General Affairs
ATMs To Give New Currency Notes From Thursday Midnight: Arun Jaitley
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NEW DELHI: Union Finance Minister Arun Jaitley said that people can withdraw the new series of Rs. 500 and Rs. 2,000 notes from the ATMs from Thursday midnight.
"ATMs will start functioning from today (Thursday) midnight. People can withdraw the new currency notes," Mr Jaitley told TV channel CNN-News 18 in an interview.
The government demonetised Rs. 500 and Rs. 1,000 notes from November 8 midnight. New notes of Rs. 500 and Rs. 2,000 denomination are being issued starting Thursday in banks and post offices.
Lakhs of anxious people made a beeline to banks and post offices on Thursday to exchange their old Rs. 500 and Rs. 1,000 notes. Most private and public sector bank branches were seen jampacked with customers.
With the ATMs giving out new currency from midnight, it is expected to ease the queues before the banks and post offices that were witnessed entire day on Thursday.
All banks have been directed to work for 12 hours on Thursday, Friday, Saturday and Sunday to clear the rush of desperate customers for exchange transactions and, if required, remain open even next Sunday (November 20).
Mr Jaitley said that a total amount of Rs. 14 lakh crore is in circulation in the economy in high denomination notes. "But how much will be replaced by people, I cannot predict," he said.
"ATMs will start functioning from today (Thursday) midnight. People can withdraw the new currency notes," Mr Jaitley told TV channel CNN-News 18 in an interview.
The government demonetised Rs. 500 and Rs. 1,000 notes from November 8 midnight. New notes of Rs. 500 and Rs. 2,000 denomination are being issued starting Thursday in banks and post offices.
With the ATMs giving out new currency from midnight, it is expected to ease the queues before the banks and post offices that were witnessed entire day on Thursday.
All banks have been directed to work for 12 hours on Thursday, Friday, Saturday and Sunday to clear the rush of desperate customers for exchange transactions and, if required, remain open even next Sunday (November 20).
Mr Jaitley said that a total amount of Rs. 14 lakh crore is in circulation in the economy in high denomination notes. "But how much will be replaced by people, I cannot predict," he said.
PM Modi Reaches Japan For Annual Bilateral Summit
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TOKYO: Prime Minister Narendra Modi today reached Tokyo to attend the annual India-Japan bilateral summit to be held on Friday.
"Konbanwa Tokyo! PM @narendramodi arrives in Japan for the Annual Summit, his second visit in two years," External Affairs Ministry spokesperson Vikas Swarup tweeted.
In a pre-departure statement in Tokyo on Wednesday, PM Modi said the high-speed railway cooperation between the two countries would boost bilateral trade and investment.
"The high-speed railway cooperation between India and Japan is a shining example of the strength of our cooperation," he said.
"It will not only boost our trade and investment ties, but will also create skilled jobs in India, improve our infrastructure and give a boost to our 'Make in India' mission."
During Japanese Prime Minister Shinzo Abe's visit to India last year, the east Asian economic superpower committed itself to a high-speed railway line between Mumbai and Ahmedabad.
"On November 12, Prime Minister Abe and I will travel to Kobe on the famed Shinkansen -- the technology that will be deployed for the Mumbai-Ahmedabad high-speed railway.
"Both of us will also visit the Kawasaki Heavy Industries facility in Kobe, where the high speed railway is manufactured," PM Modi said.
Stating that the India-Japan partnership was characterised as a Special Strategic and Global Partnership, PM Modi said the two countries "see each other through a prism of shared Buddhist heritage, democratic values, and commitment to an open, inclusive and rules-based global order".
"Today, Japan is one of the top investors in India. But many Japanese companies, which are household names in India, have been committed to the potential of Indian economy for several decades," he said.
The Prime Minuster said that in Tokyo he would have a detailed interaction with top business leaders from India and Japan to look for ways to further strengthen trade and investment ties.
He will call on Japanese Emperor Akihito and review the entire spectrum of the bilateral cooperation with Prime Minister Abe in Tokyo on November 11.
PM Modi, who left New Delhi early today morning, made a brief stopover in Bangkok to pay homage to the late Thai King Bhumibol Adulyadej, the world's longest-ruling monarch, who died last month.
"Konbanwa Tokyo! PM @narendramodi arrives in Japan for the Annual Summit, his second visit in two years," External Affairs Ministry spokesperson Vikas Swarup tweeted.
In a pre-departure statement in Tokyo on Wednesday, PM Modi said the high-speed railway cooperation between the two countries would boost bilateral trade and investment.
