Top Section
Explore Business Standard
Don’t miss the latest developments in business and finance.
Currency Notes
Six years after the govt demonetised 86% of cash in circulation, the Supreme Court on Monday nixed petitions challenging the move and upheld its legality. So what did the court say in its verdict?
Dissenting judge Nagarathna says 2016 note ban legally flawed
Justice B V Nagarathna of the Supreme Court, who gave a dissenting verdict on demonetisation on Monday, said the scrapping of the whole series of Rs 500 and Rs 1,000 currency notes had to be done through a legislation and not through a gazette notification as Parliament cannot be left aloof in a matter of such critical importance. Justice Nagarathna, who was the juniormost judge in the Constitution bench also comprising justices S A Nazeer, B R Gavai, A S Bopanna and V Ramasubramanian, said the demonetisation of an entire series of notes at the Centre's instance is a far more serious issue that has wider implications on the economy and the citizens of the country. Observing that there was no independent application of mind by the Reserve Bank of India (RBI), Justice Nagarathna said the entire exercise was carried out in 24 hours. "In my view, the power of the central government being vast has to be exercised through a plenary legislation rather than by an executive act by issuance o
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
In CBDC, the core banking will have a one-time debit for currency purchase, but all subsequent transactions, which move from wallet to wallet
The Supreme Court on Wednesday deferred to November 24 the hearing on a batch of pleas challenging the Centre's 2016 decision to demonetise currency notes of denomination of Rs 500 and Rs 1000. A five-judge constitution bench headed by Justice S A Nazeer adjourned the matter after Attorney General R Venkataramani sought time to file a comprehensive affidavit in the matter. Venkataramani apologised to the bench also comprising Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna, for not being able to prepare the comprehensive affidavit and sought a week's time. Senior advocate Shyam Divan, representing petitioner Vivek Narayan Sharma, said this is highly unusual to ask a Constitution Bench for adjournment. Senior advocate P Chidambaram, appearing for one of the parties, said this is an embarrassing situation. Justice Nagarathna observed that normally the Constitution Bench does not rise like this and this is very embarrassing. The top court granted one week time
An RTI reply has disclosed that no new Rs 2,000 denomination currency notes were printed during 2019-20, 2020-21 and 2021-22.
How will Twitter transform under Elon Musk? How'll metaverse change the shopping experience? How will US Fed & BoE rate action affect markets? What pictures can be used on currency notes? Answers here
Delhi CM Arvind Kejriwal believes images of deities on legal tenders can help India attain 'economic prosperity'. Other political parties disagree. What visuals can the govt use on legal tenders?
In the case of coins, RBI's role is restricted only to the distribution of the coins
Delhi Chief Minister Arvind Kejriwal on Friday said "130 crore Indians" want pictures of Lord Ganesh and Goddess Lakshmi on currency notes. Blessings of the Almighty are necessary for hard work to translate into success, the Aam Aadmi Party leader said. Kejriwal reiterated his demand to print pictures of the two Hindu deities on currency notes at a rally at Morva Hadaf in Panchmahal district of Gujarat where Assembly elections are expected to be announced soon. "If there is a picture of Ganesh and Lakshmi ji on a note, the country will progress. I am not saying that the country will make progress only by printing their pictures, we will also work hard. People of the country will work hard. We will devise the right policies," he said. "But however hard you may work, unless you get the blessings of the Almighty, hard work does not succeed.....This is why I said there should be pictures of Ganesh and Lakshmi ji (on currency notes)," the AAP leader added. Both the BJP and Congress ..
