Sunday, December 11, 2016
facebook

google plus
Govt to amend RBI Act to cancel old high-value currency notesThe amendment can be made effective from March 31, sources said. AFP file photo

Govt to amend RBI Act to cancel old high-value currency notes

11 Dec 2016 | 2:51 PM

NEW DELHI: The central government is likely to amend the Reserve Bank of India Act to make old Rs 500 and Rs 1000 invalid.

[ + read story ]

New Delhi, December 11

The central government is likely to amend the Reserve Bank of India Act to make old Rs 500 and Rs 1000 invalid.

The amendment can be made effective from March 31, sources said. A reference will also be made in the Union Budget.

 (Follow The Tribune on Facebook; and Twitter @thetribunechd)

"In 1978, when the currency was banned, the law to annul the validity came before. This time the government acted under 26 (2)," the sources said.

According to the section, the central government could declare that a banknote will no longer be used as legal tender by a notification in the Gazette of India.

Asked about the amount of money that did not get into the system, sources said it would add to bottom line of the RBI and it would be in a position to pay the government in the form of higher dividend or special dividend.

Banks have received Rs 12 lakh crore demonetised currency notes. The central government expects Rs 13 lakh crore to come back into the banking system.

Higher dividend from the RBI due to cancellation of Rs 500 and 1000 may not be applicable until the RBI law is amended.

Last week, Reserve Bank Governor Urjit Patel had said it would not have any automatic impact on the central bank's balance sheet under the existing law.

"Actually, the withdrawal of legal tender characteristics status does not extinguish any of RBI's balance sheet. Therefore, there is no implication on the balance sheet as of now. The question of a special dividend automatically does not arise as of now," Patel had said.

The RBI has issued currency notes worth over Rs 4.27 lakh crore to public through banks and ATMs following the demonetisation of old high value bills.

After the central government announced on November 8 that it was invalidating old banknotes of Rs 500 and Rs 1000, the central bank made arrangements to have the money either exchange or deposited. The announcement sent people scurrying to banks and ATMs across the country. — PTI

Jalandhar man facing gallows in Indonesia may not be pardoned

Jalandhar man facing gallows in Indonesia may not be pardoned

11 Dec 2016 | 2:51 PM

BOGOR: A Jalandhar man facing death sentence in Indonesia on drug smuggling charges may not be pardoned, President Joko Widodo has indicated, saying the capital penalty is handed down only to individuals who have carried out serious crimes and is not based on nationality.

Twin bombing outside Istanbul soccer stadium kills 38, wounds 166

Twin bombing outside Istanbul soccer stadium kills 38, wounds 166

11 Dec 2016 | 3:15 PM

ISTANBUL: Two bombs exploded less than a minute apart, killing 29 people and wounding 166 outside a soccer stadium in Istanbul on Saturday night, in a co-ordinated attack on police shortly after a match between two of Turkey's top teams.

Pak trying to divide India along religious lines

Pak trying to divide India along religious lines

11 Dec 2016 | 3:04 PM

KATHUA: Home Minister Rajnath Singh accused Pakistan on Sunday of trying to divide the country along communal lines.

With three working days to go, fate of Parliament unknown

With three working days to go, fate of Parliament unknown

11 Dec 2016 | 2:51 PM

NEW DELHI: As Prime Minister Narendra Modi and the Congress each accuse the other of not allowing them to speak in the Lok Sabha, the fate of Parliament Winter Session — which enters its last phase — remains uncertain.

Hike in fares likely as Railways mull ways to set up safety fund

Hike in fares likely as Railways mull ways to set up safety fund

11 Dec 2016 | 11:11 AM

NEW DELHI: Train passengers may have to shell out more as the Indian Railways are considering a hike in fares in order to raise money for a special safety fund after the Finance Ministry rejected a proposal.

