No form, ID needed to exchange Rs 2,000 currency note: State Bank of India
State Bank of India has informed all its branches that no form or identity proof would be needed to exchange Rs 2,000 currency notes, even as it reiterated the one-time limit of Rs 20,000 for depositing or exchanging the banknote.
The clarification came as social media was flooded with pictures of a ‘form’, which would have to be filled to deposit or exchange the Rs 2,000 note. Read more...
G20 buzz raises hopes for industry in Kashmir; security tightened
Muneem Ahmad has been tirelessly sprucing up his shop next to Srinagar’s Residency Road. The 33-year-old dry fruit seller’s urgency mirrors the redesign of the busy road in preparation for the G20 meeting in Kashmir’s capital from May 22 to 24.
Ahmad and other shopkeepers in the area are enhancing the look of the market — from adding glittering lamps to displaying local handicrafts — as desired by the administration. Read more...
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'Silly balloon' changed it all: says US President Biden on US-China ties
US President Joe Biden on Sunday said the Group of Seven nations had agreed to a united approach to China that called for diversifying supply chains to reduce dependence on one country, and hinted that he could speak with China's president soon.
“We're not looking to decouple from China. We're looking to de-risk and diversify our relationship with China," Biden told a press conference, adding that G7 nations were more unified than ever in terms of “resisting economic coercion together and countering harmful practices that hurt our workers." Read more...
RBI to brainstorm with bank directors on governance, risk issues on Monday
The Reserve Bank of India will hold detailed interactions with directors on the board of public sector banks in the national capital on Monday, on topics covering supervision, enhancing governance and enforcement of regulations.
The theme of the one-day interaction is 'Governance in Banks – Driving Sustainable Growth and Stability'. The sessions would cover areas such as assurance and governance, ethics, operational risks, including Know Your Customer (KYC) norms, and data analytics. Read more...
Rs 2,000 note: Hawala rate at Rs 91 for $; exchange for gold at Rs 70K
Those in possession of unaccounted money are tensed up owing to the order on the withdrawal of Rs 2,000 notes by September this year and are taking the familiar routes to dispose them of.
They are exchanging the notes for gold and dollars in the grey/unaccounted market, leading to huge premiums (over official rates) for both asset classes.
On Friday night in New Delhi, gold was sold at Rs 68,000 per 10 gm in exchange for Rs 2,000 notes. In official markets, gold has been quoting at Rs 62,000-63,000 (with goods and services tax). However, some markets where the flow of unaccounted money is high have seen gold quoting between Rs 70,000 and Rs 75,000. Read more...