"The high-speed railway cooperation between India and Japan is a shining example of the strength of our cooperation," he said.
During Japanese Prime Minister Shinzo Abe's visit to India last year, the east Asian economic superpower committed itself to a high-speed railway line between Mumbai and Ahmedabad.
"On November 12, Prime Minister Abe and I will travel to Kobe on the famed Shinkansen -- the technology that will be deployed for the Mumbai-Ahmedabad high-speed railway.
"Both of us will also visit the Kawasaki Heavy Industries facility in Kobe, where the high speed railway is manufactured," PM Modi said.
Stating that the India-Japan partnership was characterised as a Special Strategic and Global Partnership, PM Modi said the two countries "see each other through a prism of shared Buddhist heritage, democratic values, and commitment to an open, inclusive and rules-based global order".
"Today, Japan is one of the top investors in India. But many Japanese companies, which are household names in India, have been committed to the potential of Indian economy for several decades," he said.
The Prime Minuster said that in Tokyo he would have a detailed interaction with top business leaders from India and Japan to look for ways to further strengthen trade and investment ties.
He will call on Japanese Emperor Akihito and review the entire spectrum of the bilateral cooperation with Prime Minister Abe in Tokyo on November 11.
PM Modi, who left New Delhi early today morning, made a brief stopover in Bangkok to pay homage to the late Thai King Bhumibol Adulyadej, the world's longest-ruling monarch, who died last month.
No Need To Worry If Money Is Valid: Venkaiah Naidu
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JAIPUR: Union Urban Development Minister Venkaiah Naidu today appealed to citizens not to panic over scrapping on notes of Rs. 500 and Rs. 1,000 denominations, saying only those with black money will be affected.
Mr Naidu called criticism on the issue by the opposition useless and fact less.
"They (opposition) are making allegations just for sake of making allegations. No farmer or poor person will be impacted. Your Rs. 500, Rs. 1000 notes will not be invalid if your money is valid. You can exchange them till December 30. Only corrupt, black money holders, money launderers, terrorists and their sympathisers need to worry," said Mr Naidu during the GRAM 2016 event in Jaipur.
On Wednesday, Congress Vice President Rahul Gandhi had targeted the government on the move, saying farmers, small shopkeepers and housewives were thrown in utter chaos.
Mr Naidu called criticism on the issue by the opposition useless and fact less.
"They (opposition) are making allegations just for sake of making allegations. No farmer or poor person will be impacted. Your Rs. 500, Rs. 1000 notes will not be invalid if your money is valid. You can exchange them till December 30. Only corrupt, black money holders, money launderers, terrorists and their sympathisers need to worry," said Mr Naidu during the GRAM 2016 event in Jaipur.
On Wednesday, Congress Vice President Rahul Gandhi had targeted the government on the move, saying farmers, small shopkeepers and housewives were thrown in utter chaos.
Notes Ban: Anna Hazare Hails PM Narendra Modi's 'Revolutionary' Step, Kejriwal Criticizes It
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NEW DELHI: Anti-corruption crusader Anna Hazare has lauded the Centre for its "bold and revolutionary" decision of demonetising Rs. 500 and Rs. 1,000 currency notes, saying it will curb black money.
"This revolutionary step will curb black money, corruption and terrorism (funding) to a large extent," Mr Hazare told news agency PTI.
"The previous governments never showed the will to crackdown on black money. The present dispensation has taken a bold step and this will strengthen the democracy," he said.
On the other hand, Aam Aadmi Party chief Arvind Kejriwal attacked Prime Minister Narendra Modi for demonetising Rs. 500 and Rs. 1,000 notes. He insisted that this won't curb black money.
Mr Kejriwal also went on to allege that the BJP and its "friends" were informed about the demonetisation of high value currency "a week before" the move was put in place.
Pointing out "discrepencies" in funding of political parties, Anna Hazare said the next course of action for the government should be to "clean up" the election process.
"Now the government should accept the challenge to eliminate black money from the poll process and politics as well by bringing in large electoral reforms," he said, ahead of the Assembly elections scheduled in some states next year.
Mr Hazare alleged that almost all political parties accept huge cash donations for elections but furnish receipts (for amounts below Rs. 20,000) against donors to avoid coming under the scanner of Income Tax officials and RTI.
"Hence, it is time the government ensures transparency in the poll process to make it more credible," he said.
However, he cautioned that adequate safeguards need to be taken before ushering in the new currency regime.
"This revolutionary step will curb black money, corruption and terrorism (funding) to a large extent," Mr Hazare told news agency PTI.
