Fake Rs 50, Rs 100 notes' detection record high in 2017-18: RBI
Mumbai, Aug 29 : The detection of counterfeit notes in the Rs 50 and Rs 100 denomination witnessed a record high in 2017-18 compared with two preceding fiscals, the RBI announced on Wednesday.
According to the Reserve Bank of India's (RBI) annual report for 2017-18, the number of fake Rs 50 notes detected shot up 154.3 per cent to 23,447 pieces, as against 9,222 notes detected in 2016-17 and 6,453 in 2015-16.
The RBI said that the detection of counterfeit Rs 100 notes increased 35 per cent to 239,182 pieces during the said period, compared with 177,195 notes in 2016-17 and 221,447 in 2015-16.
However, the detection of counterfeit notes was 31.4 per cent lower in 2017-18 compared with the previous year.
"Counterfeit notes in denominations of Rs 500 and Rs 1,000 detected in SBNs (specified banknotes) decreased by 59.7 and 59.6 per cent respectively, as the same comprised only the residual part of SBN deposits processed during 2017-18," the report said.
This "residual" currency refers to the high-value notes scrapped by demonetisation in November 2016.
"During 2017-18, as many as 522,783 pieces of counterfeit notes were detected in the banking system, of which 63.9 per cent were detected by banks other than the Reserve Bank," the RBI said.
Moreover, out of the total fake notes detected at the RBI, their share during 2017-18 was higher at 36.1 per cent, compared with 4.3 per cent during the previous year.
This was because of processing of a large volume of SBNs withdrawn from circulation by demonetisation, the report said.
Speaking of the Indian economy, the annual report said that there are upside risks to inflation which requires vigilance.
Pointing out that while headline inflation is likely to face upside risks over the remaining period of the current fiscal, the RBI projected the country's real Gross Domestic Product for the same period to grow to 7.4 per cent from 6.7 per cent in the previous year.
India's central bank also said that credit growth is likely to be supported by the progress in resolving the most pressing problem of non-performing assets, or bad loans, under the Insolvency and Bankruptcy Code, 2016.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
SC to hear plea on air pollution crisis in Delhi-NCR on Dec 17
New Delhi (PTI): The Supreme Court on Monday said it will list for hearing on December 17 a plea related to worsening air pollution levels in Delhi-NCR.
A bench comprising Chief Justice Surya Kant and justices Joymalya Bagchi and Vipul M Pamcholi took note of the submissions of senior advocate Aprajita Singh, who is assisting it as an amicus curiae, that though the preventive measures are there in place but the key issue was of their poor implementation by the authorities.
Singh said till this court directs something, the authorities do not comply with the protocols which are already there.
“This is coming up before a three judges bench on Wednesday. It will come up,” the CJI said.
Another lawyer referred to an application relating to the health issue of children, and said schools, despite the earlier orders, are holding outdoor sports activities.
“Despite the order of this court, Schools have found ways and means to have these sporting activities.. it is taking place. The CAQM (Commission for Air Quality Management) is again citing the order of this court,” the amicus also said.
“We know the problem and let us pass orders which can be complied with. There are some directions which can be forcibly imposed. In these urban metropolitan cities people have their own lifestyle. But the poor…,” the CJI said.
The amicus said the poor labourers are the worst ones to suffer.
Earlier the bench had said the plea against air pollution cannot be treated as a "customary" case to be listed only during the winter months only.
It had said the case will be taken twice in a month to find out short and long-term solutions to the menace.
Delhi on Monday choked under a thick blanket of smog, with the Air Quality Index (AQI) settling at 498, which falls in the higher spectrum of 'severe' category.
The air quality was 'severe' at 38 stations while it was 'very poor' at two stations. Jahangirpuri, which recorded an AQI of 498, recorded the worst air quality amongst all 40 stations.
According to the Central Pollution Control Board, an AQI between 0 and 50 is considered 'good', 51 to 100 'satisfactory', 101 to 200 'moderate', 201 to 300 'poor', 301 to 400 'very poor', and 401 to 500 'severe'.
The AQI in Delhi had climbed to 461 on Sunday and marked the city's most polluted day this winter and the second-worst December air quality day on record, as weak winds and low temperatures trapped pollutants close to the surface.
