Events proved that on every count the RBI had accurately predicted both the damage and the lack of benefit. What the RBI was hiding was the fact that Modi had ignored its concerns -- all of which turned out to be true -- and gone ahead anyway, asserts Aakar Patel.
After multiple weeks of decline, India's forex reserves increased by $1.15 billion to $585.89 billion during the week ended October 13, according to the RBI data. In the previous reporting week, the overall reserves had dropped by $2.17 billion to $584.74 billion. In October 2021, the country's forex kitty reached an all-time high of $645 billion.
BSE will become the fourth player in currency derivatives in India
The country's largest stock exchange in terms of volume has 'received an in-principle nod from Sebi for starting an exchange to trade foreign currency derivatives,' sources close to the development said. NSE officials, however, were not available for comment.
Sir Osborne Smith was the first governor of the Reserve Bank, serving from April 1, 1935, to June 30, 1937.
In the past 18 months, the department of revenue intelligence has seized 50 containers of cigarettes, valued at nearly Rs 200 crore
Rupee is seen to remain in the range of 67.50-68.80 in the short-term
Many emerging economies have witnessed a flight of foreign portfolio capital and their currencies have slumped against the dollar.
The RBI is toying with the idea of replacing paper currency with polymer notes. As a pilot project, the central bank is said to have decided to introduce 100 crore (1 billion) pieces of Rs 10 polymer notes, for which the bank has floated a global tender. The bank has asked interested parties for 500 pieces of sample banknotes, before the actual global bids for the project go through.
Intelligence Bureau and investigating agencies have established that fake currency funds terror in India. IB officials say there is a whopping Rs 17,000 crore worth of fake currency in circulation in India. While it funds terror organisations, it also helps intensify economic terrorism in the country. Sameer, one of the accused in the Hyderabad twin blasts, said in his confession and recent narco analysis conducted in Bengaluru that the notes are printed in Pakistan.
India's foreign exchange reserves jumped $708 million to $602.16 billion for the week ended August 11, the Reserve Bank of India (RBI) said on Friday. This is the first increase in the kitty after declining for three consecutive weeks. In the previous reporting week, the overall reserves had declined $2.42 billion to $601.45 billion.
The meet will focus on the recent global economic developments, challenges and collective measures to address them
Japan recently de-valued yen for economic growth.
Pakistan is flushing Tamil Nadu amd Karnataka with counterfeit currency to fund terror activities in the country, reports Vicky Nanjappa.
Forex reserves declined sharply by $5.89 billion to $617.3 billion for the week ending January 5 after rising for four consecutive weeks, according to the weekly Reserve Bank data released on Friday. So far this fiscal, the reserves have increased $55.72 billion, according to the Reserve Bank of India (RBI). In the previous reporting week ended December 29, the reserves rose $2.759 billion to $623.2 billion, the highest so far this fiscal.
From setting up cutting-edge facilities to cater to the domestic market and building capabilities of global standards, the action is building up.
'Except that the population was much less.' 'I remember my uncle and family moving away from the base of a hill whenever it rained for more than a couple of days without a dry day in between.' 'Perhaps the older generations knew if it rained for more than a certain time, they must pack up to a camp or to a relative.' 'As some of the interviews of the survivors on the Malayalam television channels show, the elderly people had a premonition a tragedy would happen, and those who acted on those premonitions survived.'
When I asked Krishna Gopal Sengupta, who had travelled through Bangladesh from Chittagong to Petrapole if the interim government had made any impact at ground level, he said, "it's been only a couple of days. They will need some time." Shyam G Menon reports from Petrapole, India's entry point with Bangladesh.
Addressing a public meeting in Mahore town of Reasi district on Sunday, the ruling Peoples Democratic Party patron said: "Jammu and Kashmir should become a model among the SAARC countries by allowing both Indian and Pakistani currency to operate in the state." Mufti defended his proposal by quoting the example of European Union, where he said "free travel was possible among 40 countries without any visa restrictions."
Policymakers should aspire to restore the pre-Independence environment where the rupee was trusted and used all over South Asia, in Southeast Asia, in West Asia, and in East Africa, suggests Ajay Shah.
