna March in the state capital here and demonstrated before the regional office of the Reserve Bank of India (RBI), demanding grant of right to withdraw money to people of the country by lifting of all restrictions imposed after the announcement of demonetisation on November 8 last year. In a five-page memorandum, addressed to the RBI governor and submitted to a senior manager of the local RBI office, the Congress also asked the Centre and the RBI to issue a white-paper on demonetisation and answer all the questions and demands raised in the memorandum. The party, through its memorandum, also asked the RBI Governor Urjit Patel to resign from the post, taking responsibility for the demonetisation mess as also for permitting Narendra Modi government to encroach upon the jurisdiction of RBI, rendering it as a mouthpiece of the government. RBIs autonomy and statutory powers have been subjugated and compromised. Responsibility lies at the doorsteps of RBI Governor for this erosion of credibility. The governor must forthwith resign, BPCC chief Ashok Choudhary said. Choudhary is education and information technology minister in Bihar Government headed by Nitish Kumar who has been supporting Modis move of demonetisation since its initial days. Earlier, thousands of Congress workers from different parts of the state gathered near the historic Golghar around this noon and took out a Jan Vedna March at the call of the party vice president Rahul Gandhi. The march proceeded towards the local RBI office by passing through the divisional commissioners office and St Xaviers school, but it was stopped by police near the JP roundabout. Later, a delegation of around 10 senior party functionaries led by Choudhary, prohibition minister Abdul Jalil Mastan and Bihar Pradesh Mahila Congress (BPMC) chief Amita Bhushan, went to the RBI office and submitted memorandum to a senior manager. Large number of women workers also participated in the demonstration. Addressing the party workers near the JP roundabout, Choudhary said the decision of demonetisation has not only devastated countrys economy but also caused tragic deaths of 120 innocent individuals across the country. What was fault of these people Who is responsible for these manmade tragedies of human suffering Choudhary asked. Congress legislature party leader Sadanand Singh, Revenue and land reforms minister Madan Mohan Jha, the partys chief whip in the council Dilip Choudhary, BPMC general secretary Vinita Jha and legislators namely Vinay Verma, Poonam Paswan, Bhawna Jha, Anand Shankar and Tanveer Akhtar also paraded on the capitals streets as part of the Vedna March.
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