The Central Bureau of Investigation (CBI) has sent a judicial request to the United States seeking information from private investigator Michael Hershman, who has claimed to possess crucial details about the Rs 64-crore Bofors bribery scandal of the 1980s. Hershman, the head of the Fairfax Group, had previously expressed his willingness to share information with Indian agencies, alleging that the investigation into the scam was derailed by the then Congress government. The CBI's request comes after previous attempts to obtain information from US authorities yielded no results. This move highlights the continued efforts to uncover the truth behind the decades-old scandal, which has had a significant impact on Indian politics.
The DMK government in Tamil Nadu has sparked controversy by replacing the Indian Rupee symbol with a Tamil letter in the logo for its 2025-26 budget. The move has drawn criticism from the state BJP, which accused the ruling party of being "stupid." The development comes amidst the ongoing language row between the Centre and Tamil Nadu, with the latter alleging Hindi imposition by the Union government.
After detection of fake currency notes with face value of several crores in its Dumariyaganj branch, the largest public sector lender State Bank of India has put all its 1,350 branches in Uttar Pradesh on alert, asking them to be extra cautious.
The Reserve Bank on Saturday extended the special drive to withdraw Rs 2,000 bank notes from the system by another week, till October 7.
Once passed by Parliament, the bill will replace an ordinance promulgated on December 30 last which provides for a fine of 10,000 or five times the cash held, whichever is higher, on holding of more than 10 banned 1,000 and 500 rupee notes.
The Department of Revenue Intelligence, Customs and Central Excise have intercepted a container at Cochin, which had arrived from Dubai, suspecting that it is carrying counterfeit currency notes. The owner of the consignment had told the Customs officials that the container had children's diapers and it was brought from China after conducting all clearances, informed sources.
Indian drugmakers supply 47 per cent of the generic medicine requirements in the US, and tariffs would have increased prices in the US domestic market for patients, who are already dealing with drug shortages.
'The number of STRs received in 2016-17 is 4,73,006 which is more than four times as compared to 2015-16 and this increase is attributed to demonetisaton exercise...,' the Financial Intelligence Unit's report has said.
What unfolded in a wetland within the periphery of Guwahati city on Monday was unprecedented -- a large number of people dived into the water body in a mad rush to get hold of currency notes floating in it. Anurag Kashyap reports.
Recent seizures of large amounts of fake currency notes from the national capital is keeping the intelligence agencies on their toes, says Vicky nanjappa
The counterfeit note detector, to cost between Rs 2,50,000 and Rs 300,000 and manufactured by the Bangalore-based Albertsons India, checks currency notes through four stages of tests.
The raids were conducted on Wednesday evening to Thursday morning, he said. There was no objection to the raids by Hossain, a two-time TMC MLA and a businessman.
The money was allegedly diverted by an ATM servicing company in criminal conspiracy with bank officials.
Terming demonetisation as a historic and brave step, he said, black money constitutes 80-85 per cent of the economy and Modiji has taken bold step to solve the issue
The government, in the forthcoming Budget, could consider levying higher tariffs on imports to check the significant decline in rupee value witnessed in the past few months, said EY Chief Policy Advisor DK Srivastava. The noted economist argued that higher import duties would curb the demand for dollars from importers and help arrest the sliding value of the rupee, which touched a historic low of 86.70 to a dollar on January 13.
Prime Minister Narendra Modi's announcement about demonetising Rs 1,000 and Rs 500 currency notes was hailed as a "bold step" by President Pranab Mukherjee and the BJP, which called it a "surgical strike" on black money, but his rivals denounced it as a "heartless and ill-conceived" decision that would inconvenience people.
According to the Reserve Bank of India, the currency in circulation reduced by Rs 360,700 crore to Rs 1,426,900 crore during the week under review.
Uttar Pradesh Minister of Labour and Employment Anil Rajbhar has informed the state Legislative Assembly that the state has successfully sent 5,600 workers to Israel for employment opportunities, with an additional 5,000 workers in the process of being sent. Rajbhar stated that these workers are contributing significantly to the state's economy by sending foreign currency worth Rs 1,000 crore annually. In addition to Israel, the state is also facilitating applications for overseas employment in Germany and Japan, with thousands of jobs available for nurses and caregiver workers, respectively. Rajbhar also highlighted the state government's initiatives to provide employment opportunities within India through employment fairs and collaborations with the National Skill Development Corporation (NSDC).
The 50-day deadline to deposit the old Rs 500/1,000 notes in banks comes to an end on Friday but the cash crunch and queues before ATMs are likely to continue for some more time as currency printing presses have failed to meet the huge demand for new bills.
The tax department has deployed about 40 large and small machines to count currency notes and brought in more department and bank staffers to finish the counting process, which began on December 6 following raids against Boudh Distillery Pvt Ltd and others, they said.
The RBI had earlier fixed September 30, 2023 as the last date for the purpose of completing the exercise in a time-bound manner and to provide adequate time to the public.
With weekly additions slowing, it's likely that demand could be slackening
'Rather than experimenting with CBDCs, we must come up with a very simple and straight design.' 'Dematerialise your currency/cash and with that dematerialised rupee allow all the transactions digitally.'
Raising overseas debt has become prohibitively expensive due to the depreciating rupee.
Pananjay Tiwari, founder and director of Impel Overseas Education, explains how the new changes can impact Indian students who are applying to US universities and those who are already studying in the US.
Most families had high value currency notes and they used it for making payments during the pre-demonetisation era.
The National Investigating Agency recently filed a 'confidential' report before the special NIA court in Mumbai. Toral Varia accesses the report submitted before the court which has several findings that nail Pakistan's role in the manufacture and circulation of fake currency notes in India.
The National Investigating Agency recently filed a 'confidential' report before the special NIA court in Mumbai. Toral Varia accesses the report submitted before the court which has several findings that nail Pakistan's role in the manufacture and circulation of fake currency notes in India.
New 100 rupee currency notes with inset letter 'G' in both numbering panels will be in circulation shortly.\n\n
Any currency design change must be approved by the RBI central board and the central government.
Justice BV Nagarathna said she had to dissent against the demonetisation move by the central government as in 2016, when the decision was announced, the Rs 500 and Rs 1,000 notes comprised 86 per cent of the total currency notes in circulation, and 98 per cent of it came back after they were banned.
Dimension of the banknote will be 66 mm x 142 mm, making it smaller than the current Rs 100 notes.
Why has a Reddit user's post -- where the user warns that 'even an IIM tag won't save you' -- created a storm online?
Anmol Singh Jaggi and Puneet Singh Jaggi, once hailed as rising stars in India's clean energy sector, are now facing serious regulatory action.
He also made it clear that the pre-2005 notes will continue to be legal tender.
Sarojini Naidu, Mother Teresa or Savitribai Phule?
The Supreme Court on Tuesday constituted another five-judge Constitution bench which will hear five crucial cases including the challenge to the central government's 2016 decision to demonetise Rs 500 and Rs 1000 currency notes.
In the second of a four-part series, Business Standard checks out the currency press in Dewas to find target-based allowances have increased the monthly salary of employees from Rs 10,000 to Rs 30,000, at a time when notes are being printed 24x7.
'Entering India is exciting, but it's also challenging. You have to be prepared for long-term investment.'
Isha was the custodian of the cash at the time it was being placed in the ATM.
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