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    December 31, 2016
    Show AI Summary
    Digital payment adoption accelerates with BHIM launch and incentive-driven draws to boost financial inclusion nationwide.
    Launch and promotion of the BHIM payment app with consumer and merchant prize draws to spur digital payment adoption; planned biometric fingerprint authentication will allow payments without specific phones or internet, extending access to remote, low-resource users. The initiative aims to formalise informal cash flows, creating transaction histories to enable small traders and workers to access formal credit, reduce dependence on moneylenders, and target welfare via redirected subsidies. Media engagement and public participation are urged to accelerate behavioural change toward a cashless economy.
    December 31, 2016
    Show AI Summary
    Treasury bill issuance schedule: government retains flexibility to modify auction amounts and timing, with changes announced publicly.
    Notification sets the quarterly auction schedule for Treasury Bills, specifying regular auction and issue dates and denomination categories, with aggregate allotments for the quarter. The Government of India, in consultation with the Reserve Bank of India, retains flexibility to modify the notified amounts and timing based on cash requirements, market conditions or intervening events, and any changes will be announced by press release; auctions are subject to the terms of the referenced General Notification.
    December 31, 2016
    Show AI Summary
    ATM withdrawal limit increased, with weekly limits unchanged and denomination guidance for cash disbursals.
    The Reserve Bank increased the daily withdrawal limit for ATM cards effective January 1, 2017, raising the per card daily entitlement while leaving the weekly withdrawal limits unchanged; banks must implement the revised daily limit within the existing weekly ceiling and ensure cash disbursals are predominantly in Rs. 500 denominations, with prior relaxation measures remaining in force.
    December 30, 2016
    Show AI Summary
    Reference rate update for the US dollar adjusts rupee cross-rates for euro, pound and yen affecting currency valuation practices.
    The Reserve Bank of India published the Reference Rate for the US dollar and, using middle cross-currency quotes, provided corresponding rupee exchange rates for the euro, pound sterling and yen; the release also states that the SDR-rupee rate will be based on that reference rate.
    December 30, 2016
    Show AI Summary
    Closure of exchange facility for Specified Bank Notes requires banks to deposit remaining notes at Reserve Bank offices immediately.
    Closure of the exchange facility for Specified Bank Notes on December 30, 2016 requires banks to report SBN collections that day and to deposit SBNs held at branches (other than DCCBs) at Reserve Bank Issue Offices or currency chests on December 31, 2016; SBNs cease to be part of banks' cash balances from close of business on December 31, 2016, with specified exceptions and storage and reporting arrangements including extended ICCOMS reporting hours.
    December 30, 2016
    Show AI Summary
    Credit contraction risk threatens bank asset quality and may raise non-performing loans following the cash withdrawal policy.
    Demonetisation-induced cash withdrawal disrupted banking operations and materially strained asset quality by constricting liquidity for borrowers and diverting bank resources to currency exchange. This caused a pronounced escalation in non-performing assets across lenders, a rise in wilful defaulters, and a sharp fall in credit demand and credit growth. Government recapitalisation and regulatory relief, including repayment extensions for small loans, were deployed, but further NPA deterioration is anticipated as the cash shortage's full effects on loan repayment materialise.
    December 29, 2016
    Show AI Summary
    RTI exemption claims prevent disclosure of reasoning behind demonetisation, citing national security and public interest exceptions.
    RBI declined RTI requests for reasons and timelines for demonetisation, invoking statutory exemptions that protect information whose disclosure would prejudice sovereignty, security or economic interests; it also refused to release Central Board meeting minutes. Critics assert RBI did not explain how exemptions applied post-implementation, question an in-house disclosure policy as conflicting with RTI, and note appeals and complaints challenging the refusal to disclose rationale and board records.
    December 29, 2016
    Show AI Summary
    Reference exchange rate for US dollar published by central bank updates rupee cross-currency rates and informs SDR rupee valuation.
    The Reserve Bank published the reference rate for the US dollar and the derived middle-rate cross-currency exchange rates for euro, pound sterling and yen against the rupee, and stated that the SDR Rupee rate will be based on that reference rate.
    December 28, 2016
    Show AI Summary
    Appointment of Deputy Governor: Professor Viral V. Acharya named to the central bank for a three-year term.
    The government appointed Professor Viral V. Acharya as a Deputy Governor of the Reserve Bank of India for a three-year term, approved by the Appointments Committee of the Cabinet, placing an academic expert in systemic risk and financial-sector regulation into senior central bank governance amid scrutiny of operational rules.
    December 28, 2016
    Show AI Summary
    Reference rate for the US dollar updated; cross currency rupee rates published and SDR rupee tied to the reference rate.
    The Reserve Bank updated the US Dollar reference rate to Rs. 68.2250 on December 28, 2016 (previously Rs. 67.9967) and, from that reference and cross currency middle rates, published Rupee rates for EUR (71.4520), GBP (83.8622) and JPY (100 = 58.06); the SDR Rupee rate is stated to be based on the published reference rate.
    December 28, 2016
    Show AI Summary
    Financial Redressal Agency to centralise consumer complaint resolution across financial services, prioritising mediation and regulator feedback.
