नोटबंदी: बैंकों में जमा हुए 8.45 लाख करोड़ के पुराने नोट

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मुंबई। नोटबंदी के बाद बैंकों में 500 और 1,000 के पुराने नोटों में कुल 8.45 लाख करोड़ रपए जमा हुए हैं या बदले गए हैं। यह आंकड़ा 27 नवंबर तक का है। रिजर्व बैंक ने एक बयान में यह जानकारी दी। केंद्रीय बैंक ने कहा कि इस दौरान बैंकों ने काउंटर तथा एटीएम के जरिए 2.16 करोड़ रुपए वितरित किए हैं।

गत 8 नवंबर को 500 और 1,000 के नोटों को बंद करने की घोषणा की गई थी। इसके बाद रिजर्व बैंक ने इन नोटों को बैंकों में जमा कराने या उनको   बदलने की व्यवस्था की थी। यह सुविधा रिजर्व बैंक और अन्य वाणिज्यिक बैंकों के काउंटरों के अलावा क्षेत्रीय ग्रामीण बैंकों तथा शहरी सहकारी बैंकों में उपलब्ध है।

केंद्रीय बैंक ने कहा कि 10 नवंबर से 27 नवंबर तक बैंकों ने 8,44,982 करोड़ रपए के नोट जमा किए हैं या बदले हैं। इनमें से 33,948 करोड़ रपए के   पुराने नोट बदले गए हैं और 8,11,033 करोड़ रपए जमा किए हैं। इस दौरान लोगों ने बैंक काउंटरों या एटीएम के जरिए 2,16,617 करोड़ रुपए निकाले हैं।

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Gave Corrupt No Time To Prepare, Says PM, Pitches For Digital Eco

Narendra ModiPrime Minister Narendra Modi reiterated his pitch for a digital and cashless economy on Friday and said those criticising the government’s preparedness on demonetization were angry as his government gave them “no time to prepare”.

“Everyone has the right to use their money, but the world is changing today. Money is not available physically. We must move towards a cashless economy,” the PM said at a book launch function in Parliament House Annexe in the run-up to Constitution Day on Saturday.

In an apparent dig at opposition leaders who have joined forces against the move, Modi said those criticising the government’s implementation were blindsided as “we didn’t them time to prepare”.

“Those criticising the move don’t have a problem with the government’s preparedness. They have a problem that they didn’t get time to prepare,” the PM said.

Invoking BR Ambedkar on the eve of Constitution Day, the PM said both were inseparable. “Our Constitution has a very special place in our lives. It is important to be connected with the spirit of the Constitution, apart from being aware of its articles and provisions,” he said.

“January 26 is incomplete without November 26,” the PM said.

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Demonetization move: Dissecting the impact on the real estate sector

While the demonetization initiative by the Central government means further delays in ongoing real estate projects due to the massive cash crunch, it also paves the way for a cleaner and more transparent real estate industry in the time to come. Developers will now look for alternate funding arrangements while end-users or investors will wait for more certainty before making any move. Let’s delve deeper into the impact of this change on the real estate sector in short to long term.

Short-term: Market to undergo a slowdown  
The sudden ban on Rs 500 and Rs 1000 currency notes has resulted in a situation of limited or no cash in the market to be parked in real estate assets. This has subsequently translated into an abrupt fall in housing demand across all budget categories in the short term. While a share of this dwindled demand could be attributed to distractions caused by the move, many industry experts opine that this is a result of a trust deficit in the market. Money has become dearer, leading to cautious spending and minimal transactions.

The slowdown owing to this announcement has been more severe in NCR particularly Gurgaon, Mumbai Metropolitan Region (MMR) and certain Tier II markets such as Surat and Vadodara. Minimal impact of demonetisation has been felt in markets such as Bangalore, Pune and Chennai, which are primarily end-user driven and rely on bank funding.

Liquidity has been severely impacted and this would result in a deflation with limited sales over the next three months. In short, the move has taken the real estate sector by a storm, and it would take time for all stakeholders in the sector – brokers, buyers, owners and developers – to assess its repercussions on their businesses and decisions.

In particular, transactions in the premium housing sector and the residential land category – overtly dependent on the cash component – would come to a standstill in the short term.

In the short term, buyers and sellers in the middle of transactions might be impacted as cash component would be involved in such deals.

There would be intermittent delays in the execution of ongoing residential and commercial projects primarily owing to the massive cash crunch and minimal trading in the economy.

Mid-term Impact: Reduced inflation, better home ownership appetite, improved rental landscape
With limited money floating in the economy, the inflation rates are expected to fall in the next 2-3 quarters. This, coupled with key policy developments such as speculative repo rate cuts by the Reserve Bank of India (RBI), could mean a better home ownership appetite. However, this could be restricted to the affordable housing category.

