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Cash with public at record high, doubles post demonetisation

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New Delhi, June 11: Prime Minister Narendra Modi imposed Demonetisation to curb black money and hoarding of cash by the people but on the contrary Reserve Bank of India has released data showing people are hoarding large amounts of cash for various reasons.

No objective has been achieved by demonetisation rather people are hoarding more currency. The figures for both ‘currency with the public’ and ‘currency in circulation’ have also exceeded the levels seen before the government’s demonetisation decision on November 8, 2016, that saw nearly 86 per cent of the currency in circulation at that time being invalidated overnight by scrapping the then Rs 500/1,000 banknotes.

Reserve Bank of India (RBI) released data showing that people were still hoarding cash.

The latest ‘money supply’ data from the central bank puts the “currency with the public” has reached a record high level of over Rs 18.5 lakh crore  on May 25, 2018 — up more than 31 per cent from year-ago level,more than double from a low of about Rs 7.8 lakh crore it had hit post-demonetisation decision in late 2016, as per RBI data.

Prior to demonetisation, the currency with the public stood at about Rs 17 lakh crore.In terms of ‘currency in circulation’, the RBI puts the latest figure at over Rs 19.3 lakh crore as on June 1, 2018 — again a jump of about 30 per cent from the year-ago level, according to the ‘reserve money’ data released by the central bank.

 

This high level of currency available with the public is in sharp contrast to the reported cash crunch in various parts of the country a few months ago. There has been a fear that hoarding or accumulation of large amounts of cash could have triggered an artificial currency crunch.

The incremental increase in currency in circulation, a component of the data, shows how much people are withdrawing every week and the amount of new money the RBI is supplying to banks.

 

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Equity indices rise, Sensex up 700 points

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Mumbai, March 31 (The key Indian equity indices traded on a positive note on Tuesday with the BSE Sensex trading over 700 points higher.

The Sensex was above the 29,000 mark while Nifty50 on the National Stock Exchange was around the 8,500 level.

The gains were in tandem with the rise in Asian markets.

At 10 38 a.m., it was trading at 29,171.89, higher by 731.57 points or 2.57 per cent from the previous close of 28,440.32.

It had opened at 29,294.9 and has so far touched an intra-day high of 29,316.80 and a low of 28,667.36

The Nifty was trading at 8,509.15, higher by 228.05 points, 2.75 per cent.

Among the Sensex stocks, the top gainers so far were Infosys, ONGC, HCL Technologies, ITC and Tata Steel, while, IndusInd Bank, Bajaj Finance, Maruti Suzuki and Bharti Airtel were the only losers.

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Corona positive cases from Nizamuddin religious gathering spread across states, 6 dead in Telangana

More than 2,000 delegates, including from Malaysia, Indonesia, Saudi Arabia and Kyrgyzstan, attended the congregation of Tablighi Jamaat – a Muslim religious organisation – from March 13 to 15.

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New Delhi, March 31 : A religious congregation of 2000 people at a mosque in Delhi’s Nizamuddin area which has thrown up several corona positive cases is a ticking time bomb as six of the persons who returned to Telangana have died from the virus and positive cases are emerging from at least five regions including J&K, Tamil Nadu, Andhra Pradesh and the Andaman and Nicobar islands.

The Telangana Chief Minister’s Office said in a tweet, “Six people from Telangana who attended a religious congregation at Markaz in Nizamuddin area of New Delhi from March 13-15 succumbed after they contracted coronavirus. Two died in Gandhi Hospital while one each died in Apollo Hospital, Global Hospital, Nizamabad and Gadwal.”

The state has intensified its efforts to locate all those who returned from the event and the contact trail.

The suspected outbreak was discovered earlier today in Delhi as it emerged that several hid their travel history to foreign countries and a large congregation was held on March 13-5 at a markaz in Nizamuddin. The area was sealed today and hundreds of those present were whisked away to hospitals.

The Jawaharlal Nehru stadium which otherwise holds sporting events is being prepared for a possible large size quarantine centre in case there is a huge outbreak of the virus. Reports are emerging that COVID-19 cases linked to this gathering are being across the country in J&K, Andhra Pradesh, Tamil Nadu, Andaman and Nicobar and Telangana.

As many as 1,400 people continued to stay at the Tabligh-e-Jamaat’s “Markaz” in Delhi’s Nizamuddin West even after the event.

The Telangana Chief Medical Officer confirmed that six people who attended this congregation have died in Telangana after testing positive for coronavirus. A cleric who was there had died after testing positive for coronavirus in Srinagar last week.

More than 2,000 delegates, including from Malaysia, Indonesia, Saudi Arabia and Kyrgyzstan, attended the congregation of Tablighi Jamaat – a Muslim religious organisation – from March 13 to 15.

So now, after the congregation dispersed, those who had gathered have gone in different directions and six have died in Telangana.

This constitutes a mammoth health risk for those present and others who may have come in contact or are even now coming into contact through transit.

Sooner or later, it is feared this may be a form of community transmission as infected people move in different directions.

This is so symptomatic of the virus spread where even once infected person can pass it onto hundreds of others.

Jammu and Kashmir where many of these people returned is already on alert. The district administration in all ten districts have fanned out teams to trace those who might not have disclosed their travel history or contact history with Tabligi Jamaat.

Another worrying strand that has emerged is that the list of those who attended the Tablighi Jamaat event in Nizamuddin from Jammu & Kashmir is huge. Clearly, many of them are not in quarantine yet and the administration and police are making efforts to identity, trace and isolate.

It is learnt that the government has prepared a 50 page list of people from J&K who attended the congregation or came in contact with those. Efforts are being made to identify these people and isolate them.

District magistrates in different districts of Kashmir have issued a strong warning today evening to those who have entered the Valley after March 1 and have not so far revealed their travel history to the authorities.

The order issued today evening by the various district magistrates said all those who entered the Valley after March 1 with travel history abroad, outside the Valley or association with members of the Tabligi group are given the last chance to report to the authorities within two days failing which they could face imprisonment under the provisions of the disaster management act, 2005.

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Infosys Foundation commits Rs 100 crore to fight Covid-19

Half of the donation, Rs 50 crore has been committed to the PM Cares Fund.

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Bengaluru, March 30 : Infosys Foundation, the philanthropic arm of the software company, On Monday onated Rs 100 crore to fight Covid-19.

“These are unprecedented times that require every section of the society to rise up to the challenge,” said Sudha Murty, Chairperson, Infosys Foundation in a statement.

Half of the donation, Rs 50 crore has been committed to the PM Cares Fund.

The foundation has identified three broad areas to which the balance funds will be directed to: expanding hospitals capacity to treat Covid-19 patients, providing ventilators, test kits and personal protective equipment, and to ensure access to food and nutrition for the underprivileged.

“All our efforts will be targeted towards ensuring that the relief material reaches the people who need it the most, whether it is a patient who cannot afford treatment, our healthcare personnel, or daily-wage workers whose livelihood has been severely impacted,” Murty said.

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