Modi’s development promises sidelined, RSS forcing its agenda on Muslims: AIMPLB

New Delhi, May 24: India witnessed the biggest ever spike of 6,767 positive cases in the last 24 hours, taking the total number of COVID-19 cases to 1,31,868, according to the Union Ministry of Health and Family Welfare.

As many as 147 deaths have been reported in the last 24 hours, taking the death toll to 3,867.
Out of the total number of cases, 73,560 are active and 54,440 have been cured/discharged and one migrated.

Maharashtra continues to remain the worst-affected state with 47,190 COVID-19 cases. It is followed by Tamil Nadu (15,512), Gujarat (13,664), and Delhi (12,910).

The nationwide lockdown imposed as a precautionary measure to contain the spread of COVID-19 has been extended till May 31.

May 14: Customs officials on Wednesday intercepted China-bound consignments of raw material for masks, misdeclared as packing materials for pouches, in large quantities, a senior official said.

It has also seized multiple shipments containing 5.08 lakh masks, 57 litres of sanitiser and 952 PPE kits bound for the US, the UK and the UAE, the official said.

The export of such goods is prohibited by the government in the wake of the COVID-19 pandemic.

"On the basis of specific intelligence, 2,480 kg of raw material for masks was intercepted by air cargo export, Delhi Customs. The goods were misdeclared as packing materials for pouches and were being illegally attempted to be smuggled/ exported to China," he said. 

These goods are prohibited for export as per the latest guidelines issued by the Directorate General of Foreign trade (DGFT), he said, adding that investigation into the case is under progress.

In another catch, the air cargo officers intercepted multiple shipments containing 5.08 lakh masks, 57 litres of sanitiser in 950 bottles and 952 PPE kits at the courier terminal in New Delhi. These were attempted to be smuggled or exported out of the country, the official said.

"These goods are also prohibited for export," he added. 

These items were being illegally exported to the United States, United Kingdom and the United Arab Emirates. "No arrests have been made so far," the official said.

Mumbai, Jun 22: After downgrading India's outlook to negative from stable, Fitch Ratings on Monday revised the outlook on nine Indian banks to negative.

The outlook on the Long-Term Issuer Default Ratings (IDR) was revised to negative from stable due to the banks' high dependence on the Centre to re-capitalise them.

Accordingly, the IDR outlook of the Export-Import Bank of India, the State Bank of India, the Bank of Baroda, the Bank of Baroda (New Zealand), the Bank of India, the Canara Bank, the Punjab National Bank, ICICI Bank and Axis Bank Ltd have been downgraded to negative.

"At the same time, Fitch has affirmed IDBI Bank Limited's (IDBI) IDR while maintaining the outlook at negative," Fitch said in a statement.

The rating actions follow Fitch's revision of the outlook on the 'BBB-' rating on India to negative from stable on June 18, due to the impact of the escalating coronavirus pandemic on India's economy.

"The IDRs for all the above Indian banks are support-driven and anchored to their respective SRFs," the statement said.

"They are based on Fitch's assessment of high to moderate probability of extraordinary state support for these banks, which takes into account our assessment of the sovereign's ability and propensity to provide extraordinary support."

According to the statement, the negative outlook on India's sovereign rating reflects an increasing strain on the state's ability to provide extraordinary support, due to the sovereign's limited fiscal space and the significant deterioration in fiscal metrics due to challenges from the COVID-19 pandemic.

"The rating action does not affect the banks' Viability Rating (VR). EXIM does not have a VR as its role as a policy bank makes an assessment of its standalone credit profile less meaningful."