The 30-share Sensex ended higher by 177.46 points at 28,885.21 and the Nifty gained 63.90 points at 8,778.30.
The finance ministry and the RBI have performed many somersaults in these last 42 days.
Garg had refused to sign on the report finalised by the former Reserve Bank of India governor Bimal Jalan-led committee reviewing the central bank's economic capital framework (ECF).
He also made it clear that the pre-2005 notes will continue to be legal tender.
Raghuram Rajan explains the rationale for his policy stance and other issues.
India must have a "contingency plan" in place to ring-fence the country's economy if the political showdown in the US leads to a default on its international monetary obligations, industry body Assocham said.
The choice clearly is between prompt corrective action and slow but sure destruction, says Tamal Bandyopadhyay.
Both the government as well as the RBI took a series of steps to curb imports of gold and other non-essential items in addition to increase foreign exchange inflows.
Spot gold was bid lower at $ 1,298 an ounce in early European trade.
The RBI wants to include shares and options within the variable salary of the CEOs, proposed to be capped at 200 per cent of their fixed salary; the floor for it is 50 per cent.
Following the meeting, Subbarao said the central bank will look into the latest inflation numbers before coming out with the monetary policy review.
The brokerage said the consolidated fiscal deficit, including that of the Union (3.6 per cent), the states (2.6 per cent) and the off-budget borrowings which are being resorted to increasingly is a worry.
The finance minister is ready to present a second financial package. The Centre has ruled out a mega stimulus and will rely on targeted, incremental packages. Industry is clamouring for a bailout, the liquidity upheaval in capital markets is nowhere close to being sorted out, and all budgetary forecasts now stand irrelevant, reports Arup Roychoudhury.
Non-Resident Indians and Indian nationals abroad can deposit up to Rs 25,000 of the demonetised currency during the 3-6 month grace period, but only if they show the junked notes to Customs officials at the airport and get a declaration form stamped.
In the first half of the fiscal year, government had borrowed Rs 3.44 lakh crore.
Banks cannot shirk their responsibility in cases of frauds.
A senior RBI official said the regulator was focusing on performance of banks' statewise and in each district.
The Union finance ministry is planning to make rules regarding wilful defaulters more stringent, so that criminal charges can be pressed against such entities.
The meeting will be attended by all heads and EDs of public sector banks
There is as yet no clarity on how the process of consulting with the RBI Governor, initiated under Section 7 of the RBI Act, would unfold in the coming days. The government is keen that its suggestions made in the public interest should be heeded by the central bank, says A K Bhattacharya.
Most families had high value currency notes and they used it for making payments during the pre-demonetisation era.
Gold deposited by households to gold savings accounts will be used for auctioning, replenishment of RBI's gold reserves.
Rajan's exit will neither affect the RBI's de facto independence nor its working.
Government may also consider giving relief to some of the worst-affected sectors.
The issue will now have to be resolved through arbitration.
'With 27 days to go, the total bank deposits has come tantalisingly close to the Rs 14 lakh crores of banned notes which was in the financial system on November 8.' 'Black money hoarders may have actually laundered their black money into white,' argues Rajeev Sharma.
The rupee had surged 37 paise to end at a nine-month high of 59.68 against the dollar on Tuesday. Forex market remained closed on Wednesday for 'Buddha Purnima'.
Accounting for the first Advance Estimates for 2017-18, an additional planned borrowing of Rs 200 billion, the fiscal deficit could come in at 3.35 per cent of GDP.
The 21st meeting of FSDC comes against the backdrop of the economy hitting a six-year low growth rate of 5 per cent in the first quarter of 2019-20. Even some of the macroeconomic data for the second quarter does not portray an encouraging picture of the economy.
The Reserve Bank of India has issued several warnings that the public should not fall prey to such unscrupulous activities and verify the companies offering loans online and through apps.
The new bond was changing hands at 7.72 per cent.
The finance ministry and RBI must get less conservative and improve co-ordination.
There are 350,000 jewellers, of which 13,000 are BIS-certified.
Ranjan was nominated to the board of ICICI Bank on April 7
Outward remittances under the Reserve Bank of India's (RBI's) liberalised remittance scheme (LRS) surged by 50.64 per cent to $9.1 billion in the April-June quarter (first quarter, or Q1) of 2023-24 (FY24), driven by healthy growth across segments due to a revision in the timeline of tax collected at source under the LRS scheme and normalisation in international travel. Major drivers include equity and debt investments, deposits, and the international travel segment, among others. According to the latest RBI data, the amount remitted under LRS stood at $9.1 billion in Q1FY24, compared with $6.05 billion in the same quarter last year.
Docomo has now moved the London Court of Arbitration.
Rajan's departure from the RBI is an end to 'outside interference' in policy making, government insiders feel.
The governance reforms, as an official put it, would bring in measures to track the performance of the executive-rank employees of the banks, intensively.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances