Indian Rupee Quotes

The Great Socialist himself is said to have embezzled one billion rupees from the Darkness, and transferred that money into a bank account in a small, beautiful country in Europe full of white people and black money.

Srinagar is a medieval city dying in a modern war. It is empty streets, locked shops, angry soldiers and boys with stones. It is several thousand military bunkers, four golf courses, and three book-shops. It is wily politicians repeating their lies about war and peace to television cameras and small crowds gathered by the promise of an elusive job or a daily fee of a few hundred rupees. It is stopping at sidewalks and traffic lights when the convoys of rulers and their patrons in armored cars, secured by machine guns, rumble on broken roads. It is staring back or looking away, resigned. Srinagar is never winning and never being defeated.

Every day, on the roads of Delhi, some chauffeur is driving an empty car with a black suitcase sitting on the backseat. Inside that suitcase is a million, two million rupees; more money than that chauffeur will see in his lifetime. If he took the money he could go to America, Australia, anywhere, and start a new life. He could go inside the five-star hotels he has dreamed about all his life and only seen from the outside. He could take his family to Goa, to England. Yet he takes that black suitcase where his master wants. He puts it down where he is meant to, and never touches a rupee. Why? "Because Indians are the world's most honest people, like the prime minister's booklet will inform you? No. It's because 99.9 percent of us are caught in the Rooster Coop just like those poor guys in the poultry market.

Opening lines of The Great Indian Novel narrated as a modern day MahaBharata. They tell me India is an underdeveloped country. They attend seminars, appear on television, even come to see me, creasing their eight-hundred-rupee suits and clutching their moulded plastic briefcases, to announce in tones of infinite understanding that India has yet to develop. Stuff and nonsense, of course. “These are the kind of fellows who couldn’t tell their kundalini from a decomposing earthworm, and I don’t hesitate to tell them so. I tell them they have no knowledge of history and even less of their own heritage. I tell them that if they would only read the Mahabarata and the Ramayana, study the Golden Ages of the Mauryas and the Guptas and even of those Muslim chaps the Mughals, they would realize that India in not an underdeveloped country but a highly developed country in an advanced stage of decay.” They laugh about me pityingly and shift from one foot to the other, unable to conceal their impatience, and I tell them that, in fact, everything in India in over-developed, particularly the social structure, the bureaucracy, the political process, the financial system, the university network and, for that matter, the women. Cantankerous old man, I them thinking, as they make their several exists

So dominant did the Indians become over vast regions of East Africa that the rupee became the prevailing currency in much of that region.

Mahatma Gandhi’s reading of the Vedas caused him to envision independent India as a collection of self-sufficient agrarian communities, each spinning its own khadi cloths, exporting little and importing even less. The most famous photograph of him shows him spinning cotton with his own hands, and he made the humble spinning wheel the symbol of the Indian nationalist movement.1 Yet this Arcadian vision was simply incompatible with the realities of modern economics, and hence not much has remained of it save for Gandhi’s radiant image on billions of rupee notes.

But then my poor sons would have to be educated alongside Anglo-Indians. They’d have a chee-chee accent like their mother and be called ‘fifteen annas’ behind their backs, even if they were not Anglo-Indians.” There were sixteen annas to a rupee, and to be a Celeste was to be one short.

with government-issued money with negligible value as a commodity, salability can be compromised by the governments that issued it, declaring it no longer suitable as legal tender. Indians who woke up on November 8, 2016, to hear that their government had suspended the legal tender status of 500 and 1,000 rupee notes can certainly relate. In the blink of an eye, what was highly salable money lost its value and had to be exchanged at banks with very long lines.

We entered the Taj Mahal, the most romantic place on the planet, and possibly the most beautiful building on earth. We ate curry with our driver in a Delhi street café late at night and had the best chicken tikka I’ve ever tasted in an Agra restaurant. After the madness of Delhi, we were astonished that Agra could be even more mental. And we loved it. We marvelled at the architecture of the Red Fort, where Shah Jahan spent the last three years of his life, imprisoned and staring across at the Taj Mahal, the tomb of his favourite wife. We spent two days in a village constructed specifically for tiger safaris, although I didn’t see a tiger, my wife and son were more fortunate. We noticed in Mussoorie, 230 miles from the Tibetan border, evidence of Tibetan features in the faces of the Indians, and we paid just 770 rupees for the three of us to eat heartily in a Tibetan restaurant. Walking along the road accompanied by a cow became as common place as seeing a whole family of four without crash helmets on a motorcycle, a car going around a roundabout the wrong way, and cars approaching towards us on the wrong side of a duel carriageway. India has no traffic rules it seems.

The Indian government spent millions of rupees annually developing housing and job opportunities in villages heavily inhabited by untouchables. Moreover, the prime minister said, if two applicants compete for entrance into a college or university, one of the applicants being an untouchable and the other of high caste, the school is required to accept the untouchable. Professor Lawrence Reddick, who was with me during the interview, asked: “But isn’t that discrimination?” “Well, it may be,” the prime minister answered. “But this is our way of atoning for the centuries of injustices we have inflicted upon these people.