"The previous governments never showed the will to crackdown on black money. The present dispensation has taken a bold step and this will strengthen the democracy," he said.
Mr Kejriwal also went on to allege that the BJP and its "friends" were informed about the demonetisation of high value currency "a week before" the move was put in place.
Pointing out "discrepencies" in funding of political parties, Anna Hazare said the next course of action for the government should be to "clean up" the election process.
"Now the government should accept the challenge to eliminate black money from the poll process and politics as well by bringing in large electoral reforms," he said, ahead of the Assembly elections scheduled in some states next year.
Mr Hazare alleged that almost all political parties accept huge cash donations for elections but furnish receipts (for amounts below Rs. 20,000) against donors to avoid coming under the scanner of Income Tax officials and RTI.
"Hence, it is time the government ensures transparency in the poll process to make it more credible," he said.
However, he cautioned that adequate safeguards need to be taken before ushering in the new currency regime.
Analysis Of Departments Receiving Maximum Public Grievances Being Done: Government
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NEW DELHI: A specialised unit has been set up for monitoring of systematic reforms and an analysis is being done for 20 departments receiving maximum number of public grievances, the government said today.
The volume of grievances has increased more than three times after the present government took over, it said in a press release without giving the numbers.
"It is a measure of high expectations that the citizens have from the present government. A grievance analysis study had been conducted by Department of Administrative Reforms and Public Grievances (DARPG) in respect of top 20 organisations receiving maximum grievances."
"The study identifies the grievance prone areas, root cause and recommends systemic reforms for reducing grievances, thus, improving public service delivery," the release said.
The reports have been circulated to the concerned departments. Some important reforms have been carried out by Central Board of Direct Taxes, Central Board of Excise and Customs, Health and Family Welfare, etc. for improving their services. Now, the income tax refunds are being sent expeditiously, it said.
"A project management unit has been set up for further monitoring systemic reforms. Grievance analysis is also being done for next 20 ministries or departments receiving maximum grievances," the release said.
A Centralized Public Grievance Redress and Monitoring System (CPGRAMS) portal is functional to help citizens lodge grievances against government departments.
As per data available on the website, of the total of about 17.61 lakh complaints received by it, 16.84 lakh have been disposed off.
In a related development, the DARPG is organising a two-day national workshop on public service delivery being held in Jammu from November 11-12, 2016.
Union Minister of State for Personnel, Public Grievances, Pensions, Jitendra Singh will address the audience on the second day of the workshop.
On the first day of the workshop, Secretary, DARPG, C Viswanath will address the workshop. There will be presentations by various states on the topics related to public services, CPGRAMS and implementation of Right to Services Act, etc.
During the workshop, the Minister will release a book on Key to Success Research and Evaluation of Prime Minister Awarded Best Practices.
The volume of grievances has increased more than three times after the present government took over, it said in a press release without giving the numbers.
"It is a measure of high expectations that the citizens have from the present government. A grievance analysis study had been conducted by Department of Administrative Reforms and Public Grievances (DARPG) in respect of top 20 organisations receiving maximum grievances."
The reports have been circulated to the concerned departments. Some important reforms have been carried out by Central Board of Direct Taxes, Central Board of Excise and Customs, Health and Family Welfare, etc. for improving their services. Now, the income tax refunds are being sent expeditiously, it said.
"A project management unit has been set up for further monitoring systemic reforms. Grievance analysis is also being done for next 20 ministries or departments receiving maximum grievances," the release said.
A Centralized Public Grievance Redress and Monitoring System (CPGRAMS) portal is functional to help citizens lodge grievances against government departments.
As per data available on the website, of the total of about 17.61 lakh complaints received by it, 16.84 lakh have been disposed off.
In a related development, the DARPG is organising a two-day national workshop on public service delivery being held in Jammu from November 11-12, 2016.
Union Minister of State for Personnel, Public Grievances, Pensions, Jitendra Singh will address the audience on the second day of the workshop.
On the first day of the workshop, Secretary, DARPG, C Viswanath will address the workshop. There will be presentations by various states on the topics related to public services, CPGRAMS and implementation of Right to Services Act, etc.
During the workshop, the Minister will release a book on Key to Success Research and Evaluation of Prime Minister Awarded Best Practices.
Business Affairs
5 things to know before you go to the bank to exchange Rs 500, Rs 1000
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Days after the government scrapped Rs 500 and Rs 1000 notes, the banks on Thursday started the process of exchanging the old currencies with new ones.
The government and banks have also placed some formalities that you have to go by in order to get your money exchanged.
