Barely five days after he was hired by Speak Asia as its legal adviser, Ashok Saraogi withdrew from the case last Friday.
Ponzi scheme, as I had explained earlier, is essentially a fraudulent investment scheme where money brought in by the newer investors is used to pay off the older investors. This creates an impression of a successful investment scheme.
India will allow three major Singapore banks to set-up wholly owned subsidiaries in the country to boost investments as part of the bilateral comprehensive economic cooperation agreement cleared by the cabinet on Monday.
The rupee had plunged 65 paise in its biggest single-day drop in over six months to end at 61.49 in Wednesday's trade against the greenback, hit by spike in dollar demand and negative cues from local stocks.
It moved in a range of 59.80 and 59.99 per dollar during the morning deals.
The deficit data was the latest in a run of positive signs for the sluggish domestic economy and could put India in a better position should the Fed start tapering, than in the summer when the rupee hit a record low.
The rupee appreciated by 10 paise to close at a nearly six-week high of 60.29 against the US dollar in the previous session tracking a solid rally in local shares and continued dollar selling by exporters and some banks.
Telecom operator Reliance Jio Infocomm has arranged credit facilities worth $1.5 billion with lenders, including Bank of America and Barclays, to refinance existing loans.
The big test will come at the end of March when the fiscal year ends and banks tend to hold on to cash.
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