A video is being shared on social media showing the protesters counting the currency notes that were unearthed. The recovered money was said to be handed over to the security units, the Daily Mirror newspaper reported.
Foreign currency assets, a major component of the forex reserves, dipped by $3.056 billion to $258.51 billion for the week ended May 31, the Reserve Bank.
India's exports in April jumped nearly three-fold to USD 30.63 billion from USD 10.36 billion in the same month last year, according to government data released on Friday.
India's forex reserves increased for the second consecutive week, touching $584.554 billion as of February 26, up by $689 million, the Reserve Bank said on Friday. The overall reserves had increased by $169 million to $583.865 billion in the previous reporting week. The reserves, which have been steadily increasing over the last few months, had touched an all-time high at $590.185 billion for the week ended January 29 this year.
The central government has given banks and credit card entities six to eight months to put in place the requisite reporting mechanism and related features to collect tax at source on international credit card transactions, a senior bureaucrat told Business Standard. According to the bureaucrat, the plan to bring overseas credit cards under the Liberalised Remittance Scheme (LRS) has not been mothballed and is simply being deferred so that banks get adequate time to get the system up and running. The official expects the reporting mechanism to be ready in the given time, and the rule could be implemented in the next financial year (2024-25, or FY25).
Cash-strapped Sri Lanka has decided to temporarily shut its embassies in Norway and Iraq, as well as the country's consulate general in Sydney, the ministry of foreign affairs said on Tuesday.
The foreign exchange reserves rose by a robust $1.637 billion to touch $296.63 billion during the week ended December 14 on the back of healthy addition of core currency assets, the Reserve Bank said.
Promoters or issuers of foreign currency convertible bonds may be allowed to buy back the bonds if they go in for prepayment.
Despite the narrowing spread of yields between the benchmark 10-year Indian government bond and the 10-year US Treasury bond, foreign portfolio investors (FPIs) are continuing to invest in the domestic debt market this year -- a trend backed by a stable currency and a less volatile bond market. FPIs have been net buyers in the debt market in 2023 so far, marking the first time since 2019. The yield spread between the 10-year Indian government bond and the 10-year US Treasury note stood at 3.14 per cent on August 8 - the narrowest in over a decade.
Last week, the forex reserves had surged by $2.374 billion to $363.171 billion.
In the previous week, the reserves had fallen by $3.028 billion to $360.797 billion.
Reserve Bank Governor Shaktikanta Das on Monday said with the country's foreign exchange reserves at $677 billion, it is comfortably placed to deal with any spillover effects and for financing of the current account deficit. Over the last three years, the country's foreign exchange reserves have surged by $270 billion. He said as per the latest data, the foreign exchange reserves are $622 billion.
The foreign exchange reserves fell by $502.4 million to $293.97 billion due to fall in the currency assets, according to Reserve Bank data released on Friday.
Having exposure to international funds and gold is a must for those who have foreign currency-denominated goals.
Rajan said that despite easy liquidity, banks have passed rate cuts into lending rates modestly.
Frantic dollar demand from corporates along with an aggressive hedging strategy adopted by importers in the wake of the currency volatility predominately took a toll on the domestic unit despite moves by the central bank to stabilise the currency.
As many as 58 companies raised money from automatic route and 8 firms raised via approval route.
The gold reserves were unchanged at $26.61 billion, the apex bank said.
'The rupee has lost value against all other major Asian currencies, including that of Bangladesh and, of course, China.' 'Why should this be the case when the Indian economy has been growing faster than these economies, other than China?'
Moody's Investors Service on Tuesday lowered India's GDP growth forecast for the 2020 calendar year to 5.3 per cent, on coronavirus implications on the economy. Moody's had in February projected a 5.4 per cent real GDP growth for India in 2020. This too was a downgrade from 6.6 per cent earlier forecast.
The ED had filed six cases in the Additional Chief Metropolitan Magistrate (Economic Offences Court-I) which had discharged the duo in two cases in 2015 and directed them to face the trial in other cases.
Moody's and Fitch on Thursday downgraded Russia's sovereign rating to 'junk' grade following severe sanctions by western countries. While Moody's Investors Service downgraded Russia's long-term issuer and senior unsecured (local-and foreign-currency) debt ratings to 'B3' from 'Baa3', Fitch pulled down the rating on the country to 'B' from 'BBB', putting it on 'Rating Watch Negative'. The downgraded rating is in speculative or junk category reflecting default risk. It signifies that even through financial commitments are currently being met, the sovereign is vulnerable to high credit risk.
UAE Exchange partners ElectraCard Services to launch 'gocash', which enables cardholders to use appropriate currency loaded on the card.
The marginal decline in reserves was on account of fall in foreign currency assets
There have been reports that the Rajapaksa brothers, which dominates the current Sri Lankan government, are not on the same page. Gota, it is said, is not on the same wave length as his elder brother, Prime Minister Mahinda Rajapaksa, the former president, or Finance Minister Basil Rajapaksa, who is seen to be the family's strategist.
The gold reserves remained unchanged at $18.151 billion.
In the past 18 months, the department of revenue intelligence has seized 50 containers of cigarettes, valued at nearly Rs 200 crore
For the week under review, Special Drawing Rights fell by $ 13 million to $4.19 billion, while India's reserve position with the International Monetary Fund was down $3.5 million to $1.14 billion.
The five-time prime minister was re-appointed to the job on May 12 following the political circus precipitated by the unprecedented economic crisis in the island's history.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
Hinting at further relaxation in the capital account convertibility norms, RBI Deputy Governor T Rabi Sankar on Thursday said the country is on the cusp of some fundamental shifts with regard to currency management. India has come a long way in achieving increasing levels of convertibility on the capital account and has broadly achieved the desired outcome for the policy choices in terms of achieving a stable composition of foreign capital inflow, Sankar said while addressing the Foreign Exchange Dealers' Association of India's (FEDAI) annual day meeting. Convertibility refers to the ability to convert domestic currency into foreign currencies and vice versa to make payments for balance of payments transactions.
The 'Buy Back Plus' scheme will enable customers to return the unspent foreign currency and travellers cheques at the same rate at which they had been purchased, after their return to the country.
India's foreign exchange reserves slipped marginally by $32.7 million to $293.53 billion, the Reserve Bank said.
Defending the new foreign investment guidelines released this week, commerce and industry minister Kamal Nath said on Friday the norms would not distinguish between different forms of foreign capital.
Foreign currency assets rose $1.569 billion to $329.58 billion
Breaking the streak of continuous fall in outstanding amounts, non-resident Indian (NRI) deposits rose for the first time in the financial year to $134.54 billion in October 2022. The figure was $133.67 billion in September. Reserve Bank of India (RBI) data showed that NRI deposits were in shrinking mode for the first six months of FY23. They fell to $133.67 billion in September from $139 billion in March.
The Indian rupee, which has depreciated 1.1 per cent so far in August, is expected to decline further on the back of a strengthening US dollar and a weakening Chinese yuan, according to a Business Standard poll of analysts. The Indian rupee hit an all-time low recently, closing at 83.15 per dollar. Five of the 10 respondents said the Indian currency might touch 83.5 per dollar in August itself, while others said the worst could be over.
"The DMK is not worried a wee bit," he said on the ED searches. Such an action by the ED was 'usual, ordinary and a drama' enacted to divert attention.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances