General Affairs
Govt has stepped up printing of Rs 500 notes: Finance Ministry
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Finance Ministry on Thursday exuded confidence that supply of new currency notes will considerably improve in next 2-3 weeks even as it asked the RBI and banks to “countercheck” the data regarding deposit of now-defunct currency notes to ensure there is no double counting. The RBI has already pumped in Rs 5 lakh crore worth 500 and 2,000 rupee notes and by month end about 50 per cent of the Rs 15 lakh crore worth demonetised currency would be injected into the system, Economic Affairs Secretary Shaktikanta Das told reporters here.
“Finance Ministry, RBI and enforcement agencies are working in tandem so that situation eases out. Situation has considerably improved. And going forward, I would expect in next 2-3 weeks situation will considerably ease out with the supply of more new 500 rupee notes,” he said, adding that condition would not “worsen” after December 30.
He said the government has stepped up printing of 500 rupee notes and as its circulation increases, people would also take out the 2,000 rupee notes they were hoarding so far. More than 2 lakh ATMs have already been recalibrated against 2.20 lakh ATMs and it has come to the Ministry’s notice that some banks in order to ensure that they are in a position to service their own customers, they prefer to give the cash through their branches.
“We have advised banks that they should continue replenish cash in ATMs and not to starve ATMs. We are monitoring it regularly,” Das said. As per RBI data, over Rs 12.44 lakh crore worth defunct 500 and 1000 rupee notes have been deposited till December 10.
“RBI has given a figure of Rs 12.5 lakh crore which has been received back. There are lot of areas where we feel there could be double counting. So we have identified those areas and we have requested RBI and banks to again double check. “So a process of correction, checking, counter checking of the figure, due diligence is being done to see there is no double counting of figure…. We think there is scope for double counting and therefore the scope for verification of those figures are going on,” Das said.
He said three times the total number of lower denomination notes — 100, 50, 20 and 10 — which RBI supplies in a year has been supplied over the last five weeks. About Rs 1.60 lakh crore worth 100 rupee notes were in circulation before November 8 and more than Rs 80,000 crore worth of this notes have been supplied to the market over past five weeks.
Finance Ministry on Thursday exuded confidence that supply of new currency notes will considerably improve in next 2-3 weeks even as it asked the RBI and banks to “countercheck” the data regarding deposit of now-defunct currency notes to ensure there is no double counting. The RBI has already pumped in Rs 5 lakh crore worth 500 and 2,000 rupee notes and by month end about 50 per cent of the Rs 15 lakh crore worth demonetised currency would be injected into the system, Economic Affairs Secretary Shaktikanta Das told reporters here.
“Finance Ministry, RBI and enforcement agencies are working in tandem so that situation eases out. Situation has considerably improved. And going forward, I would expect in next 2-3 weeks situation will considerably ease out with the supply of more new 500 rupee notes,” he said, adding that condition would not “worsen” after December 30.
He said the government has stepped up printing of 500 rupee notes and as its circulation increases, people would also take out the 2,000 rupee notes they were hoarding so far. More than 2 lakh ATMs have already been recalibrated against 2.20 lakh ATMs and it has come to the Ministry’s notice that some banks in order to ensure that they are in a position to service their own customers, they prefer to give the cash through their branches.
“We have advised banks that they should continue replenish cash in ATMs and not to starve ATMs. We are monitoring it regularly,” Das said. As per RBI data, over Rs 12.44 lakh crore worth defunct 500 and 1000 rupee notes have been deposited till December 10.
“RBI has given a figure of Rs 12.5 lakh crore which has been received back. There are lot of areas where we feel there could be double counting. So we have identified those areas and we have requested RBI and banks to again double check. “So a process of correction, checking, counter checking of the figure, due diligence is being done to see there is no double counting of figure…. We think there is scope for double counting and therefore the scope for verification of those figures are going on,” Das said.
He said three times the total number of lower denomination notes — 100, 50, 20 and 10 — which RBI supplies in a year has been supplied over the last five weeks. About Rs 1.60 lakh crore worth 100 rupee notes were in circulation before November 8 and more than Rs 80,000 crore worth of this notes have been supplied to the market over past five weeks.
Parliament’s Winter session on verge of washout
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With only one day left, the Winter session of Parliament is on the verge of a washout as it failed to transact any business again on Thursday due to the standoff between the government and Opposition over demonetisation, AgustaWestland scam and some other issues. Even on the penultimate day, both the Lok Sabha and the Rajya Sabha continued to witness deadlock that began with the start of the session on November 16 over the manner in which a debate should be held on demonetisation and related aspects.
The Rajya Sabha saw sharp exchanges between Treasury and Opposition members as they tried to outshout each other over different issues, throwing the House into pandemonium. The Opposition, led by Congress, said demonetisation along with vagaries of weather had hit the farmers and demanded farm loan waiver to give relief to them.
On the other hand, BJP members shouted slogans while displaying copies of a news report which claimed that some people in the erstwhile UPA regime had allegedly received money in the AgustaWestland helicopter deal. They wanted to know who was behind the chopper scam.
Leader of the Opposition Ghulam Nabi Azad said the ruling side was not allowing Parliament to function, which was “unprecedented”. “It is the ruling party which is disrupting the House…in both Houses (of Parliament), it is the ruling party which is not allowing the Parliament to function. It is for the first time in the history of independent India that the ruling party is not allowing the House to function,” he said.
Azad, who had given a notice to raise the issue of distress among farmers after demonetisation, was called by the Deputy Chairman P J Kurien to speak but he could hardly make his submission as ruling party members created uproar. “I have given the floor to the Leader of the Opposition. It is the convention of the House that when Leader of the Opposition or Leader of the House wish to speak, they are heard in silence,” Kurien said but BJP members did not heed.
Union ministers too interjected as Azad rose to speak with I&B Minister M Venkaiah Naidu wanting to know what he wanted to say and Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi saying the members of the ruling side want a discussion on the corruption issue. Kurien told Naidu that Azad had given a notice to raise farmers distress and even without a notice the Leader of the Opposition and Leader of the House are allowed to speak whenever they wish to speak. To Naqvi, he said the ruling side can give a notice to raise a discussion on the issue they want, and asked Azad to make his submission.
