The Reserve Bank of India (RBI) is planning to introduce plastic currency notes as an experiment in five cities.
Towards the end of February, the Reserve Bank of India (RBI) restored the risk weighting on banks loans to non-banking financial companies (NBFCs; including to microfinance institutions, or MFIs) to 100 - back to its November 2023 position - from 125. It is only a partial relief though. "Higher risk weighting on unsecured lending continues to be in place while the same on bank funding to NBFCs has been done away with. "This is a positive step by RBI," says Rajiv Sabharwal, managing director (MD) and chief executive officer (CEO), Tata Capital.
'Entering India is exciting, but it's also challenging. You have to be prepared for long-term investment.'
86.69 per cent of available stock of currency notes is being taken away from circulation and less than one-fourth of these are being replenished by newly printed Rs 2,000 notes
After Chennai, it is Coimbatore, Madurai, and Tiruchirappalli, that are emerging as manufacturing hubs. Coimbatore is India's top Tier-II city in terms of the number of GCCs, according to a report by Cushman & Wakefield.
They allegedly beat her to death for refusing to get Rs 8,000 in new notes from her parents.
Whenever the banker is faced with a situation where the question in his view relates to Right to Life/Survival vis-a-vis convenience, it is the former which takes precedence and he needs to exercise his discretion as such," additional district judge Kamini Lau said.
The new ploy of using Colombo to transport the counterfeit currency is believed to have adopted by the ISI.
"Cash is still quite high in the system. There is also stocking of Rs 2,000 notes in evidence. The expansion of digital payments is taking place all over the world. It is happening in India as well. The pace is much slower," S C Garg, who took VRS from government service after he was abruptly shifted out of the finance ministry, said in a note.
In a Facebook post on the second anniversary of demonetisation, Jaitley said in first four years of the National Democratic Alliance government, the number of income tax returns filers has gone up to 6.86 crore from 3.8 crore in May 2014.
Congress says the notification required to be issued under the RBI Act for printing new currency has not been issued.
This skew is a reflection of the highly unequal distribution of income, wealth and economic transactions and needs to be corrected, says A Seshan.
The recent global fund flow data suggests that one big cycle of foreign fund allocation into India may have come to an end and the trend could remain soft for a longer time, according to a report by Elara Capital. The note said last week's outflow of $302 million from India's dedicated funds is the largest since June 2022.
Snapdeal said it will give its users the option to defer the delivery by a few days till new currency notes become easily available.
Using credit or debit cards abroad can prove costly.
The PIL, which could be listed for hearing during the week, termed Tuesday's notification of department of economic affairs and the finance ministry as "dictatorial" claiming it did not grant reasonable time to citizens for exchanging the specified bank notes to legitimate notes to avoid "large scale mayhem, life-threating difficulties".
The cabinet also approved ordinance to amend the RBI Act to extinguish the liability on the old notes.
Former RBI governor D Subbarao on Monday said there is a strong motivation for the central bank to launch a digital currency and cash is going to coexist with the new-age currency. Addressing an event virtually organised by economic think tank NCAER, Subbarao further said cybersecurity is also one of the downside risks of the Central Bank Digital Currency (CBDC). "There is a strong motivation for the RBI to launch CBDC... Cash is going to coexist with CBDC," he said.
RBI to withdraw all pre-2005 notes; move seen as effort to unearth black money.
Equity benchmark indices are facing massive corrections, with the NSE Nifty declining over 14 per cent from its lifetime high hit in September last year due to several negative triggers like stretched valuations, foreign fund exodus, disappointing quarterly earnings and rising global trade tensions dragging markets lower. The BSE benchmark Sensex hit its record peak of 85,978.25 on September 27 last year, and the Nifty also reached a lifetime high of 26,277.35 on the same day.
Crores of new currency notes continue to tumble out of lockers and hidden locations as authorities conduct raids and searches across the country.
Film folk brought in the New Year -- known through so many names like Vishu, Puthanadu, Pohela Boishakh, Bihu and Cheiraoba -- and shared pictures on social media.
The trigger for international gold prices rising to $3,000 per ounce was Germany's upcoming heavy government borrowing.
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.
How well do you know the popular banknotes from around the globe and the personalities featured on them?
On India, the chart showed that the country charged 52 per cent tariffs on the US "including currency manipulation and trade barriers," and America will now charge India "discounted reciprocal tariffs" of 26 per cent.
Dismissing reports, the Reserve Bank on Monday said there is no proposal to replace the face of Mahatma Gandhi with that of others on currency notes. In a statement, the central bank said there are reports in certain sections of the media that the Reserve Bank of India is considering changes to the existing currency and banknotes by replacing the face of Mahatma Gandhi with that of others.
"Their Prime Minister just visited -- he's a great friend -- but I told him, 'You're not treating us right. You charge us 52%, while for years, decades even, we've c'harged you next to nothing. It wasn't until seven years ago, when I took office, that we started pushing back, beginning with China.'"
With this amount, the total seizure in the case has now gone upto Rs 166 crore in a single case.
She also said there was no independent application of mind by the Reserve Bank of India and only its opinion was sought, which cannot be said to be a recommendation.
With the Income Tax department recovering over Rs 225 crore cash during a series of raids on an Odisha-based distillery group on charges of tax evasion, Prime Minister Narendra Modi on Friday assured the people that the money looted from the public will be returned.
Modi was honoured with the 'Order of Zayed', the UAE's highest civilian award, in 2019 as a mark of appreciation for his efforts to boost bilateral ties between the two nations.
The new notes will be available from 2012.
Journalist and author Chitra Subramaniam has demanded that the Central Bureau of Investigation (CBI) make public its findings from the "box of evidence" received from Switzerland regarding the Bofors payoffs. Subramaniam, author of 'Boforsgate: A Journalist's Pursuit of Truth', expressed concerns about the lack of transparency surrounding the evidence, questioning who opened the box, when it was opened, and what it contained. She also raised doubts about the official narrative regarding the alleged bribe in the Bofors case, suggesting the sum of Rs 64 crore may not reflect the full extent of the corruption. Subramaniam also alleged that the CBI planted stories about Hindi film actor Amitabh Bachchan to derail the investigation and launched a political vendetta against the Bachchans. She recalled that Bachchan had come to her home and asked if she had seen his name. The CBI has recently requested assistance from the United States in the case, seeking information from private investigator Michael Hershman, who claims to have crucial details about the scandal. The Bofors scandal, a major bribery case involving the Indian government and the Swedish arms manufacturer Bofors in the 1980s, pertains to allegations of a Rs 64-crore bribe in a Rs 1,437-crore deal for the supply of 400 155mm field Howitzers.
The Supreme Court will hear on October 12 a batch of pleas challenging the Centre's 2016 decision to demonetise currency notes of denomination Rs 500 and Rs 1000.
"The window (for NRIs) is open till June 30 in which people can deposit cash. And after adding all these, we will give out the number," Mundra said.
Tirumala Tirupati Devasthanams has brought to the notice of the Reserve Bank of India that fake notes worth Rs 50 lakh in various denominations had been recovered from the Sri Vari 'Hundi.'
New investors should gradually build a 5 to 10 per cent allocation to gold.
Bank notes of Rs 1, 2 and 5 continue to be legal tender, though these denominations have been coinised and their printing has been discontinued.
