Sena hits out at BJP on Air India privatisation decision

Jan 7: India’s monetary authority allowed banks to offer foreign-currency transactions outside of local market hours, a move aimed at boosting trading volumes at home.

Interbank deals, as well as those with customers in and outside India, can be undertaken by banks or their overseas branches and units at all times, the Reserve Bank of India said in a statement late Monday. It stopped short of saying whether the timing of the onshore over-the-counter market has been extended from the current 9 a.m. to 5 p.m.

The move is in line with recent recommendations to reverse the trend of the partially convertible rupee being traded more abroad than in India. London has overtaken Mumbai to become the top center for trading the rupee, adding to a sense of urgency among local authorities to deepen the onshore market.

Average daily volumes for rupee in the U.K. soared to $46.8 billion in April, a more than fivefold jump from $8.8 billion in 2016, according to a survey from the Bank for International Settlements published in September. That exceeded the $34.5 billion recorded in India.

Analysts say more trading abroad could amplify volatility in the domestic market and reduce the effectiveness of policy actions.

India’s decision comes as the London Stock Exchange Group Plc has started asking market participants if they want the bourse to function fewer hours, signaling it’s open to an argument driven by changing trading patterns and calls for a better work-life balance.

New Delhi, July 13: The number of active Covid-19 cases in India crossed the 3 lakh mark on Sunday even as fresh infections during the day surged to another new peak, crossing 29,000 for the first time. After staying over 500 for the past two days, the daily death toll came down slightly to 492.

While the focus has been on recoveries, the number of active Covid-19 cases in the country has been steadily rising. It hit the 1 lakh mark on June 4 and went past 2 lakh 23 days later. It has taken just 15 days more to reach 3 lakh.

India reported 29,271 new cases on Sunday, the fifth straight day of record rise in daily infections. With this, the country’s coronavirus caseload has risen to 8,79,060, two days after hitting the 8 lakh mark, as per data collated from state governments. Active cases stood at 3,02,466 while more than 5.53 lakh people were declared cured of the infection.

Covid-19 deaths in the country rose to 23,175 after 492 fatalities were added on Sunday, translating to a case fatality rate of 2.6%. The CFR has been steadily dropping with the surge in cases.
 

New Delhi, Jul 22: Rajya Sabha Chairman M Venkaiah Naidu on Wednesday urged the newly elected members of the House to uphold rules and procedures of the House while discharging their duties as the lawmakers for the country.

"In his remarks at the end of the administration of oath/affirmation to the new members of Rajya Sabha in the Chamber of the House today, Shri Naidu urged them to hold themselves to account with regard to their conduct both within and outside the House, so as to enhance the standing of the institution in the eyes of the people," read a press note.

The note further read that Naidu suggested the members to "question themselves if they had acted to enhance the dignity of the institution or to the contrary at the end of each day during the session and if their conduct was ethical during the inter-session period".

He said, "Answers to these simple questions would guide you on the right path."

He further stressed, "Ensuring rule of law is the spirit of our law of the land (Constitution). It shall begin with your compliance with the rules and procedures of this House."

Of the 61 members elected to Rajya Sabha from 20 States in the recent biennial and bye-polls, 45 made oath/affirmation today including 36 who have been elected for the first time. 12 sitting members have been re-elected which include Sharad Pawar, Digvijaya Singh, Bhubaneswar Kalita, Prem Chand Gupta, Harivansh and Ramdas Athawale, who took oath today.

Those elected for the first time to Rajya Sabha include Mallikarjun Kharge, Jyotiraditya M Scindia and KC Venugopal who have vast legislative experience and taken oath today. Those members who could not make oath/affirmation will do so during the ensuing Monsoon Session.

"Members including three women made oath/affirmation in 10 languages viz., Telugu, Bodo, Kannada, Manipuri, Marathi, Oriya, Tamil, Bengali, Hindi and English," the note read further.

"Today's oath-taking has been organized to enable the newly elected members to participate in the committee meetings which are underway at once and in the monsoon session which is to follow. I hope to nominate all of you on different committees in a day or two. #RajyaSabha," the Vice President's official handle tweeted earlier on Wednesday.