Counterfeit Notes

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Counterfeit Notes - Total results - 20
Fake 500 rupee notes up 121%, Rs 2,000 currency notes 21.9% in 2018-19; decline in counterfeit Rs 100 notes: RBI
Business

Fake 500 rupee notes up 121%, Rs 2,000 currency notes 21.9% in 2018-19; decline in counterfeit Rs 100 notes: RBI

Of the Rs 200 denomination note, which was introduced in August 2017, as many as 12,728 counterfeit notes were detected

RBI said 'Yes' to demonetisation, but didn't approve of govt claims on black money, fake currency, says report
Business

RBI said 'Yes' to demonetisation, but didn't approve of govt claims on black money, fake currency, says report

The minutes of the 561st meeting of the RBI’s Central Board, held at 5.30 pm on 8 November 2016 reveal that the central bank directors had cautioned the government that demonetisation “will have a short-term negative effect on the GDP for the current year”

Madhya Pradesh sees 300% spike in fake currency since demonetisation, but officials deny link with note ban
India

Madhya Pradesh sees 300% spike in fake currency since demonetisation, but officials deny link with note ban

In the 20 months since demonetisation, the Madhya Pradesh Police has seized fake notes worth Rs 1.29 crore in both new and old currency notes.

Losses from demonetisation are huge, gains vague; NDA govt should gracefully accept setback a la Virat Kohli and ISRO
Business

Losses from demonetisation are huge, gains vague; NDA govt should gracefully accept setback a la Virat Kohli and ISRO

The demonetisation exercise cost Rs 8,000 crore while the money that did not come back amounted to Rs 10,720 crore.

Detection of counterfeit notes was 31% lower than previous year; high-security features made making fakes difficult: RBI
Business

Detection of counterfeit notes was 31% lower than previous year; high-security features made making fakes difficult: RBI

Counterfeit notes detected in specified bank notes decreased by 59.7 and 59.6 percent in the denominations of Rs 500 and Rs 1,000

Reserve Bank of India says 99.3% of demonetised Rs 500 and Rs 1,000 notes returned to banks
Business

Reserve Bank of India says 99.3% of demonetised Rs 500 and Rs 1,000 notes returned to banks

Of the Rs 15.41 lakh crore worth 500 and 1,000 rupee notes in circulation before 8 November, 2016, notes worth Rs 15.31 lakh crore have been returned.

RBI slaps Rs 40 lakh penalty on SBI for flouting counterfeit notes norms
Business

RBI slaps Rs 40 lakh penalty on SBI for flouting counterfeit notes norms

The Reserve Bank has slapped a penalty of Rs 40 lakh on SBI for not complying with its directions on detection and impounding of counterfeit notes

Demonetisation anniversary: A clueless govt miscalculated its impact; why Narendra Modi shouldn't have taken the step
Business

Demonetisation anniversary: A clueless govt miscalculated its impact; why Narendra Modi shouldn't have taken the step

The government miscalculated the amount of money out of the Rs 15.44 lakh crore that would be retuned; they took the black economy to be 25 per cent of GDP, a figure made popular but never actually established or validated.

Foolish note ban, faulty GST derailed economy; voters should decide who will put it back on rails: Chidambaram
Business

Foolish note ban, faulty GST derailed economy; voters should decide who will put it back on rails: Chidambaram

"The moral of the story is that just because government got absolute majority, it does not mean it will always do the right thing," the Rajya Sabha MP said.

Weekly cash withdrawal limit raised to Rs 50,000 from 20 Feb; curbs to go from 13 Mar
Business

Weekly cash withdrawal limit raised to Rs 50,000 from 20 Feb; curbs to go from 13 Mar

The deputy governor said the new notes have enhanced security and design features, and are not easy to copy

Demonetisation impact: Are militants now looting banks in Kashmir to tackle cash crunch?
India

Demonetisation impact: Are militants now looting banks in Kashmir to tackle cash crunch?

Post the killing of Burhan Wani, militants are resorting to robbing banks in the Kashmir Valley, allegedly to deal with the cash crunch that has hit their ranks following demonetisation.

30 days of demonetisation: Pros and cons of the Modi govt's note ban move
Business

30 days of demonetisation: Pros and cons of the Modi govt's note ban move

Since the decision to ban high value currency notes was taken in early November, the government has tried to portray the brighter side of the note ban and its benefits on the economy in the long run.

Demonetisation will not put an end to black money-generation, says economist Arun Kumar
Business

Demonetisation will not put an end to black money-generation, says economist Arun Kumar

The government, in a single stroke has scrapped a large volume of currency, which was in circulation, without having an alternative arrangement in place. It has created chaos and panic.

Demonetisation: How Narendra Modi changed narrative from black money to cashless economy
Politics

Demonetisation: How Narendra Modi changed narrative from black money to cashless economy

Despite three weeks after the note ban, the cash crunch continues across the country, especially in non-metros, where people are still struggling to find lower denomination notes. ATMs and bank branches are still running dry.

Demonetisation: How cash drought at India Inc resulted in stranded trucks, unpaid workers
Business

Demonetisation: How cash drought at India Inc resulted in stranded trucks, unpaid workers

The cancellation of 500 and 1,000 rupee notes ($7.3 and $14.7), more than 80 percent of currency in circulation, threatens to push Asia's third-largest economy into a liquidity crisis.

Explaining demonetisation: An open letter to Arvind Kejriwal from CA Mehul Shah
India

Explaining demonetisation: An open letter to Arvind Kejriwal from CA Mehul Shah

An open letter to Arvind Kejriwal by CA Mehul Shah explaining the probable logic behind issuing new Rs 2,000 note instead of Rs 1,000.

Narendra Modi’s decision to curb fake currency inflow was a calculated strategy
India

Narendra Modi’s decision to curb fake currency inflow was a calculated strategy

In yet another ‘surgical strike,’ Prime Minister Narendra Modi on Tuesday evening announced that Indian currency in the denominations of Rs 500 and Rs 1,000 would cease to be legal tender from the midnight of 8 November.

RBI to incentivise banks for reporting counterfeit notes
Economy

RBI to incentivise banks for reporting counterfeit notes

The Reserve Bank will introduce a scheme of incentives for banks to encourage them to report detection of counterfeit notes.