Alleging that the Centre was anti-farmer and its policies were ruining crops, Azad said farmers are dying, their vegetables rotting and crops welting and they are not sowing seeds. Farmers in Uttar Pradesh, Punjab and other states are facing grave distress and the Centre should waive off their loan, he demanded.
With only one day left, the Winter session of Parliament is on the verge of a washout as it failed to transact any business again on Thursday due to the standoff between the government and Opposition over demonetisation, AgustaWestland scam and some other issues. Even on the penultimate day, both the Lok Sabha and the Rajya Sabha continued to witness deadlock that began with the start of the session on November 16 over the manner in which a debate should be held on demonetisation and related aspects.
The Rajya Sabha saw sharp exchanges between Treasury and Opposition members as they tried to outshout each other over different issues, throwing the House into pandemonium. The Opposition, led by Congress, said demonetisation along with vagaries of weather had hit the farmers and demanded farm loan waiver to give relief to them.
On the other hand, BJP members shouted slogans while displaying copies of a news report which claimed that some people in the erstwhile UPA regime had allegedly received money in the AgustaWestland helicopter deal. They wanted to know who was behind the chopper scam.
Leader of the Opposition Ghulam Nabi Azad said the ruling side was not allowing Parliament to function, which was “unprecedented”. “It is the ruling party which is disrupting the House…in both Houses (of Parliament), it is the ruling party which is not allowing the Parliament to function. It is for the first time in the history of independent India that the ruling party is not allowing the House to function,” he said.
Azad, who had given a notice to raise the issue of distress among farmers after demonetisation, was called by the Deputy Chairman P J Kurien to speak but he could hardly make his submission as ruling party members created uproar. “I have given the floor to the Leader of the Opposition. It is the convention of the House that when Leader of the Opposition or Leader of the House wish to speak, they are heard in silence,” Kurien said but BJP members did not heed.
Union ministers too interjected as Azad rose to speak with I&B Minister M Venkaiah Naidu wanting to know what he wanted to say and Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi saying the members of the ruling side want a discussion on the corruption issue. Kurien told Naidu that Azad had given a notice to raise farmers distress and even without a notice the Leader of the Opposition and Leader of the House are allowed to speak whenever they wish to speak. To Naqvi, he said the ruling side can give a notice to raise a discussion on the issue they want, and asked Azad to make his submission.
Alleging that the Centre was anti-farmer and its policies were ruining crops, Azad said farmers are dying, their vegetables rotting and crops welting and they are not sowing seeds. Farmers in Uttar Pradesh, Punjab and other states are facing grave distress and the Centre should waive off their loan, he demanded.
Maharashtra civic polls: BJP beats currency crisis in second phase too
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Beating the currency crisis, the ruling BJP took a clear lead in the second phase of 14 municipal council polls in Maharashtra by winning 89 out of 335 seats on Thursday. The Congress won 66 seats while NCP bagged an impressive 94 seats. BJP’s ally Shiv Sena won 25 seats while 55 seats went to others. The BJP bagged five municipal council president seats, pushing behind NCP and Congress who won two seats each, while its alliance partner Shiv Sena could win just one.
The BJP made the breakthrough in difficult turfs like Lonawala, Talegaon and Alandi in Pune distirct. It also steered ahead in Udgir and NIlanga in Latur district in Marathwada region. The Congress suffered setback in Latur district, where as NCP appeared on back-foot in its stronghold in Pune.
Interestingly, the local bodies elections which are underway in four phases saw the top leadership of all maintain stream parties campaigning aggressively. The Congress, NCP and Shiv Sena had kept the campaign focused on prime minister Narendra Modi government’s mindless demonetisation policy.
BJP won municipal council president posts in Lonavala, Talegaon-Dabhade and Alandi (in Pune district) and Udgir and Nilanga (in Latur district), state Election Commission officials said here.
Congress bagged 2 municipal council president seats in Indapur and Jejuri (both in Pune district), NCP won Baramati (Pune district) and Ausa (Latur district). Shiv Sena won Junnar municipal council president seat in Pune district.
While Daund municipal council president seat in Pune district went to an Independent, three seats in Saswad, Shirur (both in Pune district) and Udgir (in Latur district) were won by ‘Janmat Vikas Agadi’, ‘Shahar Vikas Aghadi’, and ‘Bahujan Vikas Aghadi’, respectively.
Hailing the results as the victory of BJP, state unit president Raosaheb Danve said, “Like in the first phase, the results of the second phase of polls showed that people have displayed their faith in PM Narendra Modi’s demonetisation decision.
“People have liked the performance of the Modi and Fadnavis governments,” he said, adding the results show that BJP continues to be the “number one” party in Maharashtra. He said the NCP could win only Baramati civic chief’s post on its own symbol.
Beating the currency crisis, the ruling BJP took a clear lead in the second phase of 14 municipal council polls in Maharashtra by winning 89 out of 335 seats on Thursday. The Congress won 66 seats while NCP bagged an impressive 94 seats. BJP’s ally Shiv Sena won 25 seats while 55 seats went to others. The BJP bagged five municipal council president seats, pushing behind NCP and Congress who won two seats each, while its alliance partner Shiv Sena could win just one.
The BJP made the breakthrough in difficult turfs like Lonawala, Talegaon and Alandi in Pune distirct. It also steered ahead in Udgir and NIlanga in Latur district in Marathwada region. The Congress suffered setback in Latur district, where as NCP appeared on back-foot in its stronghold in Pune.
Interestingly, the local bodies elections which are underway in four phases saw the top leadership of all maintain stream parties campaigning aggressively. The Congress, NCP and Shiv Sena had kept the campaign focused on prime minister Narendra Modi government’s mindless demonetisation policy.
BJP won municipal council president posts in Lonavala, Talegaon-Dabhade and Alandi (in Pune district) and Udgir and Nilanga (in Latur district), state Election Commission officials said here.
Congress bagged 2 municipal council president seats in Indapur and Jejuri (both in Pune district), NCP won Baramati (Pune district) and Ausa (Latur district). Shiv Sena won Junnar municipal council president seat in Pune district.