Chhattisgarh Chief Minister Bhupesh Baghel on Thursday slammed his Delhi counterpart Arvind Kejriwal for demanding images of Goddess Lakshmi and Lord Ganesh on currency notes and described his statement as a tactic to garner votes. Talking to reporters here, the senior Congress leader accused Kejriwal of raising an emotive issues just for votes. Asked about the Aam Aadmi Party (AAP) leader's controversial statement, Baghel said, At different times the Government of India decides whose photos will appear on currency notes and coins. But to gain votes Kejriwal has used this tactic." I was watching in the news yesterday, photos of great leaders Ambedkar ji and Bhagat Singh ji were kept where he (Kejriwal) was addressing a press conference (where he made the statement). Had they been alive, could Kejriwal have said these things in front of them? Was his statement motivated by their ideology?" he asked. Baghel further said wherever Kejriwal fights elections he just plays emotional card
Delhi's Chief Minister Arvind Kejriwal said that efforts to make India wealthy would only bear fruit with blessings from gods and goddesses.
Kejriwal may have shrewdly given up his secular positions, but he is no Hindutva hero. He has simply been able to sense which way the wind is blowing
Economic debates should be informed. Changing the currency notes or printing images of Lord Ganesh and Goddess Lakshmi on them will not help
Countering the claims of the BJP that the idea to use images of Goddess Lakshmi and Lord Ganesha on currency notes is a "political stunt", Delhi Chief Minister Arvind Kejriwal on Thursday said that the saffron party should implement it if it thinks the move can attract votes. Kejriwal's remarks came on the sidelines of his visit to the Ghazipur landfill site in the city. Reporters asked the Aam Aadmi Party (AAP) national convenor about his reaction on BJP's allegation that his appeal to print images of Goddess Lakshmi and Lord Ganesha on currency notes was a "political stunt" ahead of polls in Gujarat and Himachal Pradesh. Kejriwal replied, "(If it is a political stunt) Then they should do it. If they feel that saying this would attract votes, then they should implement it. They have the government at the Centre. They should implement this and get votes." Claiming that the Indian economy was not in good shape, Kejriwal at a press conference on Wednesday had said the country needed
Any decision related to the changes that are made in the design and form of bank notes and coins are governed by the Reserve Bank of India (RBI) and the central government
Delhi Chief Minister Arvind Kejriwal on Wednesday appealed to Prime Minister Narendra Modi to have photos of Lord Ganesha and Goddess Lakshmi on currency notes. During a media briefing, he said the photos of Ganesha and Lakshmi could be printed on fresh currency notes. He added that the new notes could have a picture of Mahatma Gandhi on one side and of the two deities on the other. "Despite making efforts, sometimes our efforts do not fructify if gods and goddesses are not blessing us. I appeal to PM (Modi) to have photos of Lord Ganesha and Goddess Laxmi on our currency (notes). "If there is a photo of Lakshmi-Ganesha on our currency (notes), our country will prosper. I will write to (the) prime minister in a day or two on this," he said. He cited the example of Indonesia, a Muslim nation, that has a picture of Ganesha on its currency note. "When Indonesia can, why can't we? The photos can be printed on fresh (currency) notes," he said. Lamenting the fact that the India economy
The BJP on Wednesday cited past comments of Delhi Chief Minister Arvind Kejriwal to claim that his demand for having images of Lord Ganesha and Goddess Lakshmi on currency notes is the height of U-turn as he is "trying" to be a Hindu. His hypocrisy is on show, BJP spokesperson Sambit Patra told reporters as he noted that the Aam Aadmi Party government had recently warned people celebrating Diwali with firecrackers of legal action. Patra also referred to AAP leader Rajendra Pal Gautam's presence at a controversial religious conversion event recently where pledge to not worship Hindu deities was taken. Gautam "abused" and "mocked" deities but he remains in the AAP, he said, claiming that his removal as a minister in the Kejriwal government was an eyewash. The BJP spokesperson also noted that Kejriwal had once spoken against the construction of Ram temple and said a hospital should be built at the site in Ayodhya. Internet is full of his "anti-Hindu" remarks, he said, and also referr
As per RBI (Note Refund) Rules, 2009 no bank can decline to exchange the damaged, mutilated, taped or torn banknotes. Here're RBI rules for exchange you must know.