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RBI pays government Rs 66,000 crore

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Mumbai, The Reserve Bank of India (RBI) has announced that it will transfer its surplus profit of Rs.65,896 crore to the central government.

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The central board of directors of the Reserve Bank of India, at its meeting held today (Thursday), approved the transfer of surplus amounting to Rs.658.96 billion for the year ended June 30, 2015 to the Government of India,” the RBI said in a statement, following a meeting of its central board chaired by governor Raghuram Rajan.
India’s central bank, whose accounting year goes from July to June had, last year, transferred Rs.52,679 crore of its surplus profit to the government.
Besides the government nominee directors on the central board – secretary department of financial services Hasmukh Adhia and the additional secretary in the department of economic affairs, Ajay Tyagi, the board meeting was also attended by chief economic adviser (CEA) Arvind Subramanian.
At its bi-monthly monetary policy review last week, the RBI kept its repo rate, at which it lends short-term to commercial banks, unchanged at 7.25 percent.
A day before the policy review, the government clarified it was not trying to curtail the central bank’s powers on a proposed monetary policy committee of the RBI.
“We are in discussion with RBI Governor Raghuram Rajan on the form and manner of the monetary policy committee,” Finance Secretary Rajiv Mehrishi told reporters here.
Noting out that the draft Indian Financial Code (IFC) is still under the government’s consideration, he said it was incorrect to conclude on the basis of the draft bill that the government was trying to curtail the RBI’s autonomy.
The draft IFC, circulated last month as a discussion paper, proposes to remove the RBI governor’s veto right in the monetary policy committee.
Besides taking away the RBI governor’s authority to veto interest rate decisions, the draft also proposed that the monetary policy committee would have four representatives of the government and only three from the central bank, including the RBI “chairperson”.
American research firm Moody’s Analytics, in a report last month, warned against the NDA government’s moves to tamper with the autonomy of the RBI in deciding on interest rates, as being potentially damaging for the economy.

(IANS)

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Undaunted Initiative by tribal women for forest preservation in Muturkham, Jharkhand

Muturkhum forest saved from deforestation and exploitation under Timber mafia due to collective efforts of tribal women

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forest under the threat o deforestation in Muthurkam saved by tribal women. pexeby

8th Nov, 2017, Jharkhand:Armed with just water bottles and sticks, a group of poor tribal women in Muturkham village of Purbi Singhbhum district of Jharkhandtrekked miles to the sal forest that surrounded their habitat. Their mission: To save the forest from being plundered and denuded by the “forest mafia”.

Accompanied by just a dog for their safety, these determined women made frequent forays into the deep forest — with which they shared a symbiotic relationship — and have been able, over the years, to successfully conserve 50 hectares of forest land and its flora and fauna deep in the heart of a territory that has also been a battle zone between government forces and left-wing extremists.

This group was brought together by Jamuna Tudu, 37, who has spent the last two decades of her life fighting against deforestation. It was in 1998, after her marriage, that Jamuna took up this challenge of preserving the forest by making villagers develop a stake in it.

 

orest saved from deforestation by tribal women in Muturkham. pexeby

Today, her Van Suraksha Samiti (Forest Protection Group) has about 60 active women members who patrol the jungle in shifts thrice a day: Morning, noon and evening. And sometimes even at night, as the mafia set fire to the forests in random acts of vandalism and vengeance.

Jamuna’s fight has not gone unnoticed. The President of India has honoured her conservation efforts.

“Few days after my marriage, when my mother-in-law, sister-in-law and a few other women from the village took me to the forest to cut wood and get it to cook food, I felt that if we keep cutting the trees this way, all our forests will be wiped out,” Jamuna recalled to IANS in an interview.

In her quest, she had to battle against the mafia that was chopping down trees for their precious sal timber with complete disregard for the law or the tribal tradition that prohibits cutting of the trees.

Realising that she would get little help from authorities, who may well have been hand in glove with the mafia, she took matters in her own hands. She spoke to a few women of the village who were quite aghast at the task she had taken on. We won’t do it; this will require us to fight the men in the village, they told her.

But Jamuna, who has studied up to Class X, foresaw a bleak green-less future for herself and her community with no trees and forests to sustain or protect them.