While Daund municipal council president seat in Pune district went to an Independent, three seats in Saswad, Shirur (both in Pune district) and Udgir (in Latur district) were won by ‘Janmat Vikas Agadi’, ‘Shahar Vikas Aghadi’, and ‘Bahujan Vikas Aghadi’, respectively.
Hailing the results as the victory of BJP, state unit president Raosaheb Danve said, “Like in the first phase, the results of the second phase of polls showed that people have displayed their faith in PM Narendra Modi’s demonetisation decision.
“People have liked the performance of the Modi and Fadnavis governments,” he said, adding the results show that BJP continues to be the “number one” party in Maharashtra. He said the NCP could win only Baramati civic chief’s post on its own symbol.
How are some people getting huge amount in new currency, SC asks Centre
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Reserving its verdict on plea against demonetisation, the Supreme Court on Thursday said the effect due to the government’s step looks extreme with some facing extreme hardship while others look unaffected. However, taking strong exception to the recovery of huge amount in new currency notes during Income Tax raids in last few days, the court asked Attorney General Mukul Rohatgi as to how some people were getting money in lakhs and that too in new currency.
“People are not getting Rs 24,000 a week then how some got lakhs of new currency,” Chief Justice TS Thakur asked Rohatgi. Replying to Thakur, Rohatgi said that some bank managers are allegedly involved in illegal activities and the government is acting against the culprits.
Earlier on December 9, the apex court asked the Centre whether its decision to bring in demonetisation was taken in absolute secrecy while hearing a bunch of petitions questioning the Narendra Modi government’s rationale behind the implementation of the policy.
The Centre had submitted an affidavit last week on the demonetisation move in the Supreme Court, saying it is an attempt to unearth black money stashed over the last seven decades. Rohatgi said that the Centre had filed a reply in the Supreme Court in compliance with the top court’s earlier order on the issue.
The Centre in its affidavit told the apex court that demonetisation is a step to reduce ratio of cash transactions, adding the objective is to unearth illegal parallel economy. Attorney General Rohatgi had earlier filed a transfer petition before the Supreme Court seeking a stay on all pending pleas against demonetisation.
The apex court had on November 18 refused to put a stay on hearings in various High Courts and lower courts related to the demonetisation of Rs. 500 and Rs. 1,000 currency notes.
Reserving its verdict on plea against demonetisation, the Supreme Court on Thursday said the effect due to the government’s step looks extreme with some facing extreme hardship while others look unaffected. However, taking strong exception to the recovery of huge amount in new currency notes during Income Tax raids in last few days, the court asked Attorney General Mukul Rohatgi as to how some people were getting money in lakhs and that too in new currency.
“People are not getting Rs 24,000 a week then how some got lakhs of new currency,” Chief Justice TS Thakur asked Rohatgi. Replying to Thakur, Rohatgi said that some bank managers are allegedly involved in illegal activities and the government is acting against the culprits.
Earlier on December 9, the apex court asked the Centre whether its decision to bring in demonetisation was taken in absolute secrecy while hearing a bunch of petitions questioning the Narendra Modi government’s rationale behind the implementation of the policy.
The Centre had submitted an affidavit last week on the demonetisation move in the Supreme Court, saying it is an attempt to unearth black money stashed over the last seven decades. Rohatgi said that the Centre had filed a reply in the Supreme Court in compliance with the top court’s earlier order on the issue.
The Centre in its affidavit told the apex court that demonetisation is a step to reduce ratio of cash transactions, adding the objective is to unearth illegal parallel economy. Attorney General Rohatgi had earlier filed a transfer petition before the Supreme Court seeking a stay on all pending pleas against demonetisation.
The apex court had on November 18 refused to put a stay on hearings in various High Courts and lower courts related to the demonetisation of Rs. 500 and Rs. 1,000 currency notes.
Imparting quality education to students a must: Javadekar
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Imparting quality education to students is a must and there should be more and more innovative ways to build up a new generation for a culturally rich nation like India, Union Human Resource Development (HRD) Minister, Prakash Javadekar said today while addressing the foundation day celebrations of Kendriya Vidyalaya Sangathan (KVS) in New Delhi today.
The minister lauded the role of the Sangathan in imparting quality education and said that KVS is now a brand in the field of quality education. He also announced the convening of a National Conference in March, 2017 to devise ways to implement innovative practices. Experts and exponents of education will be invited to the conference to share their experiences and ideas for improving the education scenario.
Javadekar congratulated the award winning teachers and non-teaching staff of KVS for their performance and called upon them to usher in the onerous task of future building of students who come to school for fulfilling a long cherished dream of receiving quality education in a more concrete and positive manner. “There are dreams and aspirations in the eyes of every child who comes to school and fulfilling them should only be the motive,” he said.
He referred to one of his experiences of a conference where 1000 teachers were invited and were asked to suggest possible reforms in education through zero investment. He said that more than 500 ideas and proposals were generated. He asked the authorities to consider positively these innovative ideas given by teachers for any possible and viable improvement in the field of education.
Speaking on the occasion, Minister of State, HRD Ministry, Upendra Kushwaha, highlighted the need to ensure that quality education is imparted to every section of society to enable it to give its best. “The role of teachers in this regard is to produce personalities such as Vivekananda and Mahatma Gandhi, which could be the only criteria of education,” he said.
A total of 104 teachers and non-teaching staff from all over the country were awarded and felicitated.
Imparting quality education to students is a must and there should be more and more innovative ways to build up a new generation for a culturally rich nation like India, Union Human Resource Development (HRD) Minister, Prakash Javadekar said today while addressing the foundation day celebrations of Kendriya Vidyalaya Sangathan (KVS) in New Delhi today.
The minister lauded the role of the Sangathan in imparting quality education and said that KVS is now a brand in the field of quality education. He also announced the convening of a National Conference in March, 2017 to devise ways to implement innovative practices. Experts and exponents of education will be invited to the conference to share their experiences and ideas for improving the education scenario.
Javadekar congratulated the award winning teachers and non-teaching staff of KVS for their performance and called upon them to usher in the onerous task of future building of students who come to school for fulfilling a long cherished dream of receiving quality education in a more concrete and positive manner. “There are dreams and aspirations in the eyes of every child who comes to school and fulfilling them should only be the motive,” he said.
