The problem is that two big objectives that the Prime Minister had touted in his late evening speech - about catching black money and weeding out fake notes - have been less than successful to say the least.

The central bank is believed to be squeezing the supply of the Rs 2,000 note to prevent black money hoarders from hoarding the higher-value currency. Large value currency notes are easier to hoard, and can be used for the proliferation of black money.

The report says there has been a \"noticeable increase\" in counterfeit notes detected in the denomination of new Rs 500 (up by 4,178 per cent) and Rs 2,000 (by 2,710 per cent) notes.

Because of demonetisation, of the total fake notes detected, the share of such notes detected at the RBI was higher at 36.1 per cent in 2017-18 as compared to 4.3 per cent during the previous year.

The Hong Kong-based newspaper, South China Morning Post, reports that most of the demand is coming from participants in the 'Belt and Road Initiative' and countries like India.

Today, Finance Minister Arun Jately in a Facebook post described the note ban as a \"key step in a chain of important decisions taken by the government to formalize the economy\".

Preliminary discussions are reportedly already underway with the RBI after the finance ministry, income tax department and some investigating agencies raised the issue in the wake of a series of steps to crack down on shell companies and money laundering.

Over Rs 29.41 crore was spent on using the Indian Air Force's ultra-modern transport aircraft -- the C-17 and the C-130J Super Hercules -- to ferry the newly-issued Rs 2,000 and Rs 500 currency notes post-demonetisation.

But while the RBI has made provisions for the value of such notes to be refunded to the owner, either in full or as a matter of grace depending on the state of the note, two of the newest denomination notes are conspicuously absent from the list: Rs 200 and Rs 2000 notes.

A new Financial Intelligence Unit (FIU) report has found that the country's banks not only received an all-time high amount of fake currency in 2016-17, but also detected an over 480 per cent jump in suspicious transactions post demonetization.

In 2017, the largest cryptocurrency Bitcoins price rose over 1,300 per cent, and it has been swinging wildly this year, worrying regulatory agencies globally. Nicolas Cary, Co-founder and President of Blockchain, the largest blockchain firm globally, provides the technology that supports storing and transactions of Bitcoins. He spoke to BT's Manu Kaushik over the phone, in the middle of a busy day at his London office.

Axis Bank is in trouble after coming under the SEBI scanner for leakage of price sensitive information (PSI).

Bringing a much needed relief to individuals who are yet to link bank accounts with Aadhaar, the government on Wednesday postponed the Aadhaar-bank account linking deadline to March 31, 2018.

The BJP is celebrating November 8 as 'Anti-Black Money Day'. However, this celebration move has not gone well with the country's grand old party Congress as party Vice-President Rahul Gandhi termed the note ban move a 'tragedy' that wreaked havoc on Indian economy.

These twin blows damaged India's medium and small manufacturing sectors and our businesses had to run to Chinese imports at the cost of Indian jobs, he added.