INDIA CURRENCY NOTES
Criminals not born out but made: Supreme Court
The Supreme Court in India has acknowledged the various factors that contribute to criminals committing crimes, stating that they are not born out but made. The court emphasized that human potential is good and that no criminal is beyond redemption. The court also noted that every saint has a past and every sinner a future. The court granted bail to an accused in connection with a counterfeit currency case, challenging the Bombay High Court order that declined to release the accused on bail.
Rupee nearly flat wedged between yuan weakness, dip in US bond yields
Indian rupee's stability faces uncertainty pending the release of Fed's policy meeting minutes and U.S. ADP employment data for potential impact on future U.S. policy rates.
Rs 2000 notes: 97.87% returned; Rs 7,581 crore worth notes still with public
The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, has declined to Rs 7,581 crore at the close of business on June 28, 2024.
India set for more global attention as bond inclusion begins
India's government bonds enter JPMorgan's index, attracting billions in inflows, driven by positive economic indicators, high yields, and market performance, positioning India as a top choice for global investors.
Digital Rupee transactions slump after reaching initial RBI target
India's digital currency, the e-rupee, has seen a sharp decline in usage, dropping to 10% of its December peak, sources reveal. Initially boosted by incentives, daily transactions fell from 1 million to about 100,000 after these incentives waned. The Reserve Bank of India is now focusing on refining the technology and exploring new use cases.
Fake Indian currency notes of Rs 100, 500 printed by naxals seized after operation in Chhattisgarh's Sukma
Officials in Chhattisgarh conducted an operation resulting in the seizure of printers, ink, and counterfeit currency allegedly used by naxals in Sukma. Video footage suggests that counterfeit notes in denominations of Rs 100 and Rs 500 were printed by the naxals and confiscated during the operation. Further details about the operation are currently awaited.
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Rupee squeezed by weak Asia, to be likely boosted by positional flows
Rupee squeezed by weak Asia, to be likely boosted by positional flows
Currency traders readying for a ‘Vol Killer’ summer after Fed
Investors may be disappointed as currency volatility is expected to remain low despite initial signs of turbulence. The market reacted to weak inflation data and Powell's rate cut projection, causing the FX Volatility Index to fall. Traders now anticipate narrow currency ranges over the summer.
Rupee opens on flat note against US dollar in early trade
The 30-share BSE Sensex and NSE Nifty experienced slight declines, reflecting market movements. Moody's Ratings forecast India to maintain its position as the fastest-growing economy in the Asia-Pacific region.
SBI board approves raising $3 billion through FX bonds
State Bank of India's (SBI) board of directors have approved raising upto $3 billion through foreign currency bonds issued abroad, the bank said in a stock market filing.
Rupee opens flat against US dollar in early trade
The rupee is expected to swing within a range of 82.90 to 83.70, influenced by Foreign Institutional Investors, capital markets, and anticipated inflows like Reliance Infrastructure raising USD 350 million.
BRICS calls for enhanced use of local currencies in trade between member countries
"They recalled the paragraph 45 of the Johannesburg II Declaration tasking the Finance Ministers and Central Bank Governors of the BRICS countries to consider the issue of local currencies, payment instruments and platforms and to report back to the BRICS Leaders," according to the Joint Statement.
RFC account for NRIs: What is it, eligibility, how to open and more
For non-resident Indians (NRIs) planning to return to India, managing foreign earnings and assets efficiently is crucial. One effective way to do this is by opening a Resident Foreign Currency (RFC) account.
SBI board to consider $3-billion fundraise
SBI's board of directors to meet on June 11 to consider raising up to $3 billion through foreign currency bonds issued abroad.
Asian shares retreat as investors question US economic strength
Asian share markets weakened as U.S. economy's 'exceptionalism' unravels with weakening manufacturing activity. MSCI's Asia-Pacific index down 0.1%. U.S. Treasury yields fall after weak manufacturing data. Westpac economist Coombs sees market pricing 40 basis points rate cuts by 2024.
Rupee falls on month-end dollar demand; election results in focus
The Indian rupee declined on Friday, pressured by month-end dollar demand from importers, with investors awaiting the outcome of the country's general elections for fresh cues.
Sharp drop in provisions helped RBI transfer bumper dividend to RBI
The Reserve Bank of India's income rose 15% last fiscal due to higher interest income from bond holdings and a sharp drop in provisions transferred to the Contingency Fund, enabling a record dividend payment to the central government.
