Don't panic, don't hoard currency, sufficient notes in supply: RBI

 

MUMBAI: The Reserve Bank on Thursday asked people not to hoard currency as there is sufficient supply of notes. This even as the banks struggled to manage the rush of people thronging branches across the country to exchange the scrapped high denomination 1,000 and 500 rupee notes.

The government meanwhile eased restrictions on cash withdrawal by farmers+and families in the middle of marriage and sowing season, and at the same time more than halved the limit for currency exchange to Rs 2,000.

"The Reserve Bank of India has once again clarified today that there is sufficient supply of notes consequent upon increased production which started nearly two months ago. Members of public are requested not to panic or hoard currency notes," the central bank said in a statement.

Despite ATMs being calibrated to dispense Rs 500 notes+ , such vending machines are running out of cash because of huge pressure of withdrawal.

Top Comment

First increase the supply of 100 and 500 rupees notes. Matter will be normalized.sudhansusonali sudhansusonali

Queues at some branches in the metros cities were seen slightly shorter for exchange of old currencies as the process of putting indelible ink+ started from Wednesday. As a result of this, those who have already exchanged old currency notes are unable to queue up again.

Prime Minister Narendra Modi had on November 8 surprised citizens by announcing demonetisation of 500 and 1000 rupee notes+ and since then a large number of seemingly unending queues before banks and post offices are seen as people throng to exchange the currency.

courtesy : http://timesofindia.indiatimes.com/

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SBI writes off Rs 7,016 crore loans owed by wilful defaulters, including Vijay Mallya’s defunct airlines

The clean-up saw SBI forgo almost Rs 1,201 crore in dues owed by Vijay Mallya's defunct Kingfisher Airlines, which heads the list of wilful defaulters.

The State Bank of India got non-performing assets worth Rs 7,016 crore off its books by writing off loans owed to it by 63 wilful defaulters, Daily News & Analysis reported Wednesday. The clean-up saw the bank forgo almost Rs 1,201 crore in dues owed by Vijay Mallya’s defunct Kingfisher Airlines, which heads the list of wilful defaulters. Documents accessed by DNA reveal that 63 accounts have been fully written off, 31 partially written off and six have been shown as NPAs. SBI adjusted its balance sheets by moving the Rs 7,016 crore to an Advance Under Collection Account (AUCA). The top wilful defaulters include KS Oil (Rs 596 crore), Surya Pharmaceuticals (Rs 526 crore), GET Power (Rs 400 crore) and SAI Info System (Rs 376 crore).

Mallya, who has been declared by ED as a proclaimed offender, has left the country after banks moved the Supreme Court to seize his assets. Kingfisher Airline owes a total of Rs 6,963 to 17 banks. In February, The Indian Express first reported that Twenty-nine state-owned banks wrote off a total of Rs 1.14 lakh crore of bad debts between financial years 2013 and 2015. SBI topped the list by writing of bad debts worth Rs 40,084 crore in the last three financial years.  The Supreme Court, taking suo motu cognizance of The Indian Express report, called the write off “a big fraud” and ordered the RBI to share with it names of the biggest defaulters. On Tuesday, the Parliamentary consultative committee, constituted to study non-performing assets (NPAs) in the banking sector, has suggested that the government should name all the defaulters whose loans have been written off by state-owned banks.

“Members (of the committee) suggested that there is need for bringing more transparency in the system, and list of all the defaulters whose loans have been written off by the PSBs be made public. They asked for exemplary action against the wilful defaulters so that others do not indulge in similar activities,” said a statement released by the Finance Ministry.

Courtesy: http://indianexpress.com/

Don't need ID copies to exchange old currency notes, says Reserve Bank of India

NEW DELHI: The Reserve Bank of India and head offices of most commercial banks have not asked banks to collect photocopies of customers' identities for exchange of old currency notes.

In an email to TOI , RBI said that its guidelines only require customers to present and show valid proof, the photocopies are not required. A senior official of the State Bank of India confirmed the same: "The bank only needs details and numbers on the requisition slip which the teller will match with entries in a document," he said.

Yet most bank branches, including several of SBI+ , have been insisting on photocopies, which has added to lengthening of queues at the branches. Some branches have offered to copy the document in the branch when customers turn up with only the original copy of their identity.

A few banks are having a dual approach. "While other banks might ask customers, coming to exchange money to submit photocopies, we are not doing so. For our bank customers we already have their KYC details, so there is no point in asking them for identification or proof again," said A Vidyasagar, COO, Lakshmi Vilas Bank. "For non-bank customers we do get photocopies, but we ask them to sign their names with date, purpose and bank branch," he added.

The gazette notification withdrawing the old high denomination notes from circulation issued on November 8 had said that people can exchange notes at any bank by submitting a requisition slip and proof of identity

COURTESY: http://timesofindia.indiatimes.com/

Children’s Day: Child artistes who went on to become stars

CHILDRENS DAY SPECIAL:

Actor-filmmaker Kamal Haasan first appeared as a child artist in the Tamil film Kalathur Kannamma (1959)


Rishi Kapoor first appeared as a child actor in Mera Naam Joker (1970)



Sridevi first appeared onscreen as a child artist in the Tamil film Thunaivan (1969) at the age of four.



Leonardo DiCaprio began his career by appearing in television commercials, first appearing in Santa Barbara (1984) as a child artist.


Shashi Kapoor made his formal entry into films as a child artist in the 1940s. His best-known performances are in Aag (1948) and Awaara (1951).




Kushboo Sundar began her career in the early 1980s as a child artist. She has worked in films like The Burning Train, Laawaris and Kalia.


cOURTESY : http://www.hindustantimes.com/