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Tag: demonetisation

  • Raghuram Rajan: Demonetisation, GST held back India’s economic growth, 7% not enough

    Raghuram Rajan: Demonetisation, GST held back India’s economic growth, 7% not enough

    Dr Raghuram Rajan former RBI governor during the KREA university opening meeting at Peninsula corporate park in Lower Parel on Friday. Express photo by Nirmal Harindran, 23rd March 2018, Mumbai.
    Dr Raghuram Rajan former RBI governor during the KREA university opening meeting at Peninsula corporate park in Lower Parel on Friday. Express photo by Nirmal Harindran, 23rd March 2018, Mumbai.

    NEW DELHI: Former Reserve Bank of India governor Raghuram Rajan has contended that the introduction of demonetisation and the Goods and Services Tax (GST) were the two major events that held back India’s economic growth last year, PTI reported. Speaking at the University of California in Berkley on Friday, Rajan maintained that the seven per cent growth rate is not enough to meet the country’s needs.

    “The two successive shocks of demonetisation and the GST had a serious impact on growth in India. Growth has fallen off interestingly at a time when growth in the global economy has been peaking up,” Rajan said while delivering the second Bhattacharya Lectureship on the Future of India.

     

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    Credit: indianexpress.com

  • RBI Explains What It Is Doing With Banned Rs. 500 And 1,000 Notes

    RBI Explains What It Is Doing With Banned Rs. 500 And 1,000 Notes

    Demonetised notes will be shredded and briquetted, the RBI said in an RTI reply. (Representational)
    Demonetised notes will be shredded and briquetted, the RBI said in an RTI reply. (Representational)

    NEW DELHI: Demonetised Rs. 500 and Rs. 1,000 notes, which have been counted and processed for genuineness, are shredded and briquetted before being disposed off through a tendering process, the RBI has said.

    The central bank had earlier estimated the value of old Rs. 500 and Rs. 1,000 notes received, as on June 30, 2017, at Rs. 15.28 trillion.

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    Credit: ndtv.com

  • 15 months after demonetisation, RBI still processing returned notes

    15 months after demonetisation, RBI still processing returned notes

    RBI said in the report, for the year ended June 30, 2017, that only Rs 16,050 crore of the Rs 15.44 lakh crore in old high denomination notes had not returned (File)
    RBI said in the report, for the year ended June 30, 2017, that only Rs 16,050 crore of the Rs 15.44 lakh crore in old high denomination notes had not returned (File)

    NEW DELHI:

    The RBI has said that Rs 500 and Rs 1,000 notes, returned to banks when the government demonetised high-value currency 15 months ago, are still being “processed for their arithmetical accuracy and genuineness”. This is being done in an “expedited manner”, the central bank said.

    “Specific bank notes are being processed for their arithmetical accuracy and genuineness and the reconciliation for the same is ongoing. This information can, therefore, be shared on completion of the process and reconciliation,” the RBI said in reply to an RTI application filed by a PTI correspondent.

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    Credits: indianexpress.com