<a href="http://www.wionews.com/india-news/government-invokes-never-used-before-powers-to-issue-directions-to-rbi-report-174517">Government invokes never-used-before powers to issue directions to RBI governor: Report</a>

The Indian government has invoked never-used-before powers under the RBI Act allowing it to issue directions to the central bank governor on matters of public interest, the Economic Times reported on Wednesday.

Separate letters have been sent to the Reserve Bank of India (RBI) governor in recent weeks, exercising powers under the section on issues ranging from liquidity for non-banking financial companies, capital requirement for weak banks and lending to small and medium enterprises, the report said.

 
<a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-may-consider-resigning-after-rift-with-government-report-174513">RBI Governor Urjit Patel may consider resigning after </a><a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-may-consider-resigning-after-rift-with-government-report-174513">rift</a><a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-may-consider-resigning-after-rift-with-government-report-174513"> with government: Report</a>

The rift between India's central bank and the government has widened and could lead to the Reserve Bank of India (RBI) governor considering resignation, CNBC TV18 reported on Wednesday, citing sources.

There has been an irreversible breakdown between the RBI Governor Urjit Patel and the government, the media said, adding that all options were on the table.

 
<a href="http://www.wionews.com/india-news/live-updates-modi-to-unveil-statue-of-unity-today-on-sardar-patels-143rd-birth-anniversary-174516">Live updates: Modi to </a><a href="http://www.wionews.com/india-news/live-updates-modi-to-unveil-statue-of-unity-today-on-sardar-patels-143rd-birth-anniversary-174516">unveil</a><a href="http://www.wionews.com/india-news/live-updates-modi-to-unveil-statue-of-unity-today-on-sardar-patels-143rd-birth-anniversary-174516"> Statue of Unity today on Sardar Patel's 143rd birth anniversary</a>

The Statue of Unity, a 182-metre giant structure built in honour of Sardar Vallabhbhai Patel, will be dedicated to the nation on Wednesday by Prime Minister Narendra Modi.

The imposing monument, touted as the world's tallest statue, is twice the height of Statue of Liberty and is built on an islet, Sadhu Bet, near the Sardar Sarovar Dam in Narmada district.&nbsp;

After Modi unveils the statue, three IAF planes would fly past and create the tricolour in the sky by emitting saffron, white and green colours, said an official release Tuesday.&nbsp;

Get all your updates on the story, live, from us.&nbsp;

 
<a href="http://www.wionews.com/world/trump-visits-pittsburgh-protesters-say-hes-responsible-for-synagogue-shooting-174508">Trump visits Pittsburgh, protesters say he's responsible for synagogue shooting that killed 11</a>

Around 1,500 people took to the streets of Pittsburgh Tuesday to demonstrate peacefully in song against a visit by US President Donald Trump and to mourn 11 Jewish worshipers killed in a synagogue.

The crowd of all ages and faiths, including many young families, children and the elderly, marched for six blocks holding signs that read "President Hate, Leave Our State!" and "Trump's Lies Kill."

 
<a href="http://www.wionews.com/entertainment/kanye-west-distances-himself-from-politics-says-hes-been-used-174510">Kanye West says he's been 'used', distances himself from politics</a>

Three weeks after a bizarre White House meeting with US President Donald Trump, rapper Kanye West said on Tuesday he was distancing himself from politics.

West, Trump's biggest celebrity supporter, also sought to distance himself from a new campaign that encourages black Americans to quit the Democratic Party.

"My eyes are now wide open and now realize I’ve been used to spread messages I don’t believe in. I am distancing myself from politics and completely focusing on being creative!!!" West tweeted, without mentioning Trump, who is a Republican, or any other names.

Government invokes never-used-before powers to issue directions to RBI governor: Report The Indian government has invoked never-used-before powers under the RBI Act allowing it to issue directions to the central bank governor on matters of public interest, the Economic Times reported on Wednesday.

Government invokes never-used-before powers to issue directions to RBI governor: Report The Indian government has invoked never-used-before powers under the RBI Act allowing it to issue directions to the central bank governor on matters of public interest, the Economic Times reported on Wednesday. Separate letters have been sent to the Reserve Bank of India (RBI) governor in recent weeks, exercising powers under the section on issues ranging from liquidity for non-banking financial companies, capital requirement for weak banks and lending to small and medium enterprises, the report said. RBI Governor Urjit Patel may consider resigning after rift with government: Report The rift between India's central bank and the government has widened and could lead to the Reserve Bank of India (RBI) governor considering resignation, CNBC TV18 reported on Wednesday, citing sources. There has been an irreversible breakdown between the RBI Governor Urjit Patel and the government, the media said, adding that all options were on the table. Live updates: Modi to unveil Statue of Unity today on Sardar Patel's 143rd birth anniversary The Statue of Unity, a 182-metre giant structure built in honour of Sardar Vallabhbhai Patel, will be dedicated to the nation on Wednesday by Prime Minister Narendra Modi. The imposing monument, touted as the world's tallest statue, is twice the height of Statue of Liberty and is built on an islet, Sadhu Bet, near the Sardar Sarovar Dam in Narmada district. After Modi unveils the statue, three IAF planes would fly past and create the tricolour in the sky by emitting saffron, white and green colours, said an official release Tuesday. Get all your updates on the story, live, from us. Trump visits Pittsburgh, protesters say he's responsible for synagogue shooting that killed 11 Around 1,500 people took to the streets of Pittsburgh Tuesday to demonstrate peacefully in song against a visit by US President Donald Trump and to mourn 11 Jewish worshipers killed in a synagogue. The crowd of all ages and faiths, including many young families, children and the elderly, marched for six blocks holding signs that read "President Hate, Leave Our State!" and "Trump's Lies Kill." Kanye West says he's been 'used', distances himself from politics Three weeks after a bizarre White House meeting with US President Donald Trump, rapper Kanye West said on Tuesday he was distancing himself from politics. West, Trump's biggest celebrity supporter, also sought to distance himself from a new campaign that encourages black Americans to quit the Democratic Party. "My eyes are now wide open and now realize I’ve been used to spread messages I don’t believe in. I am distancing myself from politics and completely focusing on being creative!!!" West tweeted, without mentioning Trump, who is a Republican, or any other names.

