Deposited demonetised notes still being counted: RBI Governor

[The_Showstopper]

Deposited demonetised notes still being counted: RBI Governor

HIGHLIGHTS

• RBI Governor Urijit Patel has said that the amount of junked notes deposited after demonetisation was still being counted
• He said the total money in circulation in the country now was Rs 15.4 lakh crore against Rs 17.7 lakh crore at the time of demonetisation

RBI governor Urjit Patel appeared before the Standing Committee on Finance on Wednesday

NEW DELHI: RBI Governor Urijit Patel on Wednesday told a parliamentary committee that the amount of junked notes deposited after demonetisation was still being counted.

Patel gave this information at a meeting of the Parliamentary Standing Committee on Finance when a member specifically asked him to give details of the value of the Rs 500 and Rs 1,000 notes which were allowed to be exchanged till December 30.

He said the total money in circulation in the country now was Rs 15.4 lakh crore against Rs 17.7 lakh crore at the time of demonetisation in November last year, according to sources.

Read this story in Marathi

At the meeting, Naresh Agarwal of the Samajwadi Party is understood to have demanded the names of 12 industrialists whose outstanding loans amounted to 25 per cent of the non-performing assets in the banking system.




Naresh Agarwal and Trinamool Congress MP Saugato Roy had previously asked the RBI Governor how much of the banned notes have come back into the system. The RBI governor said the total money in circulation now is Rs. 15.4 lakh crore against Rs. 17.7 lakh crore in November last year when Prime Minister Narendra abruptly banned high value notes in an attempt to battle black money and corruption.




The Standing Committee on Finance headed by Congress leader Veerappa Moily had also questioned RBI governor, on the decision of demonetisation, on January 18 as well but most of their questions had remained unanswered then.


http://timesofindia.indiatimes.com/...counted-rbi-governor/articleshow/59563202.cms

 

[The_Showstopper]

@Jacob Martin @takeiteasy @ashok321 @Infinity

 

[padamchen]

It will take not even a couple of years before the nation wakes up to the most massive fraud that was played on it. By all sides. Politicians and industrialists.

Cheers, Doc

 

[The_Showstopper]

He is yet to quote the total amount of notes that has been deposited till date. Earlier we used to get regular updates on how much has been deposited but no update in the recent past.

 

[padamchen]

That is because huge stashes of 500s (not 1000s) are still making their way in ...

Cheers, Doc

 

[The_Showstopper]

That is because huge stashes of 500s (not 1000s) are still making their way in ...

Cheers, Doc

But then, why can't he tell the number that has already been deposited?

 

[padamchen]

But then, why can't he tell the number that has already been deposited?

Arre?

Because every last bit was supposed to have been deposited by June 30. Resident and NRI alike.

Do you understand (or wonder) now why Rajan was booted?

Do not ever expect an expose though.

Cheers, Doc

 

[Jacob Martin]

He is yet to quote the total amount of notes that has been deposited till date. Earlier we used to get regular updates on how much has been deposited but no update in the recent past.

That is because huge staches of 500s (not 1000s) are still making their way in.

Yeah the updates stopped coming even before the deadline, if I remember correctly.

I don't know whether there is any implications if notes are still coming in, because the RBI was financially liable only to the extent of notes received before the deadline. Had that amount of notes returned been more than the amount reflected in RBI's books, then the entire thing would be a net loss to the RBI. Of course we don't know because we don't have the numbers yet.

The only other think I can think of is that if the amount that has come in is massively in excess of on the books, then the government is playing it safe in case the Supreme Court declares the entire thing illegal. Because then the RBI will be liable even for notes deposited after deadline and would essentially be screwed.

It will take not even a couple of years before the nation wakes up to the most massive fraud that was played on it. By all sides. Politicians and industrialists.

Cheers, Doc

There were so many touted benefits... terrorism being wiped out, corruption being wiped out, revenue increase, GDP increase, will become super power... trying to remember all of it now.

Of all these, the only that has actually happened is the one-time increase in tax collection which is inevitable once you take everyone's money away. As an when other numbers and facts emerge, they fly in the face of the claims.

