Showing posts with label Narendra Modi. Show all posts
Showing posts with label Narendra Modi. Show all posts

Sunday, 22 January 2017

Parliamentary panel summons RBI governor Urjit Patel on demonetisation move

MUMBAI/NEW DELHI: A parliamentary committee probing the government's decision to scrap high-value bank notes+ , has sent Reserve Bank of India governor Urijit Patel a list of questions on the demonetisation process, and has asked him to appear before it on January 20.

The Public Accounts Committee (PAC) has asked Patel to explain how the decision for demonetisation was taken, and for details on its impact on the country's economy, PAC Chairman and senior Congress member K V Thomas told Reuters.
The PAC has asked Patel to provide details on the value of currency that has been returned to the bank, the quantity of "black money" it has received and the amount of new currency released so far, Thomas said.

"We had decided to call the RBI governor sometime in December but because the Prime Minister had asked for 50 days, we decided to postpone it to sometime January," Thomas told Reuters. "We did not want to give it a political colour."
The PAC has also called other finance ministry officials, including Revenue Secretary Hasmukh Adhia and Finance Secretary Ashok Lavasa, Thomas said.

Urijit Patel is under fire+ from some politicians over shortages of replacement currency and restrictions on depositing old notes that have caused long queues at banks and ATMs. He's already set to testify before another parliamentary committee.

Pressure on the central bank and Patel has grown since Prime Minister Narendra Modi stunned the country on November 8 by announcing the withdrawal of legal tender for the old 500- and 1,000-rupee notes, removing 86 percent of the currency in circulation in a bid to crack down on the "shadow economy".


Wednesday, 23 November 2016

Indian railways ask again for safety funds after crash kills 150

The track where an Indian prepare wrecked on Sunday, killing 150 individuals, was assessed only two days before and observed to be in great condition, bringing up more issues about the wellbeing of a system looking for $17 billion in subsidizing to avoid more crashes.

The crash, among India's most noticeably bad prepare tragedies, was a stark indication of the incapacitated state of the tremendous state-run railroads and of the test Prime Minister Narendra Modi confronts in satisfying his guarantee to modernize them.

Authorities trust a rail break may have sent 14 carriages folding into each different as the majority of the 1,700-odd travelers on board dozed. Be that as it may, they can't make sure until every area of harmed track is investigated.

"This was a mischance where the greater part of the rails were removed and broken. It's extremely confused," Mohammad Jamshed, a senior railroads service official, told Reuters.

Worked under British lead, the world's fourth biggest rail organize ships 23 million individuals crosswise over India consistently.

With individuals consistently sticking unstably to the outside of carriages or packed on the rooftop, it is moaning under developing interest and many years of underinvestment.

Source:- reuters