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Economic Affairs Secretary <keyword id="3856061" type="UNKNOWN" weightage="20" keywordseo="shantikanta-das">Shantikanta Das</keyword> said the supply of notes situation post <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> was steadily improving and there sufficient stock of Rs 500 notes available now. He said 50% of invalid notes will be replaced by December end. 
 
Addressing a news conference, Das said additional Rs 80,000 crore of Rs 100 notes have been circulated since November 8. 
 “Total number of notes in lower denominations of Rs 100 and below supplied in last five weeks is three times of what <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> supplies in an year,” said Das. 
 
“Printing of Rs 500 notes has been significantly increased. Initial focus was to supply Rs 2000 notes to replace value that was taken out of the market. Now focus is on printing more of Rs 500 notes,” said Das during a news briefing. 
 
Das informed there are 2,20,000 ATMs and more than two lakh ATMs have already been re-calibrated. 
 
He said the government is ensuring that enough cash is with district co-op banks and efforts are being made to supply more cash to rural areas, especially where there is acute shortage. 
 
“Government and the RBI are working in tandem to handle cash crunch. We continue to airlift new bank notes wherever it is necessary,” said Das. 
 
Meanwhile, talking about counterfeiting of notes, Das said it was for the first time notes were indigenously designed in-house with security features. 
 
“This makes notes more secure with less chance of counterfeiting and possibility of counterfeiting new Rs 500 &amp; Rs 2000 notes is very less,” said Das. 
 
Various cases of money laundering and fake accounts have surfaced and I-T department officials have conducted various raids across India to seize new and old currency notes. 
 
“Banks have further tightened their surveillance mechanisms. We are conducting data mining to spot money laundering. Enforcement agencies have stepped up their mechanisms,” said Das. 
 
Das said enforcement agencies are taking action on illegally accumulated money based on specific inputs. “You can call it surgical action,” said Das.

Demonetisation: 50% of invalid notes to be replaced by Dec end; printing of Rs 500 notes increased

Governor of <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI), <a href="http://www.businessinsider.in/searchresult.cms?query=urjit+patel&amp;sortorder=effectivedate">Urjit Patel</a>, was last seen after Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> announced <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a>. That was his first and last appearance, so far, after old Rs 500 and Rs 1000 notes were scrapped. 
 Since then, Economic Affairs Secretary <keyword id="3856061" type="UNKNOWN" weightage="20" keywordseo="shantikanta-das">Shantikanta Das</keyword> has been addressing the news conference, updating people about the changes. 
In this currency overhaul, Patel has been noticeably absent. 
 
"Generally, measures of this sort are carefully planned well in advance, and the public is given plenty of time in advance to adjust. It is generally to be expected, and is typically the case, that the actual issuer of the currency, the central bank, plays the leading, if not the sole, role in these matters," Robert Hockett, who teaches monetary law at Cornell University and advises the New York Federal Reserve, told <a href="https://www.bloomberg.com/news/articles/2016-11-23/central-banker-missing-in-action-as-india-escalates-war-on-cash">Bloomberg</a> by e-mail. 
 
The RBI's spokeswoman didn't reply to Bloomberg’s e-mail seeking comment on the central bank's involvement in the currency overhaul and Patel's absence. 
 
"I was in charge of currency management and I saw that it doesn't serve the purpose. All I can say is the present governor is a very sensible person and he is very new. So I'll give him the benefit of doubt," K.C. Chakrabarty, who was deputy governor at the RBI from 2009 to 2014, told <a href="https://www.bloomberg.com/news/articles/2016-11-23/central-banker-missing-in-action-as-india-escalates-war-on-cash">Bloomberg</a>. 
 
Modi had handpicked Patel, who was one of Raghuram Rajan's four deputies the past three years. 
 
