RBI plans to introduce plastic notes
With an aim to provide notes with a longer life, the Reserve Bank of India [ Get Quote ] intends to introduce polymer notes in the country. As a measure in this direction, RBI is mulling to implement a pilot project for the new type of notes.
The advantage of polymer notes is that these notes are cleaner than paper notes, easily recyclable, provide greater security against counterfeiting and will last four times as long as conventional paper notes.
"Polymer notes have been introduced in Australia [ Images ] and the RBI is examining a proposal to start a pilot project for introduction of such notes in the country," said H R Khan, executive director, RBI.
It may be noted, Australia was the first country in the world to have a complete system of bank notes made from plastic (polymer) in 1988.
Khan, who was in Bhubaneswar to release the Rs 10 bi-metallic coins on the theme of connectivity and information technology said, "The timing of the pilot project has not been decided and it is likely to be announced soon."
He said the average life of a currency note is about six to nine months compared to more than 10 years for the coins. Since coins are the mainstay of various economic activities, the Central bank is promoting the use of coins. The design of the new coin has been prepared by National Institute of Design, Ahmedabad [ Images ], and is minted at Noida.
Stating that the proportion of currency in the broad money is about 14 to 15 per cent, Khan said, it accounts for about 11 to 12 per cent of the gross domestic product.
RBI has taken a series of measures for supplying good quality notes and to improve the security features of the currencies. Besides, Reserve Bank of India (Note Refund) Rules, 1975 is also proposed to be amended to make the system simple for the people, he added.
Khan said the lead bank scheme is being revived and the central bank is talking to various state governments to make the system more effective.
As part of the celebration of the platinum jubilee, the central bank has arranged a series of events culminating in April 2010. It plans to show a film on forged notes and supply comics to school children for promoting financial literacy and education among the people.
BS Reporter in Bhubaneswar
Source: Business Standard
Wednesday, 3 June 2009
Wednesday, 27 May 2009
Sensex closes above 14k mark
MUMBAI: Indian equities markets made handsome gains on Wednesday with a key index closing over 520 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 13,780.41 points, rose 520.41 points or 3.83% close at 14,109.64 points. The S&P CNX Nifty of the National Stock Exchange (NSE) followed the Sensex to end in the green, gaining 3.84% to close at 4,274.6 points. Broader market indices also closed higher, with the BSE midcap index ending trade 3.67% up, and the BSE smallcap index gaining 3.37%.
'TIMES OF INDIA'
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 13,780.41 points, rose 520.41 points or 3.83% close at 14,109.64 points. The S&P CNX Nifty of the National Stock Exchange (NSE) followed the Sensex to end in the green, gaining 3.84% to close at 4,274.6 points. Broader market indices also closed higher, with the BSE midcap index ending trade 3.67% up, and the BSE smallcap index gaining 3.37%.
'TIMES OF INDIA'
Sunday, 24 May 2009
NEW INDIAN PASSPORT & VISA SERVICE CENTRES TO OPEN IN KUWAIT
PRESS RELEASE
New Indian Passport and Visa Service Centres to open in Kuwait
Effective Wednesday, 27 May 2009, collection and submission of Indian passport and visa applications and their delivery to applicants in Kuwait will take place only via two Indian Passport and Visa Service Centres located at the following addresses:
1. Emad Commercial Centre, Basement Floor, Ahmed Al Jaber Street, Sharq, Kuwait City. Telephone: 22470005. Telefax: 22470006.
2. Mujamma Unood, 4th floor, Office No. 25-26 Makka Street, Fahaheel, Kuwait. Telephone: 23912352. Telefax: 23912354.
Both Service Centres will function from 0800 hrs. to 1200 hrs. and 1600 hrs to 2000 hrs. from Sunday to Thursday, and from 1600 hrs. to 2000 hrs. on Saturdays. They will be closed on Fridays and major public holidays. Both Centres are located at venues that are regularly served by public transport and have free parking space available nearby.
An Indian Company, M/S BLS International Visa Services, will operate both Service Centres, which will also offer the following facilities: [a] Information desk; [b] Free distribution of passport and visa application forms; [c] Filling of passport and visa application forms [at nominal charge]; and [d] Photocopy facility [at nominal charge].
