With this the total number of suspensions in both Indian Security Press and CNP in connection with the fake stamp paper racket has gone up to seven.
The primary objective of introduction of polymer notes was to increase its life and not to combat counterfeiting.
RBI Governor Sanjay Malhotra announced plans to launch long-lasting polymer currency notes by the next financial year. He also discussed the central bank's data-dependent approach to interest rates, its focus on aligning inflation with the 4 per cent target, and the orderly trajectory of the rupee amidst geopolitical tensions.
"It has been decided to print banknotes based on plastic or polymer substrate. The process of procurement has been initiated," Minister of State for Finance Arjun Ram Meghwal said in a written reply in Lok Sabha to a query whether Reserve Bank of India proposes to print plastic currency notes in place of paper ones.
RBI says polymer notes have a significantly longer lifespan, potentially reducing printing costs and replacement frequency.
"If there is an image of Lakshmi-Ganesh on our currency (notes), our country will prosper. I will write to (the) prime minister in a day or two on this," he said at a media briefing.
The US Treasury Department is exploring the possibility of featuring Donald Trump's portrait on a new $250 note, pending congressional approval to amend the law that prohibits living individuals from being depicted on US currency.
The RBI has shelved its plan for polymer notes more than a decade after it invited interest from global manufacturers for one billion pieces of Rs 10 denomination polymer banknotes, reveals Tamal Bandyopadhyay.
The Shri Ram Janmabhoomi Teerth Kshetra Trust is set to hold crucial meetings to appoint a new general secretary, fill three vacant trustee posts, and deliberate on the appointment of the temple's first Chief Executive Officer (CEO), all while addressing the ongoing donation theft controversy and the Supreme Court's call for a fair investigation.
A Special Investigation Team (SIT) probing alleged theft and embezzlement of donations at the Ram Temple in Ayodhya has found repeated instances of employees concealing cash during counting and flagged serious security and supervision lapses. The preliminary report, shared with the Shri Ram Janmabhoomi Teerth Kshetra Trust, indicates systematic irregularities and financial discrepancies among employees, leading to arrests and resignations within the trust.
The Shri Ram Janmabhoomi Teerth Kshetra Trust on Wednesday deferred the selection of its first chief executive officer (CEO) by a month after receiving 5,200 applications for the post and decided to appoint a secretary in the interim to meet growing administrative requirements.
Govind Dev Giri Maharaj, treasurer of the Shri Ram Janmabhoomi Teerth Kshetra Trust, acknowledged supervisory lapses at the Ayodhya Ram temple following alleged donation theft, but stated he would not resign as he does not consider himself personally at fault. He estimated the theft could be around Rs 3 crore and criticised SBI for not verifying employee credentials.
'Buy on dips, buy on dips and sell on rise.'
An RBI official said the supply of currency was adequate in the states facing a crunch at ATMs but the logistic issues led to the present situation
'At the first sign of real trouble, that money will move. There will be a run.'
Former US President Donald Trump has criticised Iran's stance on the Strait of Hormuz, calling it a form of 'extortion' amid ongoing negotiations for a peace deal. The remarks come as Iran considers imposing transit fees on vessels crossing the strategic waterway.
Alarmed over the menace of the fake Indian currency notes spreading its tentacles in India, the government has issued a directive to the Reserve Bank of India to withdraw from circulation the notes of 1996 and 2000 series.
Trump may strike. He may announce productive talks and extend again. He may do both at the same time. Iran will not open the Strait on someone else's terms, so no matter what happens, that problem will remain unsolved. And the IRGC will still be collecting its $2 million toll from every ship bold enough to ask permission to pass.
The rupee appreciated 13 paise to close at 90.34 against the US dollar on Thursday, on trade deal optimism and overnight decline in commodity prices, even as the upside remained capped as investors look for more clarity on the India-US trade deal.
State-owned Engineers India and MECON as well as four private entities are in the fray for the project to comprehensively revamp RBI's currency management infrastructure in order to cater to future cash needs of the country's fast growing economy. The four private entities are: Accenture Solutions; Colliers International (India) Property Services; PricewaterhouseCoopers and The Boston Consulting Group (India).
US President Donald Trump announced a new global levy on imported items, resulting in a lower tariff rate for India, following a Supreme Court verdict against his previous sweeping tariffs.
Following a Supreme Court setback, Donald Trump has announced an increase in global tariffs from 10% to 15%, impacting international trade relations and raising concerns about economic repercussions.
Reserve Bank Governor Shaktikanta Das on Wednesday said that RBI is monitoring the situation regularly with regard to the withdrawal of Rs 2,000 currency notes and expressed confidence that the entire exercise will be completed in a non-disruptive manner. The Reserve Bank of India (RBI) on Friday announced the withdrawal of Rs 2000 denomination banknotes as part of its currency management and permitted the exchange of Rs 2000 currency notes up to Rs 20,000 in one go from Tuesday onwards. The exchange or deposit window is available until September 30, 2023.
Alliances fight wars effectively only when they share an endgame. If Israel acted without US knowledge, then the military alliance is operating without real coordination at the level of strategic targeting. Neither picture is reassuring in a war that is no longer regional in its consequences. Prem Panicker continues his must read daily blog on the Gulf War.
"The people are completely frustrated with this government. Now, people are raising their voice, they are saying that everyone (political parties) will have to come together under Congress' leadership to fight against them (BJP)," he added.
The Bharatiya Janata Party rejected this was any sort of demonetisation and instead reminded the Congress that even during the rule of Manmohan Singh, old currency notes were taken off circulation.
Delhi Chief Minister Arvind Kejriwal on Wednesday appealed to Prime Minister Narendra Modi to have photos of Lord Ganesh and Goddess Lakshmi on currency notes.
Sanjay Malhotra has made structural changes to banking regulation to bring down costs and increase efficiency. Plus, he kicked off a benign interest regime. But there are challenges ahead.
In the third of a four-part series, Business Standard reporter travels to Nashik to assess how the currency press there is responding to demonetisation.
Despite the demonetisation of 2016 and the rise in digital transactions that followed, the economy's dependence on cash has remained as high as ever. So when the Reserve Bank of India (RBI) introduced a pilot project of its version of digital cash - called the central bank digital currency (CBDC) - on December 1, many questions were asked. Can the CBDC replace physical cash, even partially? Can it match cash in terms of convenience? Are CBDC transactions truly anonymous?
Take the rediff business quiz and see how much you know about India's currency and coins.
In the second of a four-part series, Business Standard checks out the currency press in Dewas to find target-based allowances have increased the monthly salary of employees from Rs 10,000 to Rs 30,000, at a time when notes are being printed 24x7.
As Damascus teetered, Assad's aide orchestrated a shadowy airlift, spiriting millions and secrets to Russia, paving his own escape route.
Twitter is abuzz with images of supposed new Rs 2,000 notes
INDIA bloc parties are set to raise issues such as the Pahalgam attack, US President Trump's claims of brokering a ceasefire, and concerns over electoral roll revisions in Bihar during the Parliament's Monsoon session.
One hundred years ago, a group of 10 revolutionaries carried out an operation that shook the British Empire. Utkarsh Mishra revisits the 'Kakori Conspiracy Case', a turning point in the armed struggle for independence.
Centre wanted to push the Banking Regulation Bill, the Opposition wanted to discuss stalking case.
The bright yellow coloured notes will hit the market just a day after the announcement by Finance Minister Arun Jaitley that the government has given a go-ahead to the RBI to issue the new currency bill.
Fake Indian currency notes of Rs 1,000 seized in Mumbai recently were unlikely to have been made in a small private press, a senior police official said on Friday.
