Currency

RBI to launch new 100 rupee note

RBI to launch new 100 rupee note
The Reserve Bank of India (RBI) would soon issue new Rs 100 notes, with a base color of violet. According to the new policy on theme-based currency notes, the new Rs 100 note will have the impression of Gujarat’s Rani-ki-Vav (Queen’s stepwell). The new Rs 100 note will be slightly bigger than the Rs 10 note and weigh less than the old note & will be printed by Dewas-based Bank Note Press.

Forex reserve fell to 10.8 months

RBI in its biannual report announced that import cover of foreign exchange (Forex) reserve had fallen to 10.8 months in December. The Forex reserve is India’s holdings of cash, bank deposits, bonds denominated in currencies other than, the Indian rupee and managed by the RBI. Import cover is an indicator for currency’s stability, typically a 10 months cover is seen as stable for the economy.

PRC, India and ROK see wealth loss of $1.4 tn

China, India and South Korea, which are the three biggest Asian markets, excluding Japan, have seen erosion in market capitalisation of $1.4 trillion in 2018. The US, UK & France have fared much better, indicating global funds could be shifting their preference away from riskier emerging markets. This is attributed to rising bond yields, improved economic outlook & strengthening currency.

BNPM to increase bank note paper production

The government’s Bank Note Paper Mill India (BNPM) has received green signal to increase the production of bank note paper at its Mysuru unit in Karnataka. The production of bank note paper has been increased from 12,000 tonnes per annum to 16,000 tonnes per annum. The raw material used for manufacturing of currency paper is 100% cotton sourced from neighbouring countries.

US places India under watch list

The US Treasury Department placed India under a watch list that monitors countries’ currency practices.The department in its report observed that the foreign exchange policies of six countries were needed to be monitored. Earlier, the department had five countries – China, Germany, Japan, Korea, and Switzerland – under this list. India is now the sixth country.

Barclays seeks patents around e-currency tech

Barclays has filed two patent applications relating to the transfer of digital currency and data storage with the Indian Patent Office. The bank has filed a patent application titled ‘secure digital data operations’ & it is a method and system for transferring digital currency from a payer to the recipient. The other patent filed is ‘data validation and storage’ & is about cryptography.

SEBI raises currency derivative

17 : Capital markets regulator SEBI raised the exposure limit under exchange-traded currency derivatives trading for residents and FPIs to USD 100 million across all currency pairs involving the Indian rupee. The move will help entities engaged in forex transactions to maintain their currency risks in a better manner. Earlier, there were two different sets of limits based on currency pairs.

Marshall Islands To have Own Cryptocurrency

The Marshall Islands is creating its own digital currency in a bid to raise money. In doing so it has become the first country in the world to recognize a cryptocurrency as legal tender. The small Pacific Island nation passed the Sovereign Currency Act to create the ‘sovereign’, or SOV. The cryptocurrency will have equal status with the US dollar.

Forex reserves surge to all time high

India’s foreign exchange reserves surged by $1.758 billion to mount a new record high of $411.124 billion.The reserves had crossed the $400-billion mark for the first time on September 8, 2017 but had since been fluctuating. Expressed in the US dollar terms, the foreign currency assets include the effect of change due to the non-US currencies.

World’s second largest cryptocurrency

Cryptocurrency ‘Ripple’ has surpassed ethereum as the second-largest cryptocurrency by market capitalization. Ripple had a market cap of $86.3 billion, surpassing ethereum’s $73 billion.Bitcoin remains the largest digital currency by far, having a market capitalization of roughly $247 billion, accounting for about 41% of the total cryptocurrency market cap.