Perhaps the most important question is whether Patel will come under pressure if the government seeks to profit from the cash ban. 
“It is a cabinet decision but, not for the first time, the government machinery is found lacking good communication skills to explain its policies, promptly, clearly and nationally. When such a big event like this is happening, one would definitely like to see and hear more from the central bank governor than we have so far," Manish Singh, chief investment officer at London-based Crossbridge Capital LLP, told Bloomberg.”

The curious case of the missing RBI governor

The Indian government spelled out more relief for farmers, keeping the current <keyword id="6770508" type="UNKNOWN" weightage="20" keywordseo="Rabi-season">rabi season</keyword> in focus. Announcing more measures to ease the current situation on <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword>, Economic Affairs Secretary <keyword id="3856061" type="UNKNOWN" weightage="20" keywordseo="shantikanta-das">Shantikanta Das</keyword> said the expectation is to move more and more people to digital transactions. 
 Focusing on the rural sector, Das said a slew of measures were being taken, especially for farmers so that they do not feel the <keyword id="6380684" type="UNKNOWN" weightage="20" keywordseo="cash-Crunch">cash crunch</keyword> in the rabi crop season. 
 Moreover, he announced few waivers to ensure seamless transactions. Meanwhile, the opposition continued to protest against the demonetisation, demanding <keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword>’s presence in the parliament. 
 
Here are 10 latest developments on demonetisation 
 
(Images: Indiatimes/Thinkstock/Reuters)

Demonetisation: More relief for farmers, Railways waives-off service charge. Here are today’s 10 new developments

The Indian government announced a string of new announcements today in the backdrop of demonetisation. Economic Affairs Secretary <keyword id="3856061" type="UNKNOWN" weightage="20" keywordseo="shantikanta-das">Shantikanta Das</keyword> said the limit to exchange old currency notes to new banknotes will be reduced from Rs 4,500 to Rs 2,000 from November 18. 
 
To make things easy for farmers, they can now withdraw Rs 25,000 a week against loans sanctioned. 
 
Here are 8 new developments in demonetisation: 
 
 
(Images: Reuters/Indiatimes)

Demonetisation: Here are today’s 8 new developments

Mumbai, Mar 5 () RBI Deputy Governor N S Vishwanathan has decided to step down by March 31 due to ill health, three months before the end of his extended one-year tenure. While the Reserve Bank has accepted his request to be relieved by March 31, the same has to be accepted by the Cabinet as well, which is likely to happen any day given his health condition, a person in the know of the development said. His one-year extension was to end on July 3. RBI spokesperson Yogesh Dayal refused to confirm or deny the development. Sources said, despite ill health, the senior most deputy governor at the RBI was planning to leave by end-April, but the deteriorating health did not allow him. So he has asked for an early retirement. The 62-year-old has been in-charge of the key supervisory and regulatory functions at the Mint Road and it was this powerful position that led the government to offer him an extension given the mess in the banking system. The RBI's supervisory and regulatory powers came under criticism after IL&amp;FS, one of the largest NBFCs went belly up in September 2018. And then came the scam at the city-based Punjab &amp; Maharashtra Cooperative Bank in September 2019. Both incidents dented the image of RBI's regulatory prowess. After being appointed as the deputy governor on June 28, 2016 for a three-year-term, Vishwanathan has served under three governors -- Raghuram Rajan, Urjit Patel and Shantikanta Das. Before the elevation, he was an executive director of the central bank. Born in June 1958, he did his Master's in economics from the Bangalore University and joined the central bank in 1981. In July 2019, the Appointments Committee of the Cabinet re-appointed Vishwanathan for one year till July 3, 2020. If the resignation is accepted by the Cabinet, Vishwanathan will be second deputy governor to leave after Das took over as the governor in December 2018. Deputy Governor Viral Acharya left in June 2019. As deputy governor, Vishwanathan is heading the departments of banking regulation, co-operative banking regulation, non-banking regulation, Deposit Insurance &amp; Credit Guarantee Corporation, the financial stability unit, and departments of inspection, risk monitoring and also the secretary's department. Before he became the deputy governor, he was on a three-year deputation to the Bank of Mauritius, the central bank of Mauritius, as director of supervision. An RBI observer said his departure will pose a challenge for the central bank to navigate the key supervisory and regulatory functions in one of its most difficult times. He was one of the key supporters for governor Patel in getting the crippled state-run banks under prompt corrective action framework as also sending the largest defaulters for bankruptcy through the February 2018 circular (which was struck down by the Supreme Court last April). BEN ANUANU