    Creation of a sector neutral Financial Redressal Agency to provide a unified, accessible redress mechanism for retail consumers, emphasising mediation with light touch adjudication, remedies including directions to FSPs and compensation, and an independent feedback loop to regulators. The FRA will be governed by a Board appointed by regulators in consultation with Government, include an Independent Assessment Officer, and be established initially by executive order before being empowered by a financial consumer protection and redress law. Funding is to come from levies on FSPs collected by regulators; consumers will not be charged.
    December 27, 2016
    Show AI Summary
    Reference exchange rate published for the US dollar, with derived euro, pound and yen rupee rates and SDR linkage.
    The Reserve Bank of India issued a Reference Rate for the US dollar and, using that rate with middle cross-currency quotes, provided corresponding rupee exchange rates for the euro, pound sterling and the Japanese yen; the release also states that the SDR-rupee rate will be based on the reference rate.
    December 27, 2016
    Show AI Summary
    United Nations Fundamental Principles of Official Statistics reinforce professional independence and standardised release of official macroeconomic data.
    Adoption of the United Nations Fundamental Principles of Official Statistics mandates professional independence, impartiality, accountability and transparency across Central and State statistical systems. The Ministry maintained scheduled dissemination of CPI, IIP and successive GDP estimates, revised the Advance Release Calendar and revision policy for GDP aggregates, released Sixth Economic Census outputs, advanced IIP base revision and created web-based microdata archives. NSSO prepared to launch a tablet based Periodic Labour Force Survey for quarterly and annual labour-market indicators. MPLADS monitoring was digitalised via a new integrated website and online monitoring systems.
    December 27, 2016
    Show AI Summary
    Government securities auction: non-competitive bidding facility allows limited allocation and price-based multiple price sale with electronic bids.
    Re issue of four government stocks will be conducted by RBI as price based auctions under the multiple price method via electronic bids on E Kuber; up to 5% of each notified amount is reserved for eligible applicants under the Non Competitive Bidding Facility with defined submission windows for non competitive and competitive bids, fixed auction result and payment dates, and eligibility for When Issued trading under RBI guidelines.
    December 26, 2016
    Show AI Summary
    Reference rate updated for US dollar; cross currency rupee rates for euro, pound and yen updated and SDR rupee linkage noted.
    The Reserve Bank published the Reference Rate for the US dollar and the derived rupee exchange rates for the euro, pound sterling and the yen, comparing current quotations with the prior published rates; the notice specifies that the SDR Rupee rate will be based on the published reference rate.
    December 24, 2016
    Show AI Summary
    Securities regulation expanded: SEBI's remit urged to deepen capital markets for long-term infrastructure and farmer benefit.
    The address stresses that SEBI's regulatory remit now covers commodity derivatives, requiring calibrated oversight because spot agricultural markets are state-regulated and commodities often involve vulnerable consumers; it calls for linkage between spot platforms and derivatives to benefit farmers. It urges capital markets to provide long-term infrastructure finance by deepening bond and municipal markets and tasks regulators with facilitating municipal bond issuance. It also calls for fair, efficient, transparent measures to increase tax contributions from market profits and stronger vigilance against market abuse.
    December 24, 2016
    Show AI Summary
    Wage payment facilitation for tea garden workers sought through bank-account transfers and improved currency flow after demonetization.
    Following demonetization, the Tea Board coordinated with State and district administrations, garden managements and producers' associations to use District Administration bank accounts as temporary conduits, urged trade unions to support opening individual worker accounts, promoted enrolment under Pradhan Mantri Jan Dhan Yojana for direct wage transfers, and sought central bank directives and improved currency flow to ensure prompt and timely payment of wages to tea garden workers.
    December 23, 2016
    Show AI Summary
    Reference rate for US Dollar published; cross currency middle rates set euro, pound and yen exchange rates against the rupee.
    The Reserve Bank of India published an administrative reference rate for the US Dollar for December 23, 2016, and the prior day's rate, and used that USD reference rate together with middle rates of cross currency quotes to determine exchange rates for the euro, pound sterling and Japanese yen against the rupee; the press release also provides that the SDR Rupee rate will be based on the published reference rate.
    December 22, 2016
    Show AI Summary
    Demonetisation briefing: central bank to explain policy contours and liquidity measures before parliamentary finance panel.
    The central bank Governor will brief a parliamentary finance panel on the contours of demonetisation and measures to ease the currency shortage; the panel, having heard divided expert views, will probe cash to GDP and tax to GDP ratios and question finance and IT officials about promoting digital transactions. Operationally, regulators imposed individual withdrawal limits and temporarily restricted deposits of demonetised high denomination notes before rolling back that restriction, with a series of rapid regulatory revisions affecting deposit and withdrawal processes and increasing practical hardships.
    December 22, 2016
    Show AI Summary
    Reference exchange rate sets USD benchmark and underpins cross currency quotes and calculation of SDR Rupee rate.
    Reserve Bank of India publishes the reference rate for the US Dollar as the daily benchmark and compares it with the prior day; using that USD reference and middle cross currency rates the Bank derives exchange rates for Euro, Pound Sterling and Japanese Yen against the Rupee, and states that the SDR Rupee rate will be based on the published reference rate.

