RBI clears proposal to introduce Rs 200 notes

RBI is likely to start the process of printing the new ₹ 200 notes 

After June, only after the government officially approves this new denomination, says an official

The move to introduce lower denomination notes comes against the backdrop of the government’s move to rework the currency mix.

On 8 November, it announced the withdrawal of Rs500 and Rs1,000 currency notes, amounting to around 86% of currency in circulation of Rs17.9 trillion.

Since then, RBI has replaced these with the new Rs2,000 and redesigned Rs500 bank notes. As on 24 March, currency in circulation was Rs13.12 trillion, still around 27% off pre-demonetization levels. The government is encouraging digital payments and may not increase currency in circulation to the pre-demonetization level.

On 13 March, RBI lifted all cash withdrawal caps. ATM operators, however, say that there is a paucity of lower denomination banknotes.

So far, the central bank has not revealed how many of the old currency notes it has got back from the public. The window for Indians who were out of the country between 8 November and 30 December ended on Friday.

The RBI board has 14 members. Apart from governor Urjit Patel and four deputy governors, the board also has economic affairs secretary Shaktikanta Das and financial services secretary Anjuly Chib Duggal.

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Your iPhone is getting cheaper as Apple is setting up ‘Make In India’ plant next month

It’s official! Apple is finally all set to start production in India.

The Karnataka government confirmed that Apple has confirmed plans to set up an initial manufacturing plant in Bengaluru and will start production by April 2017.

Although the plant won’t be completely managed by Apple. An OEM of Apple, Wistron, will be carrying out the production of Apple iPhone from this plant location.

Apart from Bengaluru, Apple is also keen on expanding their manufacturing to other parts of India, mainly Hyderabad and Delhi-NCR. There is no confirmation on the same yet.

Apple’s India plan has been increasingly aggressive as India is the second biggest growing market for them in terms of sales and revenue.

In May, Apple had announced a design and development accelerator in the city to grow the iOS developer community and also guide Indian developers.

Apple has a rather complex supply chain. The parts for the iPhone, iPad, iPod and Mac are manufactured, mostly by third parties, across 28 countries.

Now that the iPhone is being manufactured in India, it would be interesting to see how much the prices of the phone fall during the next launch.

This seems like exciting times for India. Are you happy about this news? Let us know in the comments!

Meet Miko, India’s First ‘Emotionally Intelligent’ Companion Robot for Kids

Meet Miko, India’s First ‘Emotionally Intelligent’ Companion Robot for Kids

Manufactured by Mumbai-based Emotix, Miko is India’s first robot that has been designed to interact with children. Costing Rs. 19,000, the robot offers the capability of engaging, educating, and entertaining a child the Indian way.

Miko encourages the children to speak to it by saying “Ask me something”. It responds to questions related to general knowledge, basic maths, performs dances or can do fun stuff likes sing rhymes and tell stories.

Just by using a prefix- “Hey Miko”, Miko responds to the queries. It also teaches children social manners like not to litter around and can play book cricket too.

To be launched in February 2017, However, at present, Miko only understands the English language, which could be the negative point as India is a country where there are several mother tongues and accents. Emotix is working on two other languages namely Hindi and Hinglish.

This could be a giant leap of technology and parenting in India. We do not know what its impact on children will be, but we do hope that Miko helps in shaping up of India’s future.

New ₹1000 note soon: Sources 27 Jan 2017

New ₹1000 note soon: Sources27 Jan 2017

Sources revealed that the RBI may be planning to introduce new ₹1000 notes with enhanced security features and a new look.

The RBI was planning the move earlier as well but work has reportedly been expedited due to difficulties faced by the public after the introduction of the ₹2000 note.

The notes will also be Braille-friendly according to sources.

Total 597 people died, unable to bear the death of Puratchi Thalaivi Amma.

Total 597 people died, unable to bear the death of Puratchi Thalaivi Amma. Rs 3 lakh aid will be given to each family," the AIADMK tweeted

The All India Anna Dravida Munnetra Kazhagam (AIADMK) on Monday announced that a total of 597 people have died so far of grief and shock post the demise of former chief minister J Jayalalithaa and added that Rs 3 lakh would be paid to their families.

"Total 597 people died, unable to bear the death of Puratchi Thalaivi Amma. Rs 3 lakh aid will be given to each family," the AIADMK tweeted.

On December 11, the party had announced the same amount of compensation for the 470 people who had died. Since then the death toll has risen by more than 100. Earlier, the party had also announced Rs 50,000 for a party functionary who allegedly attempted self-immolation and a similar amount to another person who cut his finger off following Jayalalithaa's demise on December 5.

Even before the news of Jayalalithaa's demise, a 65-year-old painter in Singanallur (Tamil Nadu) complained of chest pain while watching the news on Jayalalithaa's health in his house. He passed away before he could reach the hospital.

Similarly, in another incident, Palaniammal (62) of Thudiyalur, died of shock after watching the TV news in her house on December 5. Similarly, a 38-year-old lead worker, Raja, collapsed on the chair while watching the news in Erode. Though his wife called for assistance, the 108 crew of emergency service declared him dead on arrival.

Jayalalithaa passed away on December 5 after suffering a cardiac arrest and was buried with full state honours near the MGR Memorial in Chennai on December 6.

The party also conveyed its condolences to the family members of the dead.

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