News Analysis India

Tag: 000

  • Rs 2000 note exchange begins today

    Express News Service

    MUMBAI:  A day before the Reserve Bank of India opens the window for exchange of Rs 2,000 denomination currency notes, RBI governor Shaktikanta Das on Monday dismissed rumours of a new Rs 1,000 currency note being in the works. “There’s no such proposal right now,” he told reporters here on Monday in his first media interaction after the decision to withdraw the highest denomination note from circulation last Friday.

    As the window for customers to exchange Rs 2,000 notes in their possession will start on Tuesday, Das said there is no need to panic. Urging the public not to rush to banks, he said enough time has been given to exchange the notes. He reiterated the notes will remain legal tender (valid for transaction). The RBI governor’s comments came after reports said people and businesses have stopped accepting Rs 2,000 notes as a mode of payment.

    “Let me clarify and re-emphasise that it is a part of the currency management operations of the Reserve Bank. For a long time, the Reserve Bank has been following a clean note policy,” he said, adding: “From time to time, RBI withdraws notes of a particular series and issues fresh notes. We are withdrawing the Rs 2,000 notes from circulation but they continue as legal tender.”

    He expects most of the notes to be returned to the exchequer by the deadline of September 30 and no scarcity of other notes. “We have given a deadline so that the process will be taken seriously. We can’t leave it open-ended,” he said.

    RBI has urged the public to exchange or deposit these notew by September 30. “We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason for worry. We have sufficient stocks, no need to worry,” Das clarified.

    The impact of the withdrawal on the economy will be “very very marginal”, he said, adding Rs 2,000 currency notes made up for just 10.8% of the total currency in circulation. While the withdrawn Rs 2,000 rupee notes can either be deposited in bank accounts or exchanged for other denomination notes, banks have been advised to make necessary arrangements for exchange.

    MUMBAI:  A day before the Reserve Bank of India opens the window for exchange of Rs 2,000 denomination currency notes, RBI governor Shaktikanta Das on Monday dismissed rumours of a new Rs 1,000 currency note being in the works. “There’s no such proposal right now,” he told reporters here on Monday in his first media interaction after the decision to withdraw the highest denomination note from circulation last Friday.

    As the window for customers to exchange Rs 2,000 notes in their possession will start on Tuesday, Das said there is no need to panic. Urging the public not to rush to banks, he said enough time has been given to exchange the notes. He reiterated the notes will remain legal tender (valid for transaction). 
    The RBI governor’s comments came after reports said people and businesses have stopped accepting Rs 2,000 notes as a mode of payment.

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    “Let me clarify and re-emphasise that it is a part of the currency management operations of the Reserve Bank. For a long time, the Reserve Bank has been following a clean note policy,” he said, adding: “From time to time, RBI withdraws notes of a particular series and issues fresh notes. We are withdrawing the Rs 2,000 notes from circulation but they continue as legal tender.”

    He expects most of the notes to be returned to the exchequer by the deadline of September 30 and no scarcity of other notes. “We have given a deadline so that the process will be taken seriously. We can’t leave it open-ended,” he said.

    RBI has urged the public to exchange or deposit these notew by September 30. “We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason for worry. We have sufficient stocks, no need to worry,” Das clarified.

    The impact of the withdrawal on the economy will be “very very marginal”, he said, adding Rs 2,000 currency notes made up for just 10.8% of the total currency in circulation. While the withdrawn Rs 2,000 rupee notes can either be deposited in bank accounts or exchanged for other denomination notes, banks have been advised to make necessary arrangements for exchange.

  • Sushil Modi seeks phasing out of Rs 2,000 bank notes

    Express News Service

    NEW DELHI:  The Rajya Sabha witnessed an unusual demand on Monday by none else than a BJP MP. BJP MP and former finance minister of Bihar Sushil Kumar Modi urged the Centre through the Chair to phase out the currency of Rs 2,000 denomination. Raising the issue of citizens holding such banknotes should be given two years to deposit it.

    Raising the issue through a zero-hour mention, Modi said that the currencies of Rs Rs 2,000 denomination have almost become invisible and vanished from markets and the most ATMs in the country. He said suspected that the currencies of the Rs 2000 denomination might be being illegally hoarded and used in illegal trades such as that drugs, money laundering and others.  He also expressed dismay over Rs 2000 currency not being seen used for normal transactions.