The heavily cash-dependent secondary market could bear a colossal brunt of the demonetisation move. With the gap between circle rates and market rates bridging, owners would reduce ‘ask’ prices, impacting the average housing prices across cities. Resale properties would, thus, become cheaper and this could pressurise the primary market, as well. Developers might offer new projects at discounted rates or propose incentives to magnetise buyers.

The dwindling demand for housing could benefit the rental market across metros but the change might take a year or so to manifest its impact on the rental price points. Both commercial and residential markets could see rentals going north by 10-20 percent.
In the midst of all these developments, affordable housing will remain largely unaffected due to their non-dependence on the cash component. In fact, the demand for this category might witness an uptrend due to improved purchasing power.

demonetization'

Long-term impact: Transparency, revived trust and capital inflows in the realty sector

The real estate sector is expected to get cleansed of its ailments in the due course of time owing to the elimination of black money clubbed with multiple regulatory changes such as the Goods and Services Tax Act, Real Estate (Regulation and Development) Act and amendment of the Benami Transactions (Prohibition) Act. Subsequently, project approvals will be quicker, resulting in a substantial reduction in the total cost of construction, thereby, the ‘per unit’ cost. Fair pricing would mean a revived demand for new projects in the market.

Demonetisation could also mean fresh sources of funding for developers to complete their projects. Some of the alternate sources may include the following:

  • Developers will be forced to clean up their balance sheets so that they can avail funding from legitimate sources, however, this may come at extremely high costs from the Non-banking financial companies (NBFC) segment.
  • Developers can avail short-term loans from their existing buyers at market price with a promise to deliver the project on time and at an interest rate as per the agreement in the sales deed.
  • Investments from private equity firms would usher positive sentiment across the market, helping developers to source funding and strengthen end-user demand.
The real estate sector could witness a major revolution with cash transactions getting eliminated and a major share of trades going online with the penetration of alternative forms of payment such as E-wallets, apps and plastic money. To sum it up, the demonization of old currency has ushered a new era for the real estate industry in India that would be transparent, corruption-free, organised and veracious.

(The author Narasimha Jayakumar is Chief Business Officer of 99acres.)

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24 नवंबर तक चलेंगे 500-1000 के पुराने नोट, PM मोदी की देर रात मीटिंग में हुए कई फैसले…

modiनई दिल्‍ली. 500 और 1000 रुपए के पुराने नोट पर सभी अब जरूरी सेवाओं के लिए 24 नवंबर तक चलेंगे। पहले यह लिमिट 14 नवंबर तक थी। यानी, अब अस्पतालों,… मेट्रो स्टेशनों, शमशान घाट, दवा की दुकानों, पेट्रोल पंपों में 24 नवंबर तक 500 और 1000 रुपये के पुराने नोट स्वीकार किए जाएंगे। नोट बैन से आम पब्लिक को हो…रही परेशानी को देखते हुए पीएम मोदी ने रविवार देर रात अपने आवास पर सीनियर मिनिस्‍टर्स और टॉप अफसरों के साथ मीटिंग में यह फैसला किया। मीटिंग में जेटली-राजनाथ समेत… कई मंत्री शामिल हुए।…

इकोनॉमिक अफेयर्स एडवाइजर शक्तिकांत दास ने कहा है कि जरूरी सेवाओं के लिए अब 24 नवंबर तक 500-1000 के नोट स्वीकार किए जाएंगे।…

– मोदी की ये मीटिंग उनके आवास 7, लोक कल्याण मार्ग पर रात 10 बजे शुरू हुई जो आधीरात तक चली।…
– मीटिंग में फाइनेंस मिनिस्टर अरुण जेटली, होम मिनिस्टर राजनाथ सिंह, I&B मिनिस्टर वेंकैया नायडू, ऊर्जा मंत्री पीयूष गोयल समेत टॉप ऑफिशियल्स भी शामिल हुए। …

रिव्‍यू मीटिंग में लिए गए फैसला…

– इकोनॉमिक अफेयर्स सेक्रेटरी शक्तिकांत दास ने बताया कि सभी अस्पतालों, पेट्रोल पंपों, रेलवे स्टेशनों और हवाई अड्डों पर 500 और 1000 के पुराने नोट चलने की समय सीमा 14 नवंबर से बढ़ाकर 24 नंवबर तक कर दी गई है।…

