Browsing: Currency

India
Indian Rupee plunges to new low against Dollar

India’s rupee hit fresh lows against the dollar on Wednesday as emerging market currencies continue to be sold off. The under-pressure currency in Asia’s third-largest economy slid to 70.56 against USD, a record low. The rupee has been steadily falling throughout 2018 after starting the year at 63.67. Earlier this month it crossed 70 for the first time as India was buffeted by the turbulence of the Turkish financial crisis. The rupee was not alone, with the currencies of other emerging economies heavily dependent on dollar-dominated foreign capital like Brazil, South Africa, Argentina and Brazil also slipping in August.The rupee slump is widening India’s current account deficit, when the value of imports exceeds that of exports. India is a massive net importer of oil, securing more than two-thirds of its needs from abroad. High oil prices have been squeezing the rupee, making it less appealing to investors, analysts say. India’s…

Qatar
Qatari Riyal can be exchanged at Doha Bank branches in India

If you are disappointed that some exchange houses in India are not accepting Qatari currency due to the ongoing crisis, here is some good news for you. Doha Bank has confirmed in a press release that all its branches in India are accepting Qatari Riyal currency notes. “Doha Bank is authorized to exchange Qatari Riyal currency notes against Indian Rupees (INR) at its Bank’s Branches in India for its customers and other Banks,” Dr. R. Seetharaman, Chief Executive Officer of Doha Bank said, “Doha Bank would like to assure its existing customers that they can exchange Qatari Riyal currency notes against Indian Rupees at its Branches in India. Doha Bank has also communicated to all the Banks in India that they can get in touch with the branch personnel to discuss the operational aspects of the exchange,” he added. With regards to the foreign exchange in Qatar, Dr. R. Seetharaman said,…

India
While India plugs black money holes, Indians find leaks

Indians are inventing ingenious ways to try and hide their money from the tax inspector, as the government attempts to flush out vast undeclared wealth by abolishing high denomination bank notes. The shock announcement by Prime Minister Narendra Modi on Tuesday gave people only a few hours to spend or deposit 500 and 1,000 rupee bills before they were abolished, although plans are in place to allow a more gradual conversion to new notes. Those plans involve depositing old bills in bank accounts, however, where they can be seen and analysed, and, as millions of Indians scramble to convert savings using this method, some with piles of so-called “black money” are looking for loopholes. Retailers and wedding planners say they have been inundated with frantic calls from people looking to bring forward large-item purchases from anyone willing to accept the old notes. The wedding scramble In Mumbai, a senior marketing…

India
RBI FAQ on note withdrawal scheme : 25 Questions answered

After the government’s surprise announcement on Tuesday of making Rs 1,000 and Rs 500 banknotes illegal from midnight, the Reserve Bank of India posted a 25-point detailed FAQs explaining the rationale behind the move. The central bank said the most important reason for the ban was the abnormal rise in fake currencies of higher denomination, and also the higher incidence of black money in the system, but assured the public that a person who changed his higher value cash will get exactly the equal amount in lower denominations. Here are 25 things the RBI wants you to know: 1) Why was the scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary people, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for anti-national and illegal activities. High denomination notes have been…

India
India Govt abolishes Rs 500 and Rs 1000 notes with immediate effect

In an extraordinary step to tackle the scourge of black money in the country, India has banned the use of Rs 500 and Rs 1000 notes that are in circulation. In his first televised address to the nation, Prime Minister Narendra Modi announced that Rs 500 and Rs 1000 notes will no longer be legal from Tuesday midnight. He explained that the currency notes will be just paper with no value. Here are the 11 things you should know : People holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30. Banks will remain closed tomorrow (November 9) and ATMs may also not function tomorrow and day after to cope with the change. Notes of Rs 100, 50, 10 and coins of all denominations will remain legal tender and will not be affected. Rs 500…

Qatar
Fake currency worth 6 Million QR seized

In one of the biggest fake currency hunts in the country, An Arab national who involved in circulation of counterfeit American dollars and Qatari Riyals was arrested by the Criminal Investigation Department, the Ministry of Interior said in a statement. Fake currency notes with a total face value of 6 million Qatari riyals and US dollars were recovered from him while he was trying to exchange them with 3 million original Qatari riyals. The Economic Crime Prevention Section at the CID received an information from sources that an Arab national was circulating fake currency notes in denomination of 100 dollars and 500 riyals by attracting people to get rich and wealthy fast. The information was verified through investigation and evidences were collected that led to lay trap to catch the suspect. As per the order issued by the Public Prosecution, the man was arrested by CID officers and the fake notes were…

Qatar
Qatar CID busts fake currency gang of Asians

The Criminal Investigation Department (CID) of Qatar has foiled an attempt to circulate fake GCC currency worth 35,000 Dirhams and arrested three member gang of Asian origin including a woman. The statement released by Ministry of Interior says that the CID received a tip-off from unidentified sources that a lady in GCC dress was circulating fake currency of 500 Dirhams in commercial shops. The information was verified through investigation and could find that there were several complaints of same nature. The investigation proved that a gang of three persons including one woman was behind the crime.  The CID arrested the gang members through a sting operation. They confessed to the accusations against them during the interrogation and said that they had paid 60,000 rupees in their country to get these fake notes. The suspects were referred to Public Prosecution for further investigation and legal proceedings.