Here are few important things that you should keep in mind before visiting the banks:
- Carry a valid identity proof. And, the valid identity proof is any of the following: Aadhaar card, driving license, voter ID card, passport, PAN card, identity card issued by the government, public sector unit to its staff.
- You need to fill up a few details in a prescribed format and attach a photocopy of your identity proof for exchanging the scrapped notes. Before submitting the photocopy of your ID proof to the banks, self-attest it with the date and also mention that it's being submitted for the purpose of exchanging old notes.
- If you do not have any bank account, don't panic. You can use your friends and relatives' account to exchange the old notes. However, you have to take their permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.
- Prefer to visit the branch personally. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.
- In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.
You want more information?
Visit RBI website - www.rbi.org.in
And, Finance Ministry website - www.finmin.nic.in.
RBI control room You may also approach the control room of RBI by email or over the telephone: 022 22602201 - 022 22602944.
Days after the government scrapped Rs 500 and Rs 1000 notes, the banks on Thursday started the process of exchanging the old currencies with new ones.
The government and banks have also placed some formalities that you have to go by in order to get your money exchanged.
Here are few important things that you should keep in mind before visiting the banks:
- Carry a valid identity proof. And, the valid identity proof is any of the following: Aadhaar card, driving license, voter ID card, passport, PAN card, identity card issued by the government, public sector unit to its staff.
- You need to fill up a few details in a prescribed format and attach a photocopy of your identity proof for exchanging the scrapped notes. Before submitting the photocopy of your ID proof to the banks, self-attest it with the date and also mention that it's being submitted for the purpose of exchanging old notes.
- If you do not have any bank account, don't panic. You can use your friends and relatives' account to exchange the old notes. However, you have to take their permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.
- Prefer to visit the branch personally. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.
- In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.
Visit RBI website - www.rbi.org.in
And, Finance Ministry website - www.finmin.nic.in.
RBI control room You may also approach the control room of RBI by email or over the telephone: 022 22602201 - 022 22602944.
Gold falls from 3-year high, tumbles Rs 600
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Gold prices came off a three-year high by plunging Rs 600 to Rs 31,150 per 10 grams today, hit hard by big fall in demand from jewellers amid profit-booking by stockists, but the metal firmed up overseas.
Silver too broke below the Rs 45,000-mark by slipping Rs 300 to Rs 44,700 per kg on stockists selling amid reduced offtake by coin makers.
Traders said slowdown in buying by jewellers at the existing higher levels mainly dragged the precious metal down from the three-year highs.
However, a firming trend overseas where gold surged 0.92 per cent to USD 1,289.90 in Singapore capped the downside.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 600 each to Rs 31,150 and Rs 31,000 per 10 grams, respectively.
Gold prices yesterday hit a 3-year high of Rs 31,750 per 10 grams, gaining a whopping Rs 900, after the government scrapped high-denomination notes to curb black money and a firming trend overseas in view of Donald Trump's stunning victory in the US presidential election.
Sovereign followed suit and declined by Rs 100 to Rs 24,600 per piece of eight grams.
In line with the overall trend, silver ready retreated by Rs 300 to Rs 44,700 per kg while weekly-based delivery fell by Rs 375 to Rs 43,900 per kg.
On the other hand, silver coins held steady at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.
Gold prices came off a three-year high by plunging Rs 600 to Rs 31,150 per 10 grams today, hit hard by big fall in demand from jewellers amid profit-booking by stockists, but the metal firmed up overseas.
Silver too broke below the Rs 45,000-mark by slipping Rs 300 to Rs 44,700 per kg on stockists selling amid reduced offtake by coin makers.
Traders said slowdown in buying by jewellers at the existing higher levels mainly dragged the precious metal down from the three-year highs.
However, a firming trend overseas where gold surged 0.92 per cent to USD 1,289.90 in Singapore capped the downside.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 600 each to Rs 31,150 and Rs 31,000 per 10 grams, respectively.
Gold prices yesterday hit a 3-year high of Rs 31,750 per 10 grams, gaining a whopping Rs 900, after the government scrapped high-denomination notes to curb black money and a firming trend overseas in view of Donald Trump's stunning victory in the US presidential election.
Sovereign followed suit and declined by Rs 100 to Rs 24,600 per piece of eight grams.
In line with the overall trend, silver ready retreated by Rs 300 to Rs 44,700 per kg while weekly-based delivery fell by Rs 375 to Rs 43,900 per kg.
On the other hand, silver coins held steady at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.
