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.
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.
Jaitley said note ban has compelled people to deposit money into bank accounts.
Mamata telephoned his party chief Uddhav Thackeray and sought Sena's support in "voicing the concerns of the common man".
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.
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.
China's devaluation creates new risk in global financial markets and could prolong the West's slowdown.
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
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.
A year's print run has been shortened to 5 months.
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.
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.
Officials said the six were arrested after a money changer noticed that the 500 and 1,000 Indian rupee notes presented to him for changing were fake.
Raghuram Rajan's decision to go back to academics might spell short term negativity for the stock, currency and bond markets.
Amendments will be tabled in Parliament for approval by Monday or Tuesday.
The House witnessed high drama when a Bharatiya Janata Party member shocked the House by walking into the well with a bag full of currency notes, which he claimed was given by a Samajwadi Party leader in return for his support in the trust vote.
The vehicle was carrying cash in new currency notes for wage payment to employees of a tea garden.
Raids are being carried out across the country by the Income Tax department in the wake of the burgeoning fake currency racket post demonetisation, as currencies both new and old have been seized in large amounts from Bengaluru, Panjim and Faridabad besides the national capital.
"It is not possible to check supply of fake notes at the source itself as "there is a state support"
Going by the RBI directive and the overall narrative, Paytm may have lost the rigour of stress tests, audits and compliance.
In the second of a six-part series, Sanjay Jog of Business Standard walks across the streets of Indore to find out how it has been hit by demonetisation.
WATCH LIVE! All the action in Parliament.
In view of the tense situation due to the overnight protest at the assembly premises by MLAs of the ruling Aam Aadmi Party and the opposition Bharatiya Janata Party, the assembly secretariat on Tuesday issued an order banning the entry of members of Parliament and political party leaders in its premises.
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.
Four of the 226 boxes stacked with the cash were found tampered with.
Mongolia can take a lifetime to happen but rewards the intrepid traveller with enduring memories of a surreal, delightful land.
Annoyed people in queues in front of ATMs and banks said chasing their own money has now become a new way of life
The ultra groups are desperate ever since the Narendra Modi-led government had decided to demonetise Rs 500 and 1000 currency notes from the midnight of November 8 last, which had an adverse impact on the activities of naxal and extremists group in the state, Additional Director General, Jharkhand, R K Mallick said.
Cap on bank withdrawals to be reviewed after Dec 30, says finance secy.
Assuming that demonetisation had not happened, the value of notes in circulation this year could have increased to Rs 19.3 lakh crore. But what we have, instead, by the end of August is a 20 per cent lower figure for currency notes in circulation, says A K Bhattacharya.
Finance Minister Nirmala Sitharaman on Monday asked enforcement agencies to go after 'big fish' involved in drug trafficking, saying they need to find who is sending 'mountains' of illegal drugs into the country.
Union ministers fanned out across the country to highlight the crackdown on black money to mark the first anniversary of demonetisation on Wednesday which the Bharatiya Janata Party celebrated as "Anti Black Money Day" while the Congress-led Opposition observed it as "Black Day" with street protests.
Demonetisation was aimed at removing black money and corruption, but undisclosed income keeps being unearthed from various parts of the country.
A video is being shared on social media showing the protesters counting the currency notes that were unearthed. The recovered money was said to be handed over to the security units, the Daily Mirror newspaper reported.
A potential risk to the rupee's appreciation trajectory lies in the event of a delay in the Federal Reserve's rate cut cycle, particularly if core inflation in the US remains elevated.
The government had on Thursday announced that the demonetised 500 and 1,000 rupee notes can no longer be exchanged at bank counters and any holdings will necessarily have to be deposited in bank accounts.
Car sales likely to touch record 3-mn mark by the end of March.
'With 27 days to go, the total bank deposits has come tantalisingly close to the Rs 14 lakh crores of banned notes which was in the financial system on November 8.' 'Black money hoarders may have actually laundered their black money into white,' argues Rajeev Sharma.
Despite the onset of wedding season, the situation in apparel retail market remained unchanged and saw sharp decline in sales
India's forex reserves dropped $2.901 billion to $593.19 billion in the week ended June 23, the Reserve Bank said on Friday. The overall reserves increased by $2.35 billion to $596 in the previous reporting week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
