Sun, Apr 23, 2017 | updated 03:20 PM IST

Demonetisation: former RBI governor assures reduction in circulation of black money

Updated: Nov 14, 2016 14:21 IST      
Demonetisation: former RBI governor assures reduction in circulation of black money

Chennai (Tamil Nadu), Nov. 14 (ANI): Acknowledging the government for its introduction of the demonetization of currency in the economy, Former RBI governor C. Rangarajan on Monday said the Government's move to demonetize is a standard direction to extinguish reduction in circulation of black money.

Speaking to ANI, Rangarajan said, "This is a common step taken whenever an effort is made to curtail the circulation of black money or unaccounted income."

"In India, it is not the first time that it has been done, such steps have been taken in the past also. This time apparently there are three targets; one is to attack those who hold black money as a citizen."

"Second, it is to hit people who fine terrorism. Third, is who may be involved in creating fake currency note. However, the first is majorly the focus," he added.

Assuring that there will be a reduction in circulation of black money or accounted income, Rangarajan said the attempt this time appears to be to cover much larger segment of the notes in circulation.

Responding to the query on the problem witnessed by the people in withdrawing currency notes from ATMs and bank, he said, "I do hope in next few days the cash problem will be sorted otherwise some sector will be affected."

When asked about the long-term impact of these measures, he said, "It will affect the retail trade as most of the transactions are done using cash... There are some other sectors in the economy like real estate, jewellery where cash has become a major player for transaction. Those will undergo a fundamental change."

"On good thing is that people now thinking of transacting in other forms than currency, if it catches on then it's a big change," he added.

The Government on Monday set up a special task force headed by Deputy Governor of RBI to expedite the process of re-calibrating the ATMs to make them fully functional.

The task force will work with different banks in this direction. Addressing the media, Prime Minister's last night meeting to review the demonetization and its impact, Economic Affairs Secretary Shaktikanta Das said, the ATM re-calibration has started and some of the ATMs will start dispensing higher denominations, including Rs. 2000 notes, from today or tomorrow.

ATM limit has also been increased to RS. 2,500, however, it will be disbursed only by the re-calibrated ATMs.

Saying that there is no need for public to panic, Das assured that there is enough cash available in the system and situation will ease in coming days. (ANI)

New Delhi [India], Apr. 23 (ANI-BusinessWireIndia): We welcome the PMO's intervention on the National Medical Device Policy (NMDP). We are thankful that the Government has acknowledged the importance of FDI (Foreign Direct Investment) in this sector and is now further consolidating the gains it has already made in this regard post bringing the FDI on automatic route. We are also hopeful that before the finalisation of the NMDP, MedTech associations like Medical Technology Association of India (MTaI) are also consulted.

Full Story >>

Jakarta [Indonesia]/Bangkok [Thailand]/Singapore City [Singapore], April 22 (ANI): Japan's Shimizu Corporation has a history of over 200 years in building safe and reliable infrastructure, protecting these structures against natural disasters, and promoting the concept of environmental sustainability.

Full Story >>

New Delhi [India], Apr 22 (ANI): eShopbox an end to end ecommerce service provider has now on-boarded with Affiliate fulfillment program of all three major ecommerce players like Amazon, Flipkart and Snapdeal.

Full Story >>

New Delhi [India], Apr 22 (ANI-NewsVoir): Mindmine Summit, one of India's most influential ideas exchange platforms organized by the Mindmine Institute, an independent think tank set up by Hero Enterprise concluded its 11th edition in the national capital today.

Full Story >>

New Delhi [India], Apr 22 (ANI): The Indian Exhibitions, Conferences and Events Services Association (IESA), an apex organisation working towards the development of the exhibitions, conferences and events services sector in India, in collaboration with key industry bodies, government organisations including Department of Commerce, Ministry of Commerce & Industry, Government of India, Confederation of Indian Industry (CII), and Services Export Promotion Council (SEPC), organised the second edition of the India Expo Summit 2017 at the India Expo Centre and Mart, in Greater Noida, Uttar Pradesh.