Rs 500, Rs 1,000 notes can be used for paying utility bills, tax: Govt
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Giving some more relief to common man, the Centre today said old Rs 500 and Rs 1,000 notes can be used to pay utility bills, taxes, penalty and fees to central and state governments till midnight of November 11.
While demonetising the high-value currency notes on Tuesday, the government had permitted people to use such notes for payment of certain services like rail and metro ticket, rail catering, airline ticket, buying LPG cylinder and medicines with doctor's prescription.
Economic Affairs Secretary Shaktikanta Das today tweeted: "Old 500, Rs 1000 notes to be accepted for payment of fees, charges, taxes, penalty to central and state governments, including municipalities and local bodies."
Such old notes to be accepted for payment of utility charges like water and electricity, he said.
"Above facilities to be available till November 11 midnight. Records to be maintained," Das tweeted.
Exemptions have also been made for payments at government hospitals, milk booths, crematoria/burial grounds and petrol pumps till November 11.
People having invalid notes are required to either deposit them in their accounts or exchange them with new currency notes. Banks have already started issuing new currency notes of Rs 500 and Rs 2,000 denominations.
Giving some more relief to common man, the Centre today said old Rs 500 and Rs 1,000 notes can be used to pay utility bills, taxes, penalty and fees to central and state governments till midnight of November 11.
While demonetising the high-value currency notes on Tuesday, the government had permitted people to use such notes for payment of certain services like rail and metro ticket, rail catering, airline ticket, buying LPG cylinder and medicines with doctor's prescription.
Economic Affairs Secretary Shaktikanta Das today tweeted: "Old 500, Rs 1000 notes to be accepted for payment of fees, charges, taxes, penalty to central and state governments, including municipalities and local bodies."
Such old notes to be accepted for payment of utility charges like water and electricity, he said.
"Above facilities to be available till November 11 midnight. Records to be maintained," Das tweeted.
Exemptions have also been made for payments at government hospitals, milk booths, crematoria/burial grounds and petrol pumps till November 11.
People having invalid notes are required to either deposit them in their accounts or exchange them with new currency notes. Banks have already started issuing new currency notes of Rs 500 and Rs 2,000 denominations.
Sensex, Nifty close higher as bank stocks rally post demonetisation
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The Indian market extended its relief rally a day after Donald Trump won the US Presidential election, tracking gains in the global market.
Demonetisation of Rs 500 and Rs 1000 notes boosted banking stocks since lenders expect huge cash deposits from people affected by the Modi government's surprise move.
The Sensex, which recovered some 1350 points yesterday rose 265 points to close at 27517 level.
The Nifty too rose 93 points to 8525 level. The index stopped short of touching the 8600 level by two points intra day.
"A strong optimism would be seen only above 8560. Until then we expect index to consolidate in a broad range, where the immediate support would now be seen at 8380 - 8300 levels," said an Angel Broking Report.
Welspun Corp was the top gainer, up 19.93 per cent on the BSE, followed by Indian Bank (18.16 per cent) and Bank of India (12.97 per cent).
Market breadth was positive with 2029 stocks advancing against 721 falling on the BSE.
The BSE Bankex was the top gainer (at 23185.59 points, a gain of 811 points) among indexes in terms of market capitalisation. Punjab National Bank (11.86 per cent), Bank of Baroda (9.03 per cent), SBI (8.41 per cent) and Federal Bank (5.51 per cent) were the top gainers on the BSE Bankex.
The Bank Nifty too gained around 2,200 points from its intra-day low yesterday. On Thursday, the index closed 682 points higher at 20200 level.
Global markets
European shares opened strongly, with France's CAC 40 jumping 1.2 percent to 4,596.34 and Germany's DAX leaping 1.2 percent to 10,776.93. Britain's FTSE 100 climbed 1.2 percent to 6,995.72.
U.S. shares were poised to open higher. Dow futures added 0.9 percent to 18,699.00 and broader S&P 500 futures advanced 0.8 percent to 2,178.50.
Japan's benchmark Nikkei 225 index rocketed 6.7 percent to close at 17,344.42 after sliding more than 5 percent the day before.
In other Asian trading, South Korea's Kospi advanced 2.3 percent to 2,002.60 and Hong Kong's Hang Seng added 1.9 percent to 22,839.11. The Shanghai Composite index in mainland China rose 1.4 percent to 3,171.28 and Australia's S&P/ASX 200 surged 3.3 percent to 5,328.80. India's Sensex climbed 1.6 percent to 27,690.21. The dollar also recovered in currency trading. It was at 105.74 yen after dropping to near 101 yen the day before.