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      Year End Review 2016: Major Achievements of the Ministry of Statistics & Programme Implementation

      December 27, 2016

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      Central Statistics Office(CSO)

      Ø    United Nations Fundamental Principles of Official Statistics was approved for adoption by the Union Cabinet chaired by Prime Minister Narendra Modi on 04/05/2016 and was notified vide Gazette Notification dated 15/06/2016.

      The main objective of the adoption of the United Nations Fundamental Principles of Official Statistics is to bring professional independence, impartiality, accountability and transparency about methods of collection, compilation and dissemination of official statistics, besides fulfilling international commitment.   As the Indian statistical system is horizontally and vertically decentralized, adoption and implementation of these basic principles by the Central Ministries / Departments as well as State Governments would help build and retain essential trust of the public in the integrity of official statistical system and honour citizens / clients’ entitlement to official statistics as ‘public good’.

      Ø  Central Statistics Office released the following macroeconomic indices as per pre-decided time schedule:

      • Monthly Consumer Price Index (CPI) which is being used as a measure of inflation by many users and RBI for formulating /regulating Monetary Policy.

      • Monthly Index of Industrial Production (IIP) which is a unit free number based on data of fixed items from a fixed panel of factories that reflects short term changes in manufacturing sector. Graphical representation of Growth rates during this year as per IIP is as below :

      • Press Note on First Revised Estimate of National Income, Consumption Expenditure, Saving and Capital Formation for 2014-15 was released on 29th January 2016.
      • Advance Estimates of National Income, 2015-16 and Quarterly Estimates of GDP for Q3, 2015-16 were released on 8th February, 2016.
      • Press Note on Provisional Estimates of Annual National Income, 2015-16 and Quarterly Estimates of Gross Domestic Product for the Fourth Quarter (Q4) of 2015-16 with base year 2011-12 were released on 31st May, 2016.
      • Press Note on Estimates of Gross Domestic Product for the First Quarter (Q1) of 2016-17 with base year 2011-12 was released on 31st August 2016.
      • Press Note on Estimates of Gross Domestic Product (GDP) for the Second Quarter (Q2) of 2016-17 with base year 2011-12 was released on 30th November, 2016.

