By NewsX Bureau
12 August 2017
- Describing the impact of demonetisation on the Indian economy, Chief Economic Adviser Arvind Subramanian said that there has been a 20 % reduction of cash in the economy. He said that currency in circulation contracted by 19.7 % whereas reserve money contracted by nearly 13% as on the end of last fiscal on March 31st. In terms of tax collection, he noted that 5.4 lakh new tax payers have been added in the post-demonetisation period, which is from November 9, 2016 to March 31, 2017.
- According to a research paper posted on the Reserve Bank of India’s website, ‘Unusual’ cash deposits of Rs 1.6-1.7 lakh crore were made during the demonetisation period. These deposits were made in specific accounts, which are usually less active. Also, the excess deposits added to the banking system due to demonetisation are estimated in the range of Rs 2.8-4.3 lakh crore. PM Narendra Modi on November 8 had announced demonetisation of Rs 1,000 and Rs 500 notes valued at Rs 15.4 lakh crore.
- Standalone net profit of the State Bank of India went down to Rs 2,005.53 crore during the first quarter of 2017-18 fiscal. The net profit for the period zoomed by 436 % after merger of associate banks. SBI earned a total income of Rs 62,911.08 cr, up from Rs 48,928.60 cr during the same period in last fiscal. Bank’s gross Non-Performing Assets shot up to Rs 188,068 crore as of June 30, against Rs 101,541.18 crore in last year.
- State-run oil marketing company Bharat Petroleum Corporation Ltd has reported a massive 72 % fall in net profit for the 1st quarter of fiscal ended June. The net profit for the BPCL stood at Rs 745 crore primarily due to inventory loss and a drop in refining margins. The firm had posted a ‘Profit after Tax’ of Rs 2,621 crore in the corresponding quarter a year ago. Company’s total expenses in the quarter went up 24 % to Rs 66,309 cr, as against the expenditure of Rs 53,639 cr in the same quarter last year.
- International fashion brand Pepe Jeans has announced that it will be entering the premium innerwear market in India in a 50:50 joint venture with the Dollar Industries. Pepe Jeans will invest Rs 200 crore over the next 5 years of the partnership. The joint venture company named ‘Pepe Jeans Inner Fashion Pvt Ltd’ will manufacture premium range of fashion innerwear, gymwear, sleepwear in India under the brand name of ‘Pepe Jeans London’.
12 August 2017