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Government never expected spiked currency not to come back: Official

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New Delhi, Aug 31 (IANS) Rejecting criticism after the RBI indicated that almost 99 per cent of demonetised currency returned to the banking system, Economic Affairs Secretary Subhash Chandra Garg on Thursday said the government never said it didn’t expect it to come back and ruled out any more window period for exchange of old notes.

“There was clear expectation that much of it (demonetised notes) will come back. Whether all of it will come — people had different estimates and guesses. But the Centre never said it expected any currency not to come back,” Garg told the media here.

Asked if people could get another deadline for depositing scrapped currency of Rs 1,000 and Rs 500 that they might be left saddled with, he said: “At this point, no way.”

Most families had high-value currency and they used it for making payments as a way of exchange, Garg said.

On the November 8 demonetisation, the RBI on Wednesday said that of the Rs 15.44 lakh crore of notes taken out of circulation, Rs 15.28 lakh crore, or almost 99 per cent, returned to the system by way of public deposits.

Thus, only Rs 16,000 crore worth of old currency did not return to the banks.

Talking about the Reserve Bank of India dividends for 2016-17 reducing to less than half of what it paid in the previous year due to demonetisation costs, Garg said the government was in discussion with the RBI for more.

“In the Budget, we had estimated (it to be) Rs 58,000 crore. The RBI has calculated a surplus of Rs 44,000 crore. The RBI has transferred Rs 30,000 crore to the government. We are discussing with the RBI whether there is scope for more transfers as we have our Budget estimate at Rs 58,000 crore,” he said.

The RBI this month approved the transfer of surplus to the government, totalling Rs 30,659 crore for the year ended on June 30, 2017. The central bank had in the previous year paid Rs 65,876 crore dividend to the government.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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