In Reserve Bank offices, 59 CVPS machines are used and each machine is operated by a set of five persons under a supervisor who supervises a cluster of machines
Banana fibre can be used to make currency notes that last for about a century.
'...because it is still a legal tender.'
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.
India and Russia on Tuesday set a target of $100 billion in annual trade volume by 2030 and vowed to develop a robust bilateral payment settlement mechanism using national currencies. The two sides also inked a total of nine agreements to further broadbase cooperation in a range of areas including in the economic domain following summit talks between Prime Minister Narendra Modi and Russian President Vladimir Putin.
Another trend: A preference for coloured diamonds among brides, who are pairing them with their groom's birthstone. So, along with yellow or white diamonds, they are choosing pink, green, blue sapphires, emeralds or red rubies.
A bench comprising Chief Justice T S Thakur and Justice D Y Chandrachud said, "We will examine both aspects (inconvenience and constitutional validity) of the matter. Come on Friday at 2 pm".
Currently the currency in stock is about Rs 2 lakh crore and the reserves are adequate to meet any unusual spurt in demand
Such a move will help bring clarity to the Centre's estimates of the demonetised amount
Following the surge in demand, Bitcoin is being quoted on Indian exchanges at 25-28 per cent higher than the international price, reports Rajesh Bhayani.
IT Department asks car dealers to furnish ledgers of all customers who have booked vehicles from November 1.
SC asked AG to file an affidavit about the measures undertaken by the govt and RBI to minimise public inconvenience.
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
Munich-based Giesecke and Devrient supplies security features to the RBI for currency notes, and machines to bank branches across the country to detect counterfeits.
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
A Congress-led opposition on Tuesday came together seeking to pin down the government on the demonetisation issue in the winter session of Parliament beginning tomorrow but a consenses eluded on Trinamoll Congress's proposed march to Rashtrapati Bhawan for meeting the President.
The Supreme Court in a 4:1 majority verdict upheld the government's 2016 decision to demonetise Rs 1,000 and Rs 500 denomination notes, saying the decision-making process was not flawed.
An estimated Rs 39 crore in cash and over 1.67 lakh litres of illicit liquor has been seized by Election Commission-appointed teams in the Bihar assembly elections till now.
The common man in India is bogged down by corruption and there is a need to fix accountability at all levels, the Supreme Court observed on Friday as it dealt with a petition seeking debarment of those against whom charges have been framed in criminal cases from contesting elections.
Pre-2005 banknotes are being withdrawn from circulation since January 2014 by RBI and a large percentage of these notes have already been withdrawn
Perhaps because the Modi government had some differences of opinion with two of the economist governors (one of whom was appointed by the Manmohan Singh government), there is a view that its political leadership prefers a civil servant to head the RBI, notes A K Bhattacharya.
The finance ministry has issued a note which says that the government and the RBI's move to take out Rs 500 and Rs 1,000 banknotes from circulation will help India towards cash-less economy where most transactions are done electronically and that can be tracked.
The SC sought response of all the petitioners who have challenged demonetisation.
With GDP down by 2 per cent, while 99 per cent of banned notes make way back to the banking system, whom did demonetisation benefit?
Six people have been detained in various raids.
The biggest-ever seizure of cash in new currency grew to over Rs 5 crore on Friday even as the Income Tax department said it detected unaccounted income worth Rs 152 crore after it conducted searches in a dozen premises in Bengaluru and other locations.
India's first digital rupee pilot project will commence on Tuesday with nine banks, including SBI, HDFC Bank and ICICI Bank, issuing the virtual currency for transactions in government securities. "...the first pilot in the digital rupee - Wholesale segment shall commence on November 1, 2022," the RBI said in a statement on 'Operationalisation of Central Bank Digital Currency-Wholesale (e?-W) Pilot'. It also announced that the first pilot in digital rupee - Retail segment is planned for launch within a month in select locations in closed user groups comprising customers and merchants.
The RBI governor says, Mahatma Gandhi is the only dignitary which can be featured on rupee notes.
We do not whistle for Hathiram Chaudhary. And yet the bond we feel towards him is spontaneous, almost effortless. This is because he shares something of our too-ideal dreams, our wry acceptance of our limitations, our useful frustrations, and our pointless sprints, explains Sreehari Nair.
The printing of one-rupee notes was discontinued in 1994.
Union Ministers Arun Jaitley and Venkaiah Naidu have also spoken to Thackeray.
Investors, including large corporations, view them as a potential hedge against uncertainty, and mainstream investment banks too are jumping into the game.
No single individual, institution, or action is to blame for this. The BJP is responding in kind -- definitely not without checking with its government. And they wait for Mr Trump, notes Shekhar Gupta.
"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.
Quoting Greek philosopher Socrates, Justice Bopanna emphasised that there are four qualities that are expected of a judge -- to hear courteously, to consider soberly, to answer wisely and to decide impartially.
US's terrible political and economic leadership will ultimately cost the dollar its value. India must act early to avoid being dragged down, suggests R Jagannathan.
The Indian National Congress is in no way connected with the businesses of Dheeraj Sahu, MP. Only he can explain, Congress general secretary in-charge communications, Jairam Ramesh said.
She said the situation arising out of demonetisation has triggered a sort of constitutional crisis.
With banks struggling to cope with rush to get alternative currency, the government has extended use of old defunct Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till November 24.
'The impact of CBDC on deposits and deposit insurance is largely unknown.'
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