      Ø    Two regional workshops on ‘State Income and Related Aggregates’ were organized at Guwahati and Nainital during 2016 for the benefit of officials of State/UT DESs.

      Ø    MoSPI revised the Advance Release Calendar of Annual and Quarterly Estimates of GDP and policy of revision of Annual & Quarterly Estimates of GDP and related Macro-economic Aggregates. The revised release calendar has been placed in public domain. According to the revised calendar the following estimates are scheduled to be released up to March, 2017.

      (i).The First Advance Estimates of GDP for the year 2016-17 on January 6, 2017.

      (ii). The First Revised Estimates of GDP and related macro-economic aggregates for 2015-16 on January 31, 2017.

      (iii).Second advance estimates for the year 2016-17 and Quarterly estimates for the third quarter (October – December) of 2016-17 on February 28, 2017.

      Ø    The results of Sixth Economic Census (EC) were released in March, 2016. These are a data source for the number of establishments and number of persons employed therein, for both organised and unorganised sectors by geographical location, type of ownership, source of finance, etc. A workshop for discussing the results of 6th EC with participants from States/UTs and other Central Ministries was organised in New Delhi during June, 2016. State/UT Directories for establishments employing 10 or more workers, based on Sixth EC data, were released in July, 2016.

      Ø    On 29th June, 2016, the 10th Statistics Day was celebrated all over India by the Ministry, State Governments, Offices of National Sample Survey Office spread throughout the country, Indian Statistical Institute, Universities/Departments, etc. by organizing Seminars, Conferences, etc. At national level, the main function was held in New Delhi at Vigyan Bhawan under the presence of many dignitaries like Hon’ble Minister of Agriculture & Farmers Welfare, Shri Radha Mohan Singh, then Hon’ble Minister of Statistics & PI (I/C) Gen. Dr. V.K. Singh, Chairman, National Statistical Commission and Secretary, Ministry of Statistics & Programme Implementation. The P.V Sukhatme Award was conferred on Prof. T J Rao on this occasion for his lifetime contribution to Statistics. The theme selected for the 10th Statistics Day was ‘Agriculture and Farmers’ Welfare’ in view of the recent initiatives and measures taken by Government of India, particularly by Ministry of Agriculture and Farmers Welfare to focus on farmer centric programmes and promote the development of relevant agricultural and rural statistics.

      Ø    Besides the regular training programmes for Indian Statistical Service and Subordinate Statistical Service officers and other activities, the National Statistical Systems Training Academy (NSSTA) of the Ministry has successfully organised one International Workshop on Data and Statistics for Sustainable Development Goals in collaboration with Statistical Institute for Asia and the Pacific during 05th -09th September, 2016 at Greater Noida.

      Ø    MoSPI organized 7th Technical meeting of representatives of BRICS countries (Brazil, Russia, India, China and South Africa) in Delhi during 24th to 26th February, 2016 to discuss collaborative data dissemination system and preparation and finalization of BRICS, Joint Statistical Publication 2016 i.e. BRICS, JSP 2016. It was released by Hon’ble Prime Minister of India at BRICS Summit held at Goa during 15 and 16 October, 2016. Further, the Ministry organised 8th Meeting of Heads of National Statistics Offices (NSOs) of BRICS countries during 3rd and 4th November, 2016 at Jaipur (Rajasthan) to discuss Statistical measurement for assessing performance of Industrial Sector.

