Days after the government said the Reserve Bank will introduce a digital currency in 2022-23, Governor Shaktikanta Das on Thursday said the central bank does not want to rush and is carefully examining all aspects before introduction of the Central Bank Digital Currency (CBDC). He, however, declined to give any timeline for the launch of the CBDC. In her Budget 2022-23 speech, Finance Minister Nirmala Sitharaman had announced that the RBI will introduce a digital currency in the next financial year beginning April 2022 to boost the digital economy and for more efficient currency management.
Urjit Patel said said the process of remonetisation was on and estimation of costs was a complex exercise.
Effective employment of the anti-money laundering mechanism by India, which vowed to fight tax havens and black-money, helped detect over 4,000 suspicious financial transactions relating to crime and terror -- more than double the numbers reported last year.
The current limit of Rs 24,000 per week has been raised to Rs 50,000 for savings accounts.
'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.'
While the new norms are part of the draft policy's guidelines to fight counterfeit and fake products on platforms, they might end up helping brands and e-commerce firms sign exclusive sale deals.
The prescription came through an application under the Rights to Information Act by an activist from down-south Kerala state.
Debroy, in an interview with India TV news anchor Karan Thapar, said there would be no shortage of currency notes and the demonetisation exercise was justified -- it would be a deterrent for future generations.
Flipkart has described the event as 'rare' and 'isolated'.
M&M conducted raids across six auto spare part makers and sales outlets.
High return rates in the e-commerce space are making a dent in the margins of e-retailers.
Abdul Karim Tunda, the Lashkar-e-Tayiba's bomb-maker, has revealed the terrorist organisation's salary structure and generous perks. Vicky Nanjappa reports.
"If the money is legitimate which had been previously withdrawn from bank or earned legally and saved and had been disclosed, there is nothing to worry about," Jaitley said.
Officials said the six were arrested after a money changer noticed that the 500 and 1,000 Indian rupee notes presented to him for changing were fake.
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.
'With the country is a crisis that directly affects hundreds of millions, we will know if Modi has grip,' says Aakar Patel.
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
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.
'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.
Although 90 per cent of the currency chests are with the public sector banks, they account for reporting a mere 10 per cent of counterfeit notes.
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.
Govt targets coordinated approach among agencies; plastic notes set for test in five cities.
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.
At a time when the country's medical infrastructure has become incapable of handling the pressure of Covid's deadly second wave, a parallel wave of conmen, black marketers and counterfeiters can be witnessed across the country. Geetanjali Krishna reports.
At least three industry bodies have alleged counterfeits remain widespread on Alibaba's sites
With the introduction of Rs 200 notes, the problem people face due to high-value Rs 2,000 notes would be taken care of.
The Union government on Tuesday said it has issued 202 notices to e-commerce players for incorrect declaration of 'country of origin' on products on their platforms in the last one year. The maximum number of such violations were found with respect to electronic appliances, followed by clothing and home products. Out of 217 notices, 202 notices were issued for violations relating to 'country of origin' norm.
Terror financing and counterfeit currency have been a constant headache for Indian security agencies. Rediff.com's Vicky Nanjappa lokks at the latest developments in India's fight against this "dirty money."
"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.
Mitron probably would have continued with the free run for quite some time, had it not come to light that the source code of the app was actually developed by a Pakistani developer, reports Neha Alawadhi.
The Central Consumer Protection Authority (CCPA) has issued notices to five e-commerce entities, including Amazon, Flipkart and PaytmMall, as well as various sellers for offering pressure cookers that are non-compliant with BIS norms. The notices were issued on November 18 to Flipkart, Amazon, Snapdeal, Shopclues and PaytmMall, and the sellers. As part of celebrations of 75 years of Independence - 'Azadi ka Amrit Mahotsav', CCPA has initiated a country-wide campaign to prevent sale of spurious and counterfeit goods that violate Quality Control Orders published by the Centre, the government said in a statement on Monday.
As per a notification issued on Wednesday, banks, co-operative banks and post offices will have to report to the tax department cash deposits exceeding Rs 50,000 in a single day or aggregating to more than Rs 2.5 lakh during the period November 9, to December 30, 2016.
Only Rs 16,050 crore out of the Rs 15.44 lakh crore of the old high denomination notes have not returned.
Before Lok Sabha and Rajya Sabha was proceedings were disrupted by a relentless Opposition over the demonetisation issue, other topics such as compensation for military personnel, counterfeit notes were spoken of. Here's what happened in Parliament.
Financial Intelligence Unit detects over Rs 7,800 cr blackmoney.
Be cautious when purchasing from little-known Web sites.
Factors that can push growth include softer interest rates, increased banking sector liquidity, higher rural consumption, salary hikes for state government employees and greater traction in public capex
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.
Pakistan is flushing Tamil Nadu amd Karnataka with counterfeit currency to fund terror activities in the country, reports Vicky Nanjappa.
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