Big Shot ₹2,000 Note's Retirement: RBI's Way of Keeping Things Light! 🏦

Saturday, May 20^th 2023

Good Morning ☕

RBI has announced a game of musical chairs, but for the ₹2000 note, the music just stopped! Yes, our beloved purple bill is being asked to take a break from the whirlwind of active circulation.

And as we bid a partial adieu to this high-value note, we can't help but marvel at the peculiar game the RBI has in play. Always keeping us on our toes, isn't it? This latest move just adds a new layer to the colorful dance of India's monetary policy.

Important News of the Day

1. RBI to withdraw Rs 2,000 notes from circulation, will continue as legal tender

The Reserve Bank of India (RBI) has decided to withdraw the ₹2,000 banknote from circulation, but it will continue to be legal tender. The use of the ₹2,000 banknote has been declining, and it is believed that its withdrawal will not have a significant impact on the economy. The RBI has also introduced new ₹200 and ₹500 banknotes to replace the old ones that were demonetized in 2016.

2. Coal Ministry targets 140 mt coking coal production by FY30

India aims to increase its coking coal production to 140 million tonnes by 2030 to meet the demand of the steel industry, according to the Mission Coking Coal initiative. Coal India has signed four Memorandums of Understanding for coal gasification projects. The Ministry of Coal has set up Mission Coking Coal to suggest a roadmap to enhance coking coal production to reach 105 million tonnes by FY 2030. The raw coking coal production is expected to reach 140 million tonnes by 2030, and Coal India has planned to increase raw coking coal production by outsourcing mines.

3. ED seizes funds worth ₹8.26 crore of Chinese-owned Pigeon Education Technology in Bengaluru

The Enforcement Directorate (ED) in India has seized INR 8.26 crore from Pigeon Education Technology India Pvt Ltd, a Chinese-owned online education provider operating as 'Oda Class.' The ED alleges the company broke foreign exchange laws and sent money to China illegally. The company, fully owned and operated by Chinese nationals, had remitted about INR 82 crore to China claiming it as marketing expenses, without providing evidence of services received in return.

4. Fish Production Hits All-Time High at 162.48 Lakh Tonne in 2021-22: Rupala

India's fish production hit a record 14.73 million metric tonnes in the 2020-21 fiscal year, making it the third-largest fish producer and fourth-largest exporter worldwide, says the National Fisheries Development Board. The government's goal is to boost production to 22 million metric tonnes by 2024-2025. With an average annual growth of about 8% and aquaculture growing at over 10%, the fisheries sector is one of India's fastest-growing agriculture-related sectors.

5. Japan considering joining India's UPI payment system, says Japanese Minister Kono Taro

Japan is considering joining India's UPI payment system, according to Japanese Digital Minister Kono Taro. The move would allow cross-border transactions between Japanese residents and other countries such as India, Singapore, and Thailand. Taro called UPI a “very convenient system of payment” that “can increase interoperability between governments”. The partnership would promote digital cooperation between Japan and India.

6. Adani Group Cleared of Price Manipulation Allegations: SC Panel Rejects SEBI's Failure Narrative

A Supreme Court-appointed committee found no proof of regulatory failure by the Securities and Exchange Board of India (SEBI) concerning allegations of price manipulation in the Adani-Hindenburg case. The six-member committee stated that SEBI's explanations, backed by empirical data, did not indicate a regulatory failure. SEBI is presently probing 13 specific transactions to see if they involved fraud, regardless of whether they're classified as "related party transactions". The committee found no signs of artificial or abusive trading.

Breaking News: The Scoop You Can't-Miss!

1. Apple, Samsung Looking to Expand Production in India, Says MoS IT Rajeev Chandrasekhar

Apple and Samsung are considering expanding their electronics production in India, following the launch of a $2 billion plan to boost local manufacturing of various electronics, including laptops and tablets. The government's financial incentives have already led to billions in handset exports from these companies. The new incentive scheme is also targeting firms like Dell Technologies, HP, and Lenovo, as the government aims to attract chip fabrication and packaging plants.

2. BYJU's Strongly Denies Allegations of Hiding $500 Million through US-based Subsidiary

Indian edtech company, Byju's, has refuted claims that it concealed $500 million via its US subsidiary, Byju's Alpha. The allegations came from a dormant US entity without any employees. India's anti-money laundering agency is currently investigating Byju for late submission of annual financial statements.

3. India And Germany To Widen Their Trilateral Partnership Focusing On Sustainability

India and Germany aim to grow their joint development efforts in Africa, focusing on training, capacity-building, healthcare, and livelihood support. India has already committed $700 million towards education and skills development in Africa. The partners intend to promote the use of technology for sustainable growth. This is part of a larger trend of countries, including India, the US, UK, Japan, and Germany, cooperating to support Africa's sustainable development.

4. NCLT Rejects IDBI Bank's Insolvency Plea against Zee Entertainment

The National Company Law Tribunal (NCLT) has turned down IDBI Bank's insolvency plea against Zee Entertainment, a request to recover dues of ₹149.60 crore. This dispute dates back to December 2022 when IDBI, claiming to be a financial creditor, demanded the initiation of Corporate Insolvency Resolution Process against Zee. However, Zee Entertainment has started negotiations to repay debts to its creditors, including IDBI, to facilitate a merger with Sony Group, which will result in a $10 billion media conglomerate.

5. Luxury buses plying in Himachal will have to pay annual tax of Rs 9 lakh

Luxury buses in Himachal Pradesh will now be taxed Rs 9 lakh annually, as announced by Deputy Chief Minister Mukesh Agnihotri. Additionally, the state plans to buy 75 electric buses, increasing the total electric fleet to 170, and intends to replace 225 diesel buses with electric ones. The Himachal Road Transport Corporation (HRTC) is gradually shifting from diesel to electric buses and already has 95 electric buses in service.

6. Environment minister calls out international community over ambiguity in climate finance

India's Environment Minister, Prakash Javadekar, has expressed dissatisfaction over the international community's unclear climate finance commitments. He pointed out that developed countries haven't met their promise to give $100 billion annually to aid developing countries' climate initiatives. He highlighted that India is not the main contributor to climate change, yet it's fulfilling its Paris Climate Accord obligations.

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