His remarks came after official data released on Friday stated that India's economic growth slipped further to hit an over-six-year low of 4.5 per cent in the July-September quarter.
"The notes in circulation as on June 23, 2017 stood at Rs 15,074.43 billion as against Rs 17,540.22 billion as on October 28, 2016," Minister of State for Finance Arjun Ram Meghwal said in a written reply to the Lok Sabha.
Finance Minister T M Thomas Isaac while replying to a calling attention on the matter in the assembly said Kerala would take up the currency shortage issue with the Centre in the coming GST council meeting.
However, increase in raw material costs and oil prices may negatively impact sales during the ongoing fiscal during which the number of new model launches will also remain low with cars likely to see more launches compared to utility vehicles, it added.
By the end of March, about 74 percent of the currency was in circulation. However, the currency with the public inched up to 7.3 percent by mid-March as compared to 6.3 percent in the previous fortnight.
Even today many states are facing a severe cash crunch as many ATMs are not dispensing cash and not enough currency notes available.
For passenger vehicles, at 30,43,201, the industry volume exhibited a rather impressive 9% growth, the highest in the past six years. The market leader Maruti’s overall domestic volume growth at 10.7% closely tracked the industry. However, a more segmental analysis suggests that the traditional ‘small car’ did not capture the buyers’ fancy any more – the segment in fact shrank in recent months. The ‘crown jewel’ for the company has been the ‘Compact SUV’ segment featuring Ertiga, S Cross and Brezza that grew by 107%.
Real estate experts feel that home prices have bottomed out and they are likely to move higher in the new financial year. They say that this could be one of the best times to buy your home since loan rates, too, are attractive.
The RBI has informed that till February 24, a total of 11,64,100 new currency notes are in circulation in the market, Jaitley said in the Lok Sabha.
We bring you a quick video to take you through the reasoning behind this move.
Non-Banking Finance Companies (NBFCs) cannot lend more than Rs 25,000 in cash against gold, the Reserve Bank said today.
Remonetisation is taking place at a very fast pace and currency situation will normalise in the next 2-3 months, RBI Deputy Governor Viral Acharya said on Monday.
The states and the Centre have "converged on all areas of differences" over the Goods and Services Tax and the indirect tax reform will be implemented from July 1, unleashing the growth potential of the economy.
The economy would have grown under-6 per cent in the third quarter, battered by the note ban, according to SBI Research.
On November 8, 2016, the Government of India de-notified currency notes of Rs 500 and Rs 1,000 as legal tender. The temporary shortage of cash adversely impacted several sectors that depended on cash, notably R
Earlier, the RBI had decided to remove the limits on cash withdrawals in two phases, keeping with the pace of remonetisation.
Analysts at Standard Chartered expect GDP growth in India to be slow at 7.2 percent for financial year 2018 as against 7.5 percent estimated by a majority of other economists.
SBI will be a global player, controlling 25 percent of the Indian banking industry, after the merger with its associate and subsidiary units, Finance Minister Jaitley said in an exclusive interview to CNBC-TV18.
Opposition in Rajya Sabha today tore into the government for presenting a "disappointing" budget, with Congress leader P Chidambaram terming note ban as the "most terrible" decision and alleging that graft and black money have continued to thrive and large sections adversely affected.
"Remonetisation is taking place ceaselessly at a fast pace. Between November 10, 2016 and January 13, 2017, the notes in circulation have increased by Rs 6.78 lakh crore, thereby taking the total notes in circulation to Rs 9.1 lakh crore," Minister of State for Finance Arjun Ram Meghwal said in a written reply in Rajya Sabha.
"All restrictions have been removed except on savings bank account of Rs 24,000 per week. This (removal of withdrawal limit) is also a matter of time," he told PTI in an interview.
The deadline to submit demonetised notes in banks has ended. But for all those who still wish to deposit old notes can still do so at specified RBI branches till March 31.