The Indian market extended its relief rally a day after Donald Trump won the US Presidential election, tracking gains in the global market.
Demonetisation of Rs 500 and Rs 1000 notes boosted banking stocks since lenders expect huge cash deposits from people affected by the Modi government's surprise move.
The Sensex, which recovered some 1350 points yesterday rose 265 points to close at 27517 level.
The Nifty too rose 93 points to 8525 level. The index stopped short of touching the 8600 level by two points intra day.
"A strong optimism would be seen only above 8560. Until then we expect index to consolidate in a broad range, where the immediate support would now be seen at 8380 - 8300 levels," said an Angel Broking Report.
Welspun Corp was the top gainer, up 19.93 per cent on the BSE, followed by Indian Bank (18.16 per cent) and Bank of India (12.97 per cent).
Market breadth was positive with 2029 stocks advancing against 721 falling on the BSE.
The BSE Bankex was the top gainer (at 23185.59 points, a gain of 811 points) among indexes in terms of market capitalisation. Punjab National Bank (11.86 per cent), Bank of Baroda (9.03 per cent), SBI (8.41 per cent) and Federal Bank (5.51 per cent) were the top gainers on the BSE Bankex.
The Bank Nifty too gained around 2,200 points from its intra-day low yesterday. On Thursday, the index closed 682 points higher at 20200 level.
Global markets
European shares opened strongly, with France's CAC 40 jumping 1.2 percent to 4,596.34 and Germany's DAX leaping 1.2 percent to 10,776.93. Britain's FTSE 100 climbed 1.2 percent to 6,995.72.
Global markets
European shares opened strongly, with France's CAC 40 jumping 1.2 percent to 4,596.34 and Germany's DAX leaping 1.2 percent to 10,776.93. Britain's FTSE 100 climbed 1.2 percent to 6,995.72.
U.S. shares were poised to open higher. Dow futures added 0.9 percent to 18,699.00 and broader S&P 500 futures advanced 0.8 percent to 2,178.50.
Japan's benchmark Nikkei 225 index rocketed 6.7 percent to close at 17,344.42 after sliding more than 5 percent the day before.
In other Asian trading, South Korea's Kospi advanced 2.3 percent to 2,002.60 and Hong Kong's Hang Seng added 1.9 percent to 22,839.11. The Shanghai Composite index in mainland China rose 1.4 percent to 3,171.28 and Australia's S&P/ASX 200 surged 3.3 percent to 5,328.80. India's Sensex climbed 1.6 percent to 27,690.21. The dollar also recovered in currency trading. It was at 105.74 yen after dropping to near 101 yen the day before.
Oil prices steady as markets recover from Trump shock
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Oil prices steadied on Thursday as markets recovered from their initial shock at US President-elect Donald Trump's surprise victory, but investors were cautious ahead of a key OPEC meeting to decide on production.
Most markets shook off post-election losses and bounced back on Thursday.
But the oil market is heavily oversupplied and investors are focusing on a gathering of the Organization of the Petroleum Exporting Countries on November 30, which may lead to output cuts.
Brent crude was up 10 cents at $46.46 a barrel by 0920 GMT. US light crude was down 10 cents at $45.17.
"If no agreement is reached and some individual members continue to expand their production then the market will remain in surplus throughout the year, with little prospect of oil prices rising significantly higher," the International Energy Agency (IEA) said in its monthly report on Thursday.
"If the supply surplus persists in 2017 there must be some risk of prices falling back," the IEA added.
Carsten Fritsch, senior oil and commodities analyst at Commerzbank in Frankfurt, agreed:
"We are still in an oversupplied market and that is not going to change for the foreseeable future unless OPEC cuts."
The market was dampened by a 2.4-million-barrel rise in US crude inventories to 485 million barrels last week, reported by the Energy Information Administration on Wednesday.
Investors are still assessing the long-term impact of a Trump presidency on world oil supply and demand.
BMI Research said the billionaire's expected pro oil and gas industry policies might mean U.S. "production of oil and gas could recover at a faster rate in 2017 as developers grow more encouraged".
Goldman Sachs said a Trump presidency would likely result in higher investment and, in time, increased US oil output as the president-elect has said he would deregulate fossil fuel production.
Internationally, the bank said Trump's threat of renewed U.S. sanctions against OPEC member Iran would "further incentivize Iran to maximize production in the short term rather than comply to an OPEC freeze".
This reinforced traders' doubts over the ability of OPEC and other producers such as Russia to trim output to prop up prices.
