On November 8, 2016, Prime Minister Modi had announced the decision to withdraw Rs 500 and Rs 1,000 denomination notes with the ultimate aim of reducing corruption and black money in the economy.
IT services company HCLTech on Friday posted a 20.4 per cent rise in consolidated net profit to Rs 4,257 crore for the June-ended quarter and gave a revenue growth guidance of 3-5 per cent for FY25 on GenAI diversification and strong operational execution. For the fiscal's first quarter ended June 2024 (Q1 FY25), the revenue came in at Rs 28,057 crore, 6.6 per cent more than in the year-ago period. Seen sequentially, it was 1.6 per cent lower than the March quarter.
There will be a lot to repair and rejuvenate -- if that opportunity even presents itself, warns Rathin Roy.
The Central Bank has stonewalled almost every RTI query pertaining to demonetisation citing one or the other reason.
Crypto exchange WazirX has said customers affected by the recent cyber attack will not be able to recover their full funds even as the firm looks to restructure. At a virtual press conference, the firm's advisor said at best the company might look to return 55-57 per cent of the money. "This is what can be returned to users with the benefit of this restructuring," said Jason Kardachi, managing director (restructuring), Kroll.
The Supreme Court in a 4:1 majority verdict upheld the government's 2016 decision to demonetise Rs 1,000 and Rs 500 denomination notes, saying the decision-making process was not flawed.
Congress leader Rahul Gandhi alleged that Modi's move was aimed at helping a few of his 'crony capitalist friends' and had 'destroyed' the Indian economy, prompting a strong response from the BJP which said the exercise was an 'attack' on corruption and black money that were rampant during the 'lost decade' of the Congress-led United Progressive Alliance government.
According to officials, seven employees of the Yojna Bhawan having access to the basement have been detained for questioning.
The hour-long episodes lurch from adrenaline-pumping to yawn-inducing, observes Deepa Gahlot.
The stock exchange BSE has called off the merger of its unit at the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), India International Exchange (India INX), with NSE International Exchange (NSE IX), a similar unit floated by rival National Stock Exchange (NSE), according to sources familiar with the development. BSE and NSE had been in discussions for the merger for over a year, but it has yielded no results, they said.
James Wilson tracks down discrepancies in the much-hailed demonetisation policy and the subsequent statements of the government and the Reserve Bank of India.
On a daily basis, an average cash logistics company transports Rs 5,000-8,000 crore worth of cash nationwide.
A year's print run has been shortened to 5 months.
From setting up cutting-edge facilities to cater to the domestic market and building capabilities of global standards, the action is building up.
Later the controversial minister Anil Vij retracted from his comments.
Opposition parties think they have until New Year's Eve to build nationwide narrative against demonetisation.
As Prime Minister Narendra Modi defended the demonetisation move, the united opposition hit back at the government over common man's suffering.
In view of the tense situation due to the overnight protest at the assembly premises by MLAs of the ruling Aam Aadmi Party and the opposition Bharatiya Janata Party, the assembly secretariat on Tuesday issued an order banning the entry of members of Parliament and political party leaders in its premises.
He said it may take up to 3 weeks for all the 2 lakh cash vending ATMs to operate normally as each one has to be calibrated individually to dispense new sized notes of Rs 2000 and Rs 500 besides lower denomination currency of Rs 100.
'Some co-operative banks are dominated by politicians and were reportedly being used to launder Rs 500 and Rs 1,000 notes.'
'With 27 days to go, the total bank deposits has come tantalisingly close to the Rs 14 lakh crores of banned notes which was in the financial system on November 8.' 'Black money hoarders may have actually laundered their black money into white,' argues Rajeev Sharma.
Demonetisation was aimed at removing black money and corruption, but undisclosed income keeps being unearthed from various parts of the country.
The RBI has issued certain guidelines to detect counterfeit notes. Some of the common ways to detect fake are Watermark, Security Thread, Colour and Fluorescence.
Prime Minister Narendra Modi on Sunday made a fresh push for reforms in global institutions, including the United Nations, asserting that the world's 'new realities' should be reflected in 'new global structure' as it is nature's law that those who don't change with times lose their relevance.
The specifics will also cover what's fit and proper to be a chest manager; the insurance and re-insurance aspects; and the new capital threshold, which is Rs 100 crore now.
Vivek Doval had filed a defamation case against Jairam Ramesh and Caravan Magazine for their alleged defamatory statements and articles against him. Additional Chief Metropolitan Magistrate Sachin Gupta heard the matter on Saturday.
What's the real reason behind ATMs running dry even in states that are not election-bound, wonders Nivedita Mookerji.
A picture released by the federal agency showed bundles of seized Rs 500 currency notes along with a few in the denomination of Rs 2,000 and Rs 200 stacked together on a bed.
The event will be significant for the Congress and Trinamool Congress leaderships, cementing the proximity during the winter session of Parliament.
'Seven months he has been in jail for no reason.'
Rs 14.5 lakh crore of Rs 500 and Rs 1,000 notes have been deposited as of 30/12.
On average, about 60 cases were filed by the agency in 2019 and 2020, officials said.
The home ministry has deputed three top officials to be in touch with state governments to ensure security of banks, ATMs and cash transporting vehicles.
The Delhi high court on Tuesday restrained the Aam Aadmi Party and several of its leaders from levelling "false" allegations against Lieutenant Governor Vinai Kumar Saxena and his family, after they claimed that he was involved in a Rs 1,400 crore scam.
Bharatiya Janata Party MLAs will continue their overnight protest at the Delhi assembly for the second consecutive day on Tuesday to demand the sacking of Aam Aadmi Party ministers over alleged corruption charges.
'The Indian economy and the Indian financial sector today remain resilient and much better placed.'
Reserve Bank of India Governor Shaktikanta Das on Monday stressed on achieving 100 per cent self-sufficiency in banknote manufacturing in the near future. He was speaking after dedicating Varnika, the ink manufacturing unit of Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), to the nation in Mysuru. BRBNMPL, a wholly-owned subsidiary of the RBI, has set up Varnika with an annual ink manufacturing capacity of 1,500 MT to enhance the security of banknotes.
The premises of Gurmeet Ram Rahim Singh's sect is spread over 800 acres and houses educational institutions, markets, hospital, stadium, recreational areas and houses.
Sources say that there has been a lot of difference between the fake currency that used to be printed a year ago and what is available now, following the leak of the design. Investigations have revealed that the design may have been compromised through a D-company link, which is completely in charge of circulating fake currency in India.
As the 50-day deadline for completion of demonetisation process draws near, there is a growing consensus among bankers that the restrictions on withdrawal would have to continue even in the New Year so as to maintain orderly working at the banks.
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