Will order investigation into visa abuses: Trump

Will order investigation into visa abuses: Trump

11 Dec 2016 | 2:51 PM

WASHINGTON: US president-elect Donald Trump has said that one of his first executive orders after assuming office would be to order investigation into all visas abuses, indicating that foreigner workers, including Indians, may face tough scrutiny under his administration.

England wobble after Kohli's third double ton

England wobble after Kohli's third double ton

11 Dec 2016 | 2:55 PM

MUMBAI: India captain Virat Kohli struck a sublime double century and his bowlers picked up three England wickets to put the hosts on course for a series-clinching victory in the fourth and penultimate test at the Wankhede Stadium on Sunday

PART-I

An NGO finds special favour with Khattar govt

11 Dec 2016 | 1:56 AM

CHANDIGARH:Haryana’s BJP government’s move to appoint “experts” from a non-governmental organisation — formed three months after Manohar Lal Khattar took over as Chief Minister in October 2014 — as “directors” in the state-owned boards and corporations has raised eyebrows.

Helicopter crashes in Mumbai’s Aarey Colony; one killed

Helicopter crashes in Mumbai’s Aarey Colony; one killed

11 Dec 2016 | 2:50 PM

MUMBAI: A helicopter crashed and caught fire in Aarey Colony on Sunday, killing one person and injuring three others.

No mechanism to deal with complaints against retd judges appointed in HCs: Law Min

11 Dec 2016 | 1:58 PM

NEW DELHI: Days after agreeing with the judiciary to appoint retired judges in high courts to tackle rising cases, the Law Ministry has cautioned that there is no mechanism to deal with complaints of "wrongful acts" against them.

CITY FOCUS

Tribune Chowk chock-a-block

Tribune Chowk chock-a-block

11 Dec 2016 | 2:10 AM

CHANDIGARH: Massive traffic jams have become the norm at the Tribune Chowk. Traffic snarls were witnessed on all four sides of the junction today with vehicles lined up on either side of the road for several kilometres inconveniencing commuters, who had to wait for almost an hour to cross the clogged roundabout.

Bathinda cop thrashed, ‘paraded naked’

11 Dec 2016 | 1:59 PM

VIRK KALAN (BATHINDA):Head Constable Malkit Singh was mercilessly beaten up and “paraded naked” late last evening, by the sons of Virk Kalan sarpanch (who is aligned with the SAD).

No

Radicals storm Pak stall at trade fair

11 Dec 2016 | 1:05 AM

AMRITSAR: A group of people belonging to a radical Hindu group today stormed a Pakistani stall and tore a flex board having the Pakistani flag at the ongoing five-day Punjab International Trade Expo (PITEX) here.

No

Come April, Amritsar to Birmingham flight

11 Dec 2016 | 1:23 PM

AMRITSAR:After a gap of eight long years, national carrier Air India has announced to resume the Amritsar-Birmngham direct flight from April 1, 2017, meeting the demand of the diaspora in the United Kingdom.

collapse stories

HC: Long separation may be considered ground for divorce

11 Dec 2016 | 12:55 AM

CHANDIGARH: The Punjab and Haryana High Court has made it clear that long separation can certainly be considered “weighty circumstance” while taking into account severance of marital ties even though irretrievable breakdown of marriage is not a ground for divorce.

Parking complex for 700 cars opens in Shimla

Parking complex for 700 cars opens in Shimla

11 Dec 2016 | 12:48 AM

SHIMLA: The first phase of the Rs 60-crore multi-storey parking project near Lift, constructed under the public-private partnership (PPP) mode, was today inaugurated by Chief Minister Virbhadra Singh. To start with, it will have parking space for 700 cars.

Kashmir safest place for tourists: CM

Kashmir safest place for tourists: CM

11 Dec 2016 | 12:37 AM

SRINAGAR: Chief Minister Mehbooba Mufti today called upon tourists of the country to visit Kashmir and termed it as the “safest place” in the world, especially for women. Mehbooba’s appeal comes days after separatists, spearheading the current agitation, appealed to the tourists to visit Kashmir.