Full Story >>

New Delhi [India], Apr 22 (ANI): Hotelbeds Group, a global bedbank and business-to-business provider of services to the travel industry on Friday announced plans for GTA to join its Bedbank business unit.

Full Story >>

New Delhi [India], April 21 (ANI-Businesswire India): Next week the United Nations Global Compact will bring together over 300 leaders from business, finance, civil society, Government and the UN in New Delhi for its flagship regional event Making Global Goals Local Business - India. Taking place on 26 - 27 April at the Le Meridien Hotel, the forum will focus on advancing responsible business practices and catalyzing innovative business models to meet the Sustainable Development Goals (SDGs) in India and across the world.

Full Story >>

Mumbai [India], April 21 (ANI-Businesswire India): The EDPMS (Export Data Processing and Monitoring System) which has been introduced by the Reserve Bank of India (RBI) to monitor payments against export bills requires all banks to report in this system details of the export proceeds realization pertaining to the shipping bills filed after February 28, 2014.

Full Story >>

Service charge not mandatory now: Centre

Updated: Apr 21, 2017 17:44 IST

New Delhi [India], April 21 (ANI): Approving the guidelines on service charge, the Centre on Friday announced that service charge is completely voluntary and not mandatory.

Full Story >>

New Delhi [India], Apr 21 (ANI): The Central Board of Direct Taxes on Friday announced the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana (PMGKY) open for declarations up to March 31.

Full Story >>

New Delhi [India], Apr 21 (ANI): India's first unified technology based platform for startups IvyCamp has announced their partnership with leading corporates to offer the startups on its platform, complimentary and discounted packages for solutions that include technology credits, marketing, accounting, communication, and productivity solutions.

Full Story >>

New Delhi [India], Apr 21 (ANI-NewsVoir): Van Heusen, India's fashion forward power dressing brand from Aditya Birla Fashion and Retail Limited forayed into the Rs. 7000 crore men's Innerwear and Athleisure market in September 2016.

Full Story >>

New Delhi [India], Apr 21 (ANI-NewsVoir): NH Studioz, an initiative of Narendra Hirawat and Co. has successfully bagged the distribution rights of upcoming Bollywood movie Half Girlfriend.

Full Story >>

New Delhi [India], Apr 21 (ANI): India's leading integrated mobility conglomerate Formula Group has launched Formula2Ride, an in-demand self-drive car rental service platform.

Full Story >>

New Delhi [India], Apr 21 (ANI): A division of United Technologies Corp., Pratt & Whitney has announced today the certification of its customer training center in Hyderabad by the Directorate General of Civil Aviation, which is the Indian civil aviation regulator.

Full Story >>

New Delhi [India], Apr 21 (ANI-BusinessWireIndia): Before the digital era began, home loan processing was very unpredictable. However, with digitization, a whole new world of instant credit and instant loans was formed.

Full Story >>

New Delhi [India], Apr 21 (ANI): India's leading mobile balance management app True Balance in its report has revealed that the amount of data re-charged in India has now skyrocketed over 1GB.

Full Story >>

Payworld making rural India digitally equipped

Updated: Apr 21, 2017 11:55 IST

New Delhi [India], Apr 21 (ANI): Use of cash does not need education or customization. Currency enjoys the advantage of being universally recognized and accepted from time immemorial. It is an advantage that will always remain.

Full Story >>

New Delhi [India], Apr 21 (ANI): A report published by the Internet and Mobile Association of India (IAMAI) and Nielsen ranked Delhi number one regarding overall Internet readiness, overtaking last year's winner Maharashtra.

Full Story >>

New Delhi [India], Apr 21 (ANI): Warehousing giant Embassy Industrial Parks on Thursday announced the construction of a grade 'A' quality industrial and warehousing facility in its newly acquired property in Gurugram, Haryana.

Full Story >>