Vishwanathan decides to step down as RBI deputy guv by Mar 31

In a bid to crackdown on <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword> and corruption, <keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword> said Rs 500 and Rs 1000 currency notes will be scrapped from midnight. 
 
Elucidating the details, the Reserve Bank of India (RB) said it was concerned about the growing fake Indian currency notes and measures were taken keeping the long term interest on economy in mind. 
 “<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> has been concerned about growing menace of fake Indian currency notes, which has been increasing in numbers,” said RBI Governor Urjit Patel 
 
“Decision of government to cancel legal tender status of rupee notes is a very bold and power and decisive step to fight black money. There have been reports that lots of law enforcement agencies have been getting that money has been used to fund terrorism,” said Secretary, Economic Affairs, Shantikanta Das. 
 
The RBI will be issuing new currency notes of Rs 500 and Rs 2000 from November 10 onwards and on Nov 9, banks and ATMs will be closed. 
 
“RBI will release new currency notes with new features, designs and dimensions from 10 November onwards. Other denomination currency notes will be printed in due course,” said Das. 
 
He said if someone is receiving Rs 1000 and Rs 500 notes after tonight, will do it at his own risk.

New Rs 500 and Rs 2000 notes to be available from Nov 10 onwards from banks and ATMs

Finance Minister Arun Jaitley said private hospitals will not accept old banknotes in a bid to stop misuse of the old currency. 
 Addressing a news conference on <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword>, Jaitley said 22,500 ATMs will be re-calibrated and nearly 2 lakh ATMs exist as of now. 
 Talking about speculations on new <keyword id="3830487" type="UNKNOWN" weightage="20" keywordseo="Rs-1000-note">Rs 1000 note</keyword>, Jaitley said, “Rs 1000 Rupee notes will not be reintroduced as of now.” 
 
Earlier in the day, Economic Affairs Department Secretary Shantikanta Das announced reduction of the limit to exchange old notes with new ones from Rs. 4,500 to Rs. 2,000 for each person from November 18. 
 
“For those who are getting married, families can withdraw Rs 2.5 lakh for weddings only from one account, based on self-declaration. Farmers can withdraw up to Rs. 25,000 per week against loans sanctioned to them to buy seeds and fertilizers and Rs 25,000 a week can be drawn from payment that farmers receive for agricultural produce in form of cheques,” Das said. 
 
Meanwhile, traders in vegetable wholesale markets can withdraw Rs 50,000 per week. 
 
“Central Government employees up to Group C can withdraw salary in advance up to Rs 10,000 in cash. This will be adjusted against their November salaries,” he announced. 
 Meanwhile, opposition parties staged protest, asking the government to rollback demonetisation. AAP chief <keyword id="260213" type="PERSON" weightage="20" keywordseo="Arvind-Kejriwal">Arvind Kejriwal</keyword> and West Bengal Chief Minister <keyword id="43868" type="PERSON" weightage="20" keywordseo="Mamata-Banerjee">Mamata Banerjee</keyword> said the move caused huge inconvenience to the public. 
 
Prime Minister Narendra Modi, last week, announced demonetisation in a bid to fight black money and terrorism.