He referred to one of his experiences of a conference where 1000 teachers were invited and were asked to suggest possible reforms in education through zero investment. He said that more than 500 ideas and proposals were generated. He asked the authorities to consider positively these innovative ideas given by teachers for any possible and viable improvement in the field of education.
Speaking on the occasion, Minister of State, HRD Ministry, Upendra Kushwaha, highlighted the need to ensure that quality education is imparted to every section of society to enable it to give its best. “The role of teachers in this regard is to produce personalities such as Vivekananda and Mahatma Gandhi, which could be the only criteria of education,” he said.
A total of 104 teachers and non-teaching staff from all over the country were awarded and felicitated.
Business Affairs
Sensex feels Fed rate hike ripple, slumps 84 points
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A sense of nervousness gripped stocks on Thursday as the Sensex dropped 84 points to close at 26,519 trying to figure out the impact of US interest rate hike on India and other emerging markets amid feelers that more are on the cards. This sent the rupee steeply lower by 40 paise to 67.83 against the dollar, which fed the nervous cycle. The session saw strong spells of volatility amid sustained foreign funds outflows.
The quarter percentage point rate increase — the first this year — was a virtual certainty although investors were caught off-guard after the Federal Reserve indicated that the pace of the tightening will be quicker in 2017.
The 30-share barometer started on a negative note, fell further but somewhat recovered to end at 26,519.07, down 83.77 points, or 0.31 per cent. It moved between a low of 26,407.58 and a high of 26,737.86.
The gauge had lost 95 points in the previous session. The NSE Nifty fell 28.85 points, or 0.35 per cent, at 8,153.60. Intra-day, it hovered between 8,121.95 and 8,225.90.
“The Fed rate hike was in the ballpark, but the outlook is hawkish with three hikes in 2017 against previous estimate of two, which has put pressure on domestic market and rupee,” said Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services.
“The US bond yield and the dollar strengthened post the announcement, which is negative for emerging markets, including India, as the risk of outflows goes up.”
The indices contained the losses on the back of buying in IT stocks supported by a strong dollar against the rupee. Sentiment took a hit as fears grew that a rate hike in the US would mean higher pace of capital outflows from emerging markets, including India, into US bonds that are considered as a safer investment option.
Major losers that dragged down the indices included Sun Pharma, NTPC, Tata Motors, ITC, Bharti Airtel and Cipla, falling by up to 4.36 per cent.
But TCS, the country’s leading IT exporter, continued its upward journey for yet another day and ended 2.34 per cent higher on expectations that a rising dollar will improve its earnings. Gitanjali Gems climbed 6.70 per cent after its September quarter net profit jumped 48 per cent and the IPO notification.
Global markets ruled mixed after the US Fed, as expected, hiked rates by 0.25 per cent.
In Asia, Hong Kong’s Hang Seng fell 1.77 per cent and Shanghai Composite shed 0.73 per cent while Japan’s Nikkei was up 0.10 per cent.
London’s FTSE dropped 0.07 per cent. Paris rose 0.70 per cent while Frankfurt’s DAX 30 rose 0.53 per cent.
The BSE healthcare index suffered the most by falling 1.36 per cent, followed by FMCG 0.80 per cent, consumer durables 0.79 per cent and auto 0.32 per cent.
In sync with the trend, the small-cap index rose 0.21 per cent and mid-cap ended almost flat. Foreign investors sold shares worth Rs 632.29 crore yesterday, showed provisional data. “Concerns are widespread that higher rates in the US will attract foreign investments from emerging markets to the US,” said Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP Paribas Mutual Fund.
Out of 30-share Sensex constituents, 18 ended lower, while 12 finished in the green.
The market breadth turned positive as 1,315 stocks ended higher, 1,290 closed lower while 173 ruled flat.
The total turnover on BSE came in at Rs 2,582.33 crore, higher than Rs 2,383.04 crore registered during the previous trading session.
A sense of nervousness gripped stocks on Thursday as the Sensex dropped 84 points to close at 26,519 trying to figure out the impact of US interest rate hike on India and other emerging markets amid feelers that more are on the cards. This sent the rupee steeply lower by 40 paise to 67.83 against the dollar, which fed the nervous cycle. The session saw strong spells of volatility amid sustained foreign funds outflows.
The quarter percentage point rate increase — the first this year — was a virtual certainty although investors were caught off-guard after the Federal Reserve indicated that the pace of the tightening will be quicker in 2017.
The 30-share barometer started on a negative note, fell further but somewhat recovered to end at 26,519.07, down 83.77 points, or 0.31 per cent. It moved between a low of 26,407.58 and a high of 26,737.86.
The gauge had lost 95 points in the previous session. The NSE Nifty fell 28.85 points, or 0.35 per cent, at 8,153.60. Intra-day, it hovered between 8,121.95 and 8,225.90.
“The Fed rate hike was in the ballpark, but the outlook is hawkish with three hikes in 2017 against previous estimate of two, which has put pressure on domestic market and rupee,” said Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services.
“The US bond yield and the dollar strengthened post the announcement, which is negative for emerging markets, including India, as the risk of outflows goes up.”
The indices contained the losses on the back of buying in IT stocks supported by a strong dollar against the rupee. Sentiment took a hit as fears grew that a rate hike in the US would mean higher pace of capital outflows from emerging markets, including India, into US bonds that are considered as a safer investment option.
Major losers that dragged down the indices included Sun Pharma, NTPC, Tata Motors, ITC, Bharti Airtel and Cipla, falling by up to 4.36 per cent.
But TCS, the country’s leading IT exporter, continued its upward journey for yet another day and ended 2.34 per cent higher on expectations that a rising dollar will improve its earnings. Gitanjali Gems climbed 6.70 per cent after its September quarter net profit jumped 48 per cent and the IPO notification.
Global markets ruled mixed after the US Fed, as expected, hiked rates by 0.25 per cent.
In Asia, Hong Kong’s Hang Seng fell 1.77 per cent and Shanghai Composite shed 0.73 per cent while Japan’s Nikkei was up 0.10 per cent.
London’s FTSE dropped 0.07 per cent. Paris rose 0.70 per cent while Frankfurt’s DAX 30 rose 0.53 per cent.
