RBI Governor Sanjay Malhotra briefs Parliamentary panel on Indian economy
In the meeting, many MPs have asked questions about the status of Rs 2000 bank notes, sources said. In his reply, the RBI Governor stated that Rs 2000 currency notes are no longer in circulation, but they continue to be a legal tender.
The RBI has yet to declare the Rs 2000 currency invalid.
One MP raised the issue of counterfeit currency circulation. The member stated that 1.12 lakh fake notes, worth 500, have been found or seized by the agencies, and considering that more than six crore notes are in circulation, this percentage-wise is quite low.
The governor took note of this and said that the government and the RBI are fully committed to preventing such activities and are consistently taking measures to address this issue.
Further, many members of the Parliament also wanted to know about the status of cryptocurrency in India, the sources added.
BJP MP Bhartruhari Mahtab, Chairman of the Parliamentary Standing Committee on Finance, said after the meeting that it was a very meaningful discussion today with the Governor of the RBI.
'He gave us a wide range of information related to the economic situation and the financial system of our country. Members also had questions, and I believe most of them were quite convincing. The next meeting is likely to be on the 23rd or 24th of this month, with the RBI Governor, regarding the Insolvency and Bankruptcy Code (IBC). The economy is doing very well despite global headwinds, so that is the way in which he has explained,' the Chairman of Parliamentary Standing Committee on Finance said. (ANI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
7 minutes ago
- India Today
India-US ties 'very solid', tariff row should be resolved: Netanyahu
Israeli Prime Minister Benjamin Netanyahu has said it's in the best interest of both India and the United States to resolve their ongoing tariff dispute, adding that the foundation of the relationship between the two nations remains 'very solid'.In an interaction with visiting Indian journalists in Jerusalem, Netanyahu struck a tone of quiet confidence as he backed India's growing strategic and economic ties with the US -- even as US President Donald Trump's recent move to impose a 50% tariff on Indian goods has caused fresh is a basic understanding in the relationship between India and the US,' Netanyahu said. 'The basis is very solid. It will be in the interest of both countries to arrive at common ground and resolve the tariff issue.' The Israeli leader, who counts both Prime Minister Narendra Modi and President Trump as 'terrific friends,' said he might offer Modi some private advice on navigating the issue. 'Yes, I would give Modi some advice (on dealing with Trump), but privately,' he also made a strong pitch for deepening defence and tech cooperation between India and Israel, revealing that Israeli military equipment had proven itself during Operation Sindoor, which he described as a real-world validation of Israel's battlefield-tested technologies.'We don't develop weapons in labs alone -- we test them in battle. The equipment we provided India worked well during Operation Sindoor. Our defence partnership is on a pretty solid foundation,' he also stressed the importance of intelligence-sharing and surveillance tech, areas where Israel is known to have advanced capabilities. 'India is a huge country. It's not easy to monitor every corner. We are ready to help with air surveillance systems and data screening,' he also expressed a personal desire to visit India soon -- 'I miss India,' he said -- and advocated for direct flights between Tel Aviv and Bengaluru. 'We'd like to cut down travel time to six hours. That's shorter than a flight to San Francisco.'- EndsWith inputs from agencies Tune InMust Watch
Economic Times
7 minutes ago
- Economic Times
West Bengal: ECI publishes 2002 Special Intensive Revision voter lists for 293 assembly constituencies
Synopsis The 2002 Special Intensive Revision (SIR) voters' lists for 293 Assembly Constituencies in West Bengal have been published, except for one due to legibility issues, according to the Chief Electoral Officer. Measures are underway to publish the remaining list. The Election Commission is likely to conduct SIR in Bengal in August ahead of 2026 assembly polls. ANI The 2002 Special Intensive Revision (SIR) voters' lists for 293 Assembly Constituencies (ACs) have been published, except one, the office of the Chief Electoral Officer (CEO, West Bengal confirmed on Thursday. '2002 SIR of 293 ACs out of total 294 ACs have been published by the WB-CEO's office," West Bengal CEO Manoj Agarwal told CEO's office is taking necessary measures to publish the 2002 SIR of the remaining one Assembly Constituency. The SIR of one AC which has not been published as it was reportedly 'not legible'. 'We are doing the needful,' a highly placed source told 2002 SIR voters' lists of more than a hundred Assembly constituencies of Cooch Behar, Jalpaiguri, Darjeeling, North Dinajpur, South Dinajpur, Malda, Nadia, Howrah, Hooghly, West Midnapore, and Bankura districts have been published on the website of the Chief Electoral Officer of West Bengal 2002 Special Intensive Revision (SIR) voters' lists for four Assembly constituencies in two districts of West Bengal were not available at that time, it was learnt from the Chief Electoral Officer's office on Monday. The assembly constituencies whose 2002 SIR voter lists were missing-Murarai, Rampurhat, and Rajnagar in Birbhum district and Kulpi in South 24 Parganas last SIR voter list from 23 years back is supposed to be preserved. In West Bengal, the last SIR was conducted two decades ago in 2002. The 2002 SIR forms the basis for the fresh has been completed in West Bengal's neighbouring state of Bihar. According to the Election Commission, after Bihar, SIR will be held simultaneously in the entire informed that the Election Commission is likely to conduct SIR in Bengal in August ahead of 2026 assembly polls. The state currently has 80,680 booths which is likely to increase to one lakh. The ECI has limited the number of voters to 1,200 in each booth since the last Kaliganj Legislative Assembly by-election.
