Page 2 - Cash

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The Indian central bank announced on Friday the country's largest denomination note will be withdrawn from circulation by the end of September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

Transactions in CBDC pilots gather pace, all minor glitches fixed swiftly

Wholesale segment averages Rs 325 crore per day in November

CBDC versus the rest: Can RBI's digital currency replace physical cash?

The central bank digital currency is unlikely to replace cash and other digital mediums of transactions but could coexist with them

Cash turnover up 17% in Nov: In buoyant mkt, trading volume sees recovery

The ADTV for the futures and options segment (both NSE and BSE combined) stood at Rs 147.5 trillion - a gain of 2 per cent MoM

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

Flipkart burns over $3.7 billion cash in about a year till Sep 2022

E-commerce major Flipkart has burnt cash of USD 3.7 billion (about Rs 30,000 crore) in about a year ending September 2022, according to regulatory filings. Flipkart had USD 1 billion in cash in July 2021, which came down to USD 887 million by September 2022. The company, in July 2021, raised USD 3.6 billion (about Rs 29,000 crore), which has been completely exhausted, according to regulatory filings of Flipkart and Walmart. It is the biggest cash burn in a year by any new-age company in the country, according to industry estimates. A Walmart regulatory filing shows that the company had approximately USD 1.1 billion as of July 31, 2022. "As of July 31, 2022, and January 31, 2022, cash and cash equivalents of USD 3.5 billion and USD 4.3 billion, respectively, may not be freely transferable to the US due to local laws or other restrictions. "Of the USD 3.5 billion on July 31, 2022, approximately USD 1.1 billion can only be accessed through dividends or intercompany financing arrange

Cash-out: Issues with direct benefit transfer's growing ambit

In-kind schemes, introduced in 2017-18, accounted for only 10.8 per cent of total benefits (cash and kind) dispensed under DBT. Today, in-kind transfers account for 60 per cent of total benefits.