– दास ने बताया कि देश के सभी टोल पर 24 नवंबर तक कोई टैक्स भी नहीं लिया जाएगा। बिजली और पानी के बिल जैसे केंद्र सरकार, राज्य सरकार द्वारा लिए जाने वाले सभी बिलों का भुगतान 24 नवंबर तक 500 और 1000 के पुराने नोटों से किया जा सकता है। उन्होंने कहा कि लोगों को परेशान होने की जरूरत.नहीं है। आरबीआई के पास पर्याप्त कैश है।…

– बैंक काउंटर से पुराने नोटों से नए नोटों को बदलने की सीमा 4,000 रुपए से बढ़ाकर 4,500 रुपए  कर दी गई है।…

– बैंकों को एटीएम से रोजाना पैसे निकालने की सीमा बढ़ाकर 2,500 रुपए करने का निर्देश दिया गया है।…

– बैंक काउंटर से प्रति हफ्ते अधिकतम निकासी की सीमा 20,000 रुपए से बढ़ाकर 24,000 रुपए कर दी गई है। बैंक से प्रतिदिन 10,000 रुपए निकालने की लिमिट को हटा…

– बैंकों को सीनियर सिटीजन और दिव्‍यांगों के लिए अलग लाइन की व्यवस्था करने के लिए कहा गया है।…

3 लाख करोड़ हुए जमा …

– फाइनेंस मिनिस्‍ट्री के अनुसार, नोट बैन के पहले चार दिन (13 नवंबर को शाम 5 बजे तक) बैंकिंग सिस्‍टम में 3 लाख करोड़ रुपए 500 और 1000 रुपए के…

– करीब 50,000 करोड़ रुपए कस्‍टमर्स को एटीएम या अकाउंट से विद्ड्रॉल के रूप में जारी किए जा चुके हैं।…

– बीते चार में दिन में बैंकिंग सिस्‍टम में करीब 18 लाख करोड़ रुपए का ट्रांजैक्‍शन हुआ है।

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RBI issued rules permitting these to raise ECBs and top economy news of the day

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Government is considering further relaxing foreign direct investment (FDI) norms in several areas, including trading, with an eye on more inflows. (BS)

To support financing for start-ups, the Reserve Bank of India (RBI) issued rules permitting these to raise external commercial borrowings (ECBs). (BS)

India may turn into a net importer of fuel oil as its state-owned refiners are making multi-billion dollar investments to upgrade their refineries and produce more profitable refined products such as gasoline or diesel. (ET)

New ultra mega power projects (UMPPs) based on imported coal may be insulated from uncertainties in fuel costs, with the power ministry deciding to factor in indexed imported coal prices into tariff for such plants. (ET)

The Goods and Services Tax Network (GSTN) — a not-for-profit company set up to provide IT infrastructure and services for the implementation of GST–has entered into an memorandum of understanding with the Directorate General of Foreign Trade (DGFT) for sharing of foreign exchange realisation and import export code data. (BL)

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Rajan Effect! Sensex, Nifty to Open on Weak Note

Raghuram RajanAsian market trading on a mixed note. Nikkei 225 and Hang Seng trading higher. Shanghai Composite is trading marginally lower.

The indices are set to open on a weak note. Raghuram Rajan made public his intention of returning to academia after the end of his term in September. There are seven candidates to replace Reserve Bank of India governor Raghuram Rajan, according to reports.

Asian market trading on a mixed note. Nikkei 225 and Hang Seng trading higher. Shanghai Composite is trading marginally lower.

Infosys CEO Vishal Sikka reportedly said automation and design thinking have become crucial for the company. “The repetitive tasks can be automated by bringing Artificial Intelligence (AI) to our existing services and existing customer landscapes,” Sikka reportedly said in a letter to the stakeholders at the 35th annual general meeting.

Investors will now shift their attention to the Brexit vote scheduled to take place this week.

About six of the top 10 most valued Indian companies together added Rs.22,459 crore to their market valuation. TCS, HDFC Bank, ITC, CIL, HUL and Sun Pharma saw increase in their market valuation, while RIL, Infosys, HDFC and ONGC suffered with losses. While TCS, HDFC Bank, ITC, CIL, HUL and Sun Pharma witnessed rise in their market capitalisation (m-cap) for the week ended Friday; RIL, Infosys, HDFC and ONGC suffered losses.

The m-cap of TCS surged Rs 8,384.17 crore to Rs 5,13,000.91 crore, emerging as the biggest gainer among the top-10 firms.

The rupee could see slight weakness in early trade as Rajan announced he would not seek second term as RBI governor.

Foreign exchange reserves as on June 10 fell by $231 million from a week ago to $363.233 billion, according to data from the Reserve Bank of India.

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