Oil prices steadied on Thursday as markets recovered from their initial shock at US President-elect Donald Trump's surprise victory, but investors were cautious ahead of a key OPEC meeting to decide on production.
Most markets shook off post-election losses and bounced back on Thursday.
But the oil market is heavily oversupplied and investors are focusing on a gathering of the Organization of the Petroleum Exporting Countries on November 30, which may lead to output cuts.
Brent crude was up 10 cents at $46.46 a barrel by 0920 GMT. US light crude was down 10 cents at $45.17.
"If no agreement is reached and some individual members continue to expand their production then the market will remain in surplus throughout the year, with little prospect of oil prices rising significantly higher," the International Energy Agency (IEA) said in its monthly report on Thursday.
"If the supply surplus persists in 2017 there must be some risk of prices falling back," the IEA added.
Carsten Fritsch, senior oil and commodities analyst at Commerzbank in Frankfurt, agreed:
"We are still in an oversupplied market and that is not going to change for the foreseeable future unless OPEC cuts."
The market was dampened by a 2.4-million-barrel rise in US crude inventories to 485 million barrels last week, reported by the Energy Information Administration on Wednesday.
Investors are still assessing the long-term impact of a Trump presidency on world oil supply and demand.
BMI Research said the billionaire's expected pro oil and gas industry policies might mean U.S. "production of oil and gas could recover at a faster rate in 2017 as developers grow more encouraged".
Goldman Sachs said a Trump presidency would likely result in higher investment and, in time, increased US oil output as the president-elect has said he would deregulate fossil fuel production.
Internationally, the bank said Trump's threat of renewed U.S. sanctions against OPEC member Iran would "further incentivize Iran to maximize production in the short term rather than comply to an OPEC freeze".
This reinforced traders' doubts over the ability of OPEC and other producers such as Russia to trim output to prop up prices.
General Awareness
Rs. 500 and Rs. 1000 Currency no longer Legal Tender
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Honorable Prime Minister Shri Narendra Modi while addressing the nation on November 8 2016, made a historical announcement that the Rs. 500 and Rs. 1000 currency notes currently in use will no longer be legal tender from midnight 8th November 2016 that is these notes will not be accepted for any kind of transactions from midnight onwards.
- The aim behind such move is to curb corruption, black money, money laundering, terrorism creating an environment of panic.
- However one hundred, fifty, twenty, ten, five, two and one rupee note will remain legal tender and will not be affected by the decision.
- On recommendation of RBI, government of India has decided to issue Rs. 2000notes and new notes of five hundred for circulation.
How to get the new denomination notes :
Citizens can deposit old notes of Rs. 500 and Rs. 1000 in their bank or post office accounts from 10th November till 30th December 2016 without any limit.
- From 10th November to 24th November the limit of exchange will be Rs. 4000while from 25th November to 30th December, the limit will be increased.
- For an immediate needs, citizen can go to any bank, head post office or sub post office, with an identity proof like Aadhaar card, voter card, ration card, passport, PAN card or other approved proofs, and exchange old five hundred or thousand rupee notes for new notes.
- ATMs will not work on 9th November and in some places on 10th November also. There will be a limit of Rs. 2000 per day per card in first few days.Later the limit will be raised to 4000.
- If for any reason, any person is not able to deposit the old five hundred or thousand rupee notes by 30th December 2016 they can go to specified offices of the Reserve Bank of India up to 31st March 2017 and deposit the notes after submitting a declaration form.
To reduce the difficulty of the common man, some special steps have been taken by the government. For the first 72 hours till the midnight on 11th November the old notes of Rs. 500 and Rs. 1000 will be accepted at the following places for transaction.
- Government hospitals and pharmacies
- Railway ticket booking counters
- Ticket counters of government buses
- Airline ticket counters
- Petrol, diesel and CNG gas stations
- Consumer co-operative stores
- Milk booths authorised by State governments.
- Crematoria and burial grounds.
Features of New Rs. 500 Note
- The note size is 63mm x 150mm.
- Color is stone grey and
- The new theme is Indian heritage site – Red Fort.
- Ashoka pillar emblem on the right.
- Color of windowed security thread changes from green to blue when it is tilted.
- Devnagari script used for denoting numeral.
- Watermark of electrotype and portrait of mahatma gandhi
- On top left and bottom right side of the note the numerals are increasing from small to big.
- Mahatma Gandhi portrait position shifted to center.
- Governor’s signature, promise clause, Guarantee clause, and emblem of RBI tilted towards right
Back Side of the note depicts
- Year of printing the note appears on left
- Swacchh bharat logo and slogan on bottom left
- Image of red fort with Indian flag
- Denomination value in devanagari on right top.
