Page 2 - Cash

People buying fuel, jewellery, grocery to offload Rs 2,000 notes: Survey

Fuel, jewellery and daily groceries are the top three preferred items for people to offload their Rs 2,000 currency notes post the RBI's announcement of withdrawing the currency note from circulation, revealed a new survey. The pan-India survey, conducted by location-based social network Public App, also found out that a whopping 55 per cent of people are planning to deposit their currency notes at the bank, while 23 per cent and 22 per cent are planning to spend them and get them exchanged, respectively. The Reserve Bank of India (RBI) on May 19 made a surprise announcement of the withdrawal of Rs 2,000 currency notes but gave the public time till September 30 to either deposit the Rs 2,000 notes in accounts or exchange them at banks. In about two weeks, almost half of the Rs 2,000 currency notes in circulation, worth around Rs 1.8 lakh crore, came back to the banking system, the RBI informed recently. The poll results, shedding light on the citizens' perspective and providing ...

Exchange of Rs 2,000 notes: SC refuses plea challenging RBI decision

The Supreme Court on Friday refused urgent hearing on a plea challenging the notifications enabling exchange of Rs 2,000 currency notes without any requisition slip and ID proof. A vacation bench of justices Aniruddha Bose and Rajesh Bindal perused the report filed by the registry, and said there is no urgency in the matter. The top court directed that the matter be placed before Chief Justice D Y Chandrachud after summer vacations. The petitioner advocate Ashwini Upadhyay submitted that it was very unfortunate that the top court is not taking up such an important matter. The apex court said this is a court and not a public platform and the matter has to end somewhere. This is second time that the apex court has refused an urgent hearing on the issue. On June 1, the top court had refused to list for urgent hearing Upadhyay's plea challenging the notifications and said it would not be taking up such pleas during the summer break. The lawyer had earlier submitted that Rs 2,000 ban

Volume of Rs 500 fake notes detected up 14.6% on-year in FY23, says RBI

The number of counterfeit currency notes of Rs 500 denomination detected by banking system, rose by 14.6 per cent to 91,110 pieces in 2022-23 compared to last year, according to RBI's annual report

Volume of bank notes in circulation increased by 4.4% during 2022-23: RBI

The value and volume of banknotes in circulation increased by 7.8 per cent and 4.4 per cent, respectively, during 2022-23 as compared with 9.9 per cent and 5 per cent, respectively, in 2021-22, revealed the RBI annual report released on Tuesday. In value terms, the share of Rs 500 and Rs 2,000 banknotes together accounted for 87.9 per cent of the total value of banknotes in circulation as on March 31, 2023, as compared to 87.1 per cent a year ago. The Reserve Bank has announced withdrawal of Rs 2,000 notes, and holders of the highest value currency have been given time till September 30 to exchange or deposit them. "In volume terms, Rs 500 denomination constituted the highest share at 37.9 per cent, followed by Rs 10 denomination banknotes which constituted 19.2 per cent of the total banknotes in circulation as on March 31, 2023," said the report. There were 5,16,338 lakh pieces of Rs 500 denomination notes totalling Rs 25,81,690 crore at end-March 2023. The number of Rs 500 notes

HC dismisses plea challenging RBI move on Rs 2,000 note exchange without id

The Delhi High Court on Monday dismissed a petition challenging the notifications enabling the exchange of Rs 2,000 denomination currency notes without any requisition slip and ID proof, saying it has been done to avoid inconvenience to citizens, and the court cannot sit as an appellate authority on a policy decision. The high court maintained it cannot be said that the government's decision is perverse or arbitrary or it encourages black money, money laundering, profiteering or abets corruption. A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad said this is purely a policy decision of the government and courts should not sit as an appellate authority over the decision taken by the government. The high court said the Public Interest Litigation (PIL) is devoid of merits and dismissed the petition filed by advocate Ashwini Kumar Upadhyay who challenged the notifications by the RBI and SBI enabling exchange of Rs 2,000 banknotes without requisition slip and

