The Reserve Bank on Monday asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. Before putting in place this mechanism, banks will require prior approval from the Foreign Exchange Department of the Reserve Bank of India (RBI), the central bank said in a circular. "In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR," it said.
Market participants said expectations of a rise in interest rates by the RBI and US Fed's comments on its stimulus programme are likely to keep the market nervous in the week ahead.
The Narcotics Control Bureau on Tuesday claimed to have busted the "biggest" darknet-based LSD cartel operating in India with the seizure of more than 13,000 blots and Rs 26 lakh in cash and the arrest of three persons.
Reserve Bank Governor Shaktikanta Das on Wednesday said underlying economic activity in India continues to be strong, but external factors will cause some "dent" to the economy. Speaking at the BFSI Insight Summit 2022 organised by Business Standard, Das said the RBI tracks 70 fast moving indicators and most of them are in the "green box". It is the external sector, mired by a fear of recession or clear visibility about slowing growth in a large part of the world, where the challenges lie, he said, adding that the impact of external demand will "dent" the economy.
Foreign investors pumped in Rs 11,119 crore in the Indian equities in December, making it the second consecutive monthly inflow, despite increasing concerns over the re-emergence of Covid-19 cases in some parts of the world. However, foreign portfolio investors (FPIs) have turned cautious in recent days. The inflow in December was much lower compared to Rs 36,239 crore invested by FPIs in the month of November, data with the depositories showed.
Anirudha Kalkote, 24, was produced before a US magistrate in Houston on Friday to face the charges.
The Swiss Federal Office of Justice (FOJ) said it had blocked accounts at several banks in Switzerland after police arrested some of the most powerful figures in global soccer on Wednesday in US and Swiss corruption cases.
US dollar was firm against global currencies in overseas markets on rising prospects for a rate hike by US Federal Bank, which hit the rupee sentiment
'We are in a sweet spot.' 'Equity, on a standalone basis, will continue to remain the asset class to stay invested in.'
The external environment has worsened further. While the Finnish economy entered into a recession, Swedish economic growth also dipped. The Finnish gross domestic product (GDP) dropped 0.6 per cent in October-December, 2022. It was the second quarter of negative growth, which is a technical definition of recession.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Swiss government is expected to make a last-ditch attempt to protect its banks from criminal charges in the US.
An escalation in the already simmering tensions between North and South Korea, China and Taiwan, and Russia and Ukraine could prove to be a bigger worry for the markets over the next few months rather than central bank policy action, said analysts. The markets, they said, are still not fully factoring in this possibility. "The conflict between Iran and Saudi Arabia is another geopolitical worry.
There is not much bank employees can do, but some words of encouragement from the management would have helped. Stretched working hours and the tense atmosphere is taking a toll on their health.
The Indian economy recovered from the Covid-induced downturn during 2022 and is poised for further improvement in the coming quarters though downside risks emanating from geopolitical tensions, strengthening dollar and elevated inflation will continue. The positive trajectory in the growth trend and improved fundamentals will help the nation in neutralising the impact of global headwinds which are expected to have a bearing on the country's exports in the months to come. The challenges before the government and the Reserve Bank in the new year would be to arrest inflation, check declining value of rupee against US dollar and promote private investment and growth, with a view to ensure that the country remains one the fastest growing major economies of the world.
The buyout will cost LIC about Rs 100 billion, based on the Rs 248 billion market capitalisation of IDBI Bank as on Friday, and assuming it acquires a 40 per cent equity stake from the government.
Major American banks, including Citigroup and Goldman Sachs, temporarily lowered their debt in the past five quarters before reporting it to the public in order to mask risk levels, says a media report.
The Enforcement Directorate on Saturday said it has searched the Bengaluru-located office and residential premises of Edtech major BYJU's and its CEO and co-founder Raveendran Byju and seized 'incriminating' documents and digital data as part of a foreign exchange violation probe.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Indian banks are facing restrictions in opening new branches in the US, Finance Minister P Chidambaram told the Rajya Sabha on Tuesday.
