Former Chief Economic Advisor Krishnamurthy Subramanian believes that the Reserve Bank of India’s withdrawal of the Rs 2,000 note “will not affect the common man of the society.” The former CEA claims that the cash in circulation of the 2000 notes is only 10% and that most common people opt for digital transactions. Digital money is being used in every part of the country, making things easier for everyone involved, he said. According to a report from BCG, digital transactions worth up to $3tn are expected by 2026.
Allied Engineering Works files IPO papers; seeks to raise Rs 400 cr via fresh issue
Smart energy meter manufacturer Allied Engineering Works has filed preliminary papers with the markets regulator Sebi to garner funds through an initial public offering (IPO).