As the Indian rupee plunged to a fresh record low of 70.60 to a US dollar on Wednesday, a top government official said there is no need to be alarmed as despite the short-term volatility, the country is going through “an exceptional period of stability”. The official said if one takes the long-term view, the rupee is not depreciating[Read More…]
Tag: Currency
Myanmar condemns false news of demonetisation
Myanmar’s Presidential Office has denied that it has issued an executive order to demonetise banknotes, saying that legal action will be taken against perpetrators of the fake news, media reported on Wednesday. Director-General and Spokesman of the President’s Office U Zaw Htay refuted the false executive order proliferating on Facebook,[Read More…]
US dollar rises against most currencies
The US dollar index increased against most other major currencies as investors bought the dip after the previous day’s sharp decline. In late New York trading on Monday, the euro fell to $1.1691 from $1.1725 in the previous session, and the British pound was down to $1.3101 from $1.3135 in[Read More…]
Security forces seize Ram Rahim’s possessions including coins, cars
The security forces on Friday seized several possessions from Gurmeet Ram Rahim Singh’s Dera Sacha Sauda headquarters. This includes a few rooms full of coins and currency note sacks (some allegedly also of banned notes), objectionable items, car without number plates. The plastic coins are inscribed with words like ‘Dhan[Read More…]
Rs 200 notes to hit market by Deepawali
The finance ministry had given the go-ahead to print Rs 200 notes in July. It was also said that the Rs 2,000 were no longer being printed in a bid to push more of the Rs 200 notes into the market. Rs 200 note will be smaller in size and[Read More…]
RBI to introduce Rs 200 notes; printing order has been placed
In a first such move, the Reserve Bank of India (RBI) will soon introduce Rs 200 notes. Reportedly, the printing order for the new Rs 200 notes has been placed already. Recently, reports surfaced that Reserve Bank of India has cleared a proposal to introduce new lower denomination currency notes[Read More…]
RBI gets govt nod to print Rs 10 plastic notes
‘It costs Rs 2.87 and Rs 3.77 to print new currency notes’
Govt notifies law to make banned note possession punishable
The government has notified the law that makes holding of more than 10 scrapped notes punishable with a minimum fine of Rs 10,000. The Specified Bank Notes (Cessation of Liabilities) Act, 2017, was passed by Parliament last month with a view to eliminating the “possibility of running a parallel economy”[Read More…]
Over 30% tax advantage for small traders making digital transaction: FM
Finance Minister Arun Jaitley on Tuesday said that the small traders and businessmen will have over 30 per cent tax advantage if they carry out their transactions through digital or cheque modes. The government on Monday amended Section 44AD of the income tax rule to offer this benefit to small[Read More…]
Rs 2000 notes to be phased out in 4-5 years, says S Gurumurthy
Here is a bad news for people thinking of hoarding the new Rs 2000 currency notes. At a time when the opposition is attacking the government for introducing the Rs 2000 currency notes after demonetisation, a view has emerged that the new high denomination note may not have a long[Read More…]
Demonetisation: Indian services output shrinks
Indian services activity contracted in November dragged demand lower after dmonetisation , a private survey showed on Monday. The Nikkei India Services Business Activity Index slumped to 46.7 in November from October’s 54.5, data compiled by IHS Markit show. This is the first contraction since June 2015 and the sharpest[Read More…]
Suspension of toll collection on highways extended till Dec 2
The government on Thursday extended the suspension of toll collection on national highways till December 2 midnight. This is the third time the government has extended the suspension timeline. The government had first announced the toll suspension news early in November as a major relief to commuters after ₹500 and[Read More…]
Choas expected as demonetised notes no more legal tender from tonight; Govt may give extension
With the deadline for using old ₹500 and ₹1000 notes for utilities and railway reservation ending tonight, an increase in the chaos, which has been seen at various places for the last 15 days, is expected. However, if sources to believed, the government may give extension to the usage of[Read More…]
PM seeks views of people on demonetisation
Prime Minister Narendra Modi on Tuesday asked the people to directly convey their views to him on demonetisation via his App. He asked the public to participate in a survey where a number of questions have been posed with regard to scrapping of old ₹ 500 and ₹ 1000 currency[Read More…]
BJP drags feet on recommendations of own task force on black money
The Narendra Modi-led government claims that the demonetisation move is aimed at dealing with the menace of domestic black money but the party has failed to implement study of a task force constituted by it to retrieve the black money. Instead of implementing recommendations of its own task force, the[Read More…]
Uncritical compliance isn’t a desirable trait
It is disturbing to see how readily people comply with whatever it is the State has to order. And when I speak of compliance, it is not that there be an attempt to scuttle every move, but that there at least be made some critical evaluation of an order/ regulation.[Read More…]
Demonetisation: Around 700 petrol pumps start dispensing cash
Nearly 700 petrol pumps across the country on Friday started dispensing cash through debit card swipe in a bid to ease the cash crunch in the economy following the government’s decision to withdraw ₹1,000 and ₹500 notes. The facility to provide ₹2,000 per day per card will be extended to[Read More…]
Adani, Ambani knew of demonetisation, says BJP MLA Bhawani Singh Rajawat
BJP MLA from Ladpura in Rajasthan’s Kota district Bhawani Singh Rajawat has purportedly claimed that Ambani and Adani had prior knowledge of the demonetisation of ₹500 and ₹1,000, as shown in a video released online. “Adani, Ambani atram-satram in sab ko pehle hi pata thha. Inko hint de diya gaya.[Read More…]
Demonetisation drive well-planned and executed, no question of rollback: Jaitley
Putting all speculations to rest, Union Finance Minister Arun Jaitley on Thursday ruled out roll-back of the demonetisation move that came into effect last week. In an interview, Arun Jaitley said there was no shortage of currency in the country to deal with the millions lined up outside banks and[Read More…]
Central govt staff up to Group C allowed ₹10k advance salary
The government on Thursday announced that the central government employees up to Group ‘C’ now can draw salary advance up to ₹10,000 in cash that’ll be adjusted against their November salaries. Economic Affairs Secretary Shaktikanta Das said Finance Minister Arun Jaitley in his Budget speech stated that interim provisions have[Read More…]
‘Indelible ink removal’ trends on Google
Following the government’s decision to mark bank users’ fingers using hard-to-remove ink to stop multiple visits to exchange currency, ‘Indelible ink removal’ was trending on Google. With motive to reduce the crowd at banks to exchange the demonetization, the Economic affairs secretary Shaktikanta Das, on Nov 15, said banks will[Read More…]
Demonetisation: People in Assam use Bhutan currency as legal tender
As the country reels under demonetisation effect, people in Assam are compelled to use Bhutanese currency, exchanged against de-valued notes of ₹500 and ₹1000. Local television reports showed areas near the Bhutan border in Kokrajhar district where Bhutanese currency is being used for transaction. While Bhutan currency is used in[Read More…]
Goa government employees demand salary in cash
Goa government employees have demanded that their salary for the current month be paid in cash rather than be deposited in bank accounts, considering the difficulties faced to withdraw money. Goa Government Employees Association (GGEA), in a written communication to Chief Minister Laxmikant Parsekar, said, “to make the withdrawal of[Read More…]
Naxals force elderly to convert unaccounted money in Jharkhand
With a motive to evade scrutiny, Naxals in Jharkhand are forcing elderly people to exchange their unaccounted money after demonetisation of ₹1,000 and ₹ 500 notes. As per reports, in Latehar district, one of the most Naxal-affected areas in Jharkhand, the left-wing extremists, who have extorted crores of rupees by[Read More…]