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By gaining control of a major part of the global supply chain, China now wields quiet but significant influence over the financial infrastructure of many countries.
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On October 31, Moneycontrol reported that Brazen middlemen, operating right outside the Reserve Bank of India (RBI) office in the National Capital, are making a killing from ‘customers' seeking to exchange the Rs 2000 notes, charging as much as Rs 400 per bill.
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The shares of Rs 100, Rs 50 and Rs 10 notes also fell, while those of Rs 500 and Rs 200 rose
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The largest currency in denomination will remain legal tender, but would be gradually phased out of public circulation
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The design of these notes is similar in all respect to Rs 10 banknotes in Mahatma Gandhi (new) series.
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The machines, for which the central bank has floated a global tender, is proposed to be installed at its 18 regional offices throughout the country.
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Customs officials have registered a few cases, where demonetised banknotes were sent abroad by courier, and seized over Rs 1 lakh in such notes, a senior official said today.
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"Demonetisation is likely to have a positive impact over the medium term. Along with the forthcoming implementation of the goods and services tax, demonetisation will widen the tax net and improve tax compliance," said Asian Development Outlook, ADB's flagship economic publication.
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"The impact of the demonetisation of high-value banknotes is dissipating as the replacement banknotes enter circulation. Stronger consumption and fiscal reforms are also expected to improve business confidence and investment prospects in the country," said the Asian Development Outlook, ADB's flagship economic publication.
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Until November's move, which scrapped 86 percent of all notes to foil counterfeiting and the black market, more than 90 percent of transactions in India were in cash.
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The RBI today said the banknotes in the Mahatma Gandhi series-2005 are to carry inset letter 'L' on both number panels, bearing the signature of Governor Urjit Patel.
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The company, which mines for emeralds and amethysts in Zambia and for ruby and corundum in Mozambique, reported a loss of USD4.3 million for the half year ended December 31. Revenue fell 45.7 percent to 51 million pounds.
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"Remonetisation is taking place ceaselessly at a fast pace. Between November 10, 2016 and January 13, 2017, the notes in circulation have increased by Rs 6.78 lakh crore, thereby taking the total notes in circulation to Rs 9.1 lakh crore," Minister of State for Finance Arjun Ram Meghwal said in a written reply in Rajya Sabha.
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"The Reserve Bank will shortly issue Rs 100 denomination banknotes in the Mahatma Gandhi Series-2005, with the inset letter R in both the number panels, bearing the signature of Dr Urjit R Patel, Governor, Reserve Bank of India," RBI said in a notification.
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The department is using data analytics for comparison of deposits made after the November 8 decision to scrap high-value banknotes with information in its database to identify taxpayers whose cash transactions do not appear to be in line with the tax-paying profile.
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Compiled by IHS Markit, the Nikkei Manufacturing Purchasing Managers' Index rose to 50.4 in January from 49.6. A reading above 50 indicates expansion.
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The measures may include continuing with a scheme to give concessional loans to farmers, incentives for states to computerize primary agricultural credit societies (PACSs) and higher allocations to the National Bank for Agriculture and Rural Development, the official told Mint, requesting anonymity.
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A large part of the benefits of this historical move are visible, said Finance Minister Arun Jaitley in press meet.
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Centre on Wednesday approved an ordinance that imposes penalties for possessing old notes beyond a certain limit and indulging in transactions with junked notes of Rs 500 and Rs 1000.
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Tenders of old banknotes in excess of Rs 5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016.
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Prime Minister Narendra Modi's decision to scrap 500 rupee and 1,000 rupee banknotes as part of a crackdown on tax dodgers and counterfeiters has dented consumer spending in a country where most people are paid in cash, and buy what they need with cash.
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Officials fear the move will slow economic activity for much longer than originally expected, as millions of people continue to queue at banks and ATMs for cash and companies struggle to pay wages and suppliers.
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"The Reserve Bank will shortly issue Rs 100 denomination banknotes in the Mahatma Gandhi Series-2005, without inset letter in both the numbering panels," RBI said in a release.
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The latest data, coupled with another last week that showed factory activity slumped as well, offers the first glimpse of the massive hit the economy is likely to take from Modi's demonetization drive.
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The looming Dec. 30 deadline has rattled many British Indians, who make up 2.5 percent of the population of England and Wales according to a 2011 government census, because the notes can only be exchanged in India.
