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RBI to release new Rs 50 note; old note will not be discontinued

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RBI to release new Rs 50 note; old note will not be discontinued

[vc_row][vc_column][vc_column_text]New fluorescent blue banknote in the Mahatma Gandhi (New) Series bearing the signature of RBI Governor Urjit R. Patel, will feature the motif of Hampi with chariot and the Swachh Bharat logo and will be of 66 mm X 135 mm dimension

The Reserve Bank of India (RBI) will soon introduce new Rs 50 banknotes in the Mahatma Gandhi (New) series, bearing signature of its Governor, Urjit R. Patel. The new banknotes, printed in a fluorescent blue base colour, will be put into circulation without discontinuing the earlier Rs 50 notes.

In a press statement, the RBI informed that the dimensions of the new note will be 66mm x 135mm. While the height of the new tender is the same as the new Rs 500 and Rs 2,000 banknotes which were issued after demonetization in November last year, the width is lesser than the Rs 500 banknote. The new notes will be slightly smaller and thinner than the existing Rs 50 tender.

The new tender will bear the picture of the iconic stone chariot of Hampi (in Karnataka) along with the Swachh Bharat logo and slogan on its reverse.

The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.

The central bank had announced in December last year that it would issue new currency notes of Rs 50 and Rs 20 denominations. The announcement came after photos of new fluorescent notes started doing the rounds on social media.

The announcement of the new Rs 50 series comes at a time when there is immense speculation over the possibility that the central bank will soon stop printing the Rs 2,000 notes that were issued after demonetisation and will instead step up printing of lower denomination notes. Another rumour doing the rounds is that the RBI may also print new notes of Rs 200 denomination.

It however remains unclear whether the new Rs 50 notes will also be dispensed at ATMs like tender of Rs 100, Rs 500 and Rs 2000 denominations. Doing so will present two complications – first, the size of the old and new Rs 50 notes is different and so ATM’s will need to have two separate cassettes for calibration and dispensing of the notes of different dimensions and second, the RBI will have to print the new notes in huge quantities as ATMs presently do not dispense Rs 50 notes at all.

RBI to release new Rs 50 note; old note will not be discontinued

Here are the salient features of the new Rs 50 notes:

On the Obverse (Front)

* See through register with denominational numeral 50

* Denominational number 50 in Devnagri script

* Portrait of Mahatma Gandhi at the centre

* Micro letters ‘RBI’, BHARAT in Devnagri, ‘INDIA’ and ‘50’.

* The windowed demetallised security thread has inscriptions of BHARAT in Devnagri and RBI.

* Guarantee clause, Governor’s signature with Promise Clause and RBI emblem towards right of Mahatma Gandhi portrait

* Ashoka Pillar emblem on the right

* Watermarks of Mahatma Gandhi portrait and electrotype (50)

* The number panel with numerals growing from small to big is on the top left side and bottom right side.

On the Reverse (Back)

* The year of printing of the note is placed on the left

* Swachh Bharat logo with slogan ‘Ek Kadam Swachhta ki Aur’

* The currency has a language panel

* Motif of Hampi with chariot

* Denominational number 50 in Devnagri[/vc_column_text][/vc_column][/vc_row]

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Nykaa CFO Arvind Agarwal resigns

Arvind Agarwal earlier worked with Amazon and joined Nykaa in July 2020.

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Arvind Agarwal

Nykaa chief financial officer Arvind Agarwal resigned from his position on Tuesday. The fashion and beauty e-commerce platform announced his resignation.

In a BSE filing, Nykaa informed that Agarwal will be leaving the Company, effective close of business hours on November 25, 2022, to pursue other opportunities in the digital economy and start-up space.

Nykaa’s founder Falguni Nayar hailed Agarwal for the crucial role he played in the company’s emergence as a listed and profitable start-up. Nayar said the company is conscious of Agarwal’s personal dreams and wishes him all the luck.