RBI tells money changers to avoid build-up of idle foreign currency balances
“Data of such sale and purchase should be maintained and made available for audit / inspection,” the RBI said. Central bank norms allow full fledged money changers to obtain their normal business requirements of foreign currency notes from other full fledged money changers and authorised dealers in India.
Apple not the only company to grapple with cash payments in India; cash also figures prominently in car sales
With customers continuing to stream in with wads of notes to buy mobile phones or computers, payments for 7-9% of the American firm's sales in the two stores in India are made with cash, compared to less than 1% or even nil in its stores in the US or Europe, according to people with knowledge of the matter.
Rupee ends slightly higher even as most Asian currencies slip
"Think we'll see it drift lower towards 83.50 again," a foreign exchange trader at a foreign bank said, adding that weakness beyond that is unlikely given the likelihood of intervention by the Reserve Bank of India.
Exchange of soiled, torn, imperfect currency notes: Bank branches you can exchange, procedure, limit
A ‘soiled note’ means a note which has become dirty due to normal wear and tear and also includes a two piece note pasted together wherein both the pieces presented belong to the same note and form the entire note with no essential feature missing.
Nepal President's economic advisor resigns after criticising inclusion of Indian territories in map on Nepal Rs 100 notes
The economic advisor to Nepal's President resigned over remarks on new hundred-rupee notes with a controversial map. President approved Chiranjivi Nepal's resignation, citing media misinterpretation. The new map includes disputed territories. Former Prime Minister Oli criticized the advisor, sparking debate on national interest and diplomatic implications. India rejects Nepal's new map, expressing discontent with the decision to issue new notes. Nepal's government stands by its decision, despite India's objections.
5 Cash Counting Machines for efficient cash management
Managing cash efficiently is crucial for businesses of all sizes. To streamline this process and ensure accuracy, cash counting machines have become essential tools. Explore 8 top cash counting machines that offer advanced features such as high-speed counting, counterfeit detection, and convenient batch sorting.
India's transaction trends: ePayment riches leave circulation of currency poorer
India's transition to digital payments is effectively curbing the traditional outflow of currency from its banking system, as evidenced by the sharpest decline in the growth of currency in circulation (CIC) since demonetisation in FY24. The Reserve Bank of India's (RBI) decision to phase out Rs 2,000 banknotes from circulation last year further contributed to this trend.
Nepal Dy PM signals negotiations on disputed boundary days after currency note
Nepal Deputy PM and foreign affairs minister Narayan Kaji Shrestha has signaled negotiations with India to resolve the boundary issue with the country. External affairs minister S Jaishankar stated that Nepal's move would not change the situation or reality on the ground. Sources said the decision to issue a new ₹100 note with a map depicting disputed territories with India was political opportunism.
Indian government bonds outperform corporates on index boost
Fixed income in the world’s most populous country is in demand ahead of its addition into JPMorgan’s emerging markets debt gauge in late June. The accession is expected to attract tens of billions of dollars of inflows into a market historically shielded from foreigners.
"They unilaterally took some measures": EAM Jaishankar on Nepal introducing new Rs 100 currency note featuring disputed Indian territories
Contesting Nepal's decision to introduce a new Rs 100 currency note featuring disputed Indian territories External Affairs Minister S Jaishankar said that New Delhi's position is very clear adding that Kathmandu unilaterally took some measures on their side.
Nepal to introduce new Rs 100 currency note featuring disputed territories with India
"The meeting of the council of ministers chaired by Prime Minister Pushpakamal Dahal 'Prachanda' took a decision to print the new map of Nepal, which includes the Lipulekh, Limpiyadhura and Kalapani in the Rs 100 denomination bank notes," government spokesperson Rekha Sharma told media persons while briefing about the cabinet decision.
97.76% of Rs 2000 currency notes returned, says RBI
The Reserve Bank of India (RBI) reported that 97.76% of the Rs 2000 denomination banknotes have been returned to the banking system, leaving only Rs 7,961 crore with the public. Since the announcement of their withdrawal from circulation on May 19, 2023, the total value of Rs 2000 banknotes has decreased from Rs 3.56 lakh crore to Rs 7,961 crore by April 30, 2024. Despite the withdrawal announcement, Rs 2000 banknotes remain legal tender.
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