A service fee of KD 1.500 for Passport Services and KD 5.000 for Visa Services per application will be charged by M/S BLS International Visa Services, in addition to the Passport and Visa fees of the Government of India.
The website http://www.bls-international.com, which will be functional from Sunday, 24 May 2009, will provide details of all passport and visa services available at both Service Centres. A Consular representative of the Embassy of India, Kuwait, will initially be available at both locations in case of need for any clarification.
Applications for visas on Diplomatic/Official/Special passports as well as for issue of PIO/OCI cards and Emergency Certificates will continue to be accepted directly at the Embassy of India, Kuwait. Affidavit/Attestation services will also continue to be provided at Embassy of India, Kuwait.
Kuwait
May 21, 2009
New Indian Passport and Visa Service Centres to open in Kuwait
Effective Wednesday, 27 May 2009, collection and submission of Indian passport and visa applications and their delivery to applicants in Kuwait will take place only via two Indian Passport and Visa Service Centres located at the following addresses:
1. Emad Commercial Centre, Basement Floor, Ahmed Al Jaber Street, Sharq, Kuwait City. Telephone: 22470005. Telefax: 22470006.
2. Mujamma Unood, 4th floor, Office No. 25-26 Makka Street, Fahaheel, Kuwait. Telephone: 23912352. Telefax: 23912354.
Both Service Centres will function from 0800 hrs. to 1200 hrs. and 1600 hrs to 2000 hrs. from Sunday to Thursday, and from 1600 hrs. to 2000 hrs. on Saturdays. They will be closed on Fridays and major public holidays. Both Centres are located at venues that are regularly served by public transport and have free parking space available nearby.
An Indian Company, M/S BLS International Visa Services, will operate both Service Centres, which will also offer the following facilities: [a] Information desk; [b] Free distribution of passport and visa application forms; [c] Filling of passport and visa application forms [at nominal charge]; and [d] Photocopy facility [at nominal charge].
A service fee of KD 1.500 for Passport Services and KD 5.000 for Visa Services per application will be charged by M/S BLS International Visa Services, in addition to the Passport and Visa fees of the Government of India.
The website http://www.bls-international.com, which will be functional from Sunday, 24 May 2009, will provide details of all passport and visa services available at both Service Centres. A Consular representative of the Embassy of India, Kuwait, will initially be available at both locations in case of need for any clarification.
Applications for visas on Diplomatic/Official/Special passports as well as for issue of PIO/OCI cards and Emergency Certificates will continue to be accepted directly at the Embassy of India, Kuwait. Affidavit/Attestation services will also continue to be provided at Embassy of India, Kuwait.
Kuwait
May 21, 2009
Monday, 11 May 2009
ONLINE AFFIDAVIT FORMS, EMBASSY OF INDIA, KUWAIT
PRESS RELEASE
Online Affidavit Forms Upgraded
As part of upgradation of its consular services to the public, the Embassy of India is pleased to inform that updated Affidavit forms have been posted on the website of the Embassy at www.indembkwt.org. These Affidavit forms have the facility for online typing in of data in both English and Arabic, as may be required.
2. Applicants may now type in and complete an Affidavit form online, print it out on white, A-4 size paper, and submit it with the required documents/fees at the Embassy.
3. As in the past, the presence of the applicant at the Embassy is mandatory for all Affidavit/Attestation services, and the Indian Passport [in original] is to be brought along for most such services. Fees and other requirements remain unchanged - these are available alongside each Affidavit form on the Embassy of India website.
Kuwait 6 May 2009
Online Affidavit Forms Upgraded
As part of upgradation of its consular services to the public, the Embassy of India is pleased to inform that updated Affidavit forms have been posted on the website of the Embassy at www.indembkwt.org. These Affidavit forms have the facility for online typing in of data in both English and Arabic, as may be required.
2. Applicants may now type in and complete an Affidavit form online, print it out on white, A-4 size paper, and submit it with the required documents/fees at the Embassy.
3. As in the past, the presence of the applicant at the Embassy is mandatory for all Affidavit/Attestation services, and the Indian Passport [in original] is to be brought along for most such services. Fees and other requirements remain unchanged - these are available alongside each Affidavit form on the Embassy of India website.
Kuwait 6 May 2009
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