Upon his resignation, Agarwal said his journey in Nykaa has been incredible so far and all his learning and experiences have set them up for pursuing different personal growth opportunities in the field. He further wished Nykaa good luck for the growth path ahead.

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Arvind Agarwal earlier worked with Amazon and joined Nykaa in July 2020. He was among the key managerial personnel and handled the initial public offer of the firm. Before Amazon, Agarwal worked with Vodafone India for more than 5 years. He had also worked with YOU Telecom, Adani Port, and Tata Teleservices.

Reports said Agarwal paid a total remuneration of Rs 19.58 million during the financial year 2021.

Apart from Nykaa, food delivery application Zomato also saw the resignation of its co-founder Mohit Gupta after 5 years of association with the company.

Gupta, in a message, stated that he decided to move on from Zomato to seek other unknown adventures. He also hailed Deepinder Goyal as he has become a more mature and confident leader who is capable of leading the business into a bright future.

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Jeff Bezos warns of recession, advises people to refrain from buying TV, fridge, cars during holiday season

The former CEO of Amazon also advised small business owners to put off purchasing new equipment in favour of increasing their cash reserves.

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Jeff Bezos warns of recession, advises people to refrain from buying TV, fridge, cars during holiday season

In light of the possibility of a global recession, Amazon founder Jeff Bezos advised consumers to refrain from making significant purchases during the holiday season. Given the state of the economy, he urged people to keep their money safe and refrain from irrational spending in the upcoming months.

The business tycoon said American families should avoid purchasing big-ticket items such as new cars, TVs, automobiles, and refrigerators as the US is staring at a recession. He said American household debt has reached a record high of $16.5 trillion, and people are switching to credit to get their ends meet.

The former CEO of Amazon also advised small business owners to put off purchasing new equipment in favour of increasing their cash reserves.

Bezos said Take some risk off the table, adding, Keep some dry powder on hand. Just a little bit of risk reduction could make the difference for that small business if we do get into even more serious economic problems. You’ve got to play the probabilities a little bit.

He said things are slowing down and many sectors of the economy are seeing layoffs, and this is why you should hold onto your money.

Meanwhile, the founder of Amazon stated in the same interview that he will contribute the majority of his $124 billion income to charitable organizations in order to combat climate change and to help those who can bring mankind together in the face of escalating social and political conflicts.

Bezos did not say how much of his money he intended to donate. But he said, Yeah, I do, in response to the question of whether he will donate a significant percentage of his wealth to charity.

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Twitter hit with mass resignations ahead of Elon Musk’s hardcore ultimatum

So far, Musk has told employees to prepare for 80-hour weeks, no free food, and made several changes to the company’s work-from-home policy.

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Elon Musk

Twitter has been in a state of chaos ever since Elon Musk took over the microblogging platform last month. Hundreds of employees resigned on Thursday, ahead of the billionaire’s ultimatum to the company’s surviving employees, in yet another sign of turmoil at the company.

The move came after Elon Musk gave an ultimatum to employees to either agree to his extremely hardcore way of working or quit the company. Employees sent an email to all the surviving employees outlining Twitter 2.0, which means long hours and high intensity. The employees were required to click yes by 5 pm ET (3:30 am IST) today if they confirmed being part of this company or could resign.

Most US workers who choose no will be compensated for two months’ benefits-covered pay and one month’s severance pay if they agree to a future separation agreement.

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Soon after, mass resignations hit Twitter as a large number of employees decided to leave. In view of this, the company temporarily shut down offices to avoid confusion over who still had access to company property.

After widespread layoffs that took place soon after Musk took over the firm and fired more than half of Twitter’s workforce, only about 3,000 employees were left.

One of the employees shared a heartfelt post on Twitter after his resignation. He wrote And just like that, after 12 years, I have left Twitter. I have nothing but love for all my fellow tweeps, past and present. A thousand faces and a thousand scenes are flashing through my mind right now – I love you Twitter, and I’ll forever bleed blue.

So far, Musk has told employees to prepare for 80-hour weeks, no free food, and made several changes to the company’s work-from-home policy.

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