'The counting machine beeped, indicating a counterfeit note.' 'When the teller started tearing it, my nephew stopped him and asked him: Under whose authority was he destroying it, how did he know that the note was fake and if a genuine note gets destroyed, how will he be compensated?' Harsh Roongta explains the process if you have a counterfeit note.
'The rate cut could have been higher in the current economic conditions which would have had a stronger impact on business sentiment and spurred investment in a big way.'
RBI would like to work on examining the regulatory framework for the voluntary withdrawal by the entrepreneur.
The additional cash will now give the Centre more headroom for stimulating the economy.
The Reserve Bank of India (RBI) kept its key policy repo rate unchanged at 8.0 percent on Tuesday, as widely expected, while expressing concerns about risks to its target to bring consumer inflation down to 6 percent by January 2016.
Emphasising that revival of growth should be the number one priority of the RBI at this time, industry groups said apprehensions about inflation rearing its head again may prove to be misplaced.
Troubled Vodafone Idea Ltd (VIL) has filed a review petition in the Supreme Court after the apex court recently dismissed its plea for rectification of the alleged errors in the calculation of adjusted gross revenues-related dues. In the petition, filed earlier this week, VIL has said it is "a travesty of justice" that the company is restrained from questioning the arithmetical errors/ omission which are going to cost it about Rs 25,000 crore (Rs 5,932 crore of principal plus interest, penalty and interest on penalty). VIL has said its contentions have been rejected by the order under review and added that this denial could result in the company going under and its about 27.3 crore subscribers being left "high and dry".
Despite a shaky Q3, conviction over the stock remained high, with 65 per cent of the analysts polled on Bloomberg retaining their 'buy' recommendation.
he hike in service tax rate from 12.5 per cent to 14 per cent will increase the costs of buying
Special court judge M G Deshpande, who has granted bail to Shiv Sena MP Sanjay Raut, terming his arrest as "illegal, without reason and a witch-hunt", had pulled up the Enforcement Directorate (ED) on multiple occasions this year over its approach in dealing with money laundering cases.
People familiar with the development said Chief of Army Staff General M M Naravane and the top commanders will review the country's combat readiness in eastern Ladakh where Indian and Chinese troops have been locked in a bitter standoff for 17 months.
There has been criticism of the new tax forms with experts and consultants saying government was seeking too much data. They felt that the addition of new information would make the process of filing returns difficult.
The Supreme Court on Tuesday ordered that Rs 9,122 crore be disbursed within three weeks to the unitholders of Franklin Templeton's six mutual fund schemes which are proposed to be wound up.
With the Modi government facing the arduous task of fulfilling its promise of getting back black money stashed abroad, Attorney General Mukul Rohatgi on Friday said all amounts deposited in foreign banks by Indian citizens can't be termed as black money and that it is not a crime to open such accounts.
The rupee is currently hovering around Rs 65/USD at 2-year lows.
As the Reserve Bank maintained a status quo on key policy rates, analysts said higher demand due to supply constraints will not allow inflation to ease as quickly as anticipated and the apex bank may be forced to increase rates once more by the year-end.
Manufacturing production growth eased in May, which combined with the slowdown in services resulted in a weaker increase in private sector output, the survey said.
The decision to allow students to pursue two degrees simultaneously will boost their employability as it gives them the opportunity to concentrate on one mainstream undergraduate degree while enrolling in another with a vocational focus.
The lack of an informal communication channel is what should bother the government and the RBI, if they want to eliminate the undesirable outcomes of the current tension between the two, says A K Bhattacharya.
