Snehal khanna Blog

Nirav Modi and Choksi have been asked to respond within one week as to why their passports should not be impounded or revoked LATEST NEWS :  On the advice of the Enforcement Directorate, the Passport issuing authority in the Ministry of External Affairs on Friday suspended the validity of passports of diamond merchant Nirav Deepak Modi and Gitanjali Gems CMD Mehul Chinubhai Choksi with immediate effect for a period of four weeks u/s 10(A) of the Passports Act 1967. Nirav Modi and Choksi have been asked to respond within one week as to why their passports should not be impounded or revoked under Section 10 (3) (c) of the Passports Act 1967. If they fail to respond within the stipulated time it will be assumed that they do not have a response to offer and the MEA will go ahead with the revocation. Earlier in the day the Central Bureau of Investigation (CBI), which registered a case against jewelry retailer Gitanjali in a $1.77 billion fraud at state-run Punjab Nation...

A recent investigation alleged that unrestricted access to details of over one billion Aadhaar numbers can be purchased at as little as Rs 500 LATEST NEWS :  The benefits of Aadhaar , India’s biometrics-based unique national identity system–the world’s largest–are unclear and the impact of direct benefit transfers it will be used to deliver to the poor is not studied enough, a new study published by an arm of the Reserve Bank of India (RBI) has concluded. The paper, ‘Biometric and Its Impact in India’, was a part of Staff Papers series published in its October 2017 edition. It is written by S Ananth, an adjunct faculty at the Institute for Development and Research in Banking Technology (IDRBT), which was established by the RBI as an autonomous institute. Aadhaar is becoming central to India’s public policy with increasing number of programmes being linked to it. And its scope is constantly increasing. In the seven years following its introduction, 1.12 billion Ind...

It has Konark chakra symbol printed on the new Rs 10 note to be issued by the RBI LATEST NEWS : The Reserve Bank will soon bring into circulation new Rs 10 denomination banknotes in chocolate brown colour, which will have India's cultural heritage Konark Sun Temple as a motif on the reverse side. The central bank will shortly issue Rs 10 denomination banknotes in the Mahatma Gandhi (new) series, bearing the signature of Urjit R Patel, Governor, RBI, it said in a release. The base colour of the note is chocolate brown, it said. "The new denomination has the motif of Sun Temple, Konark on the reverse, depicting the country's cultural heritage," RBI said. Among the salient features of the banknotes, on the obverse (front) the note will bear a portrait of Mahatma Gandhi at the centre, the Ashoka Pillar emblem on the right, watermarks and number panel with numerals growing from small to big on the top left side and bottom right side. On the rev...

Along with the new Rs 200 note, the government has also confirmed a new Rs 50 note. LATEST NEWS      :    The new Rs 200 currency note will be introduced in the market tomorrow, Reserve Bank of India said on Thursday. The new denomination has Motif of Sanchi Stupa on the reverse, with bright yellow being the base colour of the note, RBI said in a statement. Along with the new Rs 200 note, the government has also confirmed a new Rs 50 note. The earlier Rs 50 notes will continue to remain legal tender. "The Reserve Bank of India will issue on August 25, 2017 Rs 200 denomination banknotes in the Mahatma Gandhi (New) Series, bearing the signature of Urjit R Patel, Governor, RBI from select RBI offices, and some banks," it said. Here are its salient features Obverse (Front) 1. See through register with denominational numeral 200 2. Latent image with denominational numeral 200 3. Denominational numeral २०० in Devnagari 4....

RBI's MPC meet begins; decision on rates on August 2 LATEST NEWS :     The six-member Monetary Policy Committee (MPC) headed by Reserve Bank of India (RBI) Governor Urjit Patel on Tuesday started two-day deliberations for its monetary policy review. The RBI will announce the bi-monthly monetary policy on Wednesday. Experts expect a reduction of 25 basis points in key lending rate this time, as inflation has cooled to record low levels. The meeting's outcome on Wednesday is being keenly awaited by all stakeholders, including industry and stock markets. Encouraged by significant price improvement, bankers expect RBI to change its monetary stance and cut benchmark lending rate by at least 0.25 per cent. Some expect that the central bank may go for an even more aggressive rate cut as the retail inflation touched a historic low of 1.54 per cent in June. The panel, in its previous bi-monthly review in June, had retained the repo rate at 6.25 ...

Revised directions are being issued amidst surge in customer grievances, says RBI LATEST NEWS : Customers will not suffer any loss if unauthorised electronic banking transactions are reported within three days and the amount involved will be credited in the accounts concerned within 10-days, the Reserve Bank said on Thursday. In case the third party fraud is reported with a delay of four to seven working days, a customer will face liability of up to Rs 25,000. However, in cases where the loss is due to negligence by the account holder (such as sharing of payment credentials), the customer will bear the entire loss until the unauthorised transaction is reported to the bank. Any loss occurring after reporting of the unauthorised transaction will be borne by the bank, RBI said while issuing revised directions on 'Customer Protection - Limiting Liability of Customers in Unauthorised Electronic Banking Transactions'. RBI said the revised directions are being ...