India Today
15 minutes ago
- India Today
Trump's sweeping tariffs on India, other key trade partners spark global backlash
US President Donald Trump's higher tariffs on imports from dozens of countries kicked in on Thursday, raising the average U.S. import duty to its highest in a century and leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better US Customs and Border Protection agency began collecting the higher tariffs of 10 per cent to 50 per cent at 12:01 a.m. EDT (0401 GMT) after weeks of suspense over Trump's final tariff rates and frantic negotiations with countries seeking to lower leaders of Brazil and India vowed not to be cowed by Trump's hardline bargaining position, even while their negotiators sought a reprieve from the highest tariff levels. The new rates will test Trump's strategy for shrinking US trade deficits without causing massive disruptions to global supply chains or provoking higher inflation and stiff retaliation from trading partners.'BILLIONS' IN TARIFF REVENUEAfter unveiling his "Liberation Day" tariffs in April, Trump has frequently modified his plans, slapping much higher rates on imports from some countries, including 50 per cent for goods from Brazil, 39 per cent from Switzerland, 35 per cent from Canada and 25 per cent from India. He announced on Wednesday a further 25% tariff on Indian goods, to be implemented in 21 days over India's purchases of Russian oil, on top of the 25 per cent already imposed."BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA," Trump said on Truth Social just ahead of the tariff are ultimately paid by companies importing the goods, and passed on in full or in part to consumers of end top trade negotiator, Jamieson Greer, said the U.S. was working to reverse decades of policies that had weakened US manufacturing capacity and workforce, and that many other countries shared concerns about macroeconomic imbalances."The rules of international trade cannot be a suicide pact," he wrote in a column published by the New York Times."By imposing tariffs to rebalance the trade deficit and negotiating significant reforms that form the basis of a new international system, the United States has shown bold leadership," Greer major trading partners accounting for about 40 per cent of US trade flows have reached framework deals for trade and investment concessions to Trump, including the European Union, Japan and South Korea, reducing their base tariff rates to 15 per won a 10 per cent rate, while Vietnam, Indonesia, Pakistan and the Philippines secured rate reductions to 19 per cent or 20 per be some supply chain rearrangement. There'll be a new equilibrium. Prices here will go up, but it'll take a while for that to show up in a major way," said William Reinsch, a senior fellow and trade expert at the Center for Strategic and International Studies in with punishingly high duties, such as India and Canada, "will continue to scramble around trying to fix this," he President Karin Keller-Sutter said on Thursday that talks with the US would continue after she returned home empty-handed from an 11th-hour trip to Washington aimed at averting the crippling US import tariff on Swiss goods.A last-minute attempt by South Africa to improve its offer in exchange for a lower tariff rate also failed. The two countries' trade negotiating teams would have more talks, South African President Cyril Ramaphosa's office said on Thursday it would continue talks with the US as it seeks to lower tariffs further still, after negotiating a reduction to 20% from the 46% duty Trump slapped on imports from the Southeast Asian country in Brazil's President Luiz Inacio Lula da Silva told Reuters on Wednesday he would not humiliate himself by seeking a phone call with Trump even as he said his government would continue cabinet-level talks to lower a 50 per cent tariff Prime Minister Narendra Modi was similarly defiant, saying he would not compromise the interests of the country's farmers. The pressure has also strengthened India's commitment to a "strategic partnership" with Russia, with Russian President Vladimir Putin set to visit by the end of the countries were also rallying together to confront Trump, with Brazil's Lula saying he would call the leaders of India and China to discuss a joint BRICS response to tariffs. Trump has repeatedly railed against BRICS members and recently threatened to subject their imports to an additional 10 per cent said on Wednesday that Modi would visit China for the first time in seven PRICE HIKESU.S. import taxes are one part of a multilayered tariff strategy that includes national security-based sectoral tariffs on semiconductors, pharmaceuticals, autos, steel, aluminum, copper, lumber and other goods. Trump said on Wednesday the microchip duties could reach 100 per is on a separate tariff track and will face a potential tariff increase on August 12 unless Trump approves an extension of a prior truce. He has said he may impose additional tariffs over China's purchases of Russian oil as he seeks to pressure Moscow into ending its war in has touted a vast increase in federal revenues from his import tax collections, with US Commerce Secretary Howard Lutnick saying on Fox Business Network on Thursday that he expected revenue from tariffs to reach USD 50 billion a month, with more increases expected from separate duties on semiconductors and pharmaceuticals that should be announced increase in duties will drive average U.S. tariff rates to around 20%, the highest in a century and up from 2.5 per cent when Trump took office in January, the Atlantic Council Department data released last week included more evidence that tariffs were driving up US prices, including for recreational goods and motor vehicles, while costs are mounting for companies, including bellwethers Caterpillar, Marriott, Molson Coors and Yum on Thursday said it expected a hit of nearly USD 10 billion from tariffs on cars imported into the US as it cut its full-year profit forecast by 16 per other Japanese companies such as Sony and Honda said they now expected a smaller impact on profits after Japan agreed a bilateral deal with Washington to lower tariffs.- EndsTune InMust Watch
