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31 May 2017

No time to bask in rupee’s strength

A robust currency is welcome, but only if a country’s economic fundamentals bear it out. The numbers offer specious comfort as a strong currency makes imports more attractive. The truth is that India’s economic growth is middling and private capital formation is not visible

A stack of one thousand rupee notes. Courtesy: 123RF
9 November 2016

How ‘hawala’ impacts national security

On November 8, when Prime Minister Narendra Modi announced to India, the demonetisation of high-value currency notes, he specifically referred to the use of Hawala and fake Indian currency notes for terrorist financing. The hawala system to move funds globally for terrorist financing is huge, secretive, and layered—and a challenge for national security agencies.