Uttar Pradesh has topped the list of states in recovery of fake Indian currency with a face value of over Rs 2 crore (Rs 20 million) by different government agencies during the year 2009.
The hour-long episodes lurch from adrenaline-pumping to yawn-inducing, observes Deepa Gahlot.
November 8 marks 6 years after demonetisation. A K Bhattacharya reveals how the prime minister and the RBI worked together for months before Modi's 8 pm speech. A riveting excerpt from The Rise Of Goliath: Twelve Disruptions That Changed India.
Only Rs 10,720 crore of the junked currency notes did not return to the banking system, rest 99.9 per cent was deposited raising question mark over the government's effort of curbing black money through the demonetisation.
The stage is set for the loading of cash into automated teller machines (ATMs) through the cassette-swap mode with an initial four-phased roll-out across 30 cities from June 1. The lockable cassette-swap will do away with the current practice of open-cash replenishment into ATMs. Cash-in-transit (CIT) firm personnel, tasked with loading cash into ATMs, will not have to touch it anymore. Cash-handling will be done by CITs at the cash centre, and the task of taking into account the amount of cash remaining from the last cassette-load will also be made simpler.
"If the money is legitimate which had been previously withdrawn from bank or earned legally and saved and had been disclosed, there is nothing to worry about," Jaitley said.
Security agencies could track the flight path and even address of criminals involved in this cross-border illegal activity that is rearing its head over the last few years, he said on Saturday.
Isha was the custodian of the cash at the time it was being placed in the ATM.
IMF said the repercussions from India's currency exchange initiative will likely persist through the first quarter of 2017.
Clifton, Block No 4, opposite Cafe Flow, Karachi. 6/A, Khyaban Tanzeem, Phase V, Defence Housing Area, Karachi. House 29, Street 22, P-6/2, Margalla Road, Islamabad. These are the three addresses Indian intelligence agencies have for Dawood Ibrahim, India's most wanted gangster.
The FM asserted that nearly Rs 11.85 lakh crore out of the Rs 15.44 lakh crore junked notes were back into the system
The most important institutions have been and are being undermined with almost no resistance, warns Aakar Patel.
Security officials on Wednesday revealed that suspected operative of Pakistan's spy agency Inter-Services Intelligence Mohammed Zaheed Hussain, who was arrested days before the twin blasts in Chennai, was part of a larger mission to target critical national assets and some foreign establishments.
While some criticise the government, others, despite the inconvenience, hail demonetisation as revolutionary.
"Post demonetisation, during November 9, 2016, to January 10, 2017, more than 1,100 searches and surveys were conducted and more than 5,100 notices were issued by the income tax department for verification of suspicious high-value cash deposits," Finance Minister Arun Jaitley said in a written reply in the Lok Sabha on Friday.
People taken into custody for economic offences should not be handcuffed and clubbed with those arrested for heinous crimes such as rape and murder, a parliamentary committee has recommended.
A look at the current contenders International Bank Note Society's Banknote of the Year
To stop repeat money exchangers thronging banks with invalid currency notes, banks have started applying indelible ink mark on the right hand index finger of customers in the select metro cities.
The number of Rs 2,000 currency notes in circulation has come down from 33,632 lakh pieces at end-March 2018 to 32,910 lakh pieces at end-March 2019 and further to 27,398 lakh pieces at end-March 2020.
Singh, 80, had floated the PLC last year after quitting the Congress following his unceremonious exit as chief minister, but his party failed to win any seat in the state assembly polls.
In a first, a special National Investigation Agency court in Mumbai sentenced six accused in a 2009 fake currency case to life imprisonment, terming the possession and circulation of Indian counterfeit notes as an "act of terrorism".
Sources said the government was keen to tax all unaccounted money deposited in bank accounts after it allowed the banned currency to be deposited in bank accounts during a 50-day window from November 10 to December 30.
'Those who should have been affected benefitted from demonetisation.' 'And the vast majority who should not have been affected lost out.' 'That is the ultimate result of demonetisation.'
In Reserve Bank offices, 59 CVPS machines are used and each machine is operated by a set of five persons under a supervisor who supervises a cluster of machines
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.
Uncertainties on account of COVID-19 pandemic have increased the demand for currency notes not only in India but across the globe, official sources said, dismissing the criticism that demonetisation has failed to reduce cash in the economy. Government sources said that growth of the digital payments system post-demonetisation will ultimately curb the dependence on cash. Official data points out a jump in digital payments through different modes, including plastic cards, net banking and Unified Payments Interface (UPI).
The Financial Intelligence Unit (FIU), the federal economic snoop agency under the Union finance ministry, sent 289 legal requests to its counterparts across the globe during 2018-19 as compared to 177 in 2017-18 and 138 in 2016-17.
Financial Intelligence Unit detects over Rs 7,800 cr blackmoney.
'Ultimately if your aim is that you need to be able to deal with a security situation, you need to deal with a black money situation, you need to deal with a counterfeiting situation then, to that extent, I think everyone will need to able to tolerate a little bit of inconvenience.'
Shahid's OTT debut, Ajith's bumper hit, and lots of romance. Sukanya Verma gives you some OTT recommendations for the week.
Launching a scathing attack on Prime Minister Narendra Modi, Opposition parties on Wednesday alleged that selective leak of information on demonetisation of 500 and 1000 rupee notes to 'friends of BJP' and demanded making public the names of those who had bought gold and foreign exchange of over Rs 1 crore since April.
A Congress-led opposition on Tuesday came together seeking to pin down the government on the demonetisation issue in the winter session of Parliament beginning tomorrow but a consenses eluded on Trinamoll Congress's proposed march to Rashtrapati Bhawan for meeting the President.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
Jaitley said note ban has compelled people to deposit money into bank accounts.
Junking of old Rs 500 and Rs 1000 notes, he said, will help the world's fastest growing major economy to move towards less cash economy and digital payments that will help shore up tax revenues and check evasions.
The Reserve Bank of India on Thursday said banknotes in circulation witnessed higher than average increase during 2020-21, on account of precautionary holding of cash by people due to the COVID-19 pandemic, and its prolonged continuance. The value and volume of banknotes in circulation increased by 16.8 per cent and 7.2 per cent, respectively, during 2020-21, as against an increase of 14.7 per cent and 6.6 per cent, respectively, witnessed during 2019-20, said the RBI annual report. In value terms, the share of Rs 500 and Rs 2,000 banknotes together accounted for 85.7 per cent of the total value of banknotes in circulation as on March 31, 2021, as against 83.4 per cent as on March 31, 2020.
If the high security notes introduced in 2015 were kept in the system, the pain due to demonetisation can be ameliorated to a certain extent. But unfortunately, such thought process have no place in the hasty demonetisation decision.
Advocating the move, home ministry officials said most of the developed countries change the security features of their currency notes every 3-4 years and therefore, it is absolutely necessary for India to follow this policy.
India has requested Malaysian authorities to hand over evidence against an arrested accused who was part of a conspiracy to plan and carry out terror strikes allegedly at the behest of ISI on the US and Israeli consulates in the southern part of this country.
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