ECONOMY jan 2017

India GDP growth to slow to 7.1% in FY 17

India’s economic growth is likely to decelerate to 7.1% from 7.6 the previous year, chiefly due to an industrial slowdown, the government said on January 6th sidestepping the possible impact of demonetization. Per capita net national income during 2016-17 estimated to be Rs.1,03,077, rise of 10.4% as compared to Rs. 93,293 during 2015-16 with the growth rate of 7.6%.

NRIs can exchange defunct notes up to June 30: RBI

The Reserve Bank of India has allowed non-resident Indians (NRIs) to exchange defunctioned Rs.500 and Rs.1000 notes till June 30, 2017. This facility will be available through RBI offices in Mumbai, Delhi, Chennai, Kolkata, Nagpur. Resident Indian citizens who failed to deposit old notes and were abroad between November 9 and December 30, 2016 can avail themselves of this facility up to March 31st, 2017.