Page 11 - Currency

Demonetisation failed to meet its objectives: Cong leader Adhir Chowdhury

Congress leader Adhir Ranjan Chowdhury on Friday criticised the government's November 2016 decision to demonetise high-value currency notes, claiming the move did not meet the desired goals as cash in circulation and fake currency have gone up. The comment made in the Lok Sabha was vehemently countered by the BJP's Nishikant Dubey who said the Reserve Bank of India took the "big step" to eliminate corruption and terror financing which were "rampant" under the Congress rule. Raising the issue during the Zero Hour in the Lok Sabha, Chowdhury said cash in circulation increased from Rs 18 lakh crore in 2016 to Rs 31 lakh crore currently. Also, fake currency and deposits in Swiss banks have increased, he claimed. "The health of the economy is in a bad shape because of demonetisation. Demonetisation was launched with the objective of bringing back black money and stopping fake currency and terrorism. But none of the objectives of demonetisation has been fulfilled," Chowdhury said. Dubey

How world's oldest digital currency could solve climate change crisis

But what if there was an overlooked digital currency that could help to solve the climate crisis, rather than just doing less to exacerbate it?

SC reserves verdict on demonetisation, asks govt, RBI for submissions

AG said note ban's success or failure in curbing black money not a reason to invalidate the decision judicially as the move was made in good faith, after following due process

Trade settlement in rupee: Govt, RBI devise country-specific plan

To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country

Dollar holds firm on account of upbeat US data, RBA rate rise lifts Aussie

The U.S. dollar index, which measures the currency against six major peers, was at 105.24, steady after Monday's 0.7% rally, its biggest since Nov. 21

Rupee skids 48 paise as corporates, oil firms rush to buy dollars

Domestic unit has shed over 9% versus the greenback so far in 2022; latest weakness came despite softer dollar index and strength in Asian currencies, led by a firm Chinese yuan

In King Cash's castle: Businesses in disarray, RBI to take a closer look

The CLA has submitted a "confidential update" to the banking regulator, which has also set up an internal committee to monitor developments

Dollar slips to 5-month low, yuan set for biggest weekly gain since 2005

The dollar index, which measures the currency against six major peers including the yen and euro, fell 0.2% to 104.47, having earlier touched its lowest level since June 29 at 104.36

e-Rupee: India's digital currency fails to excite interest, say bankers

Seven bankers told Reuters that using the e-rupee of the Reserve Bank of India (RBI) was much the same as internet-based banking that users were already satisfied with

Rupee gains sharply against US dollar as MSCI rejig spurs flows

The rupee closed at 81.43 per US dollar on Wednesday as against 81.72 per dollar on Tuesday

CBDC more anonymous than traditional e-transactions: IDFC First Bank CEO

In CBDC, the core banking will have a one-time debit for currency purchase, but all subsequent transactions, which move from wallet to wallet

Retail CBDC pilot starts Dec 1, to be tested in 4 banks, 4 cities initially

RBI says digital rupee for retail segment will be in the form of a digital token that represents legal tender, to be issued in same denominations as paper currency and coins

Forex reserves likely to show revaluation gains now, say analysts

RBI said to have been actively buying dollars for the past couple of weeks, say currency traders

RBI, UAE central bank discuss mechanism to trade in local currencies

Negotiations between India-GCC FTA expected in Jan-March quarter

ICICI Bank launches dollar bond, deposit-linked loan for NRIs at GIFT City

Lender claims to be the first to offer these products in GIFT City

Rupee slides as Chinese yuan weakens, October trade deficit hits mood

The rupee settled at 81.65 per US dollar on Thursday as against 81.31 per dollar at previous close

Nine Russian banks open special vostro accounts for trade in rupee

Next round of India-UK FTA talks expected in Dec: Commerce secy

Binance forming recovery fund to help projects in liquidity crisis

Binance CEO's announcement triggers rise in Bitcoin, Ether

Chatroom: 'Export incentives available on payments received through SVAs'

Export invoicing in INR is already allowed but the payment must come through Vostro Accounts maintained by foreign banks with a bank in India

Rupee logs best single-day gain in 4 years as Fed hikes seen slowing

As dollar index breaches key technical levels, outlook on rupee improves