RBI cut holidays to count notes

Urjit Patel

The RBI governor told the Committee that the total currency in circulation was Rs 15.4 lakh crore as against the Rs 17.7 lakh crore that was in circulation a year ago before Prime Minister Narendra Modi announced demonetisation.

"We had a lengthy discussion (on demonetisation and various other issues) today". The session is scheduled to start on July 17 and is expected to conclude on August 11. The RBI is still counting notes and has even ordered new machines to speed up the process. In a meeting with a Parliamentary panel on Thursday, RBI Governor Urjit Patel repeated what he has been saying for the last seven months.

The panel's meeting lasted for more than three hours and was attended by former Prime Minister Manmohan Singh, among others.

The nation might have emerged from the disruptive surge of the demonetisation exercise but the question - how much of the demonetised Rs 1000 and Rs 500 notes came back into the system? - continues to haunt the government.

Members of the committee also said that Mr. Patel chose not to comment on Finance Secretary Hasmukh Adhia's deposition to the committee, that Mr. Patel had been in the loop over the decision to demonetise currency notes of ₹500 and ₹1,000.

The current money in circulation, Patel said, has been restored to Rs 15.4 lakh crore which is almost the amount that was termed illegal that night of November 8 when PM Narendra Modi announced demonetisation.

Destiny 2 Beta: When Does it Unlock?
The studio's next big project will be the Destiny 2 beta, which is set to kick off next week for some players. You can't do much with it right now, but this will be useful for anyone taking the plunge with Destiny 2 .

The RBI has also issued tenders for new machines for counting of the notes, the meeting was told. By June 30 the RBI closes its books, this is followed by an audit process which usually takes two months. RBI has a staff strength of 15,000.

During the course of meeting, when members from opposition parties tried to grill the governor, Moily and BJP MP Nishikant Dubey intervened.

The agenda of the meeting is -Evidence of the represntatives of the RBI on the subject demonetisation and transformation towards digital economy and banking sector in India-Challenges and the way forward.

While this was the RBI Governor's second appearance before the Standing Committee on Finance, he has appeared just once before the Public Accounts Committee (PAC) of Parliament.

Members are learnt to have asked about transaction cost being levied on digital payments and inadequate presence of banks in rural areas.

Related News:

  • The Reviewing Performance Sports Group (PSG) & Dick's Sporting Goods (NYSE:DKS)

    Therefore 67% are positive. 07/30/2014 - Big 5 Sporting Goods Corporation had its " rating reiterated by analysts at SunTrust. Martingale Asset Mngmt Limited Partnership has 4,514 shares for 0% of their portfolio. 15,815 are owned by Prelude Mgmt Ltd.
    Dani Alves apologises to Pep Guardiola, Manchester City for picking PSG

    Dani Alves apologises to Pep Guardiola, Manchester City for picking PSG

    0840: Manchester City target Dani Alves looks set to turn his back on his former bossand joinParis Saint-Germain. I know that we will have a marvellous year together and I can't wait to start wearing this shirt.
    White House spokesperson says Trump, Putin talks sanctions

    White House spokesperson says Trump, Putin talks sanctions

    He was asked, but did not answer directly, if Trump had accepted Putin's denial as Russian officials have claimed. He said ahead of the meeting that, "Nobody knows for sure".
  • Assam flood: Toll 45, PM asks Rijiju to take stock

    Assam flood: Toll 45, PM asks Rijiju to take stock

    The Brahmaputra flowed above the danger level at Neematighat, Tezpur, Guwahati , Goalpara and Dhubri on Wednesday. The government has set up 234 relief camps sheltering 31,456 people displaced by the floods .
    France trims budget to meet European Union  deficit target

    France trims budget to meet European Union deficit target

    The greater risk is for Trump , said Thomas Gomart, director of the French Institute for International Relations. But Macron calling the birthrate continuously destabilizing was also an issue, it said .
    MARKET BUZZ: China's June Exports, Imports Beat Expectations; Headwinds Remain - Capital Economics

    MARKET BUZZ: China's June Exports, Imports Beat Expectations; Headwinds Remain - Capital Economics

    In April, Beijing and Washington agreed to a 100-day plan for trade talks in a bid to boost access to each other's markets. Trump has described the trade imbalances between the two countries as a "very, very big issue" that he would address.
  • Local Congressman speaks about health care bill

    Local Congressman speaks about health care bill

    Under what is now being proposed, Montana's self-employed, which includes me, will not be able to afford insurance. Where once the majority was against Obamacare, now the majority support it, budget deficit be damned.
    UCLA residence halls evacuated due to bomb threat

    UCLA residence halls evacuated due to bomb threat

    Students were sent to Drake Stadium on campus after the university's emergency plan was activated, UCLA media relations reported. Students were allowed back into their dorm rooms after a bomb threat prompted precautionary evacuations at UCLA Wednesday night.
    Air-raising moment jet almost  lands on 4 planes

