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Police Officials in Delhi are Forcing Bankers to Deposit or Exchange their Old currency for New money

Senior Delhi Police officers denied the allegations and said they had not received any complaint from any bank

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old notes to become illeagal by 2017
Indian Currency. Pixabay

New Delhi, November 25, 2016: Bankers here say that a section of police personnel are still forcing them to deposit or exchange their old currency for new money although the facility ended on Thursday midnight.

A few bankers IANS spoke to on the condition of anonymity said they were being pressured by police personnel in uniform to provide them new 500 and 2,000 rupee notes in lieu of the demonetised currency.

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Some bank employees who tried to approach senior police officers backed off after being told by the policemen that the money they wanted, converted or deposited belonged to their bosses.

[bctt tweet=””I have no option but to do what the policeman wants.”” username=””]

They (policemen) making such demands were those deputed outside to provide security to our bank. They are not bothered about our problems. They just want to exchange their old notes all the time, one senior officer of a state-run bank told IANS.

The officer admitted that for a few days after the demonetisation was announced on November 8 she did help the policemen change their old currency for new even after banking hours.

The officer, like the others IANS spoke to, said they did this because they felt sorry for the police personnel who spent the whole day trying to control the mobs outside.

A few policemen also related personal problems to generate sympathy.

But now they talk to my colleagues and me in a way that amounts to threatening us although not in so many words. I don’t know what to do, said one female bank officer.

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Senior Delhi Police officers denied the allegations and said they had not received any complaint from any bank.

The government announced on Thursday that exchange of the demonetised currency would cease from midnight of Thursday in all banks. The facility would, however, continue at RBI offices.

But the policemen seem to have no respect for rules, the bankers said.

Unable to handle the pressure caused by an ill-mannered cop, a relationship manager of another bank told IANS: I have no option but to do what the policeman wants.

The policeman threatened to go to the Income Tax Department and lodge a complaint against me. If my senior is not taking action against the policeman, why would I face unwanted problems, the bank official asked.

Another banker complained about a police sub-inspector who allegedly brings in friends all through the day and tells the bankers to exchange their old currency for new money.

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When we tell the policeman not to make us do such things, he argues with us, the bank employee told IANS.

All the bank employees insisted they should not be identified by name or designation and that even the names of their banks should not be revealed because they did not want to face the policemen’s wrath. (IANS)

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RBI May Recoup Reserves, Strong Inflow of Foreign Funds And Benign Oil Prices Strengthening Indian Currency

A major factor supporting the rupee is the strong prospect of better fund flows from abroad.

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RBI
Experts now see a chance for the RBI to recoup the reserves it spent in 2018 defending the rupee. Pixabay

A strong inflow of foreign funds and benign oil prices have strengthened the Indian currency but what has worked best for the rupee is the fading impact of war hysteria. Experts now see a chance for the RBI to recoup the reserves it spent in 2018 defending the rupee.

Putting a number to this, Gurang Somaiya, currency analyst at Motilal Oswal, said: “It is possible that RBI may limit some of the appreciation and recoup some of its lost reserves… but it may only come if the rupee strengthens to around Rs 68.20 a dollar.”

Explaining the factors at play, Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, said: “Post-Abhinandan (shooting down of the IAF pilot), geopolitical risk has subsided which has boosted investor sentiments.”

oil prices
The decline in crude oil, which accounts for a large import bill for India, directly affects the exchange rates.
Pixabay

Banerjee added that the gains of the rupee will help the Reserve Bank of India recoup reserves which it lost last year in a bid to arrest its fall.

“The rupee appreciated and closed at 70.14 for the last week on the back of strong flows and fading impact of war hysteria,” said Sajal Gupta, Head Forex and Rates, Edelweiss Securities.

In addition, Gupta said that some “big flows are lined up next week. Maybe Arcelor Mittal money can hit the Indian markets which can lead to some more appreciation towards 69.50 unless the RBI intervenes”.

However, the rising dollar index is causing nervousness and any breakout may lead to a reversal in the rupee’s trend, said Gupta. Somaiya said that RBI may choose not to intervene as the central bank’s prime aim was to arrest volatility.

“Yes the rupee is inching below the 70-a-dollar mark but then the (general) election can cause massive volatility. Also, it is seen that a lot of central banks are getting into a dovish stance owing to the fears of global slowdown.”

The RBI had to stop the slump in the rupee late last year after it touched an all-time high of 74.47 on October 11 following the rising crude oil prices.

dollar
However, the rising dollar index is causing nervousness and any breakout may lead to a reversal in the rupee’s trend, said Gupta. Somaiya said that RBI may choose not to intervene as the central bank’s prime aim was to arrest volatility. Pixabay

The Brent Crude touched $86-a-barrel mark in early October but started to ease following the US decision to exempt 8 countries, including India and China, to continue buying oil for six months from Iran despite sanctions.

The decline in crude oil, which accounts for a large import bill for India, directly affects the exchange rates.

A major factor supporting the rupee is the strong prospect of better fund flows from abroad.

Also Read: The Dining Table Starts Turning To The DIEning Table, Is Eating Alone Healthy?

“Inflows into India have clearly turned positive since the end of January. The flows in February at Rs 17,720 crore is the highest since November 2017. The trigger for this inflows is the dovish statement that came from the Fed at the end of January,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

India’s foreign exchange reserves stood at $401.78 billion as against $393.13 billion in November last year. As the data suggests, with improving macros, the forex is already on the recovery path. (IANS)