The facility to exchange or deposit Rs 2,000 banknotes will not be available on Monday, April 1, 2024 due to operations associated with the annual closing of accounts, the Reserve Bank of India (RBI) said on Friday. The facility will resume on Tuesday (April 2, 2024) at the 19 issue offices of the RBI, it added. "The facility of exchange/deposit of Rs 2,000 banknotes will not be available on Monday, April 1, 2024 at the 19 issue offices of the Reserve Bank of India due to operations associated with the annual closing of accounts," it said.
India will have to show more willingness to import, and since Biden will not encourage sale of oil and gas to bridge the gap, it means there has to be more meaningful duty reduction in other areas even if Delhi baulks at a Free Trade Agreement so soon after walking out of RCEP.
Overall, yuan payments value in April decreased by 7.73 per cent from a month earlier
"It is not possible to check supply of fake notes at the source itself as "there is a state support"
Depreciating the rupee against the dollar to boost economic growth has fiscal constraints and monetary limitations
India's foreign exchange reserves jumped $1.23 billion to $596.28 billion in the week ended July 7, the Reserve Bank of India said on Friday. In the previous reporting week, the overall forex reserves increased $1.85 billion to $595.05 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
India and Japan on Friday decided to more than treble their currency swap arrangement from $15 billion to 50 billion in a move seen as sending an important signal for the rupee.
India's foreign exchange reserves rose by $1.85 billion to $595.05 billion in the week ended on June 30, the Reserve Bank of India said on Friday. The overall reserve had dropped by $2.90 billion to $593.20 billion in the previous reporting week. In October 2021, the country's forex reserve had reached an all-time high of $645 billion.
The Reserve Bank of India (RBI) on Friday said nearly 97.26 per cent of the Rs 2,000 bank notes have been returned to the banking system, and only about Rs 9,760 crore worth of the notes are still with the public. On May 19, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. "The total value of Rs 2,000 bank notes in circulation, which amounted to Rs 3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of Rs 2,000 bank notes was announced, has declined to Rs 9,760 crore as at the close of business on November 30, 2023," the RBI said in a statement.
The Indian rupee, which has depreciated 1.1 per cent so far in August, is expected to decline further on the back of a strengthening US dollar and a weakening Chinese yuan, according to a Business Standard poll of analysts. The Indian rupee hit an all-time low recently, closing at 83.15 per dollar. Five of the 10 respondents said the Indian currency might touch 83.5 per dollar in August itself, while others said the worst could be over.
India on Friday said a common currency for Asian countries, similar to the euro for European nations, was still a few years away and would require more coordinated efforts on part of all the participants.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
Stability is one of the major factors that explains why a number of countries have adopted the U.S. dollar as official currency.
European politicians who insisted on introducing the euro in 1999 ignored the warnings of economists.
India's forex reserves dropped $2.901 billion to $593.19 billion in the week ended June 23, the Reserve Bank said on Friday. The overall reserves increased by $2.35 billion to $596 in the previous reporting week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The Central Bureau of Investigation has arrested an Reserve Bank of India official and a JDS leader K C Veerendra, who is also a casino owner, in connection with separate cases relating to alleged illegal conversion of currency post-demonetisation.
Bangladesh is in turmoil, which is not good news for India, which shares a porous 4000 km border with it. There is a danger of fundamentalism growing there, and India has to move in to reset its ties with the new dispensation before China and Pakistan make capital out of it, alerts Ramesh Menon.
'The main worry is lots of new investors coming into the markets in order to make a quick buck/easy money.' 'Those things are happening again and have happened in the past as well.' 'All that has led to problems.' 'We are not there yet, but will get there eventually.'
The interchange fee -- paid by the card-issuing bank when a customer swipes at another bank's ATM, including at white-label ATMs -- may be raised to Rs 20 to Rs 23.
Sanjay Mathur, managing director and head of economics research for Asia Pacific (ex-Japan), Royal Bank of Scotland, tells Business Standard that in the emerging market pack, India needs to learn lessons from Korea and Taiwan, which have managed their economic situations well.
