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Business Standard
6 days ago
- Business
- Business Standard
IBC reset needed: Delays in the resolution process must be addressed
If resolution plans can be set aside years later, it undermines the credibility of the insolvency process and raises questions about the very foundations of the Code. This cannot be allowed to persist Business Standard Editorial Comment Mumbai Listen to This Article As reported by this newspaper, the Parliamentary Standing Committee on Finance, in a meeting last week, discussed the possibility of establishing a dedicated National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) to expedite the resolution of insolvency cases under the Insolvency and Bankruptcy Code (IBC). Since the government is expected to introduce amendments to the IBC in the upcoming monsoon session of Parliament, the committee would do well to take this discussion forward and make suitable recommendations. The implementation of the IBC is seen as one of the most significant reforms in recent decades. For
Hindustan Times
11-07-2025
- Business
- Hindustan Times
‘ ₹2000 notes out of circulation but still legal tender': RBI governor tells Parliamentary panel
RBI Governor Sanjay Malhotra on Thursday clarified that while ₹2,000 currency notes are no longer in circulation, they remain legal tender. He made the statement while briefing the Parliamentary Standing Committee on Finance about the Indian economy's growth. As of July 1, ₹ 2,000 denomination notes worth ₹ 6,099 crore remain in circulation, despite the RBI having announced their withdrawal over a year ago. (PTI file) Sources told news agency ANI that several MPs questioned the status of the ₹2,000 notes during the meeting. The RBI has not yet declared them invalid. One MP also raised concerns about the circulation of counterfeit currency, stating that agencies had seized 1.12 lakh fake ₹500 notes. The member noted that, considering over six crore such notes are in circulation, the proportion of fakes is relatively low. In response, the RBI governor acknowledged the issue and assured that both the central bank and the government are committed to tackling counterfeit currency and are continually taking steps to curb such activities. Also Read | Why RBI decided to withdraw ₹ 2000 notes within 7 years ₹ 2000 notes worth ₹ 6,099 crore still in circulation According to official data cited by PTI, as of July 1, ₹2,000 denomination notes worth ₹6,099 crore remain in circulation despite the RBI's announcement of their withdrawal over a year ago. The RBI initially declared the withdrawal of ₹2,000 notes on May 19, 2023, and has since regularly updated the public on the volume of notes returned. The ₹2,000 notes were originally introduced in November 2016 following the demonetisation of ₹500 and ₹1,000 notes. By December 2024, the RBI reported that 98.08% of the ₹2,000 notes in circulation had been returned. The total value of these notes had dropped from ₹3.56 lakh crore on May 19, 2023, to ₹6,839 crore as of November 29, 2024. Until October 7, 2023, the public could deposit or exchange these notes at any bank branch. Since October 9, 2024, this facility has been restricted to 19 designated RBI Issue Offices across India. These RBI offices are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram. Additionally, the public can still send ₹2,000 notes via India Post from any post office in the country to any RBI Issue Office to have the amount credited to their bank account.
Time of India
11-07-2025
- Business
- Time of India
RBI Guv says Rs 2,000 currency notes no longer in circulation but remain a legal tender
RBI Governor Sanjay Malhotra on Thursday said the Rs 2,000 currency notes are no longer in circulation but are still a legal tender while briefing the Parliamentary Sanding Committee on Finance about the growth of Indian economy , ANI reported Many MPs had raised the question about the status of Rs 2,000 bank notes, the report said quoting sources. According to official data cited by PTI, as of July 1, Rs 2,000 denomination notes worth Rs 6,099 crore are in circulation despite the RBI's announcement of their withdrawal over a year ago. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Heads Turn As Walgreens Shoppers Discover 87¢ ED Pills fridayplans Learn More Undo The RBI had initially declared the withdrawal of Rs 2,000 notes on May 19, 2023, and has updated regularly on the volume of circulation and value of notes returned. The Rs 2,000 notes were originally introduced in November 2016 following the demonetisation of Rs 500 and Rs 1,000 notes. Live Events The public can return Rs 2,000 notes through India Post from any post office in the country to any RBI Issue Office and have the equivalent amount credited to their bank account. By December 2024, the RBI reported that 98.08% of the Rs 2,000 notes in circulation had been returned. The total value of these notes had dropped from Rs 3.56 lakh crore on May 19, 2023, to Rs 6,839 crore as of November 29, 2024. The public could deposit or exchange Rs 2,000 notes at any bank branch until October 7, 2023. However, since October 9, 2023, the facility has been restricted to 19 designated RBI Issue Offices across India. These RBI offices are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram. Discussions on counterfeit notes An MP also raised the issue of counterfeit currency circulation. The member stated that 1.12 lakh fake notes o Rs 500 domination have been found or seized by the agencies, adding that given over six crore notes are in circulation, this percentage-wise is quite low. The governor noted 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, several members 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 Chairman of Parliamentary Standing Committee on Finance said. "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," he added.
India Gazette
10-07-2025
- Business
- India Gazette
RBI Governor Sanjay Malhotra briefs Parliamentary panel on Indian economy
New Delhi [India], July 10 (ANI): RBI Governor Sanjay Malhotra on Thursday briefed the Parliamentary Standing Committee on Finance about the growth of the 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)
Time of India
10-07-2025
- Business
- Time of India
RBI outlook to Parliament panel: Governor Sanjay Malhotra says economy strong; Rs 2,000 notes still legal but out of circulation
RBI Governor Sanjay Malhotra on Thursday briefed the Parliamentary Standing Committee on Finance on the state of the Indian economy, assuring lawmakers that the country was performing well despite global headwinds. According to panel Chairman and BJP MP Bhartruhari Mahtab, '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.' During the meeting, several members sought clarity on the status of Rs 2,000 currency notes. In response, the RBI Governor stated that the notes are no longer in circulation but continue to remain legal tender, ANI reported. The RBI has not declared them invalid yet, sources present at the meeting said. The issue of counterfeit notes also came up. A member pointed out that around 1.12 lakh fake Rs 500 notes were seized recently, which is a very small proportion of the total six crore notes in circulation. The governor acknowledged the concern and said that both the RBI and the government were 'fully committed to preventing such activities and are consistently taking measures' to curb the circulation of counterfeit currency. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Plastic Surgeon Reveals The 1 Thing Every Woman Should Be Using Instead Of Moisturiser New Skin Discovery Undo The panel also discussed cryptocurrency regulations. While specific details of the RBI's response were not disclosed, multiple MPs reportedly raised questions on the matter. The next meeting with the RBI Governor is likely to be scheduled for July 23 or 24 and will focus on the Insolvency and Bankruptcy Code (IBC), Mahtab added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
