16
Monday
September 2019
12:32 PM IST
News Headlines
Sourabh wins Vietnam Open Super 100 title        England close in on Ashes-levelling win after Broad double        Air India posts Rs 4,600 cr operating loss in 2018-19; aims operating profit this fiscal        SBI to move RBI to offer fixed-floating rate home-loans: Chairman        Hong Kong returns to violence with tear gas and Molotovs        36 people missing after boat sinks in Congo river: DRC police        Underfire PM calls up Hulk, claims 'huge' Brexit progress        Dearth of quality people in north India: Labour minister on unemployment        Will implement NRC in Haryana, says Khattar        One nation-one language will never be a reality: Jairam Ramesh        21 Indians killed in 2,050 ceasefire violations by Pak this year: MEA        We need to take advantage of India's inexperienced pace attack: Klusener        India's contrasting training camps at World Championships        Inflation under control, clear signs of revival in factory output: FM        China to lift punitive tariffs on US soybeans, pork        Former PM Cameron 'sorry' for Brexit divisions        Pakistani cleric Tahirul Qadri quits politics, resigns from party        Afghan government says elections first, peace deal after        My govt committed to the welfare of peasants & also to promote industry: Mamata        Amend Constitution to ensure use of Indian languages in SC, high courts: Paswan        
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Business News
Digital economy? RBI says currency in circulation soars 17% to Rs 21.1 lakh cr in FY19
 
Mumbai: Despite the many an effort to shift to digital payments and usher in a digital payment economy, the currency in circulation has jumped by a hefty 17 percent to Rs 21.10 lakh crore as of March 2019, the Reserve Bank says in its annual report for 2019. The demand for the Rs 500 bill, which is the second highest denomination after the Rs 2,000 note, has soared the highest and now accounts for over 51 percent of the value of currency in circulation, says the report released Thursday.

"The value and volume of banknotes in circulation increased by 17 percent and 6.2 percent to Rs 21.10 lakh crore and 1,08,759 million pieces, respectively, in FY19," the report says. It can be noted that one of the objectives of the note-ban of November 8, 2016 rendering as much as 86 percent of the outstanding bill useless and had a crippling impact on the economy as a whole, was to encourage digital payments and bring down the use of cash. But the public returned back as much as 99.8 percent of the cancelled notes back into the system, leading many voices to question the rationale for the very exercise itself. The annual report notes a 59 percent increase in retail electronic payment transactions to 23.3 billion.

The share of the Rs 500 bill stood at 42 percent as of end June 2018, while the same for the Rs 2,000 notes, declined in value to Rs 6.58 lakh crore as of March 2019. However, the combined basis, the share of the high value Rs 500 and Rs 2,000 bills was almost stable at 82 percent. There was a sharp fall in the instance of fake currency detections in FY19 to 3.17 lakh pieces down from 5.22 lakh in FY18 and 7.62 lakh in FY17, the RBI says. The RBI''s note printing cost has come down marginally to Rs 4,811 crore in FY19 from Rs 4,912 crore in FY18, reflecting normalisation in operations post-demonetisation.

The report says after disposing the demonetised notes, the efforts are now on disposing off the soiled notes of smaller denominations which have piled up. However, over 21,000 fake pieces each of the newly introduced Rs 500 and Rs 2,000 notes were found in the reporting year. The Reserve Bank will introduce varnished banknotes of Rs 100 denomination on a field trial basis to increase the life of the banknotes and also look at ways to make them disabled-friendly in FY20.


Air India posts Rs 4,600 cr operating loss in 2018-19; aims operating profit this fiscal
SBI to move RBI to offer fixed-floating rate home-loans: Chairman
Inflation under control, clear signs of revival in factory output: FM
China to lift punitive tariffs on US soybeans, pork
Exports decline 6 pc; imports dip 13.45 pc
Retail inflation inches up to 10-month high of 3.21 pc in August
India & Qatar to focus on hydrocarbon sector: Pradhan
Samruddhi Corridor: MSRDC ties up loans of Rs 28,000 crore
Just 19 pc employers in India bullish on hiring in Oct-Dec qtr: Survey
Alibaba's Ma steps down as industry faces uncertainty
Ahead of festivals, SBI again cuts lending rates by 10 bps
Sensex drops over 150 pts; bank, auto stocks drag
15th Finance Commission holds meeting with Raj bodies, industry
PNB puts up for sale 11 NPA accounts to recover dues of Rs 1,234 cr
States to be key drivers of growth for making India USD 5 trillion economy: Niti CEO
FinMin sets up task force to identify infra projects for Rs 100 lakh cr investment
To create jobs, C'garh govt reduces land rates for industries
India's domestic market for computer services to grow faster than exports: UN report
Indian equities subdued; banking, IT stocks top drag
Ambani rolls out JioFiber, offering minimum 100 Mpbs internet speed for Rs 699 a month
KERALA NEWS
Tipplers guzzle Rs 487 crore worth liqour during onam
 Thiruvananthapuram: Tipplers in Kerala guzzled liqour worth a record Rs 487 crore sold through state  
candidate selection for Pala by-election is an internal matter of KC(M): Chandy
Kevin Murder Case: Double life sentence for all 10 convicts
Malayalam actor, film crew stranded in Himachal village
INTERNATIONAL NEWS
Hong Kong returns to violence with tear gas and Molotovs
 Hong Kong: Hong Kong riot police fired tear gas and water cannons at hardcore pro-democracy proteste
36 people missing after boat sinks in Congo river: DRC police
Underfire PM calls up Hulk, claims 'huge' Brexit progress
Former PM Cameron 'sorry' for Brexit divisions
NATIONAL NEWS
Dearth of quality people in north India: Labour minister on unemployment
 Lucknow: Union labour minister Santosh Kumar Gangwar has said there was no dearth of employment oppo
Will implement NRC in Haryana, says Khattar
One nation-one language will never be a reality: Jairam Ramesh
My govt committed to the welfare of peasants & also to promote industry: Mamata
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