LEGAL TENDER
Zero factual inaccuracies with our Adani research: Hindenburg on Sebi notice | Read short seller's full response here
Adani-Hindenburg Case: US-based short-seller Hindenburg Research stated Kotak Bank, one of India’s largest banks and brokerage firms founded by Uday Kotak, which created and oversaw the offshore fund structure used by our investor partner to bet against Adani. Instead it simply named the K-India Opportunities fund and masked the “Kotak” name with the acronym “KMIL”
2.2 pc of Rs 2000 banknotes, with value of Rs 7755 crore, still in circulation
Approximately 2.2% or Rs 7,755 crore of Rs 2,000 banknotes are still in circulation, 8 months after the deadline to exchange them. 97.82% of the total value is back in the banking system by May 2024.
Binance stops cash payment for P2P trades
Binance, the world's largest cryptocurrency exchange, has halted 'cash deals' for P2P trades in India, affecting traders who used the rupee 'cash option' to avoid tax regulations.
Rajeev Chandrasekhar sends legal notice to Shashi Tharoor over 'false allegations' of bribing voters
Legal battle ensues as BJP's Rajeev Chandrasekhar sends a notice to Congress's Shashi Tharoor, accusing him of spreading false information and demanding a public apology for defamatory statements made in a TV interview.
Patanjali misleading ads: Baba Ramdev, Acharya Balkrishna tender 'unconditional' apology again to Supreme Court
Baba Ramdev and Acharya Balkrishna have submitted apologies to the Supreme Court over misleading Patanjali ads. They promise to abide by the court's order and respect the law. The Supreme Court will announce its decision tomorrow, a crucial moment in this legal saga.
Provide proof or face action: Delhi BJP chief to Atishi
Addressing a press conference, Sachdeva said that his party will take legal action against Atishi if she fails to provide proof to her claim that the BJP approached her to join it through her close friend.
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No bar but practically impossible for Arvind Kejriwal to continue as CM from jail: Legal experts
Legal experts have stated that while there's no constitutional or legal bar preventing Delhi Chief Minister Arvind Kejriwal from remaining in office while in judicial custody, it would be practically impossible to run the government from prison.
No bar in law on arrested person from continuing as CM: Legal experts
Arvind Kejriwal, Delhi CM, arrested for money laundering can legally continue in office. Experts discuss legalities, stating no automatic disqualification for arrest. Article 361 provides immunity only to President and Governor.
IOC scraps maiden green hydrogen tender after bidders cry foul, move court
Industry players cited tender document skewed in favour of IOC’s JV with L&T & Renew Power; 50 prospective bidders participated in pre-bid meet but eventually opted out, only 1 bid submit by IOC’s JV co. In a cancellation corrigendum issued on February 21, IOCL said, the tender stands cancelled. The company did not reply to an email sent till press time.
Short on cash, El Salvador doubles down on Bitcoin dream
After a recent announcement by the U.S. Securities and Exchange Commission (SEC) to allow US-listed exchange-traded funds (ETFs) that track bitcoin, El Salvador president Nayib Bukele's deputy said the government will be doubling down on its crypto law in a second term.
RBI yet to receive ₹2000 notes worth ₹8,897 crore as of Jan 31st
The Reserve Bank of India (RBI) has yet to receive ₹2000 banknotes worth ₹8,897 crore, according to the latest update as of January 31, 2024. The RBI had previously announced the withdrawal of the ₹2000 denomination banknotes from circulation, and the status of this withdrawal is periodically updated. The facility for deposit and exchange of these banknotes is available at RBI Issue Offices, with a significant portion already returned.
Competition Comm to soon float tender for market study on AI's impact on businesses
The Competition Commission of India (CCI) will float a tender for a study on the impact of artificial intelligence (AI) on businesses and services. The CCI's Chairperson, Ravneet Kaur, emphasized that the regulator cannot take a one-size-fits-all approach in technological markets. The CCI is also looking at data protection from the perspective of data access, analysis, storage, and usage by third parties to prevent anti-competitive practices.
Bitcoin a dud in El Salvador, first country to make it legal tender
The government of President Nayib Bukele took this pioneering step in 2021, introducing bitcoin in circulation alongside the US dollar, which replaced the Salvadoran colon in 2001.
Army loses decade-long Rajma war against Kendriya Bhandar in Supreme Court
The Ministry of Defence has lost a decade-long legal battle over the deficient supply of kidney beans or rajma to Kendriya Bhandar (KB). The Supreme Court upheld the arbitral award directing the Army Purchase Organisation to return the cashed bank guarantee amount of Rs 44.5 lakh with 7.5% interest since 2012. The dispute arose over the quality of rajma supplied by KB.