      Ø      The 8th Meeting of Heads of SAARC Statistical Organizations (SAARCSTAT) held during 29-31 August 2016 in New Delhi, was inaugurated by Shri D.V. Sadananda Gowda, Hon’ble Minister for Statistics and Programme Implementation. The meeting was hosted by India and attended by delegates from all SAARC member states except Afghanistan. Besides member States, representatives from SAARC Secretariat Kathmandu and International Organizations viz., FAO, PARIS 21 (Partnership in Statistics for Development in the 21st Century) and ADB also attended the meeting. The theme of this year’s meeting was “ Trade Statistics-Merchandise & Services”. The objective of the SAARCSTAT is to support regional cooperation and Initiatives in the field of official statistics among SAARC member States.

      Ø    Support for Statistical Strengthening Project (SSSP) is being implemented in 33 States/UTs, including the 8 NE States. Now, the Scheme has been shifted from being a Centrally Sponsored Scheme to a Central Sector Scheme.The Ministry is in the process of finalizing the State Programmes in consultation with the respective State DES officials.

      Ø    The new website of the Ministry was launched by the Hon’ble Minister for Statistics & PI on 25th October, 2016 which is designed and developed as per the Guidelines for Indian Government Websites (GIGW) to facilitate the users.  First workshop on International Household Survey Network (IHSN) toolkit to sensitize the all DESs of State/UTs was organized in October, 2016 at New Delhi. The second such workshop was organised in December, 2016. Documentation of Sixth Economic Census Micro-data & Meta-data in an international standard format using IHSN Toolkit for States/UTs completed.

      Ø    A web-based Survey Data Catalogue/ Micro Data Archive of the unit-level data has been created covering the data sets available with the Ministry. These include the data of Annual Survey of Industries, Economic Census, and the National Sample Surveys. The micro data archive is being accessed by various national and international users to download metadata and various reports uploaded on the website. Every month more than one lakh users are accessing the metadata from one source having international standard.

      Ø    The final results of ASI 2013-14 have been released in e-media in the month of March, 2016. Vol-I containing summary statements, is available in the Ministry’s website (www.mospi.gov.in), While Vol- II is available in CD on payment basis. The bi-annual journal - “The Journal of Industrial Statistics” is being brought out regularly to provide a platform for the experts, researchers and data-users to publish research and analytical articles, and also to bring out important national and international indicators on industrial statistics. Two issues i.e.  March 2016 issue, and Sept 2016 issue, have been brought out during the year. Seventh national seminar on Industrial Statistics was organized on 26th September, 2016 in Kolkata

      Ø    Index of Industrial Production (IIP) is an important short-term indicator of industrial growth. The current series of IIP is being compiled with an old base of 2004-05. MoSPI has already undertaken the base revision exercise of all-India IIP with 2011-12 as the new base year and a proposal for the same has been placed before the Committee of Secretaries after inter-ministerial consultation.

      Ø    Technical assistance in the form of training was provided to State DES officers for compilation of State IIP with new base year 2011-12, in the Zonal review workshops held in Kolkata during August 2016 to September 2016.Issues related to compilation of State level IIP was deliberated with senior officers of State Governments in the National Consultation Meeting chaired by Secretary, MoSPI on 20th December, 2016 in Delhi.

      Ø    MoSPI organized a National Workshop on developing a monitoring framework for the SDGs with the Central Ministries/Departments and State Governments in September 2016

      Ø     MoSPI is the nodal agency for component 3 of Country Strategic Plan (CSP) 2015-18 signed between Government of India and WFP on elimination of hunger, which relates to food and nutrition security analysis etc. In furtherance of the same, MoSPI signed the Annual Work Plan 2017 with WFP.

