As of December 31, 2024, 98.12% of the Rs 2,000 banknotes withdrawn by the Reserve Bank of India have been deposited back into the banking system. Only Rs 6,691 crore remain with the public out of Rs 3.56 lakh crore since demonetisation in May 2023.
Related news
Car companies like Tata Motors, Maruti Suzuki, Mahindra & Mahindra, and JSW MG are preparing extensive charging infrastructures to support their electric vehicles. These initiatives include home chargers and robust public networks, with Maruti targeting charging stations in 1,000 cities and Tata expanding collaborations with charge point operators to install over 10,000 public chargers.
Infosys has announced salary hikes of 5% to 8% for employees ranging from junior to senior roles up to job level 7, with top performers receiving double-digit hikes. Increments for title holders will be rolled out in April. The average salary hike for India employees is between 6% and 8%. Infosys plans to hire 15,000 freshers this quarter and 20,000 freshers in 2025-26.
The Indian government is actively engaging with the US to address mutual trade concerns and explore ways to enhance bilateral trade from $200 billion to over $500 billion. Ongoing talks aim to discuss measures that could mitigate the potential negative impacts of recent shifts in US trade policy.
The Confederation of Indian Industry (CII) urges the government to streamline regulatory approvals through a national single window system, integrate all central ministries, and simplify frameworks to boost ease of doing business. Key proposals include time-bound approvals, faster dispute resolution, and improved land access.
Sebi is developing a 'when listed' concept for trading shares of companies post-IPO bidding closure to counteract the grey market's influence. This initiative aims to formalize the trading of yet-to-be-listed stocks in a regulated manner. Sebi is also streamlining the IPO submission process using AI tools to handle the anticipated surge in IPO applications effectively.
The Nasdaq crossed 20,000, a historic first. Tech stocks soared on AI hopes and rate cut expectations. The index jumped 33% this year. Apple, Nvidia, and Tesla led the rally. This followed a US inflation report. The report hinted at a Federal Reserve rate reduction. The Nasdaq closed at 20,034.89, up 1.8%. This rally benefited tech investors.
Zomato received a Rs 803 crore GST notice. The government says Zomato must pay tax on delivery fees. Zomato says it passes these fees to delivery partners. The tax covers October 2019 to March 2022.
Adani Enterprises reported a 97% drop in quarterly profit, significantly impacted by its coal trading unit and foreign exchange loss. Revenue fell almost 9% to Rs 22,850 crore. This comes amid allegations of the chairman and his nephew's involvement in a $250 million bribery scheme.
Several brokerage houses issued recommendations on various stocks. Motilal Oswal recommended buying Kirloskar Oil Engines, while ICICI Securities suggested buying PVR Inox, Sun TV, and Zee Entertainment. InCred Equities favored Persistent Systems, and Emkay Global gave mixed recommendations on metal stocks, selling Hindalco but buying Nalco and Vedanta. JM Financial recommended buying Piramal Pharma.
The telecom department (DoT) and companies in India used the 'International Incoming Spoofed Calls Prevention System' to block 70% of spoofed calls, reducing them from 1.5 crore to 5 lakh daily. They are now tackling scams using virtual private networks. AI tools like ASTR identified 78 lakh fraudulent connections, blocking many and leading to 365 FIRs.