Benchmark indices fell for the third straight day on Tuesday, with the Sensex falling over 153 points amid largely weak global markets as investors remained cautious ahead of the crucial Federal Reserve meeting outcome. Unabated foreign fund outflows also continued to weigh on the domestic equity markets. The 30-share BSE benchmark dropped 153.13 points or 0.29 per cent to settle at 52,693.57.
A team of about five CBI officials reached the PNB branch at Sector 4 Vasundhara in Ghaziabad, on the outskirts of the national capital, to execute the search, officials said.
Equity benchmark BSE Sensex closed at an all-time high of 62,272.68 on Thursday, tracking a firm trend in global markets after the US Fed minutes indicated a slower pace of rate increase that bolstered investors' sentiment. Extending its rally to the third straight day, the 30-share BSE benchmark rallied 762.10 points or 1.24 per cent to settle at 62,272.68, its record closing peak. During the day, it jumped 901.75 points or 1.46 per cent to its lifetime high of 62,412.33.he broader NSE Nifty gained 216.85 points or 1.19 per cent to end at 18,484.10.
'My friend scored higher than me in the 12th exam, but he could not clear NEET because his parents could not pay the fees for private coaching.'
The Reserve Bank of Australia is embroiled in allegations of bribery to win foreign contracts. According to The Age, a Reserve Bank of Australia currency firm was willing to supply prostitutes and pay bribes to win contracts.
The federal agency filed its prosecution complaint against Ayyub before a special Prevention of Money Laundering Act (PMLA) court in Ghaziabad (Uttar Pradesh) on October 12.
Equity benchmarks fell sharply on Thursday in line with an extremely weak trend in the global markets, with the Sensex plunging 1,154.78 points in early trade. Persistent foreign fund outflows and a spurt in crude oil prices also dampened sentiment. The 30-share BSE benchmark was trading 1,154.78 points lower at 53,053.75. The broader NSE Nifty tumbled 335.65 points to 15,904.65.
A three-member delegation of the Indian Banks' Association met senior executives of the US Federal Reserve and New York Banking Department to explore the prospects for increased presence of Indian banks in the United States.
Banks in India will need about $100 billion (Rs 5 lakh crore) of capital over the next decade as the system grows to meet credit requirements of an expanding economy, Om Prakash Bhatt, chairman of the State Bank of India said.
Long jumper Murali Sreeshankar on Sunday 'voluntarily' gave dope sample to the NADA officials after producing a big leap of 8.41m to qualify for the upcoming World Championships so that 'nobody points any finger of suspicion'.
Reserve Bank of India and State Bank of Pakistan are working on modalities for opening branches of each other's banks in both the countries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
A long season took its toll on Roger Federer on Thursday as the Swiss was knocked out of the Paris Masters following a 7-6(3) 3-6 7-6(5) third-round defeat by big serving John Isner.
The Board of Directors of the Export-Import Bank, the official export-credit agency of the United States, has appointed Indian American entrepreneur and investor Frank F Islam, of McLean, Virginia, as a member of the Bank's Advisory Committee for 2010 to provide expert guidance of small business.
Dollar's strength and falling crude oil prices force downward revision of 2015 growth forecast.
The filing of offer documents with the capital markets regulator - Securities and Exchange Board of India - has more than halved this financial year (2022-23, or FY23) as the outlook for new share sales has worsened, following correction in the secondary market. So far in FY23, 66 companies filed their draft red herring prospectus (DRHP), as opposed to 144 in the preceding financial year (2021-22, or FY22).
Asian Games gold medallist and Olympian Tulsidas Balaram, part of Indian football's 'holy trinity' in the 1950s and 60s, passed away in Kolkata on Thursday after a prolonged illness, sources close to his family said.
If convicted, each defendant faces a maximum penalty of 30 years.