‘Jungle nahi rahega toh paryavaran kaise bachega (how will we protect the environment if the forest is destroyed)?’ she asked.

Jamuna’s clear understanding of the issue soon trickled down to the other women and even men in her village.

“I was brought up with a love and respect for nature. My father used to plant numerous trees in our farms in Odisha. That’s where I learnt the importance of the environment,” she said.

Pointing out how the mafia was exploiting the wood from Muturkham to fund their alcohol needs, she said she was bewildered by the passive response of the community at their habitat being slowly destroyed.

“I went on to speak to a few women in the village. I held a meeting with them several times to be able to convince them that we needed to protect our beautiful forests,” she said.

Gradually, she mobilised a group of 25 women from the village and armed them with bows and arrows, bamboo sticks and spears, they marched into the forest to take on the forest predators.

With time, many men also became part of the campaign against deforestation, but most of the effort has continued to be from women, said Jamuna.

There are many daunting challenges that came their way, but their single-minded dedication towards their cause kept them going.

“There were too many altercations with the village people initially.. many scuffles with the mafia… and I told those women that in this journey, we would come across both good and bad times, but we have to struggle to keep the forest,” said Jamuna.

The group convinced the railway authorities to bar the plundered wood from being exported.

“Some time in 2008-09, we were brutally attacked by the mafia,” she said.

“They pelted stones at us while we were coming back from the railway station after speaking to the station master. Everybody got injured,” she added.

For obvious reasons, Jamuna, the woman whose initiatives were hampering their business, was their main target. She and her husband suffered most in the assault.

“My husband got hit on his head as he tried to save me. It was dark and we somehow managed to run away. We narrowly escaped death that day.” But she did not give up.

Over 15 years of many fierce encounters with the mafia and relentless sensitisation of the community, Jamuna, and the Van Suraksha Samiti that she formed, have succeeded in protecting and conserving the 50 hectares of forest land not just surrounding her village, but around many others as well.

Tribal communities cannot survive without wood. They need it for various things — mostly to cook food. But they ensure that their requirements remain within sustainable limits.

“We don’t cut trees on purpose any more and use the fallen trees and branches for all our needs,” Jamuna said. “The amount we are able to save up during the rains is sufficient for the whole year.”

The Forest Department has “adopted” her village, which has led to Muturkham getting a water connection and a school.

In 2013, Jamuna was conferred with the Godfrey Phillips Bravery Award in the ‘Acts of Social Courage’ category and this year in August, she was awarded with Women Transforming India Award by the NITI Aayog.

Today, she runs awareness campaigns through various forest committees in Kolhan Division. Around 150 committees formed by Jamuna, comprising more than 6,000 members, have joined her movement to save the forests.

She wants to do a lot more. “I wish to do a lot… to make a lot more difference, but I am bound by limited resources. I can’t in many ways afford to go beyond the villages in my state.”

But if I get more support, many more forests like ours can be saved, she declared.

(This feature is part of a special series that seeks to bring unique and extraordinary stories of ordinary people, groups and communities from across a diverse, plural and inclusive India, and has been made possible by a collaboration between IANS and the Frank Islam Foundation. Mudita Girotra can be contacted at mudita.g@ians.in)

 

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RBI maynot have been Authorised to Issue Currency Notes of Rs 2,000 and Rs 200

the Reserve Bank Of India (RBI) does not seem to have any official records to prove that it had authorised the issue of new currency notes in denominations of Rs 2,000 and Rs 200, after demonetisation

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authorised to issue currency notes
Reserve Bank of India doesnot have any proof to have been authorised to issue currency notes. Wikimedia.

Mumbai, Oct 28: In what could be a bizarre situation, the Reserve Bank Of India (RBI) does not seem to have any official records to prove that it had authorised the issue of new currency notes in denominations of Rs 2,000 and Rs 200, after demonetisation, according to documents available through RTI.

“As per RTI replies provided by the RBI, the country’s central bank has apparently not published any Government Resolution (GR) or a circular till date to issue the new Rs 2,000 and recently, the Rs 200 currency notes,” says Mumbai-based RTI activist M.S. Roy.

Authorised to Issue Currency Notes.
Rs. 2000 note was issued by RBI who maynot ahve been Authorised to Issue Currency Notes. Wikimedia.

