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CURRENCY

Are Rs 5000 notes being discontinued? Here’s what Asad Umar says

ISLAMABAD: Federal Minister for Finance, Revenue Asad Umar has denied the reports regarding discontinuation of Rs 5,000 currency notes, and termed the news being circulated on social media as baseless. Talking to media outside the Parliament House, he said that no such proposal was under consideration. He said that the government was determined to reduce poverty in the country and added that currently the most important matter was to improve foreign exchange reserves of the country. He said that the government had…

US adds India to currency watch list

The US Treasury added India to its watch list of countries with potentially questionable foreign exchange policies, joining China and four others, according to a report issued Friday. Treasury said the "monitoring list" includes those "major trading partners that merit close attention to their currency practices." In addition to India, the semi-annual report to Congress names five countries that continue on the list from October: China, Germany, Japan, Korea and Switzerland. Countries remain on the list for two…

New milestone: Bitcoin blows past $14,000… what’s next?

SINGAPORE: Bitcoin hit a fresh record of $14,000 Thursday as investors piled in, triggering a warning the cryptocurrency was "like a charging train with no brakes" which would inevitably slip back. It touched a new a high of $14,400 in Asian trade before slipping back to $13,900, according to Bloomberg News. The rally came just a day after the virtual currency, which has been used to buy everything from an ice cream to a pint of beer, hit the $12,000 mark for the first time. Bitcoin -- which came into being in 2009…

Happy 15th birthday, Euro: key things to know

The euro, used by nearly 340 million people each day, celebrates its 15th birthday on Sunday. Like a teenager in the throes of adolescence, the euro has lurched from crisis to crisis in recent years, but still manages to enjoy firm support across the 19-member area -- especially among a new generation who have never known any other currency. Here is a snapshot of some key points and memorable moments in the life of the euro: Birth of a currency The euro was launched on January 1, 1999, initially existing only as…

Erdogan wants trade with Russia, China in local currencies

ANKARA: Turkish President Recep Tayyip Erdogan said his country was moving towards allowing trade with Russia, China and Iran to be conducted in local currencies, as he continues his efforts to strengthen the falling lira. "We are taking steps towards trading with Russia, China and Iran with local currencies," he said, ahead of a trip by Turkish Prime Minister Binali Yildirim to Russia for meetings on Tuesday. "If we buy something from them, we will use their money, if they buy something from us, they will use our…

Anger rises after India scraps old notes at petrol pumps

NEW DELHI: India said old notes would no longer be accepted at petrol stations after Friday, fuelling anger over the scrapping of high denomination bills that has caused an unprecedented cash crunch. Indians had been given until December 15 to use the old bills at filling stations but the government rushed forward the deadline on Thursday evening, giving millions of commuters still using the old 500 rupee notes barely 24 hours to spend them. "This cannot be right. First you say we have until December 15 and suddenly…

India’s Modi defends cash ban after criticism

NEW DELHI: Indian Prime Minister Narendra Modi hit back Friday at the mounting criticism of his decision to withdraw all high-denomination bank notes from circulation, describing the move as "for the larger social good". The November 8 move to ban the 500 and 1,000 rupees ($7.30, $14.60) notes -- some 85 percent of all bills in circulation -- as legal tender has sparked turmoil in the vast cash-reliant nation. Long queues have formed outside banks across the country as people try to get rid of their old notes, and the…

India ATM reset to take ‘weeks’: minister

NEW DELHI: India's cash machines will take several weeks to reset with new bills, India's finance minister said Saturday, as public anger mounted over a decision to pull the highest denomination notes from circulation. People queued outside banks for the third day straight, trying to replace 500 ($7.50) and 1,000 rupee notes after Prime Minister Narendra Modi announced they would no longer be legal tender in a blitz against corruption and tax evasion. Scores of India's ATMs were shut Friday and the ones that worked…

State Bank announces demonetization of old bank notes by Nov 30

KARACHI: State Bank of Pakistan (SBP) has decided to phase out all remaining old design currency notes of Rs. 10, 50, 100 and 1000. According to a press release by SBP, the old design banknotes will cease to be legal tender with effect from 1st December 2016 and the central bank has decided to phase out all remaining old currency notes of Rs. 10, 50, 100 & 1000. The central bank stated that SBP issued a new design banknote series which started with the issuance of Rs. 20 denomination banknote in 2005 to improve the…