Page 6 - S 2000 Notes News Today

India's "mini-demonetisation", via the withdrawal of 2000-rupee currency notes, has no monetary policy implications but may have political motivations, said Jefferies' Chris Wood.

Senior Advocate Parag P Tripathi said RBI's decision to withdraw Rs 2,000 notes "is a pure nature of economic policy."

The government designated bullion dealers as ‘Reporting Entities’ to bring them under the Prevention of Money Laundering Act, 2002 (PMLA) and Unlawful Activities (Prevention) Act, 1967, mandating them to adhere to anti-money laundering (AML) standards, and combating proliferation financing obligations

CAIT on Friday said the Reserve Bank of India must set up a standard operating procedure for banks for deposit and exchange of Rs 2000 notes.

Senior Advocate Parag P Tripathi said RBI's decision to withdraw Rs 2,000 notes "is a pure nature of economic policy."

While speaking on the issue of withdrawal of Rs 2,000 currency notes in Murshidabad in West Bengal on Tuesday, state Congress president and MP said, “He is not Modi but pagla Modi. People called him 'pagla Modi'.”, India News, Times Now

New Delhi: A fresh Public Interest Litigation (PIL) has been filed in the Delhi High Court challenging the recent decision of the Reserve Bank of India

The PIL, filed by advocate Rajneesh Bhaskar Gupta, points towards the Reserve Bank of India Act, 1934, and states that the RBI has no independent power to direct the non-issue or discontinuance of issue of bank notes of any denominational values and the power to do so lies with the central government.

Around 68% of respondents believe RBI’s proposed move to allow Rs 2,000 notes to remain a legal currency after September 30 will enable those with black money to exploit the situation and convert them into lower denomination currency through exchange

The withdrawal of Rs 2000 notes is creating panic. Some are rushing to buy luxury watches and gold; others are donating to temples and spending on mangoes and food delivery