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New Indian Express
3 hours ago
- New Indian Express
Half-baked Alaska: Trump, Putin leave peace in the oven
It is instructive that disappointment at the fizzle-out was not accompanied by surprise. Trump and Putin are given to hyperbole and carry the carcass of failed forecasts and claims. In September 2014, Putin claimed that Russian forces could conquer Kyiv in two weeks. Then, in February 2022, Putin declared that Russia would get to Kyiv within days. Similarly, Trump claimed in the run-up to the US presidential polls he would end the war in Ukraine in 24 hours. Three years and nearly a million deaths later, Russia is far from claiming victory and Trump's claim has been flailing for over 207 days. Trump draws his inspiration for geopolitics from his experience as a deal-making real estate baron. It is not surprising that he spoke about swapping land—much like realtors in Delhi exchanging corner plots for parcels of land. Business is omnipresent in Trump's playbook. The US entourage included Treasury Secretary Scott Bessant and Commerce Secretary Howard Lutnick. Titled 'Pursuing Peace', the summit seemed less about the war and more a bilateral investment and trade meet between two friendly, not adversarial, nations. It is manifest that the US toolbox included a minerals-for-peace idea as a sweetener for Putin. In the run-up to the summit, Bessant held forth that it would explore commercial ties between the US and Russia, and declared that all options were on the table. The options included opening up Alaska's natural resources to Russia (which arguably has the capability to explore such a terrain), lifting of sanctions on Russian aviation, and even access to the rare earth deposits in territories currently occupied by Russia. It may be recalled that in May, Trump and Zelenskyy signed a minerals-for-peace deal. Ukraine has 22 of the 50 minerals defined by the US Geological Survey as critical for the production of chips, electric vehicles and defence equipment. The deal was billed by Trump as a payback for the $300-billion US support to Ukraine. The reality, as a recent study by Science Direct shows, is that nearly half of Ukraine's metal resources are now under Russian occupation. Clearly, even though the issue of ceasefire was unresolved, the two sides which met for nearly three hours did discuss possibilities that could unravel in the future.
Time of India
7 hours ago
- Time of India
EAM Jaishankar To Hold Bilateral Talks With Chinese FM Wang Yi During His India Visit
Trump-Putin Meeting: No Clear Decision On Tariff As US Keeps India Guessing Amid Russian Oil Import US President Donald Trump has once again put India in the crosshairs of his trade war rhetoric. Speaking after his meeting with Vladimir Putin in Alaska, Trump hinted at retaliatory tariffs on India over its purchase of Russian oil, despite already imposing 25% tariffs that were later doubled. Treasury Secretary Scott Bessent has warned that secondary sanctions could intensify if talks with Moscow fail. India, once called Russia's 'lost oil client' by Trump, is now caught in a dangerous economic standoff. With half the tariffs already active and the rest set to kick in on August 27, the stakes are high. Will India yield to American pressure, or hold firm in protecting its energy security and sovereignty? 18.8K views | 12 hours ago
Scroll.in
10 hours ago
- Scroll.in
In charts: Increase in fake note seizures, rise in counterfeit Rs 200 notes
In five years to 2021, fake currency notes seized across India more than doubled, even as cases filed for such seizures fell 50%, suggesting an increase in volume per seizure. In 2022, the latest year for which data is available with the National Crime Records Bureau, Indian law enforcement agencies seized Rs 382 crore in 4.2 million fake currency notes. Compared to the previous year, this was seven times in volume and 19 times in value. But fewer counterfeit notes are making it to the banks, data from the Reserve Bank of India shows. In 2022, banks detected about 230,000 fake notes – roughly two fake notes for every million notes in circulation. In 2016, before the government took the Rs 500 and Rs 1,000 notes out of circulation, seven notes per million were detected as fake in banks, as IndiaSpend reported that year. By contrast, National Crime Records Bureau data for the same year shows law enforcement seizing more than 4.2 million fake notes, equivalent to around 32 counterfeit notes per million. Overall, per million notes of specific denominations in circulation by the end of March 2025, banks detected about two fake notes of Rs 100 and Rs 500 each, and four counterfeit Rs 200 notes. In May 2023, Rs 2,000 notes were withdrawn from circulation although they continue to be legal tender. Correspondingly, the share of Rs 2,000 notes in fake notes detected by banks has since fallen – from a peak of 22,000 notes in 2018-'19 to 3,508 in 2024-'25. Reserve Bank statistics show that Rs 2,000 notes currently account for Rs 6,017 crore of cash in circulation. Among states, Gujarat ranked at the top, while states such as West Bengal and Andhra Pradesh, which topped seizures earlier, have seen lower numbers. Karnataka and Bihar have seen increases in seizures. 'Despite the extent of counterfeiting being apparently small, it poses serious threats to the currency and financial system,' a 2013 working paper of the Reserve Bank noted, before detailing various measures taken by the government and the central bank to respond to the threat. It is 'necessary to examine the level of counterfeiting on a regular basis', it added. In five charts, we examine recent trends in counterfeit currency in India and what the data reveal about how fake notes are evolving. Fake note value surges National Crime Records Bureau data compiled by Dataful show that counterfeit currency seizures have risen in recent years. Authorities seized, as we said, over 4.2 million fake notes worth Rs 382 crore in 2022, compared to about 356,000 notes worth Rs 28 crore in 2017 – one year after the government took 94% of the currency out of circulation by scrapping the Rs 500 and Rs 1,000 notes. This is 12 times the volume and 13 times the value of notes seized. Reserve Bank data, which tracks counterfeit notes detected in banks, shows the opposite trend. Detections have fallen from 762,000 notes in 2016‑'17 to 217,000 in 2024‑'25, Reserve Bank of India data collated by Dataful shows. New fake note hotspots Delhi had the highest fake note seizures between 2016 and 2019. Maharashtra saw the highest in 2020. But Gujarat surpassed all states with over 3 million fake notes in 2022 alone. Karnataka and Bihar have seen a rise in seizures: In 2022, Karnataka reported over 450,000 seized notes across all denominations, while Bihar recorded more than 270,000 notes. West Bengal and Andhra Pradesh, which once saw higher numbers, have reported fewer cases in recent years. More notes seized, few cases According to the National Crime Records Bureau data, cases registered for counterfeit currency have dropped over the last decade. In 2015, authorities recorded 1,662 cases involving fake currency notes. By 2021, this had fallen to 688 cases, a decline of about 60%. Fake currency notes seized across India more than doubled during this period, suggesting, as we said, a higher volume of notes seized per case. Rs 200 counterfeits While fake Rs 500 notes remain the highest denomination detected in banks, RBI data show a steady increase in counterfeit Rs 200 notes since introduction in 2017. From 79 fake notes in 2017-'18, the number detected in banks rose to 32,660 in 2024-'25. Vijay Jadhav is a journalist at IndiaSpend. He holds a postgraduate degree in journalism from the Department of Communication and Journalism, Savitribai Phule Pune University.