News brief: Big stories of the day

On the day the rupee breached the 74-mark against the US dollar for the first time, RBI governor Urjit Patel Friday reiterated that the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it.

After the Reserve Bank of India (RBI) in its fourth bi-monthly policy this fiscal left the policy rates unchanged and ruled out a rate cut in the rest of the fiscal, the rupee plummeted to 74.13 against the dollar, after opening higher then its previous close at 73.52.

Admitting that the country has not been immune to global spillovers from external factors, Patel said, "The rupee fall, in some respect, is moderate in comparison to several other emerging market market peers."

Ruling out a target for the currency, he said, "Our response to these unsettled conditions has been to ensure that foreign exchange market remains liquid with no undue volatility. There is no target or band around any particular level of exchange rate, which is determined by market forces demand and supply."

Addressing the media after the customary post-policy presser, Patel said the rupee has experienced bouts of volatility since the monetary policy committee meeting in August.

By the end of September, the rupee has depreciated in nominal effective terms by 5.6 per cent since the end of March. In real effective term, the rupee fall has been at 5 per cent, the governor said, adding the foreign exchange reserves of USD 400.5 billion as of end September, are sufficient to finance 10 months of imports.

In absolute terms, the rupee is down around 17 per cent since January this year.

Forex reserves had touched a record of USD 426.028 billion in the week to April 13, 2018, but have been declining since then on account of RBI intervention in market to stem fall in the rupee.

On the day the rupee breached the 74-mark against the US dollar for the first time, RBI governor Urjit Patel Friday reiterated that the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it.

On the day the rupee breached the 74-mark against the US dollar for the first time, RBI governor Urjit Patel Friday reiterated that the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it. After the Reserve Bank of India (RBI) in its fourth bi-monthly policy this fiscal left the policy rates unchanged and ruled out a rate cut in the rest of the fiscal, the rupee plummeted to 74.13 against the dollar, after opening higher then its previous close at 73.52. Admitting that the country has not been immune to global spillovers from external factors, Patel said, "The rupee fall, in some respect, is moderate in comparison to several other emerging market market peers." Ruling out a target for the currency, he said, "Our response to these unsettled conditions has been to ensure that foreign exchange market remains liquid with no undue volatility. There is no target or band around any particular level of exchange rate, which is determined by market forces demand and supply." Addressing the media after the customary post-policy presser, Patel said the rupee has experienced bouts of volatility since the monetary policy committee meeting in August. By the end of September, the rupee has depreciated in nominal effective terms by 5.6 per cent since the end of March. In real effective term, the rupee fall has been at 5 per cent, the governor said, adding the foreign exchange reserves of USD 400.5 billion as of end September, are sufficient to finance 10 months of imports. In absolute terms, the rupee is down around 17 per cent since January this year. Forex reserves had touched a record of USD 426.028 billion in the week to April 13, 2018, but have been declining since then on account of RBI intervention in market to stem fall in the rupee.

Rupee at 74 to a dollar is still better than other emerging market peers: RBI governor Urjit Patel

The RBI has told a parliamentary panel that it has &quot;no information&quot; on how much black money has been extinguished as a result of demonetisation of Rs 500/1,000 notes or about unaccounted cash legitimised through exchange of currency post note ban.

Stating that an estimated Rs 15.28 lakh crore in junked notes has come back &quot;subject to future corrections based on verification process&quot;, the Reserve Bank also said it has &quot;no information&quot; whether demonetisation is being planned to be implemented at regular intervals.

The RBI has been facing flak from the opposition parties for demonetisation and delay in disclosing figures on the junked notes, even as the government has maintained that the November 8, 2016 decision to ban Rs 500/1,000 notes in circulation at that time has helped in curbing black money, among other benefits.

Last week in its annual report, the RBI finally made public the details of the junked notes that have come back into the system putting the figure at Rs 15.28 lakh crore. The same figure has now been shared with the Parliamentary Standing Committee on Finance.