RBI receives 97% of 2000 rupee notes as of Nov 30
The Reserve Bank of India (RBI) has returned 97.26% of the 2000 rupee bank notes withdrawn from circulation as of May 19th, bringing the total value of the notes to Rs. 9,760 crores as of November 30th. The RBI emphasized that the highest denomination remains a legal tender. The note was introduced in November 2016 to meet currency requirements after the withdrawal of 500 and 1,000 notes.
Indefinite suspension: SC asks AAP MP Raghav Chadha to tender unconditional apology to RS chairperson
The Supreme Court directed AAP MP Raghav Chadha to apologize to Rajya Sabha chairperson Jagdeep Dhankhar over the select committee issue and hoped for a sympathetic resolution. Chadha was suspended on accusations of adding names to a motion without consent. The Court asked for updates after the Diwali vacation.
Will you be able to exchange or deposit Rs 2000 notes after September 30?
The Reserve Bank of India, in its notification dated May 19, 2023, announced the withdrawal of Rs 2,000 note from circulation. The RBI asked the public to deposits and/or exchange the Rs 2000 currency notes by September 30, 2023. However, the notification did not clarified what will happen if an individual is not able to deposit or exchange Rs 2000 note by September 30. Do note that Rs 2000 note continues to remain legal tender.
Delhi HC upholds OMCs tender conditions for LPG cylinders
The Delhi High Court has upheld the eligibility criteria set by three leading oil marketing companies (OMCs) for their tenders for procurement of LPG cylinders. The criteria stated that cylinder manufacturers with common business ownership could only submit a single bid.
You can't use Indian Rupee for local transactions, Sri Lanka's central bank clarifies
"Any transaction executed between or among residents in Sri Lanka shall be in LKR (Lankan Rupee), being the legal tender in Sri Lanka," the central bank said in a statement. It added that the INR was designated a foreign currency in Sri Lanka in August 2022. "Trade between Sri Lanka and India has grown rapidly after the Indo-Sri Lanka Free Trade Agreement, which came into force in March 2000," the bank said.
Almost 40% of surrendered Rs 2,000 return in other denominations
Around 40% of the total Rs 1.8 lakh crore worth of Rs. 2,000 denomination currency has returned to the market in the form of Rs. 500, Rs 200, Rs 100 currency notes, while the remaining is staying put in the banking system. The currency with the public fell by Rs 83,242 crore during the fortnight ended June 02. The central bank's move to withdraw the Rs 2,000 currency note has added to the surplus liquidity in the system, which is estimated at close to Rs 1 lakh crore, according to analysts.
50% of Rs 2,000 notes in circulation have come back to banks, reveals RBI
Nearly half of the ₹2,000 currency notes worth ₹1.8 lakh crore in circulation has been deposited in bank accounts in the past two weeks. Of the returned notes, 85% were made as deposits in bank accounts while the remainder were exchanged for lower denominations. The figures may lead to higher deposits in the commercial banking system which grew 10.9% YoY to ₹183.7 lakh crore as on May 19.
As Rs 2000 notes flow back, 80% stay within banking system
Recently, State Bank of India (SBI) chairman Dinesh Kumar Khara said that the lender had received ₹17,000 crore of ₹2,000 notes and only 20% of those had been exchanged while the remaining stayed in the system.
Rs 2,000 withdrawn: 7 questions on note deposit, exchange answered
THE RBI HAS advised everyone to deposit or exchange the Rs.2,000 notes in their possession at any bank by 30 September 2023. The notes can also be exchanged from RBI regional offices till that date.
Rs 2000 note withdrawn: What happens if you fail to deposit, exchange it by September 30, 2023?
The Reserve Bank of India (RBI) has decided to withdraw Rs 2000 bank note from circulation. The announcement came on May 19, 2023. The central bank has said that the general public are encouraged to deposit or exchange the Rs 2000 bank note by September 30, 2023. Do note that there is no change in the legal status of Rs 2000 note
Amazon to integrate services with ONDC; cricketer Deepak Chahar, wife Jaya float fantasy sports app
Amazon said the move aims to provide greater technology support to the seller community and further empower small businesses.
IMF lays out crypto action plan, recommends against legal tender status
Such efforts have become a priority for authorities, the fund said, after the collapse of a number of crypto exchanges and assets over the last couple of years, adding that doing nothing was now "untenable".
SC reserves verdict on demonetisation pleas, directs Centre, RBI to place related records
Reserving its verdict on a batch of pleas challenging the Centre's 2016 decision, a five-judge constitution bench headed by Justice S A Nazeer heard the submissions from Attorney General R Venkataramani, RBI's counsel and the petitioners lawyers including senior advocates P Chidambaram and Shyam Divan.
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