The manipulation of currency, throughout a feature of the colonial enterprise, reached its worst during the Great Depression of 1929–30, when Indian farmers (like those in the North American prairies) grew their grain but discovered no one could afford to buy it. Agricultural prices collapsed, but British tax demands did not; and cruelly, the British decided to restrict India’s money supply, fearing that the devaluation of Indian currency would cause losses to the British from a corresponding decline in the sterling value of their assets in India. So Britain insisted that the Indian rupee stay fixed at 1 shilling sixpence, and obliged the Indian government to take notes and coins out of circulation to keep the exchange rate high. The total amount of cash in circulation in the Indian economy fell from some 5 billion rupees in 1929 to 4 billion in 1930 and as low as 3 billion in 1938. Indians starved but their currency stayed high, and the value of British assets in India was protected.

The average poverty line in the fifty countries where most of the poor live is 16 Indian rupees per person per day. 2 People who live on less than that are considered to be poor by the government of their own countries. At the current exchange rate, 16 rupees corresponds to 36 U.S. cents. But because prices are lower in most developing countries, if the poor actually bought the things they do at U.S. prices, they would need to spend more—99 cents. So to imagine the lives of the poor, you have to imagine having to live in Miami or Modesto with 99 cents per day for almost all your everyday needs (excluding housing). It is not easy—in India, for example, the equivalent amount would buy you fifteen smallish bananas, or about 3 pounds of low- quality rice. Can one live on that? And yet, around the world, in 2005, 865 million people (13 percent of the world’s population) did.

Loans NRIs can give loans to resident Indians on a repatriable or non-repatriable basis. NRIs can also receive loans from residents. Loan from NRIs in foreign currency or on a repatriable basis A resident Indian can borrow up to US dollars 250,000 from NRI close relatives on a repatriation basis i.e. on repayment, the NRI can credit the funds in an NRE account and take this money back without any restrictions. The NRI should be a close relative of the borrower. Please check ‘Who is your relative’ for details. The amount of loan should be received by an inward remittance or by debit to the NRE/FCNR account. The loan should be a minimum of 1 year and without any interest. The funds cannot be used for agricultural/plantation/real estate business or for relending. Income: As the loan should be interest-free, no income can be generated. Taxability: As there is no income, there is no tax. Loan from NRIs in Indian rupees or on a non-repatriable basis A resident, not being a company incorporated in India, may borrow in rupees from an NRI on a non- repatriation basis. The period of loan should be 3 years or less and the rate of interest should not exceed 2% over the prevailing bank rate at the time of the loan. The loan has to be utilized for meeting the borrower’s personal requirement or for his business purposes. The funds cannot be used for agricultural/plantation/real estate business or for relending or for investment in shares, securities or immovable property. For example, Ms. Isumati has given an unsecured loan to her father’s firm earning 15% interest. If she goes to the UK for further studies and becomes an NRI, while she may continue with the loan, RBI rules would apply. The funds cannot be used for real estate business and if the bank rate is 10%, she cannot be paid more than 12% interest on her loan. Her father would also need to deduct TDS @ 30.9% on the interest. Income: Income from loans given to residents is interest. Taxability: The interest income on loans given is taxable for NRIs. Loans to NRIs NRIs are allowed to borrow from a bank/authorized

We the Indians are becoming stronger. Not long time back we required at least two strong young men to carry groceries worth Rs 200. But times change. Now a five year old boy can effortlessly carry items worth same two hundred rupees.

This was an elaborate ruse to get S K Srivastava, off the investigation of NDTV for its tax evasion. After some time, P Chidambaram, much against his wishes, became the Home Minister and got Delhi Police under him. Srivastava says that Chidambaram promptly got false and mischievous criminal cases lodged against him, to get him removed from service. Not only that, Chidambaram got him arrested on the premises of the Court [Patiala House Court, Delhi, Jan 8, 2010]. A few illustrative but not exhaustive instances of such monumental persecution of a member of the Indian Revenue Service S K Srivastava are being listed below: Srivastava had found that his junior Income Tax official Shumana Sen IRS was conniving with NDTV in fudging their accounts[10]. In this, she was also supported by her batch mate and partner-in-crime, Ashima Neb, claims Srivastava. Shumana Sen was Assessing Officer of NDTV’s Income Tax circle and her husband Abhisar Sharma was a news presenter of NDTV being a serious violation of Govt. rules and law governing the conduct of employees of Govt. [MHA OM No.F.3/12/(S)/64-Ests.(B), dated 12.10.1965) and Rule 4 of the CCS (Conduct) Rules, 1965] and despite there being mandatory requirement of serving IRS officers to declare pecuniary interest like employment of spouse, etc., by a Company or Firm to the Govt. and failure of which is to be visited with severest punishment including dismissal from service; Shumana Sen never declared to Govt. that her husband was a staffer of the company which she was assessing to all the Direct Taxes, a serious breach which invites dismissal from service without any benefits. The vicious and criminal vilification of an IRS officer for nothing but doing his duty and protecting the public revenue and public interest which were being prejudiced by NDTV, Minister P Chidambaram and hired mercenaries Shumana Sen and Ashima Neb is something that would send shivers down the spine of any right thinking person. Srivastava was forced to face the allegations and court cases as Minister P Chidambaram was desperate to protect NDTV and hush up its crime, criminality and criminal acts – acts that caused defrauding of public revenue of India running into thousands of crores of rupees.

