Currencies

Visakhapatnam: The NIA special court in Visakhapatnam has sentenced three persons to rigorous imprisonment (RI) in a fake currency case.The accused identified as Firoj Saikh, Tajamul Saikh and Enamul Haque, have been sentenced to a total of seven years of RI in the 2018 case relating to seizure of fake Indian currency notes (FICN) having face value of Rs10,20,000. The seizure was made from two accused, Md Mahaboob Baig alias Azhar Baig and Syed Imran, who were travelling on the Howrah-Hyderabad East Coast express. On being interrogated, they revealed the...

Trichy: The air intelligence unit (AIU) of customs department in Trichy International Airport seized 482 foreign currencies valued at 38 lakh that were to be smuggled to Sharjah, United Arab Emirates, by a passenger on Friday. Customs also seized 780g of gold from a passenger who arrived at the Trichy airport from Sharjah on Thursday night.In the first incident, AIU sleuths said that a male passenger attempting to board a Sharjah-bound Air India Express flight IX 613 was found under suspicious circumstances. On inspecting his luggage, officials found foreign currencies...

New Delhi, Mar 21 (PTI) An NIA court in Vishakhapatnam sentenced three men to seven years of rigorous imprisonment on Friday for being part of a huge racket involved in the smuggling of fake Indian currency notes. Firoj Saikh, Tajamul Saikh and Enamul Haque were sentenced in the 2018 case relating to the seizure of fake currency notes with a total face value of Rs 10.2 lakh, the National Investigation Agency (NIA) said in a statement. It said the seizure was made from Md Mahaboob Baig and Syed Imran who...

Tariff uncertainties, decline in commodity & metal prices, and volatility in currencies dragged down merchandise exports in the last few months, explains Ajay Sahai. A turnaround in the exports trajectory would require more supportive policies and efforts to boost global competitiveness of assorted sectors Why are exports declining? Uncertainties due to tariff wars, the decline in commodity and metal prices, and volatility in currencies largely contributed to the decline in recent months. Two key sectors — petroleum and gems & jewellery —contributing to about a quarter of India’s exports, along...

HK Asia Holdings (1723) said it bought another 10 bitcoin (BTC) for $858,581.The Thursday purchase took the Hong Kong-listed company's total to around 18.88 BTC at a cost of roughly $1.72 million. The acquisitions were made via open market transactions and funded through internal cash reserves.In a statement, the company said it views bitcoin as a viable store of value amid global economic uncertainty, inflation concerns and expanding use of cryptocurrencies in investment strategies as well as "its potential to act as an effective hedge against depreciation of fiat currencies."Disclaimer:...

India’s foreign exchange (forex) reserves rose by $305 million to $654.271 billion for the week ending March 14, according to data released by the Reserve Bank of India (RBI) on Friday. This comes after a sharp increase of $15.267 billion in the previous week, marking the highest weekly surge in two years. The recent growth in reserves follows a period of decline due to forex market interventions and revaluation effects aimed at stabilizing the rupee. The RBI’s $10 billion forex swap played a significant role in the previous week’s spike....

The global financial scenario is changing rapidly with the emergence of Central Bank Digital Currencies (CBDCs) and cryptocurrencies. State-issued CBDCs provide financial stability and improved governance, whereas are disrupting the status quo with decentralization and innovation.This white paper explores the fundamental differences, advantages, and disadvantages of each, contrasts worldwide adoption patterns, and balances potential future directions in which these digital currencies will compete or coexist. To anticipate the next generation of digital money, one must understand this changing landscape.The Digital Currency LandscapeCBDCs and cryptocurrencies are revolutionizing the financial sector. CBDCs...

Dr. Ozan Ozerk is the founder of OpenPayd. He is a serial entrepreneur with a vested interest in several digital ventures. getty For years, we’ve heard about how blockchain will revolutionize institutional finance, with all eyes focused on the potential of central bank digital currencies. The Atlantic Council think tank says that 130 countries, representing over 98% of global GDP, are exploring a CBDC. China has already piloted the digital yuan (e-CNY), Sweden piloted the e-krona, Nigeria has launched the eNaira and the Bahamas the Sand Dollar. Other countries have...

Bitcoin (BTC) price hovers around $84,500 on Friday after recovering nearly 3% so far this week. Ethereum (ETH) and Ripple (XRP) find support around their key levels, suggesting a recovery on their cards.  Ripple's XRP trades near $2.43 on Thursday after seeing a rejection at the $2.60 resistance. The remittance-based token has seen a 400% growth in network activity since the beginning of March. The growth may continue, considering the Securities and Exchange Commission (SEC) recently dropped its appeal against Ripple. Bitcoin price hit a new 10-day peak of $85,900 on Thursday, March...

Gold prices fell in India on Friday, according to data compiled by FXStreet. The price for Gold stood at 8,409.45 Indian Rupees (INR) per gram, down compared with the INR 8,447.88 it cost on Thursday. The price for Gold decreased to INR 98,085.98 per tola from INR 98,534.41 per tola a day earlier. Unit measure Gold Price in INR 1 Gram 8,409.45 10 Grams 84,093.86 Tola 98,085.98 Troy Ounce 261,563.30   Daily Digest Market Movers: Gold price is pressured by modest USD strength; downside potential seems limited The US Dollar...