Jaitley says private hospitals won’t accept old notes; rules out Rs 1000 new note

<a href="http://www.businessinsider.in/searchresult.cms?query=Union+Budget+2017&amp;sortorder=effectivedate">Union Budget 2017</a> will be announced on Feb 1 and this year, people have quite a lot expectations from <a href="http://www.businessinsider.in/searchresult.cms?query=Finance+Minister+Arun+Jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a>. Jaitley’s team has been working tirelessly on the <keyword id="6599769" type="UNKNOWN" weightage="100" keywordseo="Budget-2017">Budget 2017</keyword> and they will be responsible of how it shapes up. 
 
Here are the people who are working to roll out the best Budget, especially after <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a> 
 
ASHOK LAVASA, <keyword id="46929" type="POSITION" weightage="100" keywordseo="Finance-secretary">Finance Secretary</keyword> 
Lavasa is a 1980-batch IAS officer of the Haryana cadre and has worked efficiently in the streamlining of approvals at the environment ministry and it, under the previous government, was blamed for tardy clearances and corruption. 
 
As a finance secretary, he is leading the budget-making exercise and keeps a balance between the expectations of ministries and departments seeking larger allocations and the fiscal deficit goals of the government. 
 
SHANTIKANTA DAS, Secretary, <a href="http://www.businessinsider.in/searchresult.cms?query=Department+of+Economic+Affairs&amp;sortorder=effectivedate">Department of Economic Affairs</a> 
Das knows the budget to its full and he has been seeing it for quite some time. Das’ duty is to deliver a problem free budget and he also checks that it has enough reforms to meet expectations. 
 
He is looking over the ideas that are needed to be provided so as to put the economy back on track post demonetisation and something extra so that the private sector starts to invest. 
 
HASMUKH ADHIA, Secretary, Department of Revenue 
Adhia is facing the difficult task of delivering big tax collections through the disclosure scheme announced during demonetisation. He is a trusted person of Prime Minister Narendra Modi from Gujarat and his key focus soon after coming to the revenue department from financial services was to reduce complaints against tax authorities. 
 
He has been able to move swiftly against the black sheep in the department and also take steps to reduce litigation. 
 
NEERAJ KUMAR GUPTA, Secretary, Dept of Investment and Public Asset Management 
To dilute government’s stake in as many as six companies, strategic asset sales are expected to be the top agenda. This financial year, Gupta has managed to prevail on cash-rich companies to go for buybacks, which fetched the government Rs 15,982 crore, and the year could end with all-time high disinvestment receipts. 
 
With his help, the government is looking for monetizing stakes held through the Specified Undertaking of the Unit Trust of India and push for listing of profitable subsidiaries of state-run companies. 
 
ARVIND SUBRAMANIAN, Chief Economic Advisor 
Though, he wasn’t figured prominently in the demonetisation process, but Subramanian can create a big impact on the budget. While he could not get the government to relax the fiscal goals last time, a bigger idea of his could find a place in the budget. 
 
ANJULY CHIB DUGGAL, Secretary, Department of Financial Services 
Post demonetisation, the government is aggressively trying to catch its dream of cashless economy, with state-run financial institutions at the forefront. Bad loans plague the banking sector and the government may need to find additional resources to meet their capital needs and lessen their burden and this where she comes in. The listing of state-run general insurers will keep Duggal busy. After the merger of State Bank of India with its subsidiaries, some action could be seen on the merger of public sector banks.

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Demonetisation: 50% of invalid notes to be replaced by Dec end; printing of Rs 500 notes increased

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The curious case of the missing RBI governor

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Demonetisation: More relief for farmers, Railways waives-off service charge. Here are today’s 10 new developments

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Demonetisation: Here are today’s 8 new developments

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Vishwanathan decides to step down as RBI deputy guv by Mar 31

PTI

New Rs 500 and Rs 2000 notes to be available from Nov 10 onwards from banks and ATMs

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Jaitley says private hospitals won’t accept old notes; rules out Rs 1000 new note

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Meet Team Arun Jaitley, which is working on Budget 2017

BI India Bureau

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