Currency in circulation rises Rs 3.23 trillion in first nine months of FY21


The (CiC) grew by around 13 per cent in the first nine months of the current fiscal as people preferred holding on to cash as a precautionary measure amid the uncertainty caused due to the COVID-19 pandemic.

CiC grew by Rs 3,23,003 crore, or 13.2 per cent, to Rs 27,70,315 crore as on January 1, 2021 from Rs 24,47,312 crore as on March 31, 2020, according to recent data released by the Reserve Bank of India (RBI).

In the April-December period of FY2020, it had grown by nearly 6 per cent.

According to Care Ratings Chief Economist Madan Sabnavis, the growth in so far in the current fiscal has been high as people were accumulating more cash to meet any exigency during the lockdown.

“Whenever there is a crisis-like situation, there is a tendency for households to latch on to cash. That is the reason there has been an increase in demand for cash. What you see is nothing else but a precautionary motive overwhelming everything,” Sabnavis said.

The RBI in its annual report for 2019-20, released in August

DHFL Resolution: Piramal claims its offer to FD holders better than Oaktree


With resolution process entering the final stage, on Saturday claimed that its bid provides better offer to over 55,000 retail fixed deposit holders of the debt-ridden mortgage lender than the one made by other suitor US-based Oaktree Capital.

In the last round of bidding, Oaktree has made a similar offer as well, and has claimed that they will give Rs 300 crore extra to FD holders, compared to the Rs 150 crore promised by Piramal so far.

“However, the payment structure offered by Oaktree is complex. The bidder has promised to pay this amount out of any proceeds they get from selling DHFL’s insurance subsidiary that is clubbed in the sale. Since Oaktree is a foreign institution, they face severe legal challenges in owning and selling the insurance business which is already at the maximum permissible foreign ownership limit of 49 per cent,” Piramal said in a statement.

Hence Oaktree’s offer to pay extra sum to FD holders out of the linked sale proceeds of the insurance company is highly uncertain, it said adding that Piramal in contrast has offered to pay Rs 150 crore extra

Short On Alternatives, Fans Trash Twitter’s Trump Ban


Friends, family and advisors to Donald Trump have been bitterly complaining that Twitter’s ban of the president after his supporters stormed the US Capitol amounts to an assault on free speech by radical leftists.

Ironically, given the enormous influence of the platform, they have aired their grievances first of all on … Twitter — a choice underscoring the platform’s huge readership and the relative paucity of alternatives.

“Free speech is dead & controlled by leftist overlords,” tweeted Donald Trump Jr., the president’s older son.

Asked Rudy Giuliani, the president’s personal lawyer, “Who will be silenced next?”

And Mike Pompeo — posting not as secretary of state but on his personal account — tweeted: “Sadly, this isn’t a new tactic of the Left. They’ve worked to silence opposing voices for years.”

For influential Republican senator Ted Cruz, the decisions by Twitter and some other social media were “absurd & profoundly dangerous.”

“Why,” he went on, “should a handful of Silicon Valley billionaires have a monopoly on political speech?”

Every one of the above messages was posted on Twitter, the social network that for years has been Trump’s preferred means of communicating with the public — and sometimes even with other world

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