The BSE healthcare index suffered the most by falling 1.36 per cent, followed by FMCG 0.80 per cent, consumer durables 0.79 per cent and auto 0.32 per cent.
In sync with the trend, the small-cap index rose 0.21 per cent and mid-cap ended almost flat. Foreign investors sold shares worth Rs 632.29 crore yesterday, showed provisional data. “Concerns are widespread that higher rates in the US will attract foreign investments from emerging markets to the US,” said Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP Paribas Mutual Fund.
Out of 30-share Sensex constituents, 18 ended lower, while 12 finished in the green.
The market breadth turned positive as 1,315 stocks ended higher, 1,290 closed lower while 173 ruled flat.
The total turnover on BSE came in at Rs 2,582.33 crore, higher than Rs 2,383.04 crore registered during the previous trading session.
Notes ban: Finance Ministry asks banks to activate surveillance
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Amid reports of big cash deposits being made in some bank branches post demonetisation, the Finance Ministry has asked the lenders to activate their internal surveillance systems and immediately report suspicious transactions.
Refusing to be drawn into individual cases pertaining mostly to a private sector bank, Economic Affairs Secretary Shaktikanta Das said tax authorities are constantly getting information on large deposits through Financial Intelligence Units (FIUs). Also, banks report such transactions through Suspicious Transaction Report (STRs) and based on that tax authorities scrutinise the source of funds, he told reporters.
“Let’s not take the name of any bank… let us not paint all the banks with same brush. Investigations (into large deposits being made) are conducted based on their report,” he said when asked about I-T raids on Axis Bank branches.
Das said information on huge amounts being deposited in banks post demonetisation are being processed based on inputs that CBDT gets from FIU and data analysis. “When you see in a particular branch there is deposit of more than Rs 1 crore (and there are) too many cases, so naturally Income Tax department narrows down to that branch and tries to find the credentials of the depositor,” he said.
Authorities will be able to trace the source as to where these notes were generated, he said, adding that Income Tax, Enforcement Directorate and, if required, CBI verify if the accounts are KYC compliant. “All banks have been sufficiently sensitised to activate their internal surveillance, vigilance mechanism and report any suspicious transactions,” he said.
Since demonetisation of 500 and 1000 rupee notes, there have been reports of some people misusing Jan Dhan and dormant accounts for depositing unaccounted money.
Refusing to be drawn into individual cases pertaining mostly to a private sector bank, Economic Affairs Secretary Shaktikanta Das said tax authorities are constantly getting information on large deposits through Financial Intelligence Units (FIUs). Also, banks report such transactions through Suspicious Transaction Report (STRs) and based on that tax authorities scrutinise the source of funds, he told reporters.
“Let’s not take the name of any bank… let us not paint all the banks with same brush. Investigations (into large deposits being made) are conducted based on their report,” he said when asked about I-T raids on Axis Bank branches.
Das said information on huge amounts being deposited in banks post demonetisation are being processed based on inputs that CBDT gets from FIU and data analysis. “When you see in a particular branch there is deposit of more than Rs 1 crore (and there are) too many cases, so naturally Income Tax department narrows down to that branch and tries to find the credentials of the depositor,” he said.
Authorities will be able to trace the source as to where these notes were generated, he said, adding that Income Tax, Enforcement Directorate and, if required, CBI verify if the accounts are KYC compliant. “All banks have been sufficiently sensitised to activate their internal surveillance, vigilance mechanism and report any suspicious transactions,” he said.
Since demonetisation of 500 and 1000 rupee notes, there have been reports of some people misusing Jan Dhan and dormant accounts for depositing unaccounted money.
Axis Bank suspends 24 employees, 50 accounts after suspicious deals
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In the wake of disclosure of transgressions in its network, including a case in Noida which came to light today, private sector lender Axis Bank said it has so far suspended 50 accounts and 24 employees for suspicious activities. Asserting that investigating agencies acted on tip-offs provided by the bank itself, it admitted that the adverse publicity was affecting its brand, but hoped this was temporary.
Axis’s retail banking head Rajiv Anand said so far the investigating agencies had visited eight branches, including five in New Delhi, and the number of employees suspended has gone up to 24 from 19 last week. These suspensions exclude impact of the visit by Income Tax officials to its Noida branch this morning following a trail of Rs 600 crore deposit by a jeweller. The bank called it a “visit” by I-T officials who asked for details on 30 accounts.
“It is not that Axis Bank is under the scanner, but the person doing the transaction with us is,” he said, adding at no point it has been asked to shut any branch. The suspension of account is temporary and the bank carries out extra due diligence including a visit to account holder’s address in some cases, he said.
The bank refused to share details of amounts transacted in the suspicious accounts, but Anand conceded that a bulk of the affected accounts are in the bullion trade. Axis Bank is the largest domestic lender in the bullion import space. It said all the accounts are KYC-compliant, but the problem arises when account-holders do suspicious transactions or those involving shell companies.
The bank has defined criteria for flagging such transactions and regularly files STRs (suspicious transaction reports) and cash transactions reports with the Financial Investigation Unit, he said, adding all suspicious deals reported/investigated till now were first reported by the bank as STRs. The bank, which files an average of up to 200-300 STRs a month, has filed 1,500 STRs since the demonetisation announcement.
In the wake of disclosure of transgressions in its network, including a case in Noida which came to light today, private sector lender Axis Bank said it has so far suspended 50 accounts and 24 employees for suspicious activities. Asserting that investigating agencies acted on tip-offs provided by the bank itself, it admitted that the adverse publicity was affecting its brand, but hoped this was temporary.
Axis’s retail banking head Rajiv Anand said so far the investigating agencies had visited eight branches, including five in New Delhi, and the number of employees suspended has gone up to 24 from 19 last week. These suspensions exclude impact of the visit by Income Tax officials to its Noida branch this morning following a trail of Rs 600 crore deposit by a jeweller. The bank called it a “visit” by I-T officials who asked for details on 30 accounts.
“It is not that Axis Bank is under the scanner, but the person doing the transaction with us is,” he said, adding at no point it has been asked to shut any branch. The suspension of account is temporary and the bank carries out extra due diligence including a visit to account holder’s address in some cases, he said.
