Reserve Bank of India continues to remain net seller of dollar; sells $6.184 billion of US currency in June
RBI maintains that its intervention in the foreign exchange market is to curb volatility in the rupee and not to target a level of the domestic currency.
IMF lowers growth rate for India to 7.3% in 2018, 7.5% in 2019, but it still retains world's top spot
India continues to outperform China, IMF's WEO update figures reflect. Growth in China is projected to moderate from 6.9 percent in 2017 to 6.6 percent in 2018 and 6.4 percent in 2019, as regulatory tightening of the financial sector takes hold and external demand softens, the report said.
Inflation in advanced economies remains subdued and generally below target
Post-8 November, cash shortages and payment disruptions caused by the currency exchange initiative have undermined consumption and business activity, posing a new challenge to sustaining the growth momentum, the IMF said in its annual country report on India.
The debate is now on Urjit Patel's role as the RBI governor in the demonetisation
With cash crunch following demonetisation impacting agri sector, the government on Thursday eased guidelines for farmers by allowing them to withdraw up to Rs 50,000 cash per week from bank.
For wedding pruposes, one family member can withdraw up to Rs 2.5 lakh from one account. All accounts being transacted have to be KYC-compliant
Frustration and anger boiled over amid chaos and serpentine queues at banks on 11 November as less than half of ATMs were functional for only a few hours and banks struggled to cope with the rush for new currency notes
While one can exchange the banned notes by depositing it with the banks till 30 December 2016, the government, however, in order to avoid inconvenience to common public has also provided a 72 hour window to use the banned currency denomination at places other than the banks
Rs 500, Rs 1,000 note ban: Black money hoarders in Indore use railways help to bypass demonetisation
It seems black money hoarders may be making use of railways ticket reservation services to convert black money it into white money.
IT services major Cognizant today said its net profit rose 12 perent to $362.89 million for the quarter ended December 31, helped by increased traction from consulting, digital and business segments.
Offers a neutral corridor routing and currency exchange clearinghouse for mobile and traditional money remittances.