      Ø    Central Statistics Office also published/released the following publications during 2016:

      •   SAARC Social Charter India Country Report – 2016
      •    Fourth edition of the adhoc publication ‘Elderly in India 2016’
      •   Compendium of Environment Statistics – India
      •   Energy Statistics 2016
      •   Statistical Year Book 2016
      •   National accounts Statistics 2016

      National Sample Survey Office (NSSO)

      Ø    National Sample Survey Office (NSSO) will be launching nation-wide Periodic Labour Force Survey (PLFS) with the primary objective to measure quarterly changes of various statistical indicators of the labour market in urban area as well as to generate the annual estimates of different labour force indicators both in rural and urban areas. The survey is expected to start in last quarter of 2016-2017 and will continue thereafter on quarterly basis. For this, the required number of posts has already been created. The process of engaging required contractual manpower and procuring tablets is at advance stage of completion. For the launch of PLFS, NSSO with the technical assistance of World Bank has developed software, viz., Computer Assisted Personal Interviewing (CAPI) solution which will replace the paper schedule of NSSO surveys with the tablet based schedule data collection and validation. This will help in faster data processing and will further reduce the time gap between completion of survey and release of results.

      Ø    The Swachhta Status Report 2016, based on the findings of a nation-wide rapid survey to assess the sanitary conditions in rural and urban areas conducted by National Sample Survey Office (NSSO) during May-June, 2015, was released and uploaded on the Ministry’s website in April, 2016. The survey aimed at giving a snapshot of the situation on the availability/accessibility of toilets, solid waste and liquid waste at sample village/ward and household levels aggregated at State and country levels. This report made available at one place the relevant information from different programmes undertaken under Swachh Bharat Mission by different agencies of the Government and other data/findings from Census and National sample Surveys.

      Ø    NSSO successfully completed its 73rd round survey (July, 2015 – June, 2016) on the subject ‘Unincorporated Non-agricultural enterprises in Manufacturing, Trade and other services (excluding Construction)’ in June 2016. Thereafter, NSSO launched its 74th round survey (July, 2016 – June, 2017) on ‘Survey on Services Sector’ during July, 2016

      Ø    NSSO, based on its 68th, 70th, 71st and 72nd rounds, released following reports during 2016:

      i.  Based on NSS 68th round on (i) Employment-Unemployment and (ii) Consumer Expenditure:

      1)   NSS Report No. 568 - Employment and Unemployment Situation Among Major Religious Groups in India

      ii. Based on NSS 70th round on (i) Debt and Investment (ii) Land & Livestock Holdings and (iii) Situation Assessment Survey of Agricultural Households:

      1)    NSS Report No. 570 - Household Assets and Liabilities in India

      2)    NSS Report No. 572 - Livestock Ownership in India

      3)    NSS Report No. 573 - Some Aspects of Farming in India

      4)   NSS Report No. 576-Income, Expenditure, Productive Assets and Indebtedness of Agricultural Households in India

      5)    NSS Report No. 577 - Household Indebtedness in India

      6)   NSS Report No. 578 - Household Assets and Indebtedness among Social Groups in India

      iii.  Based on NSS 71st round on Social Consumption: Health and Education: NSS

      1)   NSS Report No. 574-Health in India

      2)   NSS Report No. 575 - Education in India

      iv.  Based on NSS 72nd round on Domestic Tourism Expenditure, Household Expenditure on Services and Durable Goods and Household Consumer Expenditure:

      1)  Key indicators of Household expenditure on Services and Durable Goods.

      2)  Key indicators of  Domestic Tourism in India

      Ø    NSSO, apart from its regular reports, also brings out its technical journal called ‘Sarvekshana’. Two issues of Sarvekshana have been released in the calendar year 2016.

      Ø    NSSO also organized two-day National Seminar on NSS data on the subjects covered during its 68th & 69th rounds during 26-27 May 2016 at Indira Gandhi Institute of Development Research (IGIDR), Mumbai.

      Programme Implementation (PI) Wing

      Ø    Under MPLADS, an amount of ₹ 2295.00 crore was released and an expenditure of ₹ 2585.91 has been incurred up to 30.11.2016 in the current financial year 2016-17. A new integrated MPLADS website developed on state-of-the-art Microsoft platform with built in security features in under implementation. This new website will provide single point of reference for all stake holders including Members of Parliament and District Authorities. All MPLADS fund releases are being made only through this website. This Ministry is regularly organizing training programme for the district officials on the new website. For Central Sector Projects, the monitoring is done through the mechanism of Online Computerized Monitoring System (OCMS)

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