From bhikshus of Ashokan 3rd century BC and medieval Sufis to Oxfam, Omidyar and Soros now, non-State actors have any real power only when they work in conjunction with a real State, asserts Shekhar Gupta.
The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.
The annual cash offerings of the hundi in the just ended calendar year have even crossed Rs 1000 crore
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".
The notes, kept in about a dozen currency chests of commercial banks in Mumbai, are now being dried and counted before being shredded by the Reserve Bank of India.
What was recovered from Bhajiawala family: Rs 1.45 crore cash, of which about Rs 1.05 crore was in new currency notes, bullion worth Rs 1.49 crore, gold jewellery valued at Rs 4.92 crore, other ornaments worth Rs 1.39 crore and silver ingots priced at Rs 1.28 crore.
The RBI was not party to the decision to demonetize 500 and 1,000-rupee notes, which was taken at the highest level of India's political leadership.
The seizure occurred during raids at eight premises of a group engaged in sand mining in Tamil Nadu.
In Mumbai, police seized Rs 1.40 crore from three persons in new Rs 2,000 notes.
One of the earliest issuers of coins in the world, India has an illustrious history of coinage and currency notes.
Work in mandis across UP and in northern India which till Tuesday, witnessed heavy arrivals of newly harvested paddy, saw a steep decline.
The Modi government's decision to demonetise Rs 500 and Rs 1,000 banknotes will drive up interest in the bullion market
Police seized 100 fake notes of old Rs 500 denomination from Burhanuddin, who first claimed to be a Mumbai resident.
In the first of a four-part series, Business Standard takes a look at how a mint in Salboni, West Bengal, is working overtime to print currency notes.
The premises are alleged to be of the domestic help of Jharkhand Rural Development Minister Alamgir Alam's personal secretary Sanjiv Lal.
After the Ganesh Utsav ended on Friday, the donation box at Mumbai's famed Lalbaug Cha Raja pandal was opened on Monday, September 12, 2022.
The Central Bank has stonewalled almost every RTI query pertaining to demonetisation citing one or the other reason.
I kept insisting that Rs 100 notes were in short supply and there was an urgent need to augment the supply of 100 rupee notes while also rapidly bringing into circulation the proposed new Rs 500 notes. But this was easier said than done because all the note printing machines of the RBI were programmed for printing Rs 2,000 notes and required at least three weeks before the machines could print the new Rs 500 currency notes. The availability of currency paper posed another major bottleneck, and it had to be imported. It was decided to immediately start printing the Rs 500 notes. It was only when the supply of the new Rs 500 notes started improving and the process of change of cassettes at the ATMs gathered momentum that the situation began limping back to normal. A fascinating excerpt from former SBI chairman Rajnish Kumar's The Custodian of Trust: A Banker's Memoir, five years after demonetisation, November 8.
Management commentary on demand environment, and forward guidance will be in focus when Indian IT services players declare their September quarter results for financial year 2024-25 (Q2FY25). The industry is exepected to have continued on the path of recovery in Q2, similar to the preceding quarter, rather than sprint towards growth. The top four firms likely grew between 0 per cent and 4 per cent year-on-year (Y-o-Y), according to consensus estimates.
On November 8, 2016, Prime Minister Modi had announced the decision to withdraw Rs 500 and Rs 1,000 denomination notes with the ultimate aim of reducing corruption and black money in the economy.
It is not clear whether the two judgements will be concurring or dissenting.
Taking advantage of bad weather marked by incessant rainfall and poor visibility, a group of armed terrorists attempted to infiltrate across the LoC, he said.
Opposition parties are holding nation-wide protests against the currency ban on Monday as part of the Jan Aakrosh Diwas to agitate against demonetisation.
The jury is still out on the decision to demonetise high value currency notes on November 8, 2016, with the government claiming it has helped greater formalisation of the economy while critics saying it has failed to curb black money and reduce dependence on cash. On November 8, six years ago, Prime Minister Narendra Modi had announced the demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to promote digital payments and curb black money, besides eliminating terror funding. As per a Reserve Bank data, currency with the public has jumped to a new high of Rs 30.88 lakh crore an October 21, indicating that cash usage is still substantial even six years after the demonetisation move.
Abul Kalam Azad chose not to contest Congress Presidency and to throw his weight behind Nehru, instead of Patel, a decision he would come to regret. Patel would have seen his plan through, while Nehru, in Azad's opinion 'gave Jinnah the opportunity to sabotage' it, notes Aakar Patel.
"On demonetisation, across the board for pretty much all of industry, and CPG (Consumer Packaged Goods) in particular because it hit the individual retailer significantly, demonetisation had a significant impact on our India business in Q4," Nooyi said during an earnings call for Pepsi's fourth quarter that ended on December 2016.
He also criticised the Centre's ambitious Ahmedabad-Mumbai bullet train project and dubbed it an exercise in vanity.
The agency sources said that the CBI has registered a case against officials of four banks -- State Bank of India, State Bank of Mysore, ICICI Bank and Kotak Mahindra Bank.
The interchange fee -- paid by the card-issuing bank when a customer swipes at another bank's ATM, including at white-label ATMs -- may be raised to Rs 20 to Rs 23.
The Centre has also filed a caveat in the registry saying it should be heard if the bench agrees to hear and pass orders on any such plea
"You (banks) can go get clarification from the apex court. If SC says there is no stay, then we will hear this matter. But till then it would not be proper for us to hear the petitions or grant any relief as the apex court is already seized of the issue," Justice Oka said.
The cap of Rs 10,000 on daily withdrawal has also been removed.
There will be a lot to repair and rejuvenate -- if that opportunity even presents itself, warns Rathin Roy.
The sleuths of the department seized over Rs 4 crore in new currency, mostly in denomination of Rs 2000, some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits
Govt sets up task force to monitor circulation of fake currency; suspicious Jan Dhan accounts under scanner.
The RBI refuses to classify a cryptocurrency as an asset since it doesn't have future cash flow and its value is always fluctuating because of speculation. There is also no consumer protection, observes Tamal Bandyopadhyay, and hence the e-rupee trial run.
The government needs to announce a cut-off date (say March 31, 2011) about 2-3 months in advance for scrapping the big bills. In this 2- to 3-month period, people can go to banks (authorised for this purpose) with their existing bills of Rs 1,000 and Rs 500, and exchange them for the bills of Rs 100 denomination.
The Special Investigation Team probing the fake stamp paper racket had recently seized fake adhesive stamps worth Rs 72 lakh from the town.
Banks were given 15 days to increase dispensation of Rs 100 banknotes through ATMs which are "widely used"
The sudden move to demonetise Rs 500 and Rs 1,000 currency notes is not new. Rs 1,000 and higher denomination notes were first demonetised in January 1946 and again in 1978.
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