Features of Rs. 2000 notes
- The Note size is 66mm x 166mm
- Color of the note is Magenta
- Front side of the note depicts:
- Mahatma Gandhi portrait in the center
- Denomination value 2000 in devanagari
- Ashoka pillar emblem on the right.
- On top left and bottom right side of the note the numerals are increasing from small to big.
- Governor’s signature, promise clause, Guarantee clause, and emblem of RBI tilted towards right
- Bharat’, RBI and 2000 inscribed with windowed security thread whose color changes from green to blue when tilted
- Latent image of 2000 can be seen when the note is held at 45 degree angle at the eye level
- When the note is held against light denominational numeral 2000 can be seen through registers.
Reverse side of the note depicts
- Year of printing on the note on left
- Swachh Bharat logo with slogan
- Language panel in the centre
- Image depicting Mangalyan
Honorable Prime Minister Shri Narendra Modi while addressing the nation on November 8 2016, made a historical announcement that the Rs. 500 and Rs. 1000 currency notes currently in use will no longer be legal tender from midnight 8th November 2016 that is these notes will not be accepted for any kind of transactions from midnight onwards.
- The aim behind such move is to curb corruption, black money, money laundering, terrorism creating an environment of panic.
- However one hundred, fifty, twenty, ten, five, two and one rupee note will remain legal tender and will not be affected by the decision.
- On recommendation of RBI, government of India has decided to issue Rs. 2000notes and new notes of five hundred for circulation.
How to get the new denomination notes :
Citizens can deposit old notes of Rs. 500 and Rs. 1000 in their bank or post office accounts from 10th November till 30th December 2016 without any limit.
- From 10th November to 24th November the limit of exchange will be Rs. 4000while from 25th November to 30th December, the limit will be increased.
- For an immediate needs, citizen can go to any bank, head post office or sub post office, with an identity proof like Aadhaar card, voter card, ration card, passport, PAN card or other approved proofs, and exchange old five hundred or thousand rupee notes for new notes.
- ATMs will not work on 9th November and in some places on 10th November also. There will be a limit of Rs. 2000 per day per card in first few days.Later the limit will be raised to 4000.
- If for any reason, any person is not able to deposit the old five hundred or thousand rupee notes by 30th December 2016 they can go to specified offices of the Reserve Bank of India up to 31st March 2017 and deposit the notes after submitting a declaration form.
To reduce the difficulty of the common man, some special steps have been taken by the government. For the first 72 hours till the midnight on 11th November the old notes of Rs. 500 and Rs. 1000 will be accepted at the following places for transaction.
- Government hospitals and pharmacies
- Railway ticket booking counters
- Ticket counters of government buses
- Airline ticket counters
- Petrol, diesel and CNG gas stations
- Consumer co-operative stores
- Milk booths authorised by State governments.
- Crematoria and burial grounds.
Features of New Rs. 500 Note
- The note size is 63mm x 150mm.
- Color is stone grey and
- The new theme is Indian heritage site – Red Fort.
- Ashoka pillar emblem on the right.
- Color of windowed security thread changes from green to blue when it is tilted.
- Devnagari script used for denoting numeral.
- Watermark of electrotype and portrait of mahatma gandhi
- On top left and bottom right side of the note the numerals are increasing from small to big.
- Mahatma Gandhi portrait position shifted to center.
- Governor’s signature, promise clause, Guarantee clause, and emblem of RBI tilted towards right
Back Side of the note depicts
- Year of printing the note appears on left
- Swacchh bharat logo and slogan on bottom left
- Image of red fort with Indian flag
- Denomination value in devanagari on right top.
Features of Rs. 2000 notes
- The Note size is 66mm x 166mm
- Color of the note is Magenta
- Front side of the note depicts:
- Mahatma Gandhi portrait in the center
- Denomination value 2000 in devanagari
- Ashoka pillar emblem on the right.
- On top left and bottom right side of the note the numerals are increasing from small to big.
- Governor’s signature, promise clause, Guarantee clause, and emblem of RBI tilted towards right
- Bharat’, RBI and 2000 inscribed with windowed security thread whose color changes from green to blue when tilted
- Latent image of 2000 can be seen when the note is held at 45 degree angle at the eye level
- When the note is held against light denominational numeral 2000 can be seen through registers.
Reverse side of the note depicts
- Year of printing on the note on left
- Swachh Bharat logo with slogan
- Language panel in the centre
- Image depicting Mangalyan
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