Real Money India

Real Money India – Macro Indians are refusing to remit money in circulation, rising from 10.7% of GDP in FY18 to 14.5% in FY2021.

The currency in circulation (CIC) of the Indian economy has grown significantly since demonetisation. CIC increased from 10.7% of GDP in FY18 to 14.5% in FY21. Even five years after demonetisation, most fintechs are loss-making and have to spend millions to acquire customers and merchants. But cash—anonymous, cheap and easy to use—is still popular among ordinary Indians.

Real Money India

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Cash Transactions Continue To Grow In India

India participates in leading World Trade Organization member states to identify issues of importance to developing and poor countries.

The rating action follows a fall in the market value of Adani Group companies after the release of the Hindenburg report.

Regarding introduction of six airbags in passenger cars, the minister said the proposal was postponed to October 2023 after participants raised some issues regarding its implementation.

Between April 2022 and February 2023, the aggregate growth between the federal funds rate and the RBI’s repo rate narrowed to 192 bps, unchanged from December 2022. Such a proposal, RBI says; The leading banks of the country are issuing currency notes of ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, ₹500 and ₹2,000.

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Following reports of the Reserve Bank of India’s (RBI) plan to replace Mahatma Gandhi’s face on currency notes, the central bank has clarified that its RBI has no such proposal.

“There are reports in some media that the Reserve Bank is considering replacing existing currencies and notes with Mahatma Gandhi’s face. It should be noted that there is no such proposal in the Reserve Bank,” the Central Bank said.

RBI issues notes in denominations of ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, ₹500 and ₹2,000, while notes are in denominations of 50 paise, ₹2, ₹1 and ₹2. . , ₹10 and ₹20.

The finance ministry and RBI are planning to include portraits of former president APJ Abdul Kalam and Nobel laureate Rabindranath Tagore, several media outlets reported on Sunday, citing sources. The report said the sample has been sent to IIT-Delhi professor emeritus Dilip T Shahani, who will present his findings to the ministry. So far, every coin in the country has Mahatma Gandhi’s image on it. They also bear the image of the lion capital of the Ashoka pillar.

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RBI spent a total of Rs 4,984.8 crore on security printing in FY22. Security Printing and Minting Corporation of India Limited (SPMCIL) and Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) manage RBI’s currency. BRBNMPL, a wholly owned subsidiary of Reserve Bank, designs, prints and funds currency. BBNMPL has achieved production of 13,350 million coins in 2021-22.

The Reserve Bank of India’s annual report for 2021-22 shows a 9.9% increase in the value of notes in circulation to Rs 31,05,721 crore. In comparison, growth in remittances (value and currency) during 2020-21 was 16.8% and 7.2% respectively.

Despite the government’s push for Digital India and various innovations in the banking and fintech industries, the increase in currency circulation is linked to the “second wave of the COVID-19 pandemic, which has led to new restrictions on operations in various parts of the country.” In FY22.

The share of Rs 500 notes has increased in value and denomination in 2021-22 as compared to the previous year. However, the value and currency continued to depreciate by Rs 2,000. In terms of value, the share of these coins was 87.1% of the total value of coins in circulation on March 31, 2022, compared to 85.7% on March 31, 2021. 27, 970 crore in 2021-22. Volume increased 1.3% to 12, 46, 298.

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Meanwhile, the value of Rs 500 notes increased by 101.9% in FY 2021-22, while fake Rs 2000 notes increased by 54.6% in FY 2022. The RBI said there was a 16.4%, 16.5% and 11.7% increase in fake notes of Rs 10, Rs 20 and Rs 200 respectively.

Follow us on Facebook, Twitter, YouTube and Instagram to stay updated with Fortune India. To purchase a copy, visit Amazon.

India participates in leading World Trade Organization member states to identify issues of importance to developing and poor countries.

The rating action follows a fall in the market value of Adani Group companies after the release of the Hindenburg report.

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Regarding introduction of six airbags in passenger cars, the minister said the proposal was postponed to October 2023 after participants raised some issues regarding its implementation.

Between April 2022 and February 2023, the cumulative spread between the federal funds rate and the RBI’s repo rate narrowed to 192 bps, which has remained unchanged since December 2022. More direct transfer of funds from the government and corporate sector to semi-urban and rural areas

India’s current GDP share (14.6 per cent) is much higher than the pre-divestiture 12 per cent.

Prime Minister Narendra Modi today launched the e-Rupee digital payment solution in the form of a QR code or e-voucher in an SMS string delivered directly to the beneficiary’s number.

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This payment platform, which does not require an internet connection, has been developed by National Payments Corporation of India (NPCI), the retail payment nodal agency, in collaboration with another state on its UPI platform.

Currently, the government’s Direct Benefit Transfer (DBT) funds are disbursed through Jandhan accounts. The beneficiary withdraws the DBT amount as soon as it is credited to his account. The government made a huge DBT transfer of Rs 2.96 lakh crore in 2020-21, one of the reasons cited by experts for the level of liquidity in the economy.

E-RUPI vouchers will be issued to the beneficiaries on an individual basis at the end and no withdrawal is required to pay for the service. Adoption of e-RUPI can be extended to many services or payments like DBT, which will go a long way in reducing the amount of cash in the economy in rural and semi-urban areas.

Bharat Panchal, chief risk officer at financial technology firm FIS, said stronger controls would be needed to detect potential fraud. “Once a beneficiary actually starts presenting such cash in lieu of cash, it becomes difficult to track the payment instruments if they start moving from one hand to another,” he said.

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“Matching the beneficiary details at the time of retrieval will be effective to ensure that only the original beneficiary is using it and no one else,” he advises.

Despite various digital initiatives in the payments space, cash to GDP has already crossed 14 percent in 2020-21. Its share of GDP was 14.6 per cent, much higher than the pre-demonetisation 12 per cent.

Currency in circulation (CIC) or money in the economy is a universal indicator for measuring money in the system as a percentage of GDP.

Cities and towns are the weakest link in the digital payments chain. In small towns, bank branches are at remote locations and ATM network is limited. This forces people to take a lump sum for monthly expenses.

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The correspondent banking model, which essentially connects the bank branch and the account holder, also has tax issues. Take for example, a bank official is liable to pay TDS at the rate of 2.0 per cent on withdrawals of more than Rs 20 lakh in a financial year. TDS rate increases to 5.0% if the withdrawal exceeds Rs 1 crore in a financial year.

Most of the bank correspondents are small traders and kirana shops who rarely do tax reporting. Consequently, to avoid unnecessary questions from bank officials, many bank agents do not do business above 20 lakhs.

Also Read: PM Modi to launch e-rupee today: How it works, benefits, all you need to know Indians flaunt high-quality old currency as they line up to deposit old rupee notes in Bangalore Photo: Jagadish NV/EPA

Indians will not be able to exchange their expired currencies into the new currency after midnight on Friday as the cash crunch continues to disrupt daily life across the country.

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After the surprise announcement that Rs 1000 and Rs 500 notes will be demonetised, Prime Minister Narendra Modi has given Indians 50 days.

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