The use of RBI capital to strengthen public sector banks will have many positive implications for the economy -- and a few manageable downsides, points out R Jagannathan.
In the previous reporting week, the reserves had surged by $954.6 million to $294.36 billion.
Pakistani singer Rahat Fatah Ali Khan, who was briefly detained in India for possessing foreign currency, today said he will visit the country again if "respectfully" invited, even as he admitted guilt and claimed he was 'unaware' of Indian custom laws.
India is among the top 10 nations in terms of foreign exchange reserves.
'They asked me if I was a devout Muslim and if I could recite the Kalma.' Flying Officer Jawahar Lal Bhargava knew his game was up. 'They threatened me with dire consequences if I didn't tell the truth.'
The Centre is understood to have given a clean chit to Tibetan spiritual leader Karmapa Ugyen Trinely Dorji in the case relating to the huge foreign currency haul from his house, saying the money had come in the form of donations and offerings by devotees.
"The huge foreign currency recovered during raids from the Gyuto Monastery, the transit home of the Karmapa, are donations and offerings from devotees and the Karmapa has no links with it as the affairs of the trust are managed by trustees," Chief Secretary Rajwant Sandhu told media persons in Shimla.
The police on Sunday questioned the Karmapa and also arrested two more persons in connection with the seizure of foreign currency worth over Rs 7.5 crore from the offices of a trust backed by him. The Karmapa denied any Chinese links and said the charges against him were 'grossly speculative and without foundation'. A team of state police officers put nearly 50 questions to Karmapa Ogyen Trinley Dorje at Gyuto Monastery at Sidhbari.
The police on Saturday continued searches at the offices of a trust backed by 17th Karmapa Ugyen Trinley Dorje, who was questioned over the seizure of foreign currency valued at Rs 7 crore.
Continuing its downward trend for the fifth consecutive week, the foreign exchange reserves plunged $2.754 billion to $311.427 billion in the week to October 3, led by a major fall in non-US currency assets, according to data released by the RBI.
After having declined for two consecutive weeks, India's foreign exchange reserves grew by $293 million to $282.84 billion compared to earlier week's $282.55-billion.
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.
The role of Rhea's brother Showik and his purported links with the people nabbed by the NCB are under the scanner of the agency and he and Rajput's manager Samuel Miranda are expected to be summoned for questioning soon, the officials said.
The company said the capital infusion will help it continue investments in future roll-outs to build large network capacity and create content and technology partnerships
The rating affirmation reflected RIL's strong business profile - a large-scale refinery with a capacity of around 1.2 million barrels a day and dominant market position in petrochemicals.
The country's foreign exchange reserves dipped by $0.985 billion to $279.20 billion, the Reserve Bank said on Friday.
The country's foreign exchange reserves rose by $21.1 million to $280.19 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.
To select the right platform, get the opinions of a few existing users or browse online for feedback. Select a platform that offers a seamless experience. Check that the platform you are going with is a regulated entity, suggests Sanjay Kumar Singh.
Commerce and Industry Minister Anand Sharma today assured exporters of government mediation to ensure that they get foreign currency loans at the new lower rate set by the RBI amid complaints against banks levying additional charges.
Subbarao said he would be "ok" if a sovereign bond issue in foreign currency is done once just to test the waters, but cautioned against using the instrument regularly.
India's forex reserves rose for the fifth consecutive week, adding $4.41 billion to $295.71 billion in the week ended December 6 on account of a rise in foreign currency assets, the Reserve Bank said.
The country's foreign exchange reserves fell by $1.151 billion to $277.042 billion for the week ended March 26, against $278.193 billion in the previous week.
If Sebi and RBI remain quiet about this brazenly illegal activity, will someone in the finance ministry or the NITI Aayog take a closer look, asks Debashis Basu.
The country's foreign exchange reserves fell by $528 million for the week ended February 19 to $278.672 billion compared to $279.2 billion in the previous week. Foreign Currency Assets (FCA), during the week, declined to $254.203 billion from $254.7 billion a week ago, the RBI said in its weekly report.
The foreign exchange reserves rose for the fourth consecutive week with the week to October 25 adding another $1.828 billion taking the overall forex kitty to $282.95 billion, the Reserve Bank said on Friday.
Foreign exchange reserve, often taken as a yardstick to gauge a country's financial strength, are the foreign currency deposits and bonds held by central banks or monetary authorities (it is Reserve Bank in case of India).
The foreign exchange reserves rose by $2 billion to $279.096 billion for the week ended April 2 as against $277.042 billion in the previous week.
The total foreign exchange reserves had increased by $1.838 billion to $297.28 billion in the previous reporting week.
India's foreign exchange reserves rose by $1.379 billion for the week ended November 27, to $286.723 billion compared to $285.344 billion in the previous week.
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.
High inflation print is the price that the Reserve Bank of India (RBI) will have to pay to nurse a fragile growth back, say economists. Wholesale Price Index-based inflation rose to a record high of 12.94 per cent in May, aided by low base effect, but also because of higher fuel and commodity prices. Retail inflation, too, surprised by rising to 6.30 per cent, while the core inflation, which is the non-food and non-fuel component, rose to an 83-month high of 6.55 per cent. These numbers are much above RBI's upper limit of 6 per cent inflation target, but there is very little that the RBI can do at this moment.
The country's foreign exchange reserves rose by $1.434 billion in the week ended August 9, after dropping by $2.99 billion previous week, the Reserve Bank of India said.
More than a year of Covid-19 has pushed most businesses into gloom but Reliance Industries Ltd (RIL) managed to reduce its gross debt 25 per cent, enabling it to turn towards its next phase of capital expenditure that has come in the form of a Rs 75,000-crore plan for green energy and power storage. The company managed to stay afloat during the pandemic because of its large presence in the consumer-centric businesses of retail and telecommunication (see chart: "A new Reliance"). These two businesses constituted 45 per cent of its EBITDA during FY21 from 36 per cent in FY20.
It does feel like we are close to the end of the rupee's rally, says Jamal Mecklai.
India's foreign exchange reserves rose by $4.405 billion for the week ended August 28, to $276.362 billion as compared to $271.957 billion in the previous week.The foreign currency assets (FCA), during the week, declined to $260.523-billion from $260.938 billion in the week-ago period, RBI said in its weekly report on Friday.
The total reserves had gone up by $982 million in the previous reporting week.
Moody's may up Indian forex debt rating by mid-Feb
Gold reserves remained unchanged at $19.943 billion.
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