    “There is a need for phasing out the Rs 2000 currency note in a gradual manner giving an adequate time of a year to the people to deposit their legitimate holdings into smaller denomination currency notes,” Modi said, adding that no logic of bringing a Rs 2000 currency note was seen when the currency of Rs 1,000 denomination was out of circulation.

    He said that while the Rs 2000 note was introduced by RBI to replace the demonetised Rs 500 and Rs 1000 notes at a faster pace in 2016, their printing has stopped in the last thre years owing to several challenges associated with the circulation.”

    Citing examples of some developed countries, which don’t have the currency of higher denomination; Modi said that the $100 is the highest denomination while 100 Yuan in China.CAD in Canada and 200 Euros in European Union are of the highest denomination.

    He, citing as an example in support of his demand, said that the EU discontinued 5000 Eros note in 2018 and Singapore stopped issuing $10,000 notes in 2010 to curb illegal activities of drug trafficking, money laundering, terror funding and tax evasion. “Since India is also becoming a hub for digital transactions which also entail settlements of  larger amounts, there is limited need for having a high-denomination currency of  Rs 2000,” he categorically stated while urging to phase it out.

    NEW DELHI:  The Rajya Sabha witnessed an unusual demand on Monday by none else than a BJP MP. BJP MP and former finance minister of Bihar Sushil Kumar Modi urged the Centre through the Chair to phase out the currency of Rs 2,000 denomination. Raising the issue of citizens holding such banknotes should be given two years to deposit it.

    Raising the issue through a zero-hour mention, Modi said that the currencies of Rs Rs 2,000 denomination have almost become invisible and vanished from markets and the most ATMs in the country. He said suspected that the currencies of the Rs 2000 denomination might be being illegally hoarded and used in illegal trades such as that drugs, money laundering and others.  He also expressed dismay over Rs 2000 currency not being seen used for normal transactions.

    “There is a need for phasing out the Rs 2000 currency note in a gradual manner giving an adequate time of a year to the people to deposit their legitimate holdings into smaller denomination currency notes,” Modi said, adding that no logic of bringing a Rs 2000 currency note was seen when the currency of Rs 1,000 denomination was out of circulation.

    He said that while the Rs 2000 note was introduced by RBI to replace the demonetised Rs 500 and Rs 1000 notes at a faster pace in 2016, their printing has stopped in the last thre years owing to several challenges associated with the circulation.”

    Citing examples of some developed countries, which don’t have the currency of higher denomination; Modi said that the $100 is the highest denomination while 100 Yuan in China.CAD in Canada and 200 Euros in European Union are of the highest denomination.

    He, citing as an example in support of his demand, said that the EU discontinued 5000 Eros note in 2018 and Singapore stopped issuing $10,000 notes in 2010 to curb illegal activities of drug trafficking, money laundering, terror funding and tax evasion. “Since India is also becoming a hub for digital transactions which also entail settlements of  larger amounts, there is limited need for having a high-denomination currency of  Rs 2000,” he categorically stated while urging to phase it out.

  • Seven thousand rupees became expensive in a month

    If you are thinking about building a house, then this news cannot be called good for you. Due to the rise in the prices of raw materials, there has been a tremendous rise in the prices of Saria and it has reached a new record. On Friday, sariya fell to Rs 58,000 per ton. It is being told that the price of branded companies has reached 64000 rupees ton. Businessmen associated with the sector say that there are only signs of an increase in its prices in the coming days.

    Traders associated with the field say that before 12 years ago, ie in 2009, sariya reached the highest level of Rs 49,800 per ton, but now the prices of sariya have created a new history. The special thing is that as fast as the prices of Saria are increasing, there is a decrease in demand in the market.

    Chhattisgarh Sponge Iron Association President Anil Nacharani said that these days there is a tremendous rise in the prices of raw materials. In the last six months, the price of iron ore has increased by about 130 percent. The iron and iron that was available for Rs 4000 a tonne has now been priced at Rs 9000 a tonne. In comparison, steel prices have increased by only 30 percent.