A May 19, 2016 document — roughly around six months before demonetisation — shows that the RBI’s Central Board of Directors approved a proposal put forth by its Executive Director on May 18, 2016.

This (proposal) pertained to the new designs, dimensions and denominations of future Indian bank notes, and the Board resolved to forward it to the central government for approval, as per extracts of the minutes of that Board meeting.

Essentially, this was carrying forward an earlier such proposal made on July 08, 1993 to introduce a new family of Indian bank notes of Rs 10, Rs 20, Rs 50, Rs 100 and Rs 500 of reduced sizes.

This old proposal (July 08, 1993) was approved at an RBI Central Board Of Directors meeting on July 15, 1993 as per a memorandum dated August 3, 1993 sent from RBI’s Central Office, Mumbai, to the Chief Officer, Department Of Currency Manager (RBI Mumbai), which was signed by the then Executive Director, A P Aiyer.

As per that proposal (of July 8, 1993), these new Indian currency notes of reduced size were to incorporate several fresh and enhanced security features in order to check counterfeiting, according to the same August 3, 1993 memorandum (quoted above).

Roy had also filed a separate RTI query on February 27, 2017, asking for documentation about photographs of Mahatma Gandhi which are not being printed on the Re 1 notes, but were being printed on all currency notes of denominations ranging from Rs 5 to Rs 2,000.

In reply to this particular query, the RBI provided resolutions of its board meetings held on July 15, 1993, July 13, 1994 and May 19, 2016.

authorised to issue currency notes
RBI had issued notes with no proof if authorised to issue currency notes. Wikimedia.

However, these resolutions talk about design features merely for Rs 10, Rs 20, Rs 50, Rs 100 and Rs 500, all of which bear the photographs of the Father of the Nation.

None of these RBI board resolutions make any references about design features or Mahatma Gandhi photographs for denominations of Rs 1,000, Rs 2,000 and now, the latest entrant to the Indian bank notes family, the Rs 200 currency note.

Hence, Roy said that if the RBI board resolutions never even discussed design features or Mahatma Gandhi photographs to be incorporated in Rs 1,000 notes (discontinued after demonetisation), Rs 2,000 denomination notes (introduced on November 8, 2016) and the subsequent Rs 200 notes (introduced in mid-2017), it clearly indicates that no official approval was granted.

He questioned that if no approval was granted for issuing these denominations, who authorised these denominations, their design, printing and distribution.

“If there has been no approval by the RBI Board, no supporting GR or any other known documentation in the public domain, then there is a big question mark about the legal validity and official (monetary) status of these notes — namely Rs.200 and Rs.2,000. The matter merits an independent investigation,” Roy said.

However, if such approvals do indeed exist, then the RBI and government must explain why these documents were not made available despite an RTI query or why they were not in the public domain. (IANS)

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New Rs 200 notes: It may take ATMs three months to dispense Rs 200

Will all the 2.25 lakh ATM machines across India would be recalibrated?

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Wait for 3 more months as ATM recalibration is not yet done
Wait for 3 more months as ATM recalibration is not yet done. Wikimeida
  • Reserve Bank of India (RBI) did issue a statement saying that the supply of the new Rs 200 notes would soon be ramped up
  • The entire process of recalibration can be completed within 90 days without affecting the regular functionality of ATMs to a large extent
  • The ATM companies said that they were expecting to receive official communication on recalibration of ATMs soon
New Delhi, September 4, 2017: While the RBI launched the new Rs 200 notes a week ago, it may take up to three months for ATMs to start dispensing the new denomination currency “new Rs 200 note” as it will involve a huge exercise of recalibration.

What are ATM companies saying about when will the new Rs 200 notes come into the market?

Some banks have even asked the ATM companies to begin testing the new Rs 200 notes for recalibration of the machines, though they have not got supplies of the new Rs 200 notes/ currency. Only last year, the banks were involved in the recalibration of ATM machines after the demonetization of high-value currency notes in November.
ATM manufacturing companies said that they have not received any directive from the RBI regarding the recalibration of ATMs for the new Rs 200 note. They disclosed that some banks have at an informal level have asked them to start testing of the new note since it is of a different size.

 

When will the supply of the new Rs 200 notes see an increase?

