Cash plays an important role in our modern economy, particularly among the poor, and every step forward towards cashless future should be with great caution, keeping the poor section surviving solely on informal economy included in the transition process. The digital transformation of cash is a cost savings to the entire financial ecosystem. From printing to cash management to physical infrastructure to securing and dispensing of currency, cash is very expensive. Government must think out of the box to pass these savings to consumers as incentives to embrace digital transactions.
As ATMs have become ubiquitous, so too have attacks that turn these automated tellers into robotic thieves. In July 2016, a group of masked cyber-criminals cashed out 34 ATMs operated by the First Commercial Bank, one of Taiwan’s largest banks. Criminals had collected more than 83.27 million New Taiwan dollars (US$2.6 million) in cash — without using ATM cards. The criminals did not physically damage the ATMs, nor did they use skimmers or bank cards.
On the evening of November 8, Prime Minister Narendra Modi demonetised all 500 and 1000 rupee notes with immediate effect. All Banks and ATMs were closed on November 9 to make necessary arrangements. ATMs reopened today and are only dispensing notes worth 2000 rupees.
The Indian government is pushing consolidation within PSBs as part of one of the reforms it intends to undertake in the banking sector. While the country needs big banks but timing may not be right as banks need to focus on cleaning up of balance sheet first.
The world’s oldest paycheck has apparently been discovered and it was cashed in beer! Beer is one of the world’s oldest prepared beverages, possibly dating back to the early Neolithic or 9500 BC, when cereal was first farmed and is recorded in the written history of ancient Iraq and ancient Egypt.
A sensible prediction on a seemingly obvious outcome on how the markets would react following the British referendum on European Union membership by 36-year-old hedge fund manager James Hanbury has resulted in a vast win of £110 million ($148 million).
The 1,000 Carolus guilder-bond, which is written on goatskin, is among five of the world’s oldest bonds that still pay interest. The document is a bearer bond, meaning the issuer needs to see it before paying out interest. The issuer will then write the payment date on the document. Interest payments were continuously recorded on the vellum document.