The department will impose a penalty, which could be between 30 per cent and 120 per cent.
Congress on Thursday dubbed as 'vulgar display of money' in politics the garlanding of Uttar Pradesh Chief Minister Mayawati with currency notes.
Taking suo moto cognisance of the allegedly multi-crore currency note garland bestowed upon Bahujan Samaj Party (BSP) supremo Mayawati at the party rally on Monday, the Income-Tax department issued notice to her, while her minister quoted the value of the garland at "just Rs. 21 lakh".
Two policemen in uniform in Gujarat were caught on camera dancing with a woman and showering currency notes on her at a wedding function here, prompting police authorities to order a probe.
Jaitley said the Rs 500 and Rs 1,000 notes returned to currency chests of the RBI amounted to Rs 12.44 lakh crore
Peeved over the widespread criticism over the currency note garlands she was busy flaunting around, Uttar Pradesh chief minister Mayawati on Thursday gave marching orders to her close confidante Vijay Shankar Pandey, who was principal secretary (information and public relations).
For withdrawals through cheque, the weekly cap has been hiked to Rs 24,000 from Rs 20,000
The Reserve Bank (RBI) resisted a 'raid' planned by some in the government to extract Rs 2-3 lakh crore from its balance sheet in 2018 to meet populist spending in run-up to general elections, Viral Acharya, who was deputy governor at RBI at that time, has written.
The government has admitted that the problem of fake currency is alarming and dangerous.
India's forex reserves jumped by $4.039 billion to $598.89 billion for the week ended September 1, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by $30 million to $594.86 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The huge garland that Mayawati wore at a public rally caused the disruption of the Lok Sabha on Tuesday even as the estimated value of the currency notes of which it was made varied from Rs 21 lakhs to Rs 15 crore.
In a sharp retort to the Congress party's tirade against the flaunting of a currency note garland by Uttar Pradesh Chief Minister Mayawati at a recent Bahujan Samaj Party rally in Lucknow, state Public Works Department minister Naseemuddin Siddiqui on Thursday fished out a photograph of Congress president Sonia Gandhi wearing a currency note garland.
According to analyst firm RedSeer, the absence of cash on delivery has hit daily e-commerce sales by 30% over the past few days.
Enforcement Directorate officials who recovered over Rs 17 crore from the residence of a businessman in Kolkata, found 10 trunks on the spot.
"If the defence minister thinks that by examination and change in currency (demonetisation), the storm, which has erupted here, will die down, then he has a misconception. This storm will not die down. Whatever they do, this storm is there and after exams, they will see that the storm will rise once again."
India's forex reserves dropped by $30 million to $594.858 billion for the week ended August 25, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by $7.27 billion to $594.89 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
Demonetisation and Agniveer reveal the two mindsets India has become. In both these government schemes, one sees a desire to play the country like an orchestra anchored by conductor/conductors, argues Shyam G Menon.
Demonetisation of the high value currency notes of Rs 500 and Rs 1,000 did not have any discernible impact on currency in circulation (CIC) in the country, which has soared by almost 83 per cent since its announcement on November 8, 2016. The Supreme Court on Monday upheld the decision of the government on demonetisation. On November 8, 2016 Prime Minister Narendra Modi had announced 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 flows.
Fund redemption and rising import bills would continue to put pressure on the Indian currency.
'Why should my vaccine certificate, which I got paying my own money, have the picture of the prime minister?'
Virtual currencies don't have any intrinsic value and are not backed by any kind of assets.
After Uttar Pradesh Chief Minister Mayawati, Bihar Member of Rajya Sabha Ejaj Ali was garlanded with currency notes by his supporters in Patna on Wednesday, soon after his arrival from New Delhi.
The couple stayed in a Hotel in the month of March this year and booked the room under fake names, the owner of the hotel confirmed.
The RBI 'assured people' that enough cash in small denominations is also available at banks.
Mongolia can take a lifetime to happen but rewards the intrepid traveller with enduring memories of a surreal, delightful land.
The new IS currency comes in several denominations of gold, silver and copper.
Money changers operating behind the RBI HQ in Mumbai said they would charge a 15% fee to convert Rs 1 crore.
Jaitley said note ban has compelled people to deposit money into bank accounts.
Among the 30 Sensex companies, Larsen & Toubro, Power Grid, NTPC, State Bank of India, Reliance Industries and HDFC Bank were the biggest laggards. Sun Pharma and Nestle were the only gainers.
Mamata telephoned his party chief Uddhav Thackeray and sought Sena's support in "voicing the concerns of the common man".
Going by the RBI directive and the overall narrative, Paytm may have lost the rigour of stress tests, audits and compliance.
The PIL filed by Delhi-based lawyer Vivek Narayan Sharma has termed the notification of DEA as "dictatorial" claiming it did not grant reasonable time to citizens for exchanging the specified bank notes
China's devaluation creates new risk in global financial markets and could prolong the West's slowdown.
It's set to be another stormy day in Parliament with opposition parties determined to corner the government on the issue of demonetising Rs 500 and Rs 1,000 currency notes, which has caused massive outrage across the nation.
A year's print run has been shortened to 5 months.
Intelligence Bureau and investigating agencies have established that fake currency funds terror in India. IB officials say there is a whopping Rs 17,000 crore worth of fake currency in circulation in India. While it funds terror organisations, it also helps intensify economic terrorism in the country. Sameer, one of the accused in the Hyderabad twin blasts, said in his confession and recent narco analysis conducted in Bengaluru that the notes are printed in Pakistan.
The longer it takes for RBI and the government to stabilise monetary conditions in the economy, the more severe and long lasting will be the damage caused to various sectors of the economy, especially to the informal sector, says Rajeswari Sengupta. Rajeswari Sengupta discusses the impact of this move on money supply, output and prices, in the short- and medium-term.
Amendments will be tabled in Parliament for approval by Monday or Tuesday.
Raghuram Rajan's decision to go back to academics might spell short term negativity for the stock, currency and bond markets.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances