The stock exchange BSE has called off the merger of its unit at the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), India International Exchange (India INX), with NSE International Exchange (NSE IX), a similar unit floated by rival National Stock Exchange (NSE), according to sources familiar with the development. BSE and NSE had been in discussions for the merger for over a year, but it has yielded no results, they said.
The PM has demonetised high currency notes to waive off Rs 1.14 lakh crore loans of industrialists and he is now planning for another waiver of Rs 8 lakh crore, he said.
"I am spending two hours daily to ease the problems caused by demonetisation. I am breaking my head daily but we are unable to find a solution to this problem," the CM said.
Congress chief spokesperson Randeep Surjewala released a list of 55 persons who lost their lives while standing in queues at banks and ATMs in the wake of demonetisation and demanded compensation to their families besides probe into their death.
As Prime Minister Narendra Modi defended the demonetisation move, the united opposition hit back at the government over common man's suffering.
Home Minister P Chidambaram on Wednesday said fake currency business was "not a cottage industry" and pointed out that "an organised effort in Pakistan and Pakistan-occupied Kashmir" was behind it.
James Wilson tracks down discrepancies in the much-hailed demonetisation policy and the subsequent statements of the government and the Reserve Bank of India.
India's forex reserves increased by $5.08 billion to $595.4 billion during the week ended November 17, the Reserve Bank said on Friday. In the previous reporting week, the kitty declined $462 million to $590.32 billion. For the week ended November 17, the foreign currency assets, a major component of the reserves, increased $4.39 billion to $526.39 billion, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI).
Investments worth more than Rs 80 trillion are expected in roads, railways and urban infrastructure between now and FY30 and the supply chains helping to build this core infrastructure are also readying to cash in on the growth. In the first half of the current financial year, orders worth more than Rs 2.6 trillion were tendered in the roads and railways segment alone, according to data sourced from ICRA Ratings and Research. "India's transportation infrastructure sector is in high gear, and we enjoy a sizable share of it," said S V Desai, whole time director and senior executive vice president (Civil Infrastructure) for Larsen & Toubro.
This mean that just Rs 10,720 crore of the junked currency did not return to the banking system.
Take the rediff business quiz and see how much you know about India's currency and coins.
The Reserve Bank will launch the first pilot for retail digital rupee in Mumbai, New Delhi, Bengaluru and Bhubaneswar on December 1, and later expand it to nine more cities in the initial phase. This follows a month after the RBI had started a pilot in the digital rupee - wholesale segment on November 1. The Reserve Bank announces the launch of the first pilot for retail digital rupee (e?-R) on December 1, 2022, the central bank said in a statement on Tuesday.
Of the people whose data the income tax department now has, email and SMS queries have been sent to 13 lakh people.
With the introduction of Rs 200 notes, the problem people face due to high-value Rs 2,000 notes would be taken care of.
Piloting the Specified Bank Notes (Cessation of Liabilities) Bill, Finance Minister Arun Jaitley said it will extinguish the government's liability towards scrapped notes and also eliminate the possibility of their bring used as parallel currency.
ArthaKranti wants the government to abolish income tax and 56 other taxes and replace it by a banking transaction tax.
While the current headcount reduction has more to do with slowing demand, the rise of artificial intelligence will impact jobs in the future.
He said it may take up to 3 weeks for all the 2 lakh cash vending ATMs to operate normally as each one has to be calibrated individually to dispense new sized notes of Rs 2000 and Rs 500 besides lower denomination currency of Rs 100.
It's been 15 days since Prime Minister Narendra Modi sent ripples across the nation when he announced that Rs 500 and Rs 1000 notes would be demonetised immediately. Here are some of the protests that the country has witnessed since then.
A lot of time is spent on giving us the background of the story and establishing the characters but the film is named Kalki and the man is not even born, notes A Ganesh Nadar.
A key reason for the rise in crypto currencies in 2023 is the possibility of the world's first Bitcoin ETF over the next few months.
Postings to places at an altitude above 1,000 metres but less than 1,500 metres, between 1,500 and 3,000 metres, and above 3,000 metres entail different rates of allowances -- the higher the location, the bigger the allowance, reveals Tamal Bandyopadhyay.
The pre-Budget Survey said for wealth to be distributed, it first has to be created and called for looking at wealth creators with respect. The Survey said government interventions seem to be ineffective in stabilising prices of commodities such as onions.
A higher-than-expected consumer price inflation (CPI) print for March in the US has dashed hopes of an interest rate cut by the US Federal Reserve (US Fed) in June. Analysts now expect the US central bank to start cutting rates in September, provided inflation remains in check and oil prices remain supportive. The markets, analysts believe, partially factored in this possibility.
Led by a new generation of entrepreneurs, India's family offices are shifting from traditional investments in physical and tangible assets like real estate to investing in technology, healthcare, and retail stocks. This new wave of family offices is engaging in stock market investments, including pre-IPO placements and secondary market operations. "Born into a world of technology, the next generation, especially those born after 2000, view technology as equally crucial as finance for running a business.
Most investors should have a 5% to 10% allocation to gold for diversification. They should stagger their investments to mitigate timing risk.
From setting up cutting-edge facilities to cater to the domestic market and building capabilities of global standards, the action is building up.
The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours.
Paper currency was first developed in China in the Tang Dynasty during the seventh century, and was later introduced in the Mongol Empire, Europe and America.
'Some co-operative banks are dominated by politicians and were reportedly being used to launder Rs 500 and Rs 1,000 notes.'
According to the report, financial assets of the Indian households are predominantly in the form of bank deposits, followed by life insurance - a pattern that got disrupted after note ban
Despite failing to secure a simple majority in Parliament, we will continue to see him on TV, newspapers, magazines, bill boards, vaccination certificates, railway stations, bus shelters, airports, sea ports, on the highway and on rural roads, sighs A Ganesh Nadar.
With Naxals watching the highways, cash to Bastar banks comes via copter.
The Supreme Court on Friday refused to tinker with the move to do away with the use of now-defunct high-value currency notes for public utilities, in government hospitals and for rail tickets.
The fiscal crisis brought about an increased burden on monetary policy and different countries met it in different ways.
The country's forex reserves dropped by a further $2.166 billion to $584.74 billion for the week ended October 6, the RBI said on Friday. India's forex kitty had gone down by $3.79 billion to $586.91 billion in the previous week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
Referring to demonetisation of high value currency notes, Jaitley said it was well received as 'imandari ka utsav.'
Kolkata hangs its head in shame as the hope of a government with a moral compass and a heart in the right place recedes into the distance, notes Payal Singh Mohanka.
India's forex reserves dropped further by $3.79 billion to $586.91 billion for the week ended September 29, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had declined by $2.33 billion to $590.70 billion as of September 22. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The department will impose a penalty, which could be between 30 per cent and 120 per cent.
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