 

[padamchen]

... trying to remember all of it now.

Assuming you still hold an Indian passport, did you check your account to see whether the promised Rs. 15 lacs has been deposited in it yet?

I check everyday.

Joylessly.

Cheers, Doc

 

[Jacob Martin]

The problem is that the government in India has traditionally managed to get away with a lot based on the excuse that these are policy decisions. The Supreme Court therefore does not meddle too much because it is a clearly established principle that government is free to make policy.

Demonetization was an exception in the sense that while in form it may seem to be within the government's rights, in substance it was so sweeping that it essentially violated Right to Life.

Our country has become so habituated to successive governments acting in a manner that is deliberately harmful, so just on that basis this government also expects a free pass. Question is whether that is a valid argument?

Assuming you still hold an Indian passport, did you check your account to see whether the promised Rs. 15 lacs has been deposited in it yet?

I check everyday.

Joylessly.

Cheers, Doc

Hahahaha....

I was in Delhi in November. So one of the ladies employed at my place there was so happy initially that she is going to receive 15 lacs. She already had plans for buying a house. Then later as per WhatsApp rumours she downgraded it to 3 lacs. So her plans changed to buying a car. Finally, she said it seems we will only get 2 lacs each, so she was willing to settle for a bike for her son!

 

[jetray]

The problem is that the government in India has traditionally managed to get away with a lot based on the excuse that these are policy decisions. The Supreme Court therefore does not meddle too much because it is a clearly established principle that government is free to make policy.

Demonetization was an exception in the sense that while in form it may seem to be within the government's rights, in substance it was so sweeping that it essentially violated Right to Life.

Our country has become so habituated to successive governments acting in a manner that is deliberately harmful, so just on that basis this government also expects a free pass. Question is whether that is a valid argument?



Hahahaha....

I was in Delhi in November. So one of the ladies employed at my place there was so happy initially that she is going to receive 15 lacs. She already had plans for buying a house. Then later as per WhatsApp rumours she downgraded it to 3 lacs. So her plans changed to buying a car. Finally, she said it seems we will only get 2 lacs each, so she was willing to settle for a bike for her son!

wat 15 lacs are you guys babbling about?

 

[padamchen]

The problem is that the government in India has traditionally managed to get away with a lot based on the excuse that these are policy decisions. The Supreme Court therefore does not meddle too much because it is a clearly established principle that government is free to make policy.

Demonetization was an exception in the sense that while in form it may seem to be within the government's rights, in substance it was so sweeping that it essentially violated Right to Life.

Our country has become so habituated to successive governments acting in a manner that is deliberately harmful, so just on that basis this government also expects a free pass. Question is whether that is a valid argument?



Hahahaha....

I was in Delhi in November. So one of the ladies employed at my place there was so happy initially that she is going to receive 15 lacs. She already had plans for buying a house. Then later as per WhatsApp rumours she downgraded it to 3 lacs. So her plans changed to buying a car. Finally, she said it seems we will only get 2 lacs each, so she was willing to settle for a bike for her son!

That's one less vote for Feku next time.

Cheers, Doc

 

[ashok321]

Sabh dokha hai bhai...kabse bola hun

https://twitter.com/x/status/885421598781489152

 

[Jacob Martin]

That's one less vote for Feku next time.

Cheers, Doc

Jokes apart it is really disheartening to see how social media and WhatsApp have been employed globally. Many of us thought that it would usher in a new era of transparency and accountability as people would get to share reality without propaganda. Whoever thought that was proven wrong. It has Instead become the ultimate tool for propaganda and misinformation.

 

[padamchen]

Jokes apart it is really disheartening to see how social media and WhatsApp have been employed globally. Many of us thought that it would usher in a new era of transparency and accountability as people would get to share reality without propaganda. Whoever thought that was proven wrong. It has Instead become the ultimate tool for propaganda and misinformation.

But it is a double edged sword.

As they are learning now.

As the non Sanghi India fights back.

Cheers, Doc