Soon after RBI announcing a much- awaited rate cut, Chief Economic Advisor Arvind Subramanian on Wednesday said that the global rating agencies should look at upgrading their stance on India's credit outlook. "Now we have a 50 basis points rate cut (in two tranches within two months) and I think that is good for the economy and all rate cuts benefits... If the outlook is looking good, the rating agencies should draw their lessons from that om improving the outlook," Subramanian told reporters. After presentation of Union Budget 2015-16 last week, global and domestic agencies had ruled out any immediate upgrade in India's sovereign ratings and had red-flagged the country's delayed fiscal consolidation roadmap and had also warned against any slippages from the "ambitious" disinvestment plan proposed in Budget. Subramanian said that the rate cut is consistent with the government's views in the last week's Economic Survey and thereafter in the Union Budget for the outlook on inflation and for the outlook on overall economy. "It (rate cut) shows that RBI and government are on the same page in terms of how we view the economy. It also means that Budget can be seen as conducive to non-inflationary growth," he added. On monetary policy framework agreement, Subramanian said that both Finance Ministry and RBI have shared concern about inflation. Recently, the Finance Ministry and the Reserve Bank agreed to 'inflation rate targeting' under which the apex bank will aim to lower retail inflation to below 6 per cent by January 2016.
The complex, parts of which are over 250 years old, is situated on the banks of the Ganga and is endowed with high ceilings, huge doors, and hanging skylights.
CRR remains unchanged at 4%; first repo rate cut since May 2013.
Sources said his residence and NGO offices located in south Delhi's Vasant Kunj, Adchini and Mehrauli areas are being searched under the provisions of the Prevention of Money Laundering Act (PMLA).
The Supreme Court on Monday allowed Congress MP Karti Chidambaram, who is facing criminal cases that are being probed by the Enforcement Directorate and the Central Bureau of Investigation, to travel abroad.
Amid an increase in localised lockdowns across the country, Reserve Bank Governor Shaktikanta Das on Wednesday said there is no need for a loan repayments moratorium at present, stating that businesses are better prepared to face the situation. It can be noted that the RBI had announced a six-month moratorium in the early days of the national lockdown last year to help borrowers impacted by a chilling in economic activity. The entire state of Maharashtra is in a lockdown for non-essential services and localised and night lockdowns are being observed in many pockets of the country, including the national capital, to restrict the surge in cases.
The Supertech twin towers in Noida were demolished on Sunday, a year after the Supreme Court's direction to raze the illegally built structures to the ground. The nearly 100-metre-high structures - taller than Delhi's iconic Qutub Minar (73 metres) - were brought to the ground in seconds literally like a house of cards by the 'waterfall implosion' technique, in a breathtaking spectacle of modern day engineering. They were the tallest structures to be demolished in India.
Businessman Vijay Mallya's property worth Rs 14 crore located in France has been seized under the anti-money laundering law, the Enforcement Directorate said on Friday. It said the action was undertaken by French authorities "on the request of the Enforcement Directorate" and the property bears the address: 32 Avenue FOCH in France.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
The CJI has also kept with himself matters concerning arbitration, habeas corpus, criminal cases, contempt of court and ordinary civil matters.
Adopting a wait- and-watch approach ahead of US Fed meeting
Given the macro setting, the outlook remains positive for each of the four key parameters - inflation, current account deficit, fiscal deficit and currency stability, says Rahul Bhushkute.
Input prices rose at their fastest rate in 14 months but manufacturers absorbed much of the increase
The Supreme Court asked the Centre and the RBI on Monday to place on record the K V Kamath committee recommendations on debt restructuring in view of Covid-19 related stress on various sectors as well as the notifications and circulars issued so far on loan moratorium.
There are many instances in the past where the top court sat through midnight to hear the special cases.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
The primary and immediate impact of a depreciating rupee is on the importers who will have to shell out more for the same quantity and price. However, it is a boon for the exporters as they receive more rupees in exchange for dollars. The rupee depreciation has wiped away some of the gains that would have accrued to India from international oil and fuel prices dropping to pre-Ukraine war levels.
As lobbying and counter-lobbying intensify, right now, it looks like a T20 match, discovers Tamal Bandyopadhyay.
The Centre informed the Supreme Court on Monday that a decision is likely in 2-3 days over charging of interest by banks on instalments which were deferred during the moratorium period in view of the Covid-19 pandemic.
RBI will take a cue from the Fed policy statement.
The use of Section 7 is fraught with risks to the autonomy of the central bank, the credibility of the government and the smooth functioning of the financial markets, says A K Bhattacharya.
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