Mysore, Kochi to use plastic Rs 10 notes soon

May 3, 2013

plastic_Rs_10Bangalore, May 3: As recoveries and seizures of counterfeit currency notes by various agencies continue in big numbers in South India, Mysore and Kochi will become first two cities in the country to have plastic/polymer currency notes of Rs 10 denomination in circulation, in line with the Centre’s initiative.

One of the objectives of the move is to tackle the counterfeit currency menace, the Union Finance Ministry and the RBI have maintained.

Mysore and Kochi are among five Indian cities where the Centre has decided to introduce such notes on a trial basis. The government plans to introduce one billion pieces of Rs 10 notes in Jaipur, Bhubaneswar and Shimla apart from these two.

Although authorities maintain that the selection of the cities will help test such notes in varied geographical locations and climatic conditions, the move will be India’s latest in tackling the fake note problem, which, investigations in the past have revealed, are being used to fund terror groups among other anti-national activities.

And South India is slowly becoming a major centre for smuggling of such notes.

Going by statistics from the National Crimes Record Bureau , 6,386 notes of Rs 1,000, 12,226 notes of Rs 500, 1,247 notes of Rs 100 and 1,057 notes of Rs 50 and one note of other denominations have been seized in Karnataka, from January 1, 2012, to December 31, 2012. The total face value of the notes stands at Rs 1,26,76,560.

During the same time, the face value of fake currency notes recovered and seized in Kerala stood at Rs 29,09,300, while it was Rs 1,97,81,910 in AP and Rs 2,54,25,005 in Tamil Nadu. (See table for statistics from Jan 1, 2010 to Dec 31, 2012 of all the four states).

Although the number of counterfeit notes of Rs 10 denomination is not negligible compared to Rs 1,000, Rs 500, Rs 100 and Rs 50, the pilot project is restricted to Rs 10. Sources, however, said plans to introduce notes of higher denomination is being considered.

Globally, countries like Australia and New Zealand have opted for such notes to counter fake currency notes, and India will join this club once the project kicks off, the source said.

RBI spokesperson Alpana Killawala told Deccan Herald, “We have already floated tenders in this regard but no other details can be discussed at this juncture.”

On whether the RBI has fixed any timeline to begin the project, she said: “There are a lot of external factors that have to be taken into consideration, we cannot arbitrarily set deadlines. We are taking the process forward, it will be complete when it is.”

The sources said the RBI has sought interested manufacturers of polymer banknotes submit their expression of interest and expected to submit specifications of the substrate along with 500 pieces of sample banknotes printed on the proposed substrate.

The sample banknotes should be serially numbered, distinguishable, prominently marked “SAMPLE” across the face and carry the applicant’s name in indelible ink.

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News Network
May 8,2020

New Delhi, May 8: India's count of COVID-19 cases on Friday rose to 56,342 including 1,886 deaths, according to the Ministry of Health and Family Welfare.

Currently, there are 37,916 active cases while 16,539 COVID-19 positive patients have been cured/discharged and one has migrated.

Maharashtra has the highest number of cases with 18,120 followed by Gujarat with 7,013 cases and Delhi with 5,980 cases.

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News Network
January 2,2020

United Nations, Jan 2: Nearly 400,000 babies were born around the world on New Year's Day with India recording the highest number of these births worldwide at 67,385, the UN children's agency said.

An estimated 392,078 babies were born around the world on New Year's Day, according to UNICEF. Of this, an estimated 67,385 babies were born in India, the most globally. China comes in second with 46,299 births.

The beginning of a new year and a new decade is an opportunity to reflect on our hopes and aspirations not only for our future, but the future of those who will come after us,” UNICEF Executive Director Henrietta Fore said.

As the calendar flips each January, we are reminded of all the possibility and potential of each child embarking on her or his life's journey—if they are just given that chance.”

