While RBI move to allow export/import to be invoiced in Indian rupee will solve some problems, there is no guarantee it will circumvent payment issues with Iran or Russia.
What ‘strong currency’ policy framers ignore is that almost every nation with a successful long-term record of development has pursued a ‘weak currency’ policy to win export markets.
The currency declined 2.2% this quarter as global funds pulled Rs 30,000 crore of capital out of India's stock market, the most among regional markets where data is available.
Govts, markets and societies alike will have to adjust and transform. Central bank digital currency’s entry is the onset of real fintech disruption, writes Neha Baid.
The move was taken to counter money laundering, terror financing risks associated with large denomination. Banks can continue to re-circulate existing notes deposited with them.
Now that $10 billion in subscription is unlikely to come in October, masala bonds, or rupee debt sold overseas to global investors, could be the solution.
The real acrimony in Goa is against tourists and wealthy land buyers from Delhi, Mumbai, and Bengaluru. Yet, the fury gets channelled downward against the poorest workers from the cowbelt.
Open to public feedback until 26 November, the revised guidelines, among other changes, give CA firms more flexibility to advertise & promote their services.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
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