India's forex reserves surged by a whopping $5.04 billion to $291.3 billion in the week ended November 29 on account of a robust jump in foreign currency assets (FCAs), the Reserve Bank said.
Resisting the Supreme Court's attempt to revisit the 2016 demonetisation exercise, the government said on Friday the court cannot decide a matter when no tangible relief can be granted by way of "putting the clock back" and "unscrambling a scrambled egg".
After rising for four consecutive weeks, India's foreign exchange reserves declined by $1.657 billion to $281.294 billion in the week to November 1 on account of drop in a key component, Reserve Bank said.
India's leading agri commodities bourse - the National Commodity and Derivative Exchange - has asked the government to permit banks to hedge at domestic commodity exchanges like international bourses.
The story of Sahara India Pariwar founder Subrata Roy, who died in Mumbai on November 14 aged 75, is the stuff of movies - of a spectacular rise and an equally spectacular fall. Born in Araria, Bihar, Roy was 30 when he set up Sahara in 1978. He started with a capital of about Rs 2,000, a peon, a clerk and his father's Lambretta scooter in Gorakhpur, eastern Uttar Pradesh, writes Tamal Bandyopadhyay in his 2014 book, Sahara: The Untold Story. Sahara was not his first venture.
A plea has been filed in the Supreme Court seeking a direction to the Centre to constitute a committee monitored by a retired apex court judge to enquire and investigate into the Hindenburg Research report which made a slew of allegations against the business conglomerate led by industrialist Gautam Adani. The fresh public interest litigation (PIL), filed by advocate Vishal Tiwari, has also sought directions to set up a special committee to oversee the sanction policy for loans of over Rs 500 crore given to big corporates. Last week, another PIL was filed in the apex court seeking prosecution of short seller Nathan Anderson of US-based firm Hindenburg Research and his associates in India and the US for allegedly exploiting innocent investors and the "artificial crashing" of Adani Group's stock value in the market.
The Supreme Court on Friday dismissed a plea by beleaguered businessman Vijay Mallya challenging the proceedings in a Mumbai court to declare him a fugitive economic offender and confiscate his properties. The apex court dismissed the petition for non-prosecution after the counsel representing Mallya submitted that he was not getting any instructions from the petitioner in the matter. "The counsel for petitioner states that the petitioner is not giving any instructions to the advocate for the petitioner.
The gold reserves remained unchanged at $18.691 billion.
Reserves had touched an all-time high of $355.46 billion in the week to June 19.
The gold reserves remained unchanged at $18.691 billion in the week.
A three-judge bench headed by Chief Justice S H Kapadia held that the transfer of debts between banks is legal and the Banking Services Regulation Act allows this activity.
The All India Bank Officers' Confederation, the apex level organisation of bank officers, has demanded that RBI's proposal to amend the Banking Regulation Act to raise the cap on voting rights beyond the present 10 per cent be dropped.
After falling for two consecutive weeks, foreign exchange reserves marginally rose to $319.39 billion, up by $43.3 million, for the week, driven by an increase in foreign currency assets.
Justice Nazeer, along with then Chief Justice of India J S Khehar, was in minority in the 'triple talaq' judgement which was delivered in August 2017.
Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency in political funding.
The three-year tenure of Raghuram Rajan saw the RBI adding a net of $92 billion to the kitty.
The total foreign exchange reserves had increased by $1.838 billion to $297.28 billion in the previous reporting week.
Indian banks on Thursday rejected the loan repayment offer made by Vijay Mallya.
The deadline of March 31 has been postponed till the apex court delivers its final judgment.
'However, to establish a quid pro quo, one can potentially see several things, like whether they got any benefits from the party that they gave money to. That is something that people (of India) will gauge. But to finally establish that there was money paid as consideration, it would require an investigation, a proper investigation, to be able to come up with such conclusions.'
The BCCI top brass deliberated on the two subjects for more than an hour in the emergent meeting of the Apex Council on Monday.
'The State does not accept our rights, what more can I say about this judgment?'
A part of Rs 6.5 lakh cr corpus may be used to set up Workers' Bank.
She also said there was no independent application of mind by the Reserve Bank of India and only its opinion was sought, which cannot be said to be a recommendation.
TV footage showed Zardari coming out of his house and embracing his younger daughter Aseefa before getting into a black Landcruiser.
The Supreme Court has agreed to hear on Friday a plea seeking a direction to the Centre to constitute a committee monitored by a retired apex court judge to inquire and investigate into the Hindenburg Research report which has made a slew of allegations against the business conglomerate led by industrialist Gautam Adani.
India's foreign exchange reserves declined by $685.1 million to $274.81 billion in the week ended August 30 due to a dip in the foreign currency assets, the Reserve Bank said.
Gross domestic savings as a proportion to GDP fell from a high of 36.8 per cent in FY08 to 30.8 per cent in FY13, according to the Reserve Bank.
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 race to get a New Umbrella Entity (NUE) licence for digital payments may get crowded. As many as six consortiums are said to be in the fray to apply for an NUE licence, which would create a for-profit National Payments Corporation of India (NPCI)-like body for retail payments. A consortium led by Financial Software and Systems (FSS), a leading provider of payment products and payment processor, is in talks and may file an application to the RBI for an NUE license, said sources aware of the development. The other constituents of this group include Indian Bank, Central Bank of India, India Post Payments Bank, National Bank for Agriculture and Rural Development (Nabard), and a few small finance banks.
Stamp duty, registration to be included in loan calculation
The appeals came against orders of the Central Information Commissioner in various cases.
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 Hinduja group is learnt to have backtracked from making a minimum Rs 8,950-crore offer for Reliance Capital (RCap) - a deal that it had belatedly put forth in December, after Torrent Investments emerged as the highest bidder for the bankrupt firm in the challenge process. The Hindujas' latest move has put Indian lenders, with an exposure of Rs 24,000 crore, in a spot as it was the former's revised offer that led to a call for a second auction and litigation by Torrent, which had placed a bid of Rs 8,649 crore in the first auction. Torrent has moved the Supreme Court and plans to wait for the apex court verdict before participating in any fresh auction. A banking source said there was an informal meeting of a few lenders of Reliance Capital with the bidders - the Torrent group and the Hinduja group on Friday when the latter changed its stand. The meeting of RCap's committee of creditors (CoC) is scheduled for Monday.
Vijay Mallya on Wednesday gave a proposal to the Supreme Court to repay around Rs 4,000 crore (Rs 40 billion) loan to banks by September this year.
The Constitution bench is hearing a batch of 58 petitions challenging the demonetisation exercise.
The Bombay High Court refused to stop publication of photographs of a defaulter firm in newspapers, saying that it was in larger public interest.
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While the measures are aimed at moderating outflows, RBI added that genuine requirement beyond these limits will continue to be considered under the approval route.
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RBI on Wednesday surprised the markets by leaving key policy rates unchanged, notwithstanding persistent high inflationary pressure.
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.
