Monetary policy

RBI to issue Rs 200 notes in coming months

The Reserve Bank is expected to introduce Rs 200 notes in the coming months to ease pressure on lower-denomination currencies that are in short supply.
The new notes of Rs 200 should be out before the end of 2017 and will greatly help in narrowing the demand and supply gap in smaller-denomination currency bills, sources said.
They also said that there is no immediate plan to re- introduce Rs 1,000 notes.
Last year in November, the government had demonetized the old 500 and 1,000 rupee notes.

Money in Swiss banks: India slips to 88th place; UK on top

India has slipped to 88th place in terms of money parked by its citizens with Swiss banks, while the UK remains on the top.
Also, the money officially held by Indians with banks in Switzerland now accounts for a meagre 0.04 percent of the total funds kept by all foreign clients in the Swiss banking system, as per an analysis of the latest figures compiled by the SNB (Swiss National Bank) as on 2016-end.

Rupee dives to 3-week low of 64.59 against dollar

Caught in a downward spiral for the third straight session, the rupee today depreciated by 7 paise to end at a fresh three-week low of 64.59 on steady dollar demand amid deepening global oil rout.
This is the lowest closing for the home currency since May 30, when it had closed at 64.66.
Forex market traded with a broadly hesitant tone on growing uncertainty about global economic growth, as sell-off in crude prices remained unabated, triggering volatility in financial markets.

Govt. asks banks to deposit junked notes at RBI by July 20

The government has permitted banks and post offices to deposit junked Rs. 500 and Rs. 1,000 notes with the Reserve Bank by July 20.
This is the second window the government has provided to banks, post offices and cooperative banks for depositing the junked notes with RBI.
The earlier window was open until December 31, a day after the 50-day period of demonetization of high-value currency.

Currency swap gain pegged at Rs 72,800 crore

The net gain after the note cull, according to top brokerage firm Motilal Oswal, is only Rs 72,800 crore — taxes, penalties worth Rs 32,800 crore and Rs 40,000 crore by way of surplus transfer from the Reserve Bank of India (RBI).