  • Police arrest two peddlers with ‘Charas’ of Rs 50,000

    Continuing its crackdown against the drug network in the state capital, Raipur’s D D Nagar police arrested two persons in connection with Charas peddling and recovered around 130.370 grams of drugs. “Following a tip-off that two persons are looking out for customers to dispose-off charas near Bajari Nagar-based Central School, a police team from DD Nagar swung into action and intercepted the duo. During frisking, police have recovered 130.370 grams of charas packed in 15 packets,” said D D Nagar Station House Officer (SHO) Yogita Khaparde, elaborating that the estimated market value of the seized drugs would be around Rs 50,000. The SHO further informed that the arrested were identified as Naveen Verma (26), a resident of Banjari Nagar under D D Nagar police station limits, and Sheikh Sarfaraj (27), of Santoshi Nagar under Tikrapara police station. The arrested peddlers were produced in a local court from where he was sent to judicial custody. With the arrest of the two peddlers, police have launched a probe to ascertain the supply chain of charas in the State Capital and people indulged in the illegal business, said police sources, elaborating that Raipur Police’s campaign against the drug will continue in future as well.

  • Samsung Galaxy A31 becomes cheaper, now customers can buy it at this price

    Samsung has cut the price of its Galaxy A31 smartphone by Rs 4,000. This phone’s 6 GB RAM + 128 GB internal storage variant was launched in June this year with an initial price of Rs 21,999, but now it can be purchased at an initial price of Rs 17,999. This phone will be available in Prism Crush Black, Prism Crush Blue and Prism Crush White Color variant. Apart from Amazon, Flickart, the phone is being sold from all offline stores.

  • GST जांच में अब तक 2,000 करोड़ रुपये से अधिक की टैक्स चोरी का खुलासा

    नई दिल्ली. जीएसटी जांच विंग ने दो महीने में 2,000 करोड़ रुपये से अधिक की कर चोरी का पता लगाया है. एक वरिष्ठ अधिकारी ने बुधवार को बताया कि डेटा विश्लेषण से पता चलता है 1.11 करोड़ से अधिक पंजीकृत व्यवसायों में से केवल 1 प्रतिशत करों का बड़ा हिस्सा चुकाते हैं. केन्द्रीय उत्पाद शुल्क और सीमा शुल्क बोर्ड (सीबीआईसी) के सदस्य जॉन जोसेफ ने कहा छोटे व्यवसायी जीएसटी रिटर्न दाखिल करते समय गलतियां करते हैं तो बात समझ में आती है कि वे उतने प्रबुद्ध नहीं हैं लेकिन बड़ी-बड़ी कंपनियां और बड़ी निगमें भी वही गल्तियां करती है.

    यदि आप टैक्स राजस्व का भुगतान की ओर नजर डाले तो आपको एक खतरनाक तस्वीर दिखाई देगी. जॉन जोसेफ ने कहा, हमारे पास 1 करोड़ से अधिक व्यवसायों का पंजीकरण है लेकिन 1 लाख से कम लोग कर का 80 प्रतिशत भुगतान कर रहे हैं. उन्होंने कहा कि कोई नहीं जानता कि सिस्टम में क्या हो रहा है.

    जोसेफ, जो गुड्स एंड सर्विसेज टैक्स इंटेलिजेंस (डीजी जीएसटीआई) के महानिदेशक भी हैं, ने कहा कि डीलरों के आंकड़ों के विश्लेषण से पता चलता है कि उनमें से अधिकतर का वार्षिक कारोबार 5 लाख रुपये है. इससे पता चलता है कि इस मामले में और अधिक अनुपालन की आवश्यकता है. कॉम्पोजिशन योजना के तहत, व्यापारियों और निर्माताओं को 1 प्रतिशत की कम दर पर कर चुकाने की अनुमति है जबकि रेस्तरां मालिकों को 5 प्रतिशत की दर से भुगतान करना पड़ता है. यह योजना निर्माताओं, रेस्टोरेटर्स और व्यापारियों के लिए खुली है जिसका कारोबार 1.5 करोड़ रुपये से अधिक नहीं है.

    जीएसटी अधिकारी जोसेफ का साफ-साफ कहना है कि जीएसटी लागू तो कर दिया गया है लेकिन इस मामले में व्यापारी गंभीर नहीं हैं. एक तो पंजीकरण कराने वाले व्यापारियों में से बहुत कम व्यापारी जीएसटी का भुगतान कर रहे हैं दूसरा जो व्यापारी इसका भुगतान कर रहे हैं वे भी गैरजिम्मेदार तरीके से भुगतान कर रहे हैं. ऐसे में जब जीएसटी के आंकड़ों का विश£ेषण किया गया तो 2000 करोड़ रुपये से ज्यादा के चोरी का पता चला है. जोसेफ का दावा है कि यह आंकड़ा केवल दो महनों का है.