Sarojini Naidu, Mother Teresa or Savitribai Phule?
'Could the impending new crisis, vibe coding, similarly create not a disaster like what befell Indian handlooms during the Industrial Revolution but another opportunity like what the Y2K crisis created?' asks Ajit Balakrishnan.
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.
Dimension of the banknote will be 66 mm x 142 mm, making it smaller than the current Rs 100 notes.
Any currency design change must be approved by the RBI central board and the central government.
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.
Isha was the custodian of the cash at the time it was being placed in the ATM.
The Reserve Bank granted an additional nine months for the public to exchange currency notes printed before 2005, including Rs 500 and Rs 1,000 denominations.
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.
In the third of a four-part series, Business Standard reporter travels to Nashik to assess how the currency press there is responding to demonetisation.
The bribe contained 17 newly-introduced Rs 2,000 currency notes, ACB said.
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.
This money was found wrapped in newspapers and was concealed in their check-in baggage.
The IAF carried out 33 missions transporting 625 tonnes of treasury consignment after the demonetisation was announced, the ex-IAF chief said.
For every one million currency notes, there are eight fake notes floating in the country. While the percentage of fake notes may still be 0.001, the government is concerned as their circulation has grown in alarming quantities over the past few years.
The currency notes allegedly given as bribe to three Bharatiya Janata Party lawmakers have been traced to some banks in the National Capital Region of Delhi region and not to a Bhopal-based branch of a public sector bank, sources in a Parliamentary committee have claimed.
According to RBI data, on an average, one out of five paper notes in circulation (over 20 per cent) gets disposed of every year after getting soiled and the number of such soiled currency bills stood at over 13 billion units during the fiscal ended March 31, 2012.
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.
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.
The economic affairs secretary said that the focus is on production and supply of Rs 500 and lower denomination notes.
While cancelling the legal tender of 500 and 1,000 notes on November 8, the government had allowed them to be used for utility bill payments for the first 72 hours. This deadline was extended repeatedly and the last extension was granted till December 15.
"(The) total value of counterfeit currency seized by law enforcement agencies and recovered through banking channels during the year 2007, 2008 and during January-March 2009 was Rs 10,54,18,925, Rs 21,45,27,797 and Rs 4,09,49,465 respectively," finance minister Pranab Mukherjee said in a written reply to the Rajya Sabha on Tuesday.
A man was in for a pleasant surprise when he tried to withdraw Rs 500 from an ATM, but got five currency notes of Rs 500 denomination from the cash dispenser in Maharashtra's Nagpur district.
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).
"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.
The proposed Central Bank Digital Currency (CBDC) to be issued by the Reserve Bank will play a critical role in improving the speed of transactions and reducing the cost of cash, a Deloitte report said on Wednesday. The Reserve Bank of India is planning to come out with a central bank-backed digital currency, using blockchain technology in 2022-23. As a financial services innovation, CBDCs are likely to play a pivotal role in shaping the 'future of value transfer', the report said, adding that most central banks worldwide are now in various stages of their evaluation of launching their national digital currencies.
Raising overseas debt has become prohibitively expensive due to the depreciating rupee.
The Specified Bank Notes (Cessation of Liabilities) Act, 2017, was passed by Parliament last month with a view to eliminating the "possibility of running a parallel economy" using the old Rs 500/1,000 notes that have been demonetised.
Demonetisation impact: Money lenders make a comeback.
'Corruption is the tree.' 'Black money is the fruit from the tree.' 'This scheme will expose the unaccounted fruits of the tree.' 'But since the tree will continue to stand, the story will continue,' say Pramod Kumar Srivastava, Sanghamithra and Kravya.
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.
Standing committee on finance to also focus on RBI autonomy and citizen's rights.
Dinesh Tati (23), resident of Palnar village in Gangaloor police station limits, was held on Friday from a tractor showroom in Bijapur town, Additional Superintendent of Police Chandrakant Gavarna said.
Why has a Reddit user's post -- where the user warns that 'even an IIM tag won't save you' -- created a storm online?
The country's largest airline IndiGo on Friday saw its profit after tax slide 18.3 per cent to Rs 2,448.8 crore in the three months ended December 2024 due to foreign exchange loss even as revenue jumped on higher capacity and passenger traffic. The carrier, which had a fleet of 437 planes at the end of December, is planning to induct wet leased planes for long range flights and expects the number of grounded aircraft to come down to 40s by the start of next financial year from the current level of 60s.
A special National Investigation Agency court in Mumbai on Wednesday convicted six persons for possessing and circulating Fake Indian Currency Notes in May 2009.
All old notes of these denominations will continue to be legal tender
Anmol Singh Jaggi and Puneet Singh Jaggi, once hailed as rising stars in India's clean energy sector, are now facing serious regulatory action.
Events proved that on every count the RBI had accurately predicted both the damage and the lack of benefit. What the RBI was hiding was the fact that Modi had ignored its concerns -- all of which turned out to be true -- and gone ahead anyway, asserts Aakar Patel.
