What compulsion behind changing currency notes, Bombay High Court asks RBI

Indian Express
Dated: August 02, 2019

 THE BOMBAY High Court on Thursday directed the Reserve Bank of India (RBI) to file an affidavit stating reasons behind changing the features and size of currency notes from time to time.A bench of Chief Justice Pradeep Nandrajog and Justice N M Jamdar was hearing a petition filed by the National Association of the Blind (NAB), seeking directions to include distinctive features in new coins and notes for easier identification by the visually impaired.

 Chief Justice Nandrajog asked the counsel appearing for RBI why was there a complusion to change the notes. “You (government) keep saying it is because of fake currency. I doubt that reason. Demonetisation showed that it was a myth that Rs 10,000 crore were taken away by Pakistan,” he said.“What is the compulsion of RBI to change features of notes from time to time? What is the compulsion of RBI to change the size of the notes,” the court asked while directing the RBI to file an affidavit.

 In the previous hearing, RBI had told court that a committee of experts was set up to explore the possibilities of developing a device to aid the visually impaired in identifying bank notes. The committee has recommended a mobile-based application, which will identify the notes and inform the person orally.

 Reference:
https://indianexpress.com/article/india/what-compulsion-behind-changing-currency-notes-bombay-high-court-asks-rbi-5870999/















Comments

Post a Comment

Popular posts from this blog

ED tracks Swiss Bank A/Cs of Agusta scamster

The Poineer February 10,2019 Rakesh K Singh The Enforcement Directorate (ED) has tracked a dozen Swiss bank accounts in the name of Rajiv Saxena, who is key accused in the Rs 3,600 crore AgustaWestland VVIP chopper scam. The ED has also found out accounts held by  his family members and associates where the kickbacks in the now scrapped deal were allegedly parked. Two bank accounts are in the name of Rajiv Saxena’s  associates Pankaj Jain and Sumita Jain who are also the authorised signatories. The  third is in the name of another associate Ajit Singh Bubber, but Rajiv and his family members are authorised signatories. The remaining nine accounts are largely owned and operated by Rajiv, his family members and associates. Rajiv Saxena was deported by the UAE authorities on January 30 and the ED formally arrested him the next day and a court later granted his remand to the agency. He is currently undergoing custodial interrogation by the ED. The agency had in 2017 arrested his
Read more

J&K Cricket Board Scam: Chargesheet Filed Against Farooq Abdullah, 3 Others By CBI

OUTLOOK July 16, 2018 The agency has levelled charges of criminal conspiracy and criminal breach of trust under the Ranbir Penal Code against Abdullah and three others. The CBI on Monday filed a chargesheet against former Jammu and Kashmir chief minister Farooq Abdullah and three others in a special court in Srinagar in connection with alleged irregularities and misappropriation of funds in the Jammu and Kashmir Cricket Association. After the fall of the Peoples Democratic Party (PDP) and the BJP government, this is the biggest development that has taken place in the state. The National Conference has not reacted to the chargesheet so far. The agency has levelled charges of criminal conspiracy and criminal breach of trust under the Ranbir Penal Code against Abdullah, the then president of JKCA, Md Saleem Khan - the then general secretary, Ahsan Ahmad Mirza - the then treasuer and Bashir Ahmad Misgar, an executive in the J&K Bank. The BCCI gave Rs 112 crore t
Read more

As financial insecurity rises in urban India, so does investment in insurance

Image
Scroll.in March 13, 2020 Urban Indians are becoming less confident about their financial security. Up to 58% of them fret over financial independence post retirement, which is a 4% increase from last year. An equal share of urban Indians worry about meeting their daily medical expenses and sustaining their current lifestyle once they stop working. The findings are part of a survey published by Delhi-based Max Life Insurance in association with London-based consultancy Kantar. The firms surveyed 7,014 respondents in 25 cities, including six metros, nine tier-1 cities, and 10 tier-2 cities, between December 2019 and January 2020. Source: Max Life Insurance via Quartz The trends Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz A significant share of urban Indians also say their families will have no financial support in the event of the breadwinner’s death. In such a scenario, around 57% believe the family sav
Read more