In an unexpected move, India’s Prime Minister Narendra Modi announced in a special address on 8th evening that Rs 500 and Rs 1,000 notes will be demonetized. New Rs 500 and Rs 2000 are being dispensed through banks.
The Central Government had announced that that toll would be suspended till November 24 midnight for all National Highways. Rs 500 and Rs 1000 currency notes were rendered defunct.
There have been rumours of fake Rs. 2000 notes in circulation. Here are a few identification marks that may help you distinguish between a genuine and fake note.
Jet Airways winter sale of tickets
...........................................................................................................................
Jet Airways has announced all inclusive fares starting at Rs. 1099 on select domestic routes as part of their winter sale of tickets.In an official release, the company said, The fare sale till 19th November, 2016
Here is a new product from Mastercard. With this, customers will be able to make payments for autos, shopping, taxis, etc. In a note about this, Mastercard Ratnakar Bank release states that this is a fast, simple.
New currency notes of Rs. 500 in 3 days
...........................................................................................................................
The arrival of the new currency notes of Rs. 500/- denomination to Tamil Nadu has been delayed. The General Manager (Headquarters) of Indian Bank in Chennai, Mr. Nagarajan, informed that the new currency.
All the currency management in our country is handled by the Reserve Bank of India. The other responsibilities it handles include regulation of credit system in the country, use of monetary policy for ensuring financial stability, and so on.
New rates announced by Axis Bank
...........................................................................................................................
Effective Friday, Axis Bank has cut marginal cost of fund-based lending rate, or MCLR, by 0.15-0.20 per cent.In its regulatory filing, Axis Bank said, Axis Bank reviews and reduces the MCLR by 15 basis points.
State Bank of India, SBI, has announced that it will cut interest rates by 15 basis points , bps, on term deposits between one and three years.Officials said, There could be more rate cut on deposits and loans.
As on 31st March 2016, the number of currency notes issued by the Reserve Bank of India Rs. 500/- currency notes is Rs.1571 Crores. This is 48 percent of the total currency in circulation.
According to the Reserve Bank of India circular issued on Wednesday, deposits made between November 9 and December 30 will require quoting of PAN if the combined sum deposited exceeds Rs.2.5 lakh.
The series of Mahatma Gandhi 1996 banknotes have been laden with more security features than those issued before. Here are some of them.The Rs. 10, Rs. 20 and Rs. 50 notes have a fully embedded security thread.
Keeping of void Rs 500 and Rs 1000 notes after 31st March 2017 will be treated as illegal. The Central Government has informed the Supreme Court that very soon an act will promulgated with regard to this.
All about coin minting
...........................................................................................................................
Coin minting is a long process involving a lot of steps. This article talks about the contemporary methods in coin minting.To start with, the coin is designed by an artist and a first sketch is prepared.
The Reserve Bank of India, RBI, has asked not to collect photocopies of identities while exchanging old currency notes. In an official email, RBI said, The guidelines only require customers.
The Road to paper money in India
...........................................................................................................................
Currency in India can be traced back to as long as the 6th Century BC. Let’s go back in history and trace the origins of money in our country.Along with the Chinese and the Middle Eastern Lydians, Indians were the earliest issuers.
India: Salaries to rise 10 percent
...........................................................................................................................
A study has revealed that salaries are expected to rise by 10 per cent in 2017. According to the 2016 Report released by Willis Towers Watson, salaries in India are projected to rise 10 per cent in 2017.
The Reserve Bank of India has confirmed that it will stick to its deadline of March 2017 to clean up balance sheets of banks. Non returning of bank loans are creating a great impact on the country’s economics.
The Reserve Bank of India is considered to be traditionally shy and conservative while being so close to the general public. The RBI has been led by many distinguished personalities.
Currency in India: An Overview
...........................................................................................................................
The first paper currency in India was issued during the late 18th century by the British East India Company. Private Banks such as the Bank of Hindustan and presidency banks were among the pioneers.