The bank refused to share details of amounts transacted in the suspicious accounts, but Anand conceded that a bulk of the affected accounts are in the bullion trade. Axis Bank is the largest domestic lender in the bullion import space. It said all the accounts are KYC-compliant, but the problem arises when account-holders do suspicious transactions or those involving shell companies.
The bank has defined criteria for flagging such transactions and regularly files STRs (suspicious transaction reports) and cash transactions reports with the Financial Investigation Unit, he said, adding all suspicious deals reported/investigated till now were first reported by the bank as STRs. The bank, which files an average of up to 200-300 STRs a month, has filed 1,500 STRs since the demonetisation announcement.
Withdrawal limit to ease after 80% new notes re-channelised: official
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The government will start easing restrictions on cash withdrawals once 80 per cent of the new currency introduced following the demonetisation is re-channelised through bank deposits, a top official said Thursday. Queues at banks have reduced substantially and are visibly longer only in poll bound states like Uttar Pradesh and Punjab, he said.
The official added that the restrictions on cash withdrawals will be first eased in case of cooperative banks and then for all the scheduled commercial banks. Prime Minister Narendra Modi had on November 8 announced junking of old Rs 500 and Rs 1,000 notes, and replaced by new Rs 2,000 and Rs 500 notes.
Along with demonetisation, restrictions were placed on bank counter as well as ATM withdrawals. The withdrawal limit from banks is Rs 24,000 a week, including a maximum of Rs 2,500 from ATMs per day. The official said the government is re-monetising the scrapped currency, which made up for 86 per cent of bank notes in circulation by value.
“We could not print all the currencies in one go because we wanted the money to be channelised in the system first,” he said. As of now, 50 per cent of the deposits in banks are in the new currency which shows gradually money is remonetised, he said implying that half of the new currency withdrawn has found way back into banks by way of deposits.
“When 80 per cent of new currency is re-channelised in the bank deposits then withdrawal restrictions will be eased,” he said. “Withdrawal restrictions will first be relaxed for cooperative banks and then for all banks. And over time as remonetisation is completed they will be removed totally.”
Before the announcement of demonetisation, the government had already arranged for the printing of 200 crore Rs 2,000 notes, or roughly about Rs 4 lakh crore in value. They were the first set of notes to be circulated.
Thereafter, a new Rs 500 note was introduced and now all the four printing presses of RBI at Dewas in Madhya Pradesh, Nashik in Maharashtra, Salboni in West Bengal and Mysuru in Karnataka are working overtime to replenish the exhausted currencies.
The official said the restrictions will be withdrawn once the situation stabilises. “Remonetisation has substantially happened and as and when it (stabilisation) happens, restrictions will be eased,” he said, adding that there will be no cap on deposits made in the bank from January 2017.
The government will start easing restrictions on cash withdrawals once 80 per cent of the new currency introduced following the demonetisation is re-channelised through bank deposits, a top official said Thursday. Queues at banks have reduced substantially and are visibly longer only in poll bound states like Uttar Pradesh and Punjab, he said.
The official added that the restrictions on cash withdrawals will be first eased in case of cooperative banks and then for all the scheduled commercial banks. Prime Minister Narendra Modi had on November 8 announced junking of old Rs 500 and Rs 1,000 notes, and replaced by new Rs 2,000 and Rs 500 notes.
Along with demonetisation, restrictions were placed on bank counter as well as ATM withdrawals. The withdrawal limit from banks is Rs 24,000 a week, including a maximum of Rs 2,500 from ATMs per day. The official said the government is re-monetising the scrapped currency, which made up for 86 per cent of bank notes in circulation by value.
“We could not print all the currencies in one go because we wanted the money to be channelised in the system first,” he said. As of now, 50 per cent of the deposits in banks are in the new currency which shows gradually money is remonetised, he said implying that half of the new currency withdrawn has found way back into banks by way of deposits.
“When 80 per cent of new currency is re-channelised in the bank deposits then withdrawal restrictions will be eased,” he said. “Withdrawal restrictions will first be relaxed for cooperative banks and then for all banks. And over time as remonetisation is completed they will be removed totally.”
Before the announcement of demonetisation, the government had already arranged for the printing of 200 crore Rs 2,000 notes, or roughly about Rs 4 lakh crore in value. They were the first set of notes to be circulated.
Thereafter, a new Rs 500 note was introduced and now all the four printing presses of RBI at Dewas in Madhya Pradesh, Nashik in Maharashtra, Salboni in West Bengal and Mysuru in Karnataka are working overtime to replenish the exhausted currencies.
The official said the restrictions will be withdrawn once the situation stabilises. “Remonetisation has substantially happened and as and when it (stabilisation) happens, restrictions will be eased,” he said, adding that there will be no cap on deposits made in the bank from January 2017.
Seized money being put into circulation, chance of counterfeiting new notes less: Economic Affairs Secretary Shaktikanta Das
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Highlighting government’s action against black money, Economic Affairs Secretary Shaktikanta Das on Thursday said that enforcement agencies are making all efforts to seize illegally accumulated money and putting it back into circulation to meet the cash need post demonetisation. You can call it a surgical action, said Das.
Talking about the fake currency in the market, Das said that possibility of counterfeiting new 500 and 2000 notes is very, very less. “First time notes were indigenously designed in house with security features which makes notes more secure with less chance of counterfeiting,” said Das.
He added that initial focus of the government was to supply 2000 notes to replace value that was taken out of the market. “Now focus is on printing more of Rs 500 notes,” said Das while laying emphasis on the progress of demonetization.
Assuring the situation of cash crunch to improve soon, Das said there are 2 lakh 20 thousand ATMs and more than 2 lakh ATMs have already been re-calibrated to ease supply. He, however, added that banks prefering supplying cash via branches to their customers than through ATMs.
He also said that airlifting of currency to continue wherever necessary is on the government’s agenda. “We are laying emphasis on rural areas to ensure enough cash,” he said.
As per RBI data, over Rs 12.44 lakh crore worth defunct 500 and 1000 rupee notes have been deposited till December 10.
“RBI has given a figure of Rs 12.5 lakh crore which has been received back. There are lot of areas where we feel there could be double counting. So we have identified those areas and we have requested RBI and banks to again double check.