Fiji in the Pacific most likely delivered 2020's first baby, while the US, the last of the New Year's Day. Globally, over half of these births were estimated to have taken place in eight countries - India (67,385), China (46,299), Nigeria (26,039), Pakistan (16,787), Indonesia (13,020), United States of America (10,452), Democratic Republic of Congo (10,247) and Ethiopia (8,493).

Each January, UNICEF celebrates babies born on New Year's Day, an auspicious day for child birth around the world, it said. However, for millions of newborns around the world, the day of their birth is far less auspicious.

In 2018, 2.5 million newborns died in just their first month of life; about a third of them on the first day of life. Among those children, most died from preventable causes such as premature birth, complications during delivery, and infections like sepsis. In addition, more than 2.5 million babies are born dead each year.

UNICEF said over the past three decades, the world has seen remarkable progress in child survival, cutting the number of children worldwide who die before their fifth birthday by more than half. But there has been slower progress for newborns. Babies dying in the first month accounted for 47 per cent of all deaths among children under five in 2018, up from 40 per cent in 1990.

UNICEF's Every Child Alive campaign calls for immediate investment in health workers with the right training, who are equipped with the right medicines to ensure every mother and newborn is cared for by a safe pair of hands to prevent and treat complications during pregnancy, delivery and birth.

Too many mothers and newborns are not being cared for by a trained and equipped midwife or nurse, and the results are devastating,” said Fore. “We can ensure that millions of babies survive their first day and live into this decade and beyond if every one of them is born into a safe pair of hands.”

India is projected to surpass China as the world's most populous country around 2027. According to UN estimates, India is expected to add nearly 273 million people between 2019 and 2050, while the population of Nigeria is projected to grow by 200 million. Together, these two countries could account for 23 per cent of the global population increase to 2050.

China, with 1.43 billion people in 2019, and India, with 1.37 billion, have long been the two most populous countries of the world, comprising 19 and 18 per cent, respectively, of the global total in 2019. Through the end of the century, India is estimated to remain the world's most populous country with nearly 1.5 billion inhabitants, followed by China with just under 1.1 billion, Nigeria with 733 million, the US with 434 million, and Pakistan with 403 million inhabitants.

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June 24,2020

New Delhi, Jun 24: A litre of diesel on Wednesday was more expensive than a litre of petrol after the price of the former was hiked by 48 paise on the 18th successive day of fuel price revisions. While petrol price remained unchanged for the first time since June 7, diesel prices maintained upward trajectory to touch new highs.

It is for the first time in Delhi that diesel has become more expensive than petrol. A litre of the fuel now costs ₹79.88 as against ₹79.76 for a litre of petrol, as per a report in news agency ANI.

While surging fuel prices may generate much-needed revenue for governments, it would also have a detrimental impact on household budgets. The spike in diesel prices also has a wider impact on the transport and agricultural sectors which are largely dependent on the fuel.

The widest gap between the prices of the two fuels was on June 18 of 2012 when a litre of petrol was at ₹71.16 in Delhi while diesel was at ₹40.91. On June 28, the gap between the two fuels was 31.17 per litre in Mumbai. Around that time, there was a spurt in sales of diesel passenger vehicles while demand for such vehicles has come down significantly in current times. This has also led many manufacturers to ditch diesel engines completely.

The current trend of fuel price hikes are unlikely to do demand for petrol vehicles much good either.

Daily price revisions of the two fuel had been temporarily halted for 83 days till it was resumed on June 7.

India's demand for fuel doubled in May and has been steadily rising in June with the easing of restrictions. Indian refineries have already scaled up crude processing with Indian Oil Corp, the country's top refiner, looking to operate its plants at about 90% capacity in June.

The rising fuel prices, however, have resulted in political uproar with Congress leading the charge against the central government and accusing it of penalising consumers by imposing high taxes. A demand for including fuel prices under Goods and Services Tax (GST) has also been renewed by many but it is highly unlikely that it would happen. With oil companies looking to cut back on their previous loses and governments - central as well as states - aiming to generate revenue after tumultous weeks of lockdown, fuel price hikes are likely to stay till at least the end of June.

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