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Reacting to the Reserve Bank of India's decision to withdraw Rs 2,000 currency notes from circulation, Vimal Nadar, the Head of Research at real estate firm Colliers India has called it a "timely" move aimed at "prudent currency management".
Speaking to ANI, Nadar said, "The withdrawal of INR 2,000 denomination notes is an expected and timely move towards prudent currency management within the realm of maintaining banking and financial discipline. Such measures further reduce/eliminate the probable cash component in high-value real estate transactions".
Unlike the November 2016 shock demonetisation when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 notes will continue to be a legal tender till September 30.
The Reserve Bank of India (RBI), however, did not say what would be the status of 2,000 notes in private hands after September 30. Earlier, the government had made it an offence to hold the demonetised Rs 500 and 1,000 notes after expiry of the deposit deadlines
Banks will exchange the Rs 2,000 notes till September 30 and people holding notes beyond the specified date will not invite legal action, sources said.
Federal Reserve Chairman Jerome Powell said Friday the path ahead for monetary policy has grown less certain after just over a year's worth of aggressive rate rises aimed at countering inflation.
“The risks of doing too much or doing too little are becoming more balanced and our policy adjusted to reflect that," Powell said at a research conference at his bank, adding, "We haven’t made any decisions about the extent to which additional policy firming will be appropriate."
Federal Reserve Chairman Jerome Powell said Friday that the aftereffects of recent banking sector troubles takes some pressure off the U.S. central bank to raise rates.
Tighter credit conditions mean that "our policy rate may not need to rise as much as it would have otherwise to achieve our goals," Powell said at a central bank conference in Washington. He spoke as the end of theFed's rate hike cycle has come into view and markets and officials are debating whether more rate increases are needed to lower inflation. (Reuters)
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Federal Reserve Chair Jerome Powell speaks at a monetary policy panel amid optimism that a deal to avoid a catastrophic US debt default could be reached over the weekend.
"This whole concept of starting the circulation, stopping the circulation of notes, or issuing of new notes, was started by PM Modi and the economy suffered due to this... I don't know what will be the pros and cons of this step but I hope the decision was taken by the experts," says Delhi Minister Saurabh Bharadwaj on RBI's decision to withdraw Rs 2,000 currency notes from circulation.
According to an official statement, Indian Railways is running 1,770 more trips this year as compared to the total summer special trains (4,599 trips by 348 trains) run in 2022.
While an average of 13.2 trips per train was run in last summer, 16.8 trips per special train are being made in the current year.
According to the information, the major destinations connected are Patna-Secunderabad, Patna-Yesvantpur, Barauni-Muzaffarpur, Delhi-Patna, New Delhi-Katra, Chandigarh-Gorakhpur, Anand Vihar- Patna, Visakhapatnam-Puri-Howrah, Mumbai-Patna, Mumbai-Gorakhpur.
Rs 2000 currency note will remain legal tender after 30th September too. RBI expects that 4 month time is enough for people to exchange notes with the banks. Most of the Rs 2000 notes that are in circulation will return to banks within the given time frame of 30th September. This is a routine exercise of RBI and people need not panic: Sources to ANI
Notably, this is the first in-person meeting between the two leaders after the Russia-Ukraine war started on February 24 last year.
The Ukrainian president is attending the summit on an invitation by Japan, the current chair of the powerful grouping. Since the Ukraine conflict began, PM Modi has spoken to Russian President Vladimir Putin as well as President Zelenskyy a number of times.
US President Joe Biden endorsed plan to train Ukrainian pilots on F-16 fighters; decision on supplying jets to come in months, reports AP