Replying to queries from the panel, the RBI said the verification for authenticity and numerical accuracy are still on, while some of the specified bank notes (old Rs 500/1,000 notes) which were accepted by banks and post offices are still lying in currency chests.

The central bank also informed the panel that the completion of the process of verification will take time in view of the large volume involved.

The process is &quot;going on in full swing&quot; with most RBI offices working in double shifts and with the help of high-end verification machines, the central bank said.

&quot;Till such time, these notes are processed by the RBI, their numerical accuracy and authenticity, only in estimation of SBNs received back is possible. Subject to future correction, based on verification process when completed, the estimated value of SBNs received as on June 30 is Rs 15.28 trillion,&quot; the RBI said in its written reply to the panel.

To a query on how much amount of black money has been extinguished as a result of demonetisation, the central bank said, &quot;The RBI has no information in this regard.&quot;

The RBI gave similar reply to another question on how much unaccounted money has been legitimised through exchange of junked currency.

The central bank did not give any direct reply on adverse impact on the informal and unorganised sector, as also about the GDP loss. The RBI said the deceleration in overall economic growth figures for 2016-17 had begun &quot;much before demonetisation&quot; due to weakness in industrial and services sector.

Last week, several members of the panel had sought redrafting of its draft report on demonetisation as the RBI at that time had not provided some crucial details including on the quantum of junked Rs 500/1,000 notes.

The acceptance of the report was deferred as member MPs across party lines including BJD MP Bhartruhari Mahtab, SP MP Naresh Agrawal and BJP MP Nishikant had said that the panel&#39;s report on demonetisation needed to be &quot;redrafted&quot; while some of them stated that it &quot;lacks punch&quot;.

In its annual report for 2016-17, the RBI had disclosed that all but about 1 per cent of the scrapped currency notes have come back into the system.

The government had on November 8, banned old Rs 500 and Rs 1,000 notes in an attempt to weed out black money in the country. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny.

The government replaced old Rs 500 notes with new ones, but no replacement for Rs 1,000 notes has been made. Instead, a new Rs 2,000 note was introduced post note ban.&nbsp;

The Reserve Bank also said it has 'no information' on whether demonetisation is being planned at regular intervals

The RBI has told a parliamentary panel that it has "no information" on how much black money has been extinguished as a result of demonetisation of Rs 500/1,000 notes or about unaccounted cash legitimised through exchange of currency post note ban. Stating that an estimated Rs 15.28 lakh crore in junked notes has come back "subject to future corrections based on verification process", the Reserve Bank also said it has "no information" whether demonetisation is being planned to be implemented at regular intervals. The RBI has been facing flak from the opposition parties for demonetisation and delay in disclosing figures on the junked notes, even as the government has maintained that the November 8, 2016 decision to ban Rs 500/1,000 notes in circulation at that time has helped in curbing black money, among other benefits. Last week in its annual report, the RBI finally made public the details of the junked notes that have come back into the system putting the figure at Rs 15.28 lakh crore. The same figure has now been shared with the Parliamentary Standing Committee on Finance. Replying to queries from the panel, the RBI said the verification for authenticity and numerical accuracy are still on, while some of the specified bank notes (old Rs 500/1,000 notes) which were accepted by banks and post offices are still lying in currency chests. The central bank also informed the panel that the completion of the process of verification will take time in view of the large volume involved. The process is "going on in full swing" with most RBI offices working in double shifts and with the help of high-end verification machines, the central bank said. "Till such time, these notes are processed by the RBI, their numerical accuracy and authenticity, only in estimation of SBNs received back is possible. Subject to future correction, based on verification process when completed, the estimated value of SBNs received as on June 30 is Rs 15.28 trillion," the RBI said in its written reply to the panel. To a query on how much amount of black money has been extinguished as a result of demonetisation, the central bank said, "The RBI has no information in this regard." The RBI gave similar reply to another question on how much unaccounted money has been legitimised through exchange of junked currency. The central bank did not give any direct reply on adverse impact on the informal and unorganised sector, as also about the GDP loss. The RBI said the deceleration in overall economic growth figures for 2016-17 had begun "much before demonetisation" due to weakness in industrial and services sector. Last week, several members of the panel had sought redrafting of its draft report on demonetisation as the RBI at that time had not provided some crucial details including on the quantum of junked Rs 500/1,000 notes. The acceptance of the report was deferred as member MPs across party lines including BJD MP Bhartruhari Mahtab, SP MP Naresh Agrawal and BJP MP Nishikant had said that the panel's report on demonetisation needed to be "redrafted" while some of them stated that it "lacks punch". In its annual report for 2016-17, the RBI had disclosed that all but about 1 per cent of the scrapped currency notes have come back into the system. The government had on November 8, banned old Rs 500 and Rs 1,000 notes in an attempt to weed out black money in the country. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny. The government replaced old Rs 500 notes with new ones, but no replacement for Rs 1,000 notes has been made. Instead, a new Rs 2,000 note was introduced post note ban.

No information on black money removed by note ban: RBI to Parliamentary panel