News Update

GST - Sushil Modi further sensitises Infosys; EDIT facility for returns to be activated soonGovt sets up Second National Judicial Pay CommissionImpact of Moody's rating upgrade - NHAI projects become less riskyIT infra missing at many Customs stations - CBEC Chairperson asks for speeding up installation of netwrok equipmentsIncome Tax seizes cash to tune of Rs 11 Crore from NSE brokerAustralians support same-sex marriage in national surveyDigital economy to the fore again (See 'TII EDIT')Renewable Energy - Challenge is research in storage technologyICAO Audit finds safety system in placeI-T - Interest received towards late payment following award passed by District Court is taxable income: HCPM reviews performance of key infra projectsCX – Blinds are in nature of curtains and cannot be said to become immovable properties when they are mounted on wall: CESTATGST Administration facing acute manpower shortage at Group 'A' level; About 1900 posts remain vacant against over 5800 posts in CBECJD(U) election symbol - EC verdict out; Nitish faction defeats Sharad Yadav splinter groupSEBI bans Swarnabhumi Agritech India & its Directors for four yearsGST - MRP - additional stickers allowed upto Dec 31, 2017CBDT invites comments of stakeholders for conversion of Indian branches of foreign banks to Indian subsidiary companyMoody's upgrade India's credit rating to Baa2CBDT issues transfer order of 7 DC/ACITsBudget 2018 - MoF invites suggestions from Industry and TradeCommerce Minister to participate in Shanghai Cooperation Organization meetingGST - CBEC clarifies on refund of unutilised ITC of GST paid on inputs by fabric exportersCBDT issues transfer order of 8 Addl / JCITsGST - FICCI steps up demand for inclusion of natural gasRevenue Secretary welcomes Moody’s upgraded rating; GST gets full creditGST receipts - Agency commission to banks - Mumbai office of RBI to settle all claimsTaxability of High Sea Sales under Customs & GST - A detailed analysisSiliguri DRI seizes over 7 kg gold worth Rs 2.3 Crore smuggled from Bhutan & MyanmarCabinet sanctions posts of Chairman & Members of National Anti-Profiteering AuthorityUnion Cabinet extends aid to strengthen infra for judiciaryCBEC notifies new Customs exchange rates effective from November 17, 2017
 
Govt all game for plastic notes

By TIOL News Service

NEW DELHI, MAR 18, 2017: THE Govt. has given the thumbs up to conduct a field trial with plastic banknotes at five locations in the country. The RBI has been tasked with procuring plastic substrate and subsequebtly, printing banknotes of Rs. 10/- denomination on these plastic substrates.

Plastic banknotes are expected to last longer than the present banknotes, which are based on fibre substrates. Over the years, central banks across the world have been exploring different solutions for extending the lifecycle of banknotes. One such solution is the introduction of plastic banknotes and other developments in banknote substrates for enhancing durability, including use of natural fibre blends, varnish of banknotes etc.

The RBI has in the past, issued certain directives to focus on the need to discourage people from inscription, scrawling or scribbling on any part of the notes:

i. Vide its Directive dated November 07, 2001 under Section 35 ( A) of B. R. Act, 1935 advised all banks not to write anything on watermark window of banknotes.

ii. RBI had also issued a Press Release on December 31, 2013 on “RBI's clarification on scribbling on Banknotes”.

iii. RBI has advised all the bank branches to display at prominent places at their brances, a notice informing the public about availability of notes, facilitating exchange of old notes for new ones.

iv.  RBI from time to time issues instructions to banks to organize exchange melas to mop up soiled and mutilated banknotes from circulation.

v. RBI periodically issues Press Releases advising the public to not inscribe anything on banknotes, as doing so damages the notes and poses difficulty in identifying the features of genuine banknotes.

Further, an inter-disciplinary Standing Committee on Cyber Security has been constituted to review the threats inherent in the existing and emerging technology and suggest appropriate policy interventions to strengthen cyber security.

This was stated by Mr Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written response to a question in Lok Sabha yesterday.


POST YOUR COMMENTS