Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have been invited to join the grouping.
RBI has maintained the stock of currency through advance as well as current printing level
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
'While people complain of the difficulties they are experiencing because of the lack of currency, they remain supportive so far of Mr Modi's initiative.' 'What the country should be concerned about is the prospect of a prime minister who is willing to sacrifice economic gain and risk large-scale job losses in exchange for personal popularity,'
How did Arvind Kejriwal, a one-time votary of secularism, turn into a bargain-basement version of Narendra Modi, wonders Vir Sanghvi.
Delhi's Lieutenant Governor V K Saxena on Monday sent a legal notice to Aam Aadmi Party leaders, accusing them of levelling 'false and derogatory' allegations against him, days after they claimed he was involved in a Rs 1,400-crore 'scam' during his tenure as the Khadi and Village Industries Commission (KVIC) chairman.
Strong Q3 brings Infosys comfort amid macro risks.
Immigration officials confirmed that Arshad, who was the second secretary at the political section of the high commission, left Dhaka on a Pakistan International Airlines flight on Wednesday afternoon.
A huge crater was created at the site of the ambush and two vehicles -- a jeep and a Shaktiman truck --were completely damaged.
According to the chief minister, the common man, small traders and daily labourers are the worst sufferers of the demonetisation scheme.
'Their vote bank has shifted to the BJP; the Congress is yet to realise it.'
Finance Minister Arun Jaitley witll spearhead the campaign with BJP President Amit Shah as its chief strategist.
'Is it not deplorable that even after 75 years of independence, there are people in our society who have been denied freedom?'
The sabre-rattling between parties on rival sides of the political divide over demonetisation showed no signs of softening on Saturday with the government accusing Congress of engaging in "fear mongering" and the latter hitting back calling the exercise a "not well thought out move" whose after-effects will last long.
The mortal remains of Lakhbir Singh were cremated at his native village in Punjab's Tarn Taran amid tight security in the presence of his family members. No Sikh priest was present to perform Ardas (Sikh religious prayer) and no one from his village, Cheema Kalan, attended the last rites.
'She showed courage at every turn in her political career.'
If RBI has to replace the entire stock of Rs 1,000 and Rs 500 notes with Rs 100 ones, the cost would be more than Rs 10,000 crore.
A total 179 deaths deaths have been reported since Monday evening, of which 98 were from West Bengal, 35 from Maharashtra, 29 from Gujarat, six from Rajasthan, five from Uttar Pradesh, two from Punjab and one each from Chandigarh, Haryana, Karnataka and Tamil Nadu.
The Reserve Bank of India (RBI) booked massive gains on its foreign currency sales and needed to provide much lesser for its reserves in 2020-21 (FY21), helping it to carve out a significant Rs 99,122-crore dividend for the government, revealed the RBI's annual report for FY21. By doing so, the central bank's risk buffers have reduced to the bare minimum, which may restrict some of RBI's scale of operations, and would likely hamper dividend payout for financial year 2021-22, said analysts. The annual accounts are for nine months ended March 31, 2021 since the RBI changed its accounting year from July-June to April-March from FY21.
The Ministry of External Affairs (MEA) on March 17 had announced that State Bank of India (SBI) would extend a term loan of $1 billion to Sri Lanka, fully guaranteed by the Indian government, and this was part of India's financial aid to the troubled island nation. Ministry of External Affairs (MEA) spokesperson Arindam Bagchi was quoted saying by news agency PTI that the loan would be used for importing food, medicines, and other essential items. "India has always stood with the people of Sri Lanka and we will continue to extend all possible support at this juncture.
Little attention is paid to the management of currencies and coins in India.
'The current crisis is a result of a clash between a coercive attempt by the government to justify demonetisation and rising digital transactions against the market and the economy fighting the unexpected pressure from atop.'
The crux of the problem is change, specifically the Rs 500 note, which India's presses cannot, currently, print in adequate number, says Sahil Kini/IndiaSpend.
Calling Congress vice-president Rahul Gandhi 'mentally unstable' over his remarks about having personal information about Prime Minister Narendra Modi's involvement in corruption, the Bharatiya Janata Party on Wednesday said the former was suffering from an 'attention seeking disorder'.
Venkaiah Naidu said 'let there be a discussion... November 8 is a historic day'.
Breaking his silence over the demonetisation issue, RBI Governor Urjit Patel on Sunday said the central bank is monitoring the situation on a daily basis and taking all necessary actions to "ease the genuine pain of citizens" with a clear intent to normalise the things as early as possible.
James Wilson explains why Indians are destined to silently suffer the cash shortage for half a dozen more months.
Whether it took the corona crisis to bring about the transformation, or otherwise, the change ought to be welcome, notes Virendra Kapoor.
India has gone through this exercise twice, and here's what happened then.
Doval had moved court against the magazine, the author of the article Kaushal Shroff and Congress leader Jairam Ramesh for holding a press conference on January 17 reiterating the 'baseless and unfounded facts' as narrated in the article.
The article claimed that Vivek Doval was running a hedge fund whose promoters are of dubious antecedents.
In refusing to accept its failure, the government has sowed the seeds of further damage: by keeping India short of cash; reducing the headroom for responses to seasonal spikes in cash demand; and increasing the chances that groups will panic at temporary cash shortages, says Mihir Sharma.
Opposition members kept on shouting 'Pradhan Mantri sadan me aao'.
Cash withdrawal limits likely to continue
At a hurriedly convened press conference, the former Uttar Pradesh said, "All deposits are as per norms and party rules and the money was collected before note ban. Should we have thrown it?"
'RBI is taking all steps to complete the process expeditiously so as to release firm figures at an early date.'
'With the Election Commission wisening up to the practice, which strikes at the very root of electoral democracy, the practitioners of cash for votes have been getting more and more ingenious,' points out Saisuresh Sivaswamy.
Modi said Nepal and India can benefit if they cooperate and work together for the promotion of five Ts: Tradition, Trade, Tourism, Technology and Transport.
RBI Governor Raghuram Rajan, who today surprised markets with a rate hike, defended the move saying a rate cut would not have impacted either banks or borrowers and that bringing down retail prices is the key to sustainable growth.
The Dera's sprawling headquarters include an ostentatious '7-star MSG resort' with replicas of Eiffel Tower, Taj Mahal, Kremlin and Disney World inside.