Rs 2,000 currency note withdrawal creating chaos for Indians in Gulf

Several Indians in the Gulf nations are having a harrowing time ever since the Indian government decided to withdraw the Rs 2,000 notes from circulation, with a lot of them saying that the banking institutions in the region are claiming to be not aware of the policy change. On May 19, the Reserve Bank of India (RBI) made a surprise announcement of the withdrawal of Rs 2,000 currency notes but gave the public time till September 30 to either deposit the Rs 2,000 notes in accounts or exchange them at banks. The RBI said it had asked banks to stop issuing Rs 2,000 notes with immediate effect. In the UAE, Indians are facing a tough time getting Rs 2,000 notes exchanged. Among many is Firoza Sheikh (name changed on request) who landed in Dubai last week with her two children to join her husband for a month-long break. Days later, as she heard the announcement of the Rs 2,000 currency withdrawal, she rushed to an exchange centre to get the local currency equivalent of the eight notes of

Withdrawal of Rs 2,000 note cast doubt on currency integrity: Chidambaram

Senior Congress leader P Chidambaram on Monday said the introduction of Rs 2,000 note and its subsequent withdrawal have cast doubt on the integrity and stability of the Indian currency. Addressing a press conference here, the former Union finance minister said the key economic indicators are pointing downward and there is low confidence that the economy will reach the high growth path. He also said the situation in Manipur, where recent ethnic clashes have claimed more than 75 lives, was alarming and questioned the continued silence of Prime Minister Narendra Modi. Governance and policies in a secular, democratic country must give rise to a tide that will lift all boats. In that view, the NDA government has totally failed in the last nine years, he said. What is worse is that the government does not even make an effort to correct its mistakes and govern for all the people, he said. The Reserve Bank of India recently announced withdrawal of Rs 2000 notes from circulation and asked

The darkness of trivialisation

Economic policy tradecraft cannot be executed with inferiority complex that constantly requires divisive religio-cultural and ethnic grievances to be sated

Changing of Rs 2,000 currency notes off to a slow yet smooth start

Banks continue to use discretion on filling up forms

People stepping up expenditure on premium items to offload Rs 2,000 notes

The Indian central bank announced on Friday the country's largest denomination note will be withdrawn from circulation by the end of September

Delhi Traders see rush of customers with Rs 2,000 notes, while UPI declines

Traders in the national capital are amused as the majority of customers are bringing only Rs 2000 currency notes while UPI payments have declined. Traders said that they are accepting Rs 2000 currency notes even as many people are buying stuff of just Rs 100-200 to get rid of the currency notes after the Reserve Bank in a surprise move on Friday announced the withdrawal of the note from circulation. A trader in Sarojini Nagar market said that he hadn't seen Rs 2000 currency notes in past months but now every other person is bringing this currency note for buying goods (Itne time see (Rs) 2000 ke note nahi dekhe the, aur ab har dusra banda yehi note la rha hai"). People seem to get rid of Rs 2000 currency notes instantly even as the central bank gave the public time till September 30 to either deposit such notes in accounts or exchange them at banks. Unlike the November 2016 shock of demonetisation, when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 currency

Biz of moving currency booming, with new revenue streams set to open up

Millions of rural Indians now have debit cards, yet lack access to ATMs. Such drivers are expected to contribute to the growth of ATMs in the rural regions

Bank runs and resolutions

The collapse of Silicon Valley Bank and the swift intervention by the US authorities hold lessons for India - to complete the unfinished policy agenda on handling failed financial firms

Hindustan Zinc's $1.3 bn dividend plan raises concerns over cash use

The Rajasthan-based miner will pay an interim dividend of 26 rupees per share totaling 109.9 billion rupees, according to an exchange filing Tuesday

First Republic Bank's financial woes deepening despite cash infusion

US' First Republic Bank's financial woes appeared to be deepening despite an industry-led emergency cash infusion, media reports said.

The cashless economy: Sweden's switch to digital tells a cautionary tale

Sweden's an extreme case: It's a small, tech-savvy economy. But the direction of travel is the same everywhere, accelerated by a pandemic that saw QR codes replace restaurant menus

Cash recyclers to tango with bank branches: How does this help?

The ATM will emerge as a remittances channels, enabling cash drops by customers and cash-outs by recipients of direct benefit transfers

Cash trading volume declines in 2022 amid muted returns, shows data

Market experts said that though Indian markets outperformed peers the gains were not significant for retail investors who mostly dabble in cash trading

Insurer liable to reimburse genuine cash payments

All payments were supported by TDS and GST. Hence, the National Commission concluded that the insurer would have to reimburse these legitimate cash expenses

Less-cash society more achievable than cashless: E-payment leaders

''When we talk about cashless society, we are not talking about people in Mumbai. We are talking about people who are in the hinterland''