Seeking to allay concerns about the legal tender status of ₹2,000 currency notes after the September 30 deadline for their exchange or deposit, Reserve Bank of India Governor Shaktikanta Das stressed there is no need to rush to the banks and signalled the last date is only meant to nudge people to return the notes soon.
The Finance Ministry of India reports that the first month of the 2023-24 fiscal year has witnessed robust economic activity with a positive outlook for strengthening demand. Despite higher interest rates, signs of a virtuous investment cycle are already evident. The ministry highlights steady consumption growth, traction in capacity creation and real estate investment, and anticipates a stronger demand as inflation recedes. While downside risks exist, the ministry expects prices of commodities, except precious metals, to moderate and predicts enhanced rural economy due to higher crop support prices and government spending