    Air-raising moment jet almost lands on 4 planes

    But he said he knew something was wrong because as the plane descended, the engines revved, and then the plane climbed. AN AIRLINER came close to catastrophe when it nearly landed on top of four other passenger jets at a busy airport.
  • 'The Batman:' Matt Reeves Has Shelved Ben Affleck's Script

    'The Batman:' Matt Reeves Has Shelved Ben Affleck's Script

    We may hear more about The Batman next week when Warner Bros. brings the Justice League and Aquaman casts to San Diego Comic-Con. With a new script, it is possible that Joe Manganiello's Deathstroke may not be present in the film.
    Star Wars: New Han Solo Movie Images Leak From Set

    Star Wars: New Han Solo Movie Images Leak From Set

    Conveying the braggadocious nature of Han Solo simply and elegantly, this title - even if its temporary - is flawless . The film is said to combine the space setting of the Star Wars franchise with the feel or a traditional Western.
    Sensex Climbs 73 Pts, Nifty Tops 9800-Mark

    Sensex Climbs 73 Pts, Nifty Tops 9800-Mark

    All other sectoral indices traded in the green with PSU banking stocks taking the centrestage, amid sectoral index rising 1%. Minutes into trading, it was quoting at 31,981.16 points, up by 176.34 points, or 0.55 per cent from Wednesday's closing.


Most liked

Destiny 2 Will Tell "Big, Expansive and Cinematic Stories"
However, with Destiny 2 things will be kicked up a notch. "'Too much damn story [makes angry typing gesture]". With a better structure behind it, Destiny 2 is ready for a "big, expansive and cinematic" story.

Senate to Work Through First Part of August Recess
President Trump on Monday Tweeted that he "cannot imagine Congress would dare leave Washington " without completing healthcare. Shelley Moore Capito of West Virginia said GOP senators are expecting to get an update from Senate leadership on Tuesday .

Heat advisory issued for NYC through Thursday
The warmth and humidity will likely result in at least one record warm low temperature, or what's called a record "high minimum". This evening won't be a washout, but a few areas could see some locally heavy rains and gusty winds for short periods of time.

Case of tick-borne virus confirmed in Saratoga County
A state health official said it'll take several months to finish the investigation into tick-borne diseases at Meramec State Park. According to the CDC, approximately 75 cases of POW virus disease were reported in the United States over the past 10 years.

Pakistan violates ceasefire again in J&K, 2 soldiers killed
The two soldiers were out on a patrol across the LoC in the Furgi area when the firing started from across the border. After each clash between the Indian and Pakistani troops, the two sides blamed each other for initiating the firing.

Indians die in Saudi Arabia fire, officials rush to Najran
All the casualties hailed from Bangladesh and India, according to the civil defence of Saudi Arabia. The oil-rich kingdom is home to nine million foreign workers, many of them from South Asia.

Buhari recuperating fast, will be back shortly - Osinbajo
President before 90 days? Shortly before the start of Federal Executive Council Meeting this morning, Ag. The post Osinbajo: Buhari in high spirits, recuperating fast appeared first on The Nation Nigeria .

Natural disaster of magnitude 6.7 strikes off Papua New Guinea
USGS seismologist Julie Dutton told Reuters that an natural disaster of that size is unusual for that area but not unprecedented. The hermit nation was rocked by the quake that is believed to have been a natural occurrence, almost 350 miles below the seabed.

Marine from Jacksonville, Florida, among 16 killed in military plane crash
State law enforcement agencies are guarding the area, but the broad area and number of roads makes it hard to control access. We're told this aircraft is used to fuel other aircraft while in the air and used to transport large cargo.

Virat Kohli Enjoys Break With 'Love' Anushka Sharma
India won the Test as well as the ODI series when they last toured Sri Lanka in 2015 under Kohli's leadership. Kohli, on a break after the Indian team's tour of the West Indies, travelled to the Big Apple to support her.

Woodburn scores, Solanke debuts in Liverpool friendly win
But for Jordan Henderson , the 45 minutes he played at Prenton Park on Wednesday will perhaps be his most significant of 2017. But a lot of things are really good - first touch, movements and a lot of things.

Investing in family planning is a smart thing to do - Newspaper
She said family planning was also the key to achieving other goals, such as ending hunger, promoting good health and gender equality.

India planning missile with eye on all of China: US report
Jaishankar also said that the two countries "must not allow differences to become disputes". India today is much different and much better equipped to meet any challenge, he said.

'Silver Lining of Sanctions': Iran Decreases Oil, Gas Dependence in 4 Years
At the same time, the level of corruption has steeply increased in the oil and gas industry of Iran in recent years, the deputy minister added.

ESPY Awards: Michelle Obama Honors Late Special Olympics Founder Eunice Kennedy Shriver
Obama presented the Arthur Ashe Courage Award to Kennedy's son, Timothy Shriver , who chairs the Special Olympics . Once a great first lady, still a great first lady", the Special Olympics chairman said, bowing in respect.