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RBI: 76% Of Rs 2,000 Notes Returned To Banking System

By LokMarg 3rd July 2023

About 76 per cent of the Rs 2000 banknotes have returned to the banking system since the Reserve Bank of India (RBI) in May decided to withdraw the high-value note from circulation.

The total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023 – when the RBI decided to withdraw the note.
The total value of Rs 2000 banknotes returned to the system after the announcement on May 19 is to the tune of Rs 2.72 lakh crore, RBI said Monday, citing data received from banks.

Hence, banknotes in circulation now stand at Rs 0.84 lakh crore.

“Data collected from major banks indicates that out of the total banknotes in Rs 2000 denomination received back from circulation, about 87 per cent is in the form of deposits and the remaining around 13 per cent has been exchanged into other denomination banknotes,” RBI said on Monday in a statement.

People are requested to utilise the next three months to deposit or exchange their Rs 2000 banknotes to avoid any rush at the last moment.

People can exchange or deposit their Rs 2,000 notes in bank branches and regional branches of RBI. A non-account holder also can exchange Rs 2000 banknotes up to a limit of Rs 20,000 at a time at any bank branch.

September 30 has been decided as the last date for the purpose of completing the exercise in a time-bound manner and to provide adequate time to the public. RBI may later revisit the September deadline based on the situation going ahead.

On May 19, the RBI decided to withdraw the Rs 2000 denomination banknotes from circulation but said it will continue to remain as legal tender. However, RBI has advised banks to stop issuing such banknotes with immediate effect.

The Rs 2000 denomination banknote was introduced in November 2016 under Section 24(1) of the RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time.

The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped in 2018-19. (ANI)

Taiwan Delegation’s India Visit A Fresh Boost To Business Ties

By LokMarg 23rd November 2022

Taiwan-India business ties got a fresh boost after a delegation from the self-governed island visited a number of Indian states earlier this month which led to the signing of three Taiwan-India memorandums of understanding aimed at fostering electronics manufacturing and green technologies, according to the Taiwan-based English-language website Common Wealth Magazine.

Several high-level business delegations from Taiwan Electrical and Electronic Manufacturers’ Association (TEEMA) and Taiwan India Business Association (TIBA) visited India to explore the untapped business potential between the two sides.
Writing for the Common Wealth Magazine, Taipei-based attorney Arpita Dutta said the three important items on the agenda of the delegation visit were: “visiting India based-Taiwanese businesses, visiting potential Indian business partners, and organizing a rigorous discussion with the state governments including the IT ministers of several states.”

According to Dutta, key takeaways from the delegation’s visit included, the recognition of the fact that India has an abundant talent pool and that wise use of Indian talent will maximize business growth.

The role of product localization in penetrating the 1.4 billion Indian market and the appropriate supply chain for streamlining business management, were also noted. Another theme that came across was the need to break the monotonous thinking of India-Taiwan cultural barriers.

Arpita Dutta, in the Common Wealth Magazine article, contended that this delegation visit was an essential step since it aimed to understand the gaps and opportunities to advocate the sustainability of Taiwanese business in a new jurisdiction.

She said intense and engaging talks with the “Indian government and Taiwanese companies surely will open doors to more collaboration in the foreseeable future.”

“The policies ‘Made in India’ and ‘Production Incentive Evolution’ along with several other subsidies can complement Taiwan’s ‘New Southbound Policy,’ and Taiwan-India collaboration will turn the aspiration of an Indian manufacturing hub into reality,” she added.

Dutta, who herself was part of the visit to prominent Indian entities, said the delegate saw their utmost collaborative lookout from a broad perspective, which clearly showed how India-Taiwan hardware and software collaboration will create a new dimension in the IT industry.

“The insights from this trip might provide sufficient confidence to Taiwanese companies that are under certain stereotypical impressions about India,” she added. (ANI)

IIFA Awards 2023 To Be Held In Abu Dhabi

By LokMarg 29th September 2022

After a successful award weekend in Abu Dhabi this year, The International Indian Film Academy (IIFA) is going to be back with awards in 2023 – again in Abu Dhabi!

The International Indian Film Academy (IIFA) Weekend & Awards, which brings together the very best of the Indian film industry, is back by popular demand in Yas Island, Abu Dhabi, in February 2023 to win our hearts all over again! IIFA 2023 will be held in collaboration with the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) and Miral.
The comeback of the 22nd edition of IIFA this year at Yas Island, Abu Dhabi, hosted by superstar Salman Khan, Riteish Deshmukh, and Maniesh Paul, featured electrifying performances by the finest talent from the Indian film fraternity, leaving us in awe with three memorable, star-studded days with packed venues filled by fans from all around the globe. More than 350 media attended the three-day awards weekend from 17 countries across the globe as more than 20,000 people thronged the arena.

IIFA 2023 will be a grand celebration of the best talent in Indian cinema, bringing together global dignitaries, international media, fans, and film enthusiasts worldwide. To present a greater opportunity for long-term impact in tourism, business & trade, and the film production business for the destination.

Noreen Khan, Vice President of IIFA said, “IIFA this year was an amazing experience thanks to the wonderful partners Miral & DCT. Coming back after two years we really worked hard to deliver the best of live entertainment again. The best part was the entire weekend delivered a positive experience to everyone who witnessed or experienced the event in any way. We have been inundated with unprecedented appreciation and comments of everyone truly has had a wonderful time this year in Abu Dhabi and so we are pleased and excited to bring it all back again but with much more magic to come next year”.

HE Saleh Mohamed Al-Geziry, Director General for Tourism at DCT Abu Dhabi, said: “We are honoured to once more welcome the IIFA Weekend & Awards to Etihad Arena. With the eyes of the world’s film industry upon us, we have an amazing opportunity to share with the world Abu Dhabi’s exciting nightlife, inspiring cultural experiences, and restorative escapes. The Awards in February can only enhance our reputation as a global centre for top-tier leisure, entertainment, and business events.” (ANI)