454 Gentleman Cadets pass out of IMA

454 Gentleman Cadets pass out of IMA

11 Dec 2016 | 12:54 AM

DEHRADUN: As many as 454 Gentleman Cadets (GCs) of 139 Regular Course and 122 Technical Graduate Course, including 53 foreign Gentleman Cadets from eight foreign countries took the ‘Antim Pag’ (final step) at the Indian Military Academy (IMA) in an impressive passing-out parade here today.

North Korea's Kim guides special operations drill targeting South

North Korea's Kim guides special operations drill targeting South

11 Dec 2016 | 2:42 PM

SEOUL: North Korean leader Kim Jong Un guided a special operations drill targeting the South, the North's media reported on Sunday, as rival South Korea remained on alert for any attempt by the North to take advantage of political turmoil in the South.

Factory output shrinks by 1.9% in October

Factory output shrinks by 1.9% in October

10 Dec 2016 | 12:40 AM

NEW DELHI:Industrial production dipped into negative territory in October with a contraction of 1.9%, which, analysts said, was owing to the base effect and a larger number of holidays during the festive season.

NoVirat Kohli celebrates after scoring a century as Moeen Ali looks on during the third day of the fourth Test in Mumbai. PTI

Kohli scores, India soar

11 Dec 2016 | 2:05 AM

MUMBAI: Virat Kohli leapt in the air, punched his fist and spread his arms to acknowledge the standing ovation from the Wankhede crowd. Yet another Test century for the Indian skipper in what is turning out to be a remarkable year for him.

No

After Sachin, it’s Kohli for Mumbaikars

11 Dec 2016 | 1:23 AM

MUMBAI: The scenes were pretty similar to those days when Sachin Tendulkar used to reign supreme in the hearts of spectators at the Wankhede Stadium.

IOC to re-analyse all 254 Russian samples in Sochi

11 Dec 2016 | 1:23 AM

LAUSANNE: The International Olympic Committee (IOC) announced that it will re-analyse all 254 urine samples taken from Russian athletes who took part in the 2014 Sochi Olympics.

collapse stories
More Brinkman power for Dutch

More Brinkman power for Dutch

11 Dec 2016 | 1:23 AM
Aditi T3 in Dubai

Aditi T3 in Dubai

11 Dec 2016 | 1:23 AM
LIFE+STYLE
  • Happy Birthday to you...

    Happy Birthday to you...

    The most gifted of the grand trio of Dilip Kumar, Raj Kapoor and Dev Anand, the former shared best vibes with his contemporaries. They were healthy competitors, not rivals. The three slogged it to the top on shear dint of hard work. Together they set acting trends.

  • Star Track
  • On war footing

    On war footing

    After the well received Talvar, Meghna Gulzar hopes to get into action by mid-next year with her directorial based on another book by Harinder Sikka called Calling Sehmat.

  • SpectrumStripped to their very soul

    Stripped to their very soul

    Every morning Neha wakes up with a resolve to quit her profession. But a look at her ageing parents and two younger sisters is enough to brush aside those thoughts.

  • Anti-Emergency wave drowns Congress

    CHANDIGARH: Waves rise...and fall. The ‘Indira wave’ made the Congress crest to an absolute majority in the 1972 elections in Punjab. The euphoria that propelled the Congress to power did not last long and by the time the polls were announced in 1977, the imposition of the Emergency had left a very bitter taste in citizens’ mouth. The voters felt the need to assert their democratic rights.

  • Badal Sworn In As Chief Minister

    CHANDIGARH, June 20, - Mr Parkash Singh Badal, former Union Minister for Agriculture and Irrigation, was this morning sworn in as the new Chief Minister of Punjab.

more Spectrum...

YOUR WORLD AND YOU

  • Jobs and creerThe best bet

    The best bet

    While people may raise hue and cry over the demonetisation, it is opportunity knocking at the door of E commerce giants. Digital wallet companies are reporting that demand for their services has seen a whopping increase in the past few weeks

  • more Jobs Careers...