Govt spends Rs 4.18 to make one Rs 2,000 note, Rs 2.57 for one Rs 500 note: RTI
New Delhi : When it comes to spending our money, we tend to weigh in the value against the want and utility of the product. It is a widely adopted manoeuvre. However, when it comes to money itself, we are mostly in the dark about its cost. For instance, do you know how costly it is to produce one Rs 10 note? Does it cost more or less than its value?
India Today tried to find out the answer. It filed a RTI and asked Bhartiya Reserve Bank Note Mudran (P) Limited the cost of printing different denomination notes. India Today asked how much money does the government spend on printing different notes.
Turns out that the Government of India spends Rs 4.18 on each Rs 2,000 note. It spends Rs 2.57 on every Rs 500 note, Rs 1.51 for every Rs 100 note and Rs 1.01 for every Rs 10 note. The Rs 20 note is, in fact, cheaper by a paisa than the Rs 10 note.
As per calculations, the government spends Rs 1,010 for a thousand Rs 10 and Rs 50 notes, Rs 1,000 for a thousand Rs 20 notes, Rs 1,510 per thousand Rs 100 notes, Rs 2,570 for a thousand Rs 500 notes and Rs 4,180 per thousand Rs 2,000 notes.
India Today also found the cost of printing the old Rs 500 and Rs 1,000 notes that were demonetised on November 8, 2016.
The cost of printing the old Rs 500 note was Rs 3.09 which works out to be more expensive by 52 paisa than its current counterpart. The cost of printing the old Rs 1,000 note was Rs 3.54 which means that it was cheaper by 64 paisa than the current Rs 2,000 note.
Printing a thousand Rs 500 notes of the demonetised currency cost the government Rs 3,090, while they spent Rs 3,540 per thousand Rs 1,000 notes.
courtesy : businesstoday.in
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
11 Indian nationals charged in US over visa fraud
New York (PTI): Eleven Indian nationals, living illegally in the US, have been charged with visa fraud for conspiring to carry out staged armed robberies of convenience shops, according to US federal prosecutors.
Authorities said the suspects are accused of organising fake robberies for the purpose of allowing the store clerks to falsely claim they were crime victims on immigration applications towards getting a Green Card.
Jitendrakumar Patel, 39, Maheshkumar Patel, 36, Sanjaykumar Patel, 45, Dipikaben Patel, 40, Rameshbhai Patel, 52, Amitabahen Patel, 43, Ronakkumar Patel, 28, Sangitaben Patel, 36, Minkesh Patel, 42, Sonal Patel, 42 and Mitul Patel, 40 have been charged with one count of conspiracy to commit visa fraud.
They all were living unlawfully in various US states such as Massachusetts, Kentucky and Ohio.
Dipikaben was deported to India after unlawfully residing in Weymouth, Massachusetts, the Justice Department said in a statement.
Jitendrakumar, Maheshkumar, Sanjaykumar, Amitabahen, Sangitaben and Mitul were arrested in Massachusetts and released following an initial appearance in federal court in Boston on Friday.
Rameshbhai, Ronakkumar, Sonal and Minkesh were arrested and made their initial appearances in Kentucky, Missouri and Ohio. They will appear in federal court in Boston at a later date.
According to the charging documents, in March 2023, Rambhai and his co-conspirators set up and carried out staged armed robberies of at least six convenience/liquor stores and fast food restaurants in Massachusetts and elsewhere.
It is alleged that the purpose of the staged robberies was to allow the clerks present to falsely claim that they were victims of a violent crime on an application for a U non-immigration status (U Visa).
A U Visa is available to victims of certain crimes who have suffered mental or physical abuse and who have been helpful to law enforcement in the investigation or prosecution of criminal activity. The U visa offers an immigrant work authorisation and a path to a Green Card within 5–10 years.
Authorities said that in the course of the alleged staged robberies, the “robber” would threaten store clerks or the owners with an apparent firearm before taking cash from the register and fleeing, while the interaction was captured on store surveillance video.
The clerks or the store owners would then wait five or more minutes until the “robber” had escaped before calling the police to report the “crime.”
The “victims” are alleged to have each paid Rambhai to participate in the scheme. In turn, Rambhai allegedly paid the store owners for the use of their stores for the staged robbery.
Rambhai, the “robber,” and the getaway driver were previously charged and convicted.
The 11 defendants charged on Friday are alleged to have either arranged with the organiser to set up each robbery, or paid for themselves or a family member to participate as a “victim.”
The charge of conspiracy to commit visa fraud provides for a sentence of up to five years in prison, three years of supervised release and a fine of USD 250,000.