Reserve Bank of India (RBI) did issue a statement saying that the supply of the new Rs 200 notes would soon be ramped up but has not given any time-frame by which it will be available in adequate numbers.

 It is yet to be seen whether all the 2.25 lakh ATM machines across India would be recalibrated for dispensing the new Rs 200 notes.

 

 avi B Goyal, Chairman, and Managing Director, AGS Transact Technologies Limited, which claims to have an installed base of 60,000 ATMs, told IANS, “The process of recalibration will begin once we receive the directive from the RBI. The size of the new Rs 200 notes are different from the existing ones and so, once we receive the new Rs 200 notes, we will have to understand its dimensions and accordingly reconfigure the ATM cassettes. Next, we will have to check if the supply of new Rs 200 notes is good enough to run the cassettes at full capacity.”

 “The entire process of recalibration can be completed within 90 days without affecting the regular functionality of ATMs to a large extent. In fact, the ATMs will continue to be fully operational during recalibration and will continue to supply Rs 100, Rs 500 and Rs 2,000 denominations,” he said.

 

Among the other companies operating in the sector are NCR Corporation, which has over 1,08,000 machines, and BTI Payments, which has 4,500 cash dispensers. NCR Corporation said that while some banks have reached out to them to start testing of the new Rs 200 notes, they were yet to receive the supply to begin the process.

 “Banks have started getting in touch with us for testing the same “new Rs 200 notes”. They will let us know which machines they wish to configure for new rs 200 notes, which will require physical visits to ATMs. However, the new Rs 200 notes are still to be provided to us by the respective banks so that the testing can begin,” Anand Garollu, General Manager (Services), NCR Corporation said.

K. Srinivas, Managing Director, and CEO of BTI Payments, a RBI-licensed firm that operates cash dispensers not owned and managed by banks, said, “Recalibration will begin as and when we receive adequate quantity of new Rs 200 notes. We are looking to roll this out as quickly as possible.”

 He said that the industry was expecting new Rs 200 notes to be available over a period of time across various geographies.

 “The recalibration can be done progressively as and when the new denomination note starts to become available. Unlike the last time around (during demonetization), when we had to recalibrate all machines in one go,” Srinivas added.

 The ATM companies said that they were expecting to receive official communication on recalibration of ATMs soon. However, emails to RBI in this regard did not elicit any reply, they said.

 “The production of these “new Rs 200 notes” is being ramped up by the currency printing presses and over time, as more notes are printed, it will be distributed across the country through the banking channels and will be available for the public in adequate quantity,” the RBI had said in a statement.

 Currently, new Rs 200 notes are available only through select RBI offices and some banks.

While State Bank of India and Punjab National Bank are reported to have received the new Rs 200 notes, Eknath Baliga, Manager, KYC-Antimoney Laundering Cell, Corporation Bank, Mangalore, told IANS that none of its branches across the country had received the new Rs 200 notes so far.

The new Rs 200 notes are currently being printed only by RBI presses. Security Printing and Minting Corporation of India (SPMCIL) sources told IANS that the company has not received any indent so far for the printing of new Rs 200 notes. India’s two currency presses are owned by RBI and two by SPMCIL, which is a government-owned company.

 How ATM recalibration happens:

Usually, an ATM holds four cassettes — three of which can continue to be used for Rs 100, Rs 500, Rs 2,000, and the fourth cassette can be used for the new Rs 200 notes. On an average, each cassette has a capacity to hold 2,000-2,500 notes depending upon the quality of cash issued by banks. However, there are many ATMs that only have either two or three cassettes.

The number of slots in the ATM can be configured as per the bank’s preference. The banks decide which denomination needs to be configured in a machine on the basis of the customer profile in the area where the ATM is located and the number of transactions on that machine.

The banks need to make requisite changes at their ATM switch before the rollout of the physical recalibration at the ATMs in the field.

The recalibration of a new denomination takes 30-45 minutes per ATM. The process of recalibration is not very difficult but is time-consuming given an engineer has to visit every ATM and configure it to dispense the requisite denomination.

The introduction of the Rs 200 note has been welcomed as it would ease the currency circulation in the market as people prefer lower denomination cash withdrawals from ATMs. Rs 200 would also be more convenient for rural consumers. (IANS)