As the RBI moves ahead for the launch of the central bank digital currency (CBDC), Governor Shaktikanta Das on Wednesday marked out cyber security and digital frauds as the main challenges in the new system. Deputy Governor T Rabi Sankar said there are two types of CBDCs - wholesale and retail - and a lot of work has happened in the former while the latter was termed as a "complicated" aspect which will take time. The RBI had earlier this year announced that it has started work on the CBDC, in line with other major central banks of the world which are looking at a fiat digital currency.
Although the RBI did not give any reason for withdrawal of pre-2005 currency notes, the move is expected to unearth black money held in cash.
Indian currency notes will soon bear the rupee symbol. It will also have extra security features.
Earlier, RBI had refused to disclose information about consultation undertaken before the demonetisation move was announced by the prime minister on November 8.
The quantum of fake Swiss francs remained much higher.
Personnel of the Border Security Force and the Border Guard Bangladesh continued discussions on the third day of the annual coordination conference here, they said.
The new ploy of using Colombo to transport the counterfeit currency is believed to have adopted by the ISI.
A woman from Pakistan has been arrested in Amritsar allegedly with fake Indian currency having face value of Rs 4.5 lakh, officials said on Friday.
For every one million currency notes, there are eight fake notes floating in the country. While the percentage of fake notes may still be 0.001, the government is concerned as their circulation has grown in alarming quantities over the past few years.
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.
The RBI has issued certain guidelines to detect counterfeit notes. Some of the common ways to detect fake are Watermark, Security Thread, Colour and Fluorescence.
Tirumala Tirupati Devasthanams has brought to the notice of the Reserve Bank of India that fake notes worth Rs 50 lakh in various denominations had been recovered from the Sri Vari 'Hundi.'
Reserve Bank of India regional director J Sadakkadulla on Thursday said that a high-level committee headed by RBI Deputy Governor Usha Thorat had recommended installing of note sorting machines (NSMs) in all bank branches in a phased manner and has asked the banks to give a road map to the RBI to achieve this task.
Police seized 100 fake notes of old Rs 500 denomination from Burhanuddin, who first claimed to be a Mumbai resident.
Pananjay Tiwari, founder and director of Impel Overseas Education, explains how the new changes can impact Indian students who are applying to US universities and those who are already studying in the US.
The finance ministry on Friday informed a parliamentary committee that smuggling of fake currency has totally stopped post demonetisation and the tax department has seized Rs 515 crore in cash, including Rs 114 crore of new currency notes, up to January 10.
The Central Bureau of Investigation conducted searches in Delhi and the national capital region (NCR) and busted a fake tech-support call centre that allegedly defrauded US citizens online.
Rajya Sabha Chairman Jagdeep Dhankhar on Friday said a wad of currency notes was recovered by security staff from the seat allotted to Congress MP Abhishek Manu Singhvi.
These notes can be exchanged for their full value at bank branches
The hour-long episodes lurch from adrenaline-pumping to yawn-inducing, observes Deepa Gahlot.
'The number of STRs received in 2016-17 is 4,73,006 which is more than four times as compared to 2015-16 and this increase is attributed to demonetisaton exercise...,' the Financial Intelligence Unit's report has said.
The value and volume of banknotes in circulation increased by 7.8 per cent and 4.4 per cent, respectively, during 2022-23 as compared with 9.9 per cent and 5 per cent, respectively, in 2021-22, revealed the RBI annual report released on Tuesday. In value terms, the share of Rs 500 and Rs 2,000 banknotes together accounted for 87.9 per cent of the total value of banknotes in circulation as on March 31, 2023, as compared to 87.1 per cent a year ago. The Reserve Bank has announced withdrawal of Rs 2,000 notes, and holders of the highest value currency have been given time till September 30 to exchange or deposit them.
'Seven months he has been in jail for no reason.'
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.
According to the police, the accused persons collected data, such as phone numbers and personal data from a portal, and the employees of the call centre randomly made calls using VoIP to US citizens.
The department will impose a penalty, which could be between 30 per cent and 120 per cent.
The Central Bureau of Investigation has taken over the investigation of four distinct cases from the Assam police, all connected with the death of the state police sub-inspector Junmoni Rabha last month in a suspected road accident, according to officials.
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Chests are select branches of banks authorised by RBI for distribution of notes and coins.
Two Army Majors and seven jawans have been booked for attempting to murder a police officer investigating the recovery of fake currency from Territorial Army jawans in Poonch district, the police said on Tuesday. However, the duo could not be arrested as they are absconding. "Two Majors and seven jawans were booked for attempting to murder the Station House Officer (SHO) of Poonch police station on Monday during the investigation of a fake currency case," they said.
"You can download mobile applications provided by banks on your phones and I want to urge political leaders, teachers, youth to give training to people on mobile banking," Modi said.
Intelligence bureau officials warn that the next big to fund terror activities would be abductions and investigations have shown that ransom money was used in major terror operations such as the attack on the World Trade Centre and the Indian Parliament.
Pakistani intelligence is involved in marketing counterfeit currency in India and Bangladesh to patronise militant groups like Lashkar-e-Tayiba for their cross-border operations, a media report in Dhaka claimed on Saturday.
The gold and currency had arrived on an Air Canada flight from Zurich, Switzerland, to Pearson International Airport in Toronto.
Standing committee on finance to also focus on RBI autonomy and citizen's rights.
Union Finance Minister Nirmala Sitharaman on Friday said the Indian economy is on a sustained path of revival and cited rise in GST collections and direct taxes to support her assertion. She further said that the confidence in the Indian stock market is growing as retail and small investors are keenly investing money in the share market. She was addressing the media in New Delhi.
The submissions were made in an affidavit filed in response to a batch of pleas challenging the Centre's 2016 demonetisation decision.
Could the gains in terms of widening the tax net, increased digital transactions and detection of higher fake currency notes have been achieved without the huge disruption and output loss that demonetisation caused to the Indian economy, asks A K Bhattacharya.
RBI to withdraw pre-2005 notes: Here's how to recognise the new from the old.
He challenged political parties to face the polls with the issue.
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