Real Money India – Macro ‘No Change’: RBI on Reports of Change Mahatma Gandhi Photo on Bank Notes No such proposal, says RBI; Apex banks provide banknotes in denominations of ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, ₹500 and ₹2,000 in the country.
Following reports of the Reserve Bank of India’s (RBI) plan to replace Mahatma Gandhi’s face with that of other people in bank notes, the central bank clarified that there is no such proposal in the RBI.
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“There are reports in some sections of the media that the Reserve Bank of India is considering changes in current currency and notes by replacing Mahatma Gandhi’s face with that of others. ,” says the central bank.
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RBI provides banknotes in denominations of ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, ₹500 and ₹2,000, while coins include 50 paise and ₹, ₹1, ₹1, ₹1 and ₹2,000. 20 denominations.
Several media reports on Sunday, citing sources, said that the finance ministry and the RBI are planning to include images of the country’s late former president APJ Abdul Kalam and Nobel laureate Rabindranath Tagore in new bank notes to be issued on apex bank A report said that the samples have also been sent to IIT-Delhi emeritus professor Dilip T Shahani, who will submit his comments to the ministry. Until now, every bank note in the country has the image of Mahatma Gandhi. They also have images of the lion capital, Ashoka Pillar.
RBI incurred a total expenditure of ₹ 4,984.8 crore on security printing during FY22. Security Printing and Minting Corporation of India Limited (SPMCIL) and Bharatiya Mudran Reserve Bank Note Private Limited (BRBNMPL) handle RBI banknotes. BRBNMPL, a wholly owned subsidiary of the Reserve Bank, designs, prints and supplies banknotes. BRBNMPL has achieved production of 13,350 million banknotes in 2021-22.
The Reserve Bank of India’s annual report for 2021-22 shows that the value of banknotes in circulation increased by 9.9% to ₹ 31,05,721 crore. In comparison, the increase in currency in circulation (both in terms of value and volume) was 16.8% and 7.2% respectively over the period 2020-21.
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The increase in banknotes in circulation, despite the government’s push for digital India and various reforms in the banking and fintech sectors, has been attributed to the “second wave of the COVID-19 pandemic, which has led to new restrictions on circulation in various parts of. of the country” in fiscal year 22.
The share of ₹500 notes, both in value and volume, increased during 2021-22 compared to the previous year. However, the share of ₹2,000 notes continued to decline in both value and volume. In terms of value, the share of these banknotes together was 87.1% of the total value of banknotes in circulation as at 31 March 2022, compared to 85.7% as at 31 March 2021. The total value of the coins circulation increased by 4.1% to ₹ 27,970 crore in 2021-22, while its volume grew by 1.3% to 12,46,298.
Meanwhile, the ₹500 denomination jumped 101.9% in FY21-22, while the counterfeit ₹2,000 notes jumped 54.6% year-on-year in FY22. There was an increase of 16.4%, 16.5% and 11.7% in counterfeit banknotes detected in counterfeit banknotes. denominations of ₹10, ₹20 and ₹200 respectively, according to the RBI.
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India’s law enforcement agencies have so far seized 25 billion rupees ($361 billion) worth of cash, liquor, drugs, gold and other contraband during surveys of the country, already double the value of assets seized in the 2014 general election.
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They are confiscating up to a billion rupees in cash and goods every day as law breakers use ambulances and other vehicles equipped with flashing lights to carry money and hand out leaflets in lunch boxes to lure voters .
Election commission observers, watchdog groups and law enforcement agencies are raiding airports, highways, train stations, hotels and remote homes if an illegal enterprise is suspected. They watch stockbrokers, money messengers, and pawnshops busy carrying money, monitor vehicles crossing state lines, and open bags on buses to solicit bribes to ensure a fair vote.
“He’s becoming a eance and he’s taking a scary offense – he’s a national alady,” said V.S. Sapath, former Chief Electoral Adviser. “It also shows how people are putting more faith in one than in policies and programs.”
The gaga between the Electoral Commission officials and the law breakers is because every major benefit is earned by people in a country where a quarter of the population still lives on less than $2 a day.
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Politicians give handouts like petrol, free lunches, umbrellas and torches to stay below the candidate’s perishable cost: about seven billion rupees, or the price of a Jaguar luxury car. These are in addition to the publicly advertised freebies – from cell phones to Wi-Fi, from bicycles to pressure cookers – provided by political parties as part of their campaign initiatives.
Agreeing to vote or not to vote for a candidate can result in prison sentences, fines, or both. In 2014, the Electoral Commission seized Rs 12 billion worth of cash and contraband.
Political parties previously used physical intimidation or “uscle power” to get voters to the polls, now they use “oney power,” said Sheyphali Saran, a spokeswoman for the poll watch.
“The Electoral Commission is concerned that it is becoming more challenging to abuse someone,” said Saran. “Cases of violations have increased, but at the same time the Electoral Commission has increased its vigilance.”
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This growth in vote buying also means a significant increase in election spending, making it the most expensive election in the world. Spending is expected to rise 40 percent to $7 billion, according to the Center for Media Studies, a New Delhi-based nongovernmental organization.
“There should be verbal awareness and ethics among voters,” said Sapath. “The electoral commission alone cannot solve it.”
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India’s law enforcement agencies have so far seized 25 billion rubles ($361 million) in cash, alcohol, drugs, gold and other contraband during polls, more than double the amount seized during the 2014 election.
They confiscate billions of rupees worth of cash and goods a day and criminals use ambulances and other vehicles equipped with flashing lights to withdraw money and distribute lunch bags to lure voters.
Joint election observers, surveillance agencies and law enforcement raid airports, highways, train stations, hotels and remote homes. They monitor financial intermediaries, money couriers and agents involved with financiers, inspect vehicles crossing state lines, open bags on buses and offer reserves to ensure a fair vote.
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W. Q. Sapat, former chairman of the Electoral Commission. “It also shows how people put their trust in one of the policies and programs.”
Gay Cat had a relationship with election commissioners because the distribution is high in a country where a quarter of the population still lives on less than $2 a day.
Politicians also hand out handouts such as petrol, free flights, umbrellas and torches to keep candidates below their approved borrowing costs – around seven million rupees or the price of the most luxurious car, the Jaguar. These are free, publicly advertised gadgets – from smartphones to Wi-Fi, from bicycles to pressure cookers – offered by political parties as part of campaign promises.
Voting or not voting for a candidate can be punished with imprisonment, a fine or both. In 2014, the Electoral Commission seized 12 billion rubles of money and