The dollar's strength against other currencies overseas limited the rupee's gain.
UK's Cairn Energy Plc plans to bring lawsuits in the US and other countries to pierce the corporate veil between the Indian government and its owned companies such as in oil and gas, shipping, airline and banking sectors, to seize their overseas assets to recover $1.2 billion ordered by an international arbitration tribunal. The firm has moved courts in the US, UK, Canada, France, Singapore, the Netherlands and three other countries to register the December 2020 arbitration tribunal ruling that overturned the Indian government's Rs 10,247 crore demand in back taxes and ordered New Delhi to return $1.2 billion in value of shares it had sold, dividends seized and tax refunds withheld to recover the tax demand. With the government so far refusing to honour the arbitration award and instead choosing to challenge it, Cairn is looking to enforce it by seizing overseas Indian assets, Dennis Hranitzky, head of the sovereign litigation practice at Quinn Emanuel Urquhart & Sullivan, a law firm representing the company, told PTI.
'Initially, Gift City was just another real estate project, but all that changed with Modi moving to New Delhi,' notes Tamal Bandyopadhyay.
SBI leads a 17-member consortium of lenders that is trying to recover dues running into over Rs 7,500 crore (Rs 75 billion) in principal alone from Kingfisher Airlines.
Standard Chartered Bank is setting up an international banking unit primarily to look after Indian company requirements. The bank is looking for a $2-billion loan book in the first five years of business.
Sustained dollar selling by exporters and some banks in anticipation of further fall in the US currency in overseas markets helped the local unit gain for the second day in a row.
The investments were a mix of issuance of guarantees ($2.53 billion), loan ($257.60 million) and of equity ($232.59 million).
On Tuesday, Finance Minister P Chidambaram had more than adequately made clear that the government would be allocating Rs 14,000 crore through Budget, the Financial Services Secretary said.
Dealers attributed the rupee's fall to persistent demand for the US currency
Dollar's weakness against some other currencies overseas supported the rupee.
Asian shares ended higher after a string of positive US economic data.
Subramanian Swamy said if income tax is abolished, middle class will deposit money in banks which can be invested in manufacturing.
ED team managed to get several bank statements from Barbados, Dubai, Hong Kong etc. which prove vital overseas link and money trail relating to Nirav Modi and his aides.
Choksi is wanted in India by the CBI and the Enforcement Directorate, which are probing the PNB fraud, the biggest banking scam in the country. India continues to pursue Choksi's return with the government of Antigua through diplomatic and legal channels.
Bank of Maharashtra has plans to open its maiden overseas offices in the United Kingdom and the United States and is negotiating with the government for setting up branches in other countries as well.
The move also invalidates, albeit temporarily, Mallya's repeated assurances to the court and the public of a revival plan for the carrier.
In 2012, Diageo had paid Rs 3,635 cr directly to Mallya for his 19.3% stake in United Spirits.
The Labour Party leader, whose stand on Kashmir has not gone down well with the Indian government, also tweeted a picture of the meeting.
The dollar's weakness against some currencies overseas supported the rupee.
The apex court's 2017 order had come on a plea by consortium of banks led by SBI, which had said that Mallya had allegedly transferred $40 million received from British firm Diageo, to his children in 'flagrant violation' of various judicial orders.
The government on Monday issued a letter of intent (LoI) confirming the sale of its 100 per cent stake in loss-making Air India to Tata Group for Rs 18,000 crore, a senior official said. Last week, the government had accepted an offer by Talace Pvt Ltd, a unit of the holding company of salt-to-software conglomerate, to pay Rs 2,700 crore in cash and takeover Rs 15,300 crore of the airline's debt. Subsequent to that, an LoI has now been issued to Tata confirming the government's willingness to sell its 100 per cent stake in the airline.
The currency had gained by 88 paise in the past seven days.
Increased selling of the US dollar by exporters supported the rupee.
Dealers said besides increased demand for the American currency from importers, the dollar's strength against other Asian currencies overseas, put pressure on the local unit.
Sahara and its founder Subrata Roy have been under scrutiny for years over its financial products, including for possible money laundering.
Rajnish Kumar was on Wednesday appointed the new chairman of the largest public sector bank, State Bank of India (SBI), replacing Arundhati Bhattacharya who completes her one-year extended term on Friday.
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
The rupee on Thursday plunged by a whopping 130 paise to hit life-time low of 60 against the US dollar in early trade on the Interbank Foreign Exchange on strong demand for the American currency from banks and importers
Firestar Diamond, which on its website states that its operations span the US, Europe, the Middle East, the Far East and India, blamed liquidity and supply chain challenges.
The rupee had depreciated by 13 paise to end at 67.20.
The US Department of Justice declined to comment on Modi.
The victims were duped of of their retirement savings ranging between $ 1,180 and $ 174,300, the Department of Justice said on Monday.
Therupee staged a smart rebound from its low towards the fag-end trade on dollar selling as well as suspected intrusion by the Reserve Bank to end steady at 63.39.
The dollar index was down by around 0.15 per cent against a basket of six major global currencies.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Lower dollar in the overseas market also boosted the rupee value
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
the rupee had closed steady at 67.95 per dollar on Monday.
The dollar's weakness against some currencies overseas limited the rupee's fall.
Nirav Modi, along with his wife Ami Modi, a US citizen, brother Nishal Modi, a Belgian citizen, and uncle Mehul Choksi, all accused in the CBI's FIRs in the case, left the country in the first week of January, weeks before country's biggest banking scam surfaced.
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