“So a process of correction, checking, counter checking of the figure, due diligence is being done to see there is no double counting of figure…. We think there is scope for double counting and therefore the scope for verification of those figures are going on,” Das said.
He said three times the total number of lower denomination notes — 100, 50, 20 and 10 — which RBI supplies in a year has been supplied over the last five weeks.
About Rs 1.60 lakh crore worth 100 rupee notes were in circulation before November 8 and more than Rs 80,000 crore worth of this notes have been supplied to the market over past five weeks.
Highlighting government’s action against black money, Economic Affairs Secretary Shaktikanta Das on Thursday said that enforcement agencies are making all efforts to seize illegally accumulated money and putting it back into circulation to meet the cash need post demonetisation. You can call it a surgical action, said Das.
Talking about the fake currency in the market, Das said that possibility of counterfeiting new 500 and 2000 notes is very, very less. “First time notes were indigenously designed in house with security features which makes notes more secure with less chance of counterfeiting,” said Das.
He added that initial focus of the government was to supply 2000 notes to replace value that was taken out of the market. “Now focus is on printing more of Rs 500 notes,” said Das while laying emphasis on the progress of demonetization.
Assuring the situation of cash crunch to improve soon, Das said there are 2 lakh 20 thousand ATMs and more than 2 lakh ATMs have already been re-calibrated to ease supply. He, however, added that banks prefering supplying cash via branches to their customers than through ATMs.
He also said that airlifting of currency to continue wherever necessary is on the government’s agenda. “We are laying emphasis on rural areas to ensure enough cash,” he said.
As per RBI data, over Rs 12.44 lakh crore worth defunct 500 and 1000 rupee notes have been deposited till December 10.
“RBI has given a figure of Rs 12.5 lakh crore which has been received back. There are lot of areas where we feel there could be double counting. So we have identified those areas and we have requested RBI and banks to again double check.
“So a process of correction, checking, counter checking of the figure, due diligence is being done to see there is no double counting of figure…. We think there is scope for double counting and therefore the scope for verification of those figures are going on,” Das said.
He said three times the total number of lower denomination notes — 100, 50, 20 and 10 — which RBI supplies in a year has been supplied over the last five weeks.
About Rs 1.60 lakh crore worth 100 rupee notes were in circulation before November 8 and more than Rs 80,000 crore worth of this notes have been supplied to the market over past five weeks.
General Awareness
Africa Continent Countries Capitals with Currency & Code
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Country Capital Currency Language Algeria Agiers Algerian dinar (DZD) Arabic Angola Luanda Kwanza(AOA) Portuguese Benin Porto-Novo (official) West African CFA franc (XOF) French Botswana Gaborone Pula(BWP) English, Setswana Burkina Faso Ouagadougou West African CFA franc(XOF) French Burundi Bujumbura Burundian franc(BIF) Kirundi, French Cameroon Yaoundé Central AfricanCFA franc(XAF) French, English Cape Verde Praia Cape Verdean escudo(CVE) Portuguese Central African Republic Bangui Central African CFA franc (XAF) French, Sango Chad N’Djamena Central African CFA franc(XAF) French,Arabic Comoros Moroni Comorian franc(KMF) Comorian, Arabic, French Congo (Congo-Brazzaville) Brazzaville Central African CFA franc (XAF) French Côte d’Ivoire (Ivory Coast) Yamoussoukro (official),Abidjan (seat of government) West African CFA franc(XOF) French Democratic Republic of the Congo (Congo-Kinshasa) Kinshasa Congolese franc(CDF) French Djibouti Djibouti Djiboutian franc(DJF) French, Arabic Egypt Cairo Egyptian pound(EGP) Arabic Equatorial Guinea Malabo Central African CFA franc (XAF) Spanish, French, Portuguese Eritrea Asmara Eritrean nakfa (ERN) Tigrinya, Arabic, English Ethiopia Addis Ababa Ethiopian birr (ETB) Amharic Gabon Libreville Central African CFA franc (XAF) French Gambia Banjul Gambian dalasi (GMD) English Ghana Accra Ghana cedi (GHS) English Guinea Conakry Guinean franc(GNF) French Guinea-Bissau Bissau West African CFA franc(XOF) Portuguese Kenya Nairobi Kenyan shilling(KES) Swahili, English Lesotho Maseru Lesotho loti(LSL) English, Sesotho Liberia Monrovia Liberian dollara(LRD) English Libya Tripoli Libyan dinar (LYD) Arabic Madagascar Antananarivo Malagasy ariary(MGA) Malagasy, French Malawi Lilongwe Kwacha(D) (MWK) English, Chichewa Mali Bamako West African CFA franc (XOF) French Mauritania Nouakchott Ouguiya(MRO) Arabic Mauritius Port Louis Mauritian rupee(MUR) Mauritian Creole, French, English Mayotte Mamoudzou,Overseas department of France Euro(EUR) French Morocco Rabat Moroccan dirham(MAD) Arabic,Berber Mozambique Maputo Mozambican metical(MZN) Portuguese Namibia Windhoek Namibian dollar(NAD) English Niger Niamey West African CFA franc(XOF) French Nigeria Abuja Naira (NGN) English Réunion Saint-Denis Euro French Rwanda Kigali Rwandan franc(RWF) Kinyarwanda, English,
French Saint Helena, Ascension and Tristan da Cunha Jamestown (Saint Helena),
Georgetown (Ascension Island),