Leaving a position (like export or imports) unhedged is risky and can cause forex losses. Astral paid the price in FY09, when a 33 per cent depreciation in the Indian rupee left the firm with a forex loss of Rs 7.7 crore, wiping off 40 per cent of its profit before tax (PBT). Astral’s stock price declined by 84 per cent in March 2009 due to these losses, compared to its peak in January 2008. Finally,

In 2011, the NASSCOM team introduced me to Aloke Bajpai, who, like others on his young team, cut his teeth working for Western technology companies but returned to India on a bet that he could start something—he just didn’t know what. The result was Ixigo.com, a travel search service that can run on the cheapest cell phones and helps Indians book the lowest-cost fares, whether it is a farmer who wants to go by bus or train for a few rupees from Chennai to Bangalore or a millionaire who wants to go by plane to Paris. Ixigo is today the biggest travel search platform in India, with millions of users. To build it, Bajpai leveraged the supernova, using free open-source software, Skype, and cloud-based office tools such as Google Apps and social media marketing on Facebook. They “enabled us to grow so much faster with no money,” he told me. It

As is the way of India, where things take decades to get started, the first official proposal to have a central bank came in 1913. Austen Chamberlain, a politician, was asked to analyse the gold exchange standard, which was used to maintain the exchange rate of the rupee at one shilling four pence. His commission contained no Indians but it did have John Maynard Keynes. The commission’s report was highly critical of the way things had been run till then, not because Indians were at the receiving end but because the British were not getting the best of it. It

Inflation and Investment We the Indians are becoming stronger. Not long time back we required at least two strong young men to carry groceries worth Rs 200. But times change. Now a five year old boy can effortlessly carry items worth same two hundred rupees.

This strategy, together with the partial dismantling of measures to fight poverty, partly explains the continuous rise of inequalities in India. However, some of the rich have become richer for other reasons as well, including the close relationship between the Modi government and industrialists. FROM CRONY CAPITALISM TO COLLUSIVE CAPITALISM While the Modi government is not responsible for the enrichment of Indian tycoons, which began in most cases prior to the BJP victory in 2014, it continued to help them. In Gujarat, the Modi government had apparently granted unwarranted advantages to industrialists, including the sale of land below market prices, dispensations from environmental standards, unjustified tax rebates, interest-free loans, and so on.136 After forming the central government, the NDA government allegedly shielded Indian industrialists from banks to which these men owed billions. Such collusion has contributed to destabilizing a banking system undermined by dubious debts—particularly those held by these big investors, who do not pay back their loans.137 Even if the problem began under the previous government, it has persisted in part owing to collusion between businessmen and the ruling class. The government’s cronies continued to receive huge loans from public-sector banks (whose heads have trouble disobeying the government),138 which they proved unable to pay back. In May 2018, nonperforming assets (NPAs) vested in public banks—in other words, loans for which the borrower had not made payment on either the interest or the principal in at least ninety days—accounted for 12.65 billion dollars, or about 14 percent of their total loans (compared to 12.5 percent in March the previous year139 and only 3 percent in March 2012).140 A small number of borrowers were largely responsible for this evolution, among whom were prominent large industrialists.141 In 2015, in a fifty-seven-page document, Credit Suisse gave a detailed analysis of the astounding level of debt of ten Indian corporations that continued to borrow even though all the red flags had gone up.142 In 2018, 84 percent of the dubious loans were owed by major corporations, and twelve of them accounted for 25 percent of the outstanding NPAs.143 Among them is the group owned by Gautam Adani, a supporter of Prime Minister Narendra Modi since 2002.144 In 2015, the group increased its debt level by 16 percent to acquire a seaport and two power plants. Consequently, its debt soared to 840 billion rupees (11.2 billion USD), compared to only 331 billion rupees (4.41 billion dollars) in 2011.145

Goods and cash worth crores of rupees lie buried to my knowledge in the palace of my late father-in-law (Qamruddin) besides heaps of gold and silver stored inside the ceiling. Complete disagreement exists among the emperor, his wazirs and nobles. If you invade India this time, the Indian Empire with all its riches of crores will fall into your hands.