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RBI to declare ‘verified’ figure on post demonetisation deposits

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New Delhi, February 11: The Reserve Bank of India on Saturday said it needs to be careful on divulging the post-demonetisation deposit amount as the figure needs to be verified first and should not be just an estimate.

“The number that we should now divulge should be a verified number and congruent with the complex accounting,” Governor Urjit Patel said here post the RBI Board meet with Finance Minister Arun Jaitley.

“There are tens of thousands of bank branches and 4,000 currency chests. We need to be careful and try that this is a number which is not a mere estimate but a verified number both physically and in the accounting sense,” Patel added when asked about the estimated amount of old currency notes that have come back.

RBI had earlier said that notes worth Rs 12.44 lakh crore have been deposited till December 10, 2016.

There were 17,165 million pieces of Rs 500 notes and 6,858 million pieces of Rs 1,000 notes in circulation on November 8, 2016, the day Prime Minister Narendra Modi made the announcement of demonetising the two high denomination notes.

The total amount of high denomination currency circulating in the system on that day was, thus, Rs 15.44 lakh crore (Rs 8.58 lakh crore in Rs 500 notes and Rs 6.86 lakh crore in Rs 1,000).

Jaitley said the meeting with the RBI was to discuss the various Budget suggestions and the current economic situation.

When asked about RBI not going for a rate cut in its latest monetary policy review on February 8, he said: All Finance Ministers have the perpetual desire, but at the end we all respect the decision that the RBI takes.

(IANS)

Cities

FIR lodged against Shia Waqf Board chief for hurting sentiments of Sunnis

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Mumbai, Dec 18 : An FIR has been registered at JJ Marg police station against Uttar Pradesh Shia Central Waqf Board chief Waseem Rizvi by a Mumbai based organisation Raza Academy, for allegedly hurting religious statements of Sunni Muslims.

Earlier, the case was lodged against Rizvi on the basis of a complaint of the Sahaba Action Committee at Lucknow ‘s Chowk Police station.

In the complaint, the Sahaba Action Committee claimed that Rizvi had offended the members of Sunni sect of Islam by his remarks over their Caliphs.

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India

India retaliates after Pakistan violates ceasefire along LoC in Poonch

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Pulwama encounter

Srinagar, Dec 18 : India is strongly retaliated after Pakistan Army resorted to heavy mortar shelling    along the Line of Control (LoC) in Poonch sector of Jammu and Kashmir on Tuesday.

Pakistan Army  violated ceasefire by indiscriminate firing with small arms, automatics, and mortars .The troops guarding the borderline retaliated and the  exchange of fire was continuing intermittently  when last reports came in. The unprovoked firing from Pakistan side began in the evening.

On December 12, an encounter broke out between militants and security forces in Sopore area.

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US pullout from INF Treaty may ruin arms control system: Putin

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Putin

Moscow, Dec 18 Russia will have to take additional measures to boost its security if the US withdraws from the Intermediate-range Nuclear Forces (INF) Treaty, Russian President Vladimir Putin said on Tuesday.

US withdrawal from the INF Treaty may ruin the entire arms control system, said the Russian President.

“Such a step will have the most negative consequences, and will noticeably weaken regional and global security,” Putin said while speaking at an extended meeting of the Russian Defence Ministry board, Xinhua news agency reported.

“In fact, in the long term, the talk is about the degradation and even collapse of the entire arms control architecture and the non-proliferation of weapons of mass destruction,” he added.

For a long time, the US has been using unsubstantiated accusations that Russia had violated its obligations under the treaty as a pretext to withdraw from it unilaterally, thus violating the treaty itself, Putin said.

He agreed that the INF Treaty did not involve other countries which have medium and shorter range missiles.

“But what prevents us from starting negotiations on their accession to the current agreement, or starting to discuss the parameters of a new treaty?” Putin said.

The treaty, in modern conditions, plays the role of a stabilising factor, which allows maintaining a certain level of predictability and restraint in the military sphere, he said.

He recalled that the INF Treaty signed in 1987 involved the elimination of medium-range and shorter-range (500-5,000 km) ground-based missiles. At the time, the USSR had no other missiles, while the US had sea-based and air-launched missiles.

Russia, since the signing of the treaty, has developed sea-based and air-launched missiles, which was the cause for Washington’s concern, Putin said.

According to Putin, it will not be difficult for Russia, if necessary, to create appropriate land-based systems as a response to the US withdrawal from the INF.

However, Russia is always open to any proposals and initiatives that lead to the strengthening of universal security including the prevention of a new arms race in the interests not only of Russia, but of the US and the whole world, Putin said.

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