Edinburgh of the Seven Seas (Tristan da Cunha) Saint Helena pound,Pound sterling English Sao Tome and Principe São Tomé Dobra(STD) Portuguese Senegal Dakar CFA franc(XOF) French Seychelles Victoria Seychellois rupee(SCR) Seychellois Creole,
French, English Sierra Leone Freetown Leone(SLL) English Somalia Mogadishu Somali shilling(SOS) Somali, Arabic Somaliland Hargeisa Somaliland shillinga (SLSH) Somali, Arabic South Africa Pretoria (administrative/executive),
Cape Town (legislative),
Bloemfontein (judicial) South African rand(ZAR) Afrikaans
English
Southern Ndebele
Northern Sotho
Southern Sotho
Swazi
Tsonga
Tswana
Venda
Xhosa
Zulu South Sudan Juba South Sudanese pound(SSP) English Sudan Khartoum Sudanese pound(SDG) Arabic, English Swaziland Mbabane (administrative),
Lobamba (royal and legislative) South African randSwazi lilangeni (SZL) English,
Swati Tanzania Dodoma (official),
Dar es Salaam (seat of government) Tanzanian shilling(TZS) Swahili, English Togo Lomé CFA franc(XOF) French Tunisia Tunis Tunisian dinar(TND) Arabic Uganda Kampala Ugandan shilling(UGX) Swahili, English, Luganda Zambia Lusaka Zambian kwacha(ZMW) English Zimbabwe Harare various(United States Dollar, Euro, Botswana pula, Pound sterling, South African rand) English, Shona, Sindebele
| Country | Capital | Currency | Language |
|---|---|---|---|
| Algeria | Agiers | Algerian dinar (DZD) | Arabic |
| Angola | Luanda | Kwanza(AOA) | Portuguese |
| Benin | Porto-Novo (official) | West African CFA franc (XOF) | French |
| Botswana | Gaborone | Pula(BWP) | English, Setswana |
| Burkina Faso | Ouagadougou | West African CFA franc(XOF) | French |
| Burundi | Bujumbura | Burundian franc(BIF) | Kirundi, French |
| Cameroon | Yaoundé | Central AfricanCFA franc(XAF) | French, English |
| Cape Verde | Praia | Cape Verdean escudo(CVE) | Portuguese |
| Central African Republic | Bangui | Central African CFA franc (XAF) | French, Sango |
| Chad | N’Djamena | Central African CFA franc(XAF) | French,Arabic |
| Comoros | Moroni | Comorian franc(KMF) | Comorian, Arabic, French |
| Congo (Congo-Brazzaville) | Brazzaville | Central African CFA franc (XAF) | French |
| Côte d’Ivoire (Ivory Coast) | Yamoussoukro (official),Abidjan (seat of government) | West African CFA franc(XOF) | French |
| Democratic Republic of the Congo (Congo-Kinshasa) | Kinshasa | Congolese franc(CDF) | French |
| Djibouti | Djibouti | Djiboutian franc(DJF) | French, Arabic |
| Egypt | Cairo | Egyptian pound(EGP) | Arabic |
| Equatorial Guinea | Malabo | Central African CFA franc (XAF) | Spanish, French, Portuguese |
| Eritrea | Asmara | Eritrean nakfa (ERN) | Tigrinya, Arabic, English |
| Ethiopia | Addis Ababa | Ethiopian birr (ETB) | Amharic |
| Gabon | Libreville | Central African CFA franc (XAF) | French |
| Gambia | Banjul | Gambian dalasi (GMD) | English |
| Ghana | Accra | Ghana cedi (GHS) | English |
| Guinea | Conakry | Guinean franc(GNF) | French |
| Guinea-Bissau | Bissau | West African CFA franc(XOF) | Portuguese |
| Kenya | Nairobi | Kenyan shilling(KES) | Swahili, English |
| Lesotho | Maseru | Lesotho loti(LSL) | English, Sesotho |
| Liberia | Monrovia | Liberian dollara(LRD) | English |
| Libya | Tripoli | Libyan dinar (LYD) | Arabic |
| Madagascar | Antananarivo | Malagasy ariary(MGA) | Malagasy, French |
| Malawi | Lilongwe | Kwacha(D) (MWK) | English, Chichewa |
| Mali | Bamako | West African CFA franc (XOF) | French |
| Mauritania | Nouakchott | Ouguiya(MRO) | Arabic |
| Mauritius | Port Louis | Mauritian rupee(MUR) | Mauritian Creole, French, English |
| Mayotte | Mamoudzou,Overseas department of France | Euro(EUR) | French |
| Morocco | Rabat | Moroccan dirham(MAD) | Arabic,Berber |
| Mozambique | Maputo | Mozambican metical(MZN) | Portuguese |
| Namibia | Windhoek | Namibian dollar(NAD) | English |
| Niger | Niamey | West African CFA franc(XOF) | French |
| Nigeria | Abuja | Naira (NGN) | English |
| Réunion | Saint-Denis | Euro | French |
| Rwanda | Kigali | Rwandan franc(RWF) | Kinyarwanda, English, French |
| Saint Helena, Ascension and Tristan da Cunha | Jamestown (Saint Helena), Georgetown (Ascension Island), Edinburgh of the Seven Seas (Tristan da Cunha) | Saint Helena pound,Pound sterling | English |
| Sao Tome and Principe | São Tomé | Dobra(STD) | Portuguese |
| Senegal | Dakar | CFA franc(XOF) | French |
| Seychelles | Victoria | Seychellois rupee(SCR) | Seychellois Creole, French, English |
| Sierra Leone | Freetown | Leone(SLL) | English |
| Somalia | Mogadishu | Somali shilling(SOS) | Somali, Arabic |
| Somaliland | Hargeisa | Somaliland shillinga (SLSH) | Somali, Arabic |
| South Africa | Pretoria (administrative/executive), Cape Town (legislative), Bloemfontein (judicial) | South African rand(ZAR) | Afrikaans English Southern Ndebele Northern Sotho Southern Sotho Swazi Tsonga Tswana Venda Xhosa Zulu |
| South Sudan | Juba | South Sudanese pound(SSP) | English |
| Sudan | Khartoum | Sudanese pound(SDG) | Arabic, English |
| Swaziland | Mbabane (administrative), Lobamba (royal and legislative) | South African randSwazi lilangeni (SZL) | English, Swati |
| Tanzania | Dodoma (official), Dar es Salaam (seat of government) | Tanzanian shilling(TZS) | Swahili, English |
| Togo | Lomé | CFA franc(XOF) | French |
| Tunisia | Tunis | Tunisian dinar(TND) | Arabic |
| Uganda | Kampala | Ugandan shilling(UGX) | Swahili, English, Luganda |
| Zambia | Lusaka | Zambian kwacha(ZMW) | English |
| Zimbabwe | Harare | various(United States Dollar, Euro, Botswana pula, Pound sterling, South African rand) | English, Shona, Sindebele |
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