The Supreme Court on Wednesday asked a special court in Ghaziabad, which has summoned journalist Rana Ayyub in a money laundering case lodged by the Enforcement Directorate (ED), to adjourn the proceedings scheduled for January 27 to a date after January 31.
The Supreme Court on Tuesday said it will hear on December 6 the plea of a Congress leader challenging a recent notification by which the sale of electoral bonds has been extended by 15 more days in the year of general elections to legislative assemblies of states and Union territories (UTs) with a legislature.
The government on Thursday said it will borrow an additional Rs 1,40,000 crore (Rs 1400 billion) during the first half of next fiscal to fund its increasing public expenditure.
Gold reserves remained unchanged at $20.691 billion.
The Reserve Bank of India Governor D Subbarao has exhorted the apex bank's staff in his New Year message to convert present crisis into an opportunity, while maintaining that the crisis will be deeper and prolonged.
Non-payment of dues under derivatives contract would qualify as wilful default.
India's forex kitty shrunk by $1.03 billion to $353.33 billion on the back of a dip in the core currency assets, the Reserve Bank said.
In a move that may put pressure on housing and other consumer loans, Reserve Bank of India on Tuesday hiked its short term lending and borrowing rates by 0.25 per cent.
In a move that may put pressure on housing and other consumer loans, Reserve Bank of India on Tuesday hiked its short term lending and borrowing rates by 0.25 per cent.
Amid uncertainties arising out of the second wave of COVID-19, the Reserve Bank on Thursday said that a durable revival of private consumption and investment would be critical for sustaining economic growth post-pandemic. Observing that 2020-21 has left a scar on the economy, RBI in its annual report said, "in the midst of the second wave as 2021-22 commences, pervasive despair is being lifted by cautious optimism built up by vaccination drives." The second wave of the pandemic has prompted revision of growth projections for the current fiscal and the consensus appears to be gravitating towards RBI's forecast of 10.5 per cent, the report added.
Earlier, the apex bank had projected inflation at 5.5 per cent by March 2011, and the latest higher estimate is on account of the impact of fuel price hike,which it said, is likely to add a full 1 percentage point directly to the headline inflation numbers with the second round impact coming in the next few months.
The Constitution bench is hearing a batch of 58 petitions challenging the demonetisation exercise.
'In their over-enthusiasm to clean up the system, both the banks and the regulator should not forget that the key to the insolvency law is revival of companies -- recovery of bank dues is an offshoot of that,' points out Tamal Bandyopadhyay.
The apex bank's observation on Tuesday comes at a time when global markets remain uncertain about the overall impact of the tsunami and the subsequently unravelling nuclear crisis in Japan.
The apex bank also noted that manufacturing activities slowed down in certain parts of the country.
Foreign currency assets, a major component of the overall reserves, declined by $3.208 billion to $395.276 billion.
Demonetisation of the high value currency notes of Rs 500 and Rs 1,000 did not have any discernible impact on currency in circulation (CIC) in the country, which has soared by almost 83 per cent since its announcement on November 8, 2016. The Supreme Court on Monday upheld the decision of the government on demonetisation. On November 8, 2016 Prime Minister Narendra Modi had announced demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to promote digital payments and curb black money flows.
Chief Justice of India (CJI) D Y Chandrachud's first 100 days in office saw the Supreme Court take a giant leap towards reforms, especially making courts more technology-friendly, and ensuring relatively fast judicial appointments including those of eight judges to the apex court.
Households expect inflation to rise further by 170 basis points during the next 12 months.
RBI said monetary management in the current fiscal will be dominated by the challenge of moderating inflation and anchoring inflation expectations, while remaining supportive of growth impulses.
The reserves had dropped by $1.434 billion to $348.934 billion.
With the slack season credit policy due to be announced on April 28, bankers are waiting to see how the Reserve Bank of India reacts to the budgetary proposals on freeing caps on statutory liquidity ratio and cash reserve ratio.
The country's foreign exchange reserves rose by $954.6 million to $294.36 billion on account of gains in the value of gold reserves, the Reserve Bank said.
Urban households expect inflationary pressure to sustain through 2011 and feel there may not be any softening of food prices, an RBI survey shows.
AIBEA is part of United Forum of Bank Unions, the umbrella organisation of employee and officer unions of nine banks, which has given the call for one-day strike on January 7 and four days from January 21 in support of their wage hike demand pending since November 2012.
Bankers, who spoke to PTI, point to the above indicators and aver the Reserve Bank of India is unlikely to hike reverse repo and repo rates this month.
The Reserve Bank of India has received applications from 3,491 employees so far for the ongoing optional early retirement scheme, which is intended to rationalise its staff strength.
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
Gujarat State Co-operative Bank, the apex co-op bank in Gujarat, has already hiked salaries by 16 per cent, said Shailesh Shah, General Secreatary, Gujarat State Co-operative Banks' Employees' Federation. The bank has a workforce of 237 employees. Ahmedabad Co-operative Bank too has given Rs 1600 hike to their employees.
The reserves had jumped $2.03 billion to $277.38 billion in the previous week.
United Forum of Bank Unions, apex union of bank employees, claimed that over 10 lakh employees and officers are observing strike to press their demands.
Country's foreign exchange reserves declined sharply by $3.433 billion to $351.920 billion.
India's foreign exchange reserves dipped by $1.327 billion to $317.313 billion in the week ended September 5 on a slide in the currency assets and gold stockpile, the Reserve Bank said.
Beleaguered businessman Vijay Mallya on Thursday told the Supreme Court that banks have no right over the information of his overseas movable and immovable assets as he was an NRI since 1988.
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.
A five-judge Constitution bench headed by Justice S A Nazeer, who will retire on January 4, is likely to pronounce its verdict on the matter on the said date.
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