From RBI’s ₹2,000 note withdrawal move to SC panel’s ‘clean chit’ to Adani group
Reserve Bank of India (RBI) this week announced a major decision to withdraw the ₹2000 currency denomination from the circulation, which triggered a second wave of demonitsation in the country. However, the central bank announced that the exchange facility will be open till September 30. Meanwhile, the Supreme Court-appointed panel has given a clean chit to the Gautam Adani led Adani group over the allegations of stock price manipulations or violation of Minimum Public Shareholding (MPS) norms.
Check out more news from business world that came this week.
RBI to withdraw ₹2000 currency note from circulation
The Reserve Bank of India on Friday withdrew ₹2,000 currency notes from circulation. The central bank has asked banks to provide deposit and exchange facilities for ₹2,000 notes until September 30, 2023. Read more
SC panel puts six entities under lens for alleged trading in Adani shares
Six entities including four foreign portfolio investors (FPIs) are under lens for suspicious trading in Adani group shares prior to the release of the damning Hindenburg report, the Supreme Court-appointed expert committee has said. Read more
‘Prima facie no manipulation by Adani Group’: Supreme Court panel on Hindenburg report
The Supreme Court-appointed expert committee to look into regulatory failure by the Securities and Exchange Board of India (Sebi) and alleged breach of laws by the Adani Group, has informed the Supreme Court in its report that allegations of stock price manipulations or violation of Minimum Public Shareholding (MPS) norms by Adani group companies cannot be proved at this stage. Read more
6 reasons why RBI withdrawing ₹2,000 notes is a good move, explains former CEA
Dr Krishnamurthy Subramanian, who was the chief economic advisor from 2018 to 2021, said the move to withdraw ₹2,000 notes is overall a good one. Read more
Govt clarifies payments abroad for up to ₹7 lakh will not be taxed
The government issued a clarification on Friday stating that a 20% Tax Collection at Source (TCS) will be applicable only to overseas credit card transactions exceeding ₹7 Lakh. Read more
Cash-strapped Go First extends suspension of flight operations till May 26
Crisis-hit Go First on Wednesday extended the suspension of flight operations till May 26, citing operational reasons and expressed hope that it will be able to resume bookings shortly. Read more
Hinduja Group chairman SP Hinduja passes away at 87 in London
Srichand Parmanand Hinduja, the eldest of the four Hinduja brothers and chairman of Hinduja Group, died in London on Wednesday. He was unwell for some time. He was 87. Read more
Vodafone to cut 11,000 jobs in 3 years as new CEO seeks ‘simpler’ organisation
British mobile giant Vodafone is to axe 11,000 jobs over three years in the latest cull to hit the tech sector, as new boss Margherita Della Valle slammed recent performance. Read more
