RBI announces steps to revive rupee

June 25, 2012
RBI

Mumbai, June 25: The Reserve Bank of India (RBI) Monday announced a series of measures, including raising limits for external commercial borrowings and government securities, that would help revive the battered currency and the economy.

The Reserve Bank of India said in a statement that it has taken measures in consultation with the government to liberalise capital account transactions.

It has been decided to allow Indian companies in the manufacturing and infrastructure sector and earning foreign exchange to avail of external commercial borrowing (ECB) for repayment of outstanding rupee loans towards capital expenditure and/or fresh Rupee capital expenditure under the approval route, the RBI said.

“The overall ceiling for such ECBs would be $10 billion,” the central bank said.

The existing limit for investment by Securities and Exchange Board of India (SEBI) registered foreign institutional investors (FIIs) in government securities (G-Secs) has been enhanced by a further amount of $5 billion.

This would take the overall limit for FII investment in G-Secs from $15 billion to $20 billion.

“In order to broad base the non-resident investor base for G-Secs, it has also been decided to allow long term investors like Sovereign Wealth Funds (SWFs), multilateral agencies, endowment funds, insurance funds, pension funds and foreign central banks to be registered with SEBI, to also invest in G-Secs for the entire limit of $20 billion,” the RBI said.

The sub-limit of $10 billion (existing $5 billion with residual maturity of 5 years and additional limit of $5 billion) would have the residual maturity of three years.

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News Network
June 15,2020

Palghar, Jun 15: A 22-year-old man who got married three days ago tested positive for novel coronavirus on Monday leading to the bride and 63 others who attended the function being quarantined in Palghar district in Maharashtra, an official said.

Jawhar Tehsildar Santosh Shinde said the man is a laboratory assistant.

"He got tested before marriage and the report had returned negative. However, his samples tested positive after marriage. The bride and 63 others who attended the ceremony have been quarantined," he said.

Palghar currently has 1,911 COVID-19 cases and 61 people have died of the infection so far.

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News Network
April 14,2020

Thiruvananthapuram, Apr 14: Only three fresh COVID-19 cases were reported in Kerala on April 13, while 19 confirmed patients, who were undergoing treatment, tested negative for the infection, according to the COVID-19 Outbreak Control and Prevention State Cell, Health and Family Welfare Department, Kerala government.

As of Monday evening, there are just 178 positive COVID-19 cases in the State.

Twelve patients from Kasargod district, three each from Pathanamthitta and Thrissur districts, and one from Kannur district are among those who have recovered from COVID-19 and tested negative.

To date, there have been a total of 378 confirmed cases of coronavirus in Kerala.
Meanwhile, Kerala Chief Minister Pinarayi Vijayan has demanded that State Relief Funds be made eligible for Corporate Social Responsibility (CSR) funding by making changes to the Companies Act.

Addressing the media, the Chief Minister said, "The Government of Kerala is of the opinion that contributions to the Chief Minister's Disaster Relief Funds should be included as an eligible expenditure under CSR. In a federal setup, the Relief Funds set up by the States for a public purpose cannot be excluded from the eligibility criteria when the same is available for a Central Fund set up with similar objectives and aims."

The Kerala CM said that he has written to the Prime Minister in this regard urging him to make the necessary changes.

Vijayan once again reiterated the demand of the State government to bring back stranded Keralites from overseas and added that, "We will extend all possible help and support to the Pravasi Malayalees when they come back also including rehabilitation of those who would lose their jobs in the backdrop of the pandemic outbreak."

He added that a decision on extending the lockdown in the State will be taken after taking into account the decision of the Central government in the address by the Prime Minister scheduled for April 14.

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AJS
 - 
Tuesday, 14 Apr 2020

HATS-OFF TO BOLD CHIEF MINISTER OF KERALA MR. VIJAYAN... BAHUBALI

THE ONLY CHIEF MINISTER TO APPROACH GCC FOR HIS PEOPLE.... A ROLL MODEL FOR OTHER STATES AND CENTER

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Agencies
January 4,2020

New Delhi, Jan 4: In more troubles for the former Finance Minister and senior Congress leader P Chidambaram, the Enforcement Directorate (ED) on Friday questioned him for over six hours in its probe into the Air India aircraft deal case, first time since his release from Tihar jail almost a month ago.

A senior ED official told IANS, "We questioned Chidambaram for over six hours today in the ongoing probe into the Air India deal with Airbus."

According to financial probe agency officials, Air India had planned to buy over 111 aircraft from Airbus and Boeing during the erstwhile United Progressive Alliance (UPA) government in 2009. This is the first time the ED has questioned the senior Congress leader in the Air India deal case.

The questioning of Chidambaram came for the first time since his release from the Tihar jail where he spent 106 days in connection with the INX Media money laundering case. He was released from Tihar on December 4 last year after he was granted bail by the Supreme Court. The former finance minister is also being investigated by the ED in a separate money-laundering cases of Aircel-Maxis deal.

An ED official said the contract to buy 43 aircraft from Airbus was finalised by a panel of ministers headed by Chidambaram in 2009. According to the ED, when the proposal to buy 43 aircraft from Airbus was sent to the Cabinet Committee on Security (CCS), there was a condition that the aircraft manufacturer would have to build training facilities and MRO (Maintenance, Repair and Overhaul) centres at a cost of Rs 70,000 crore. But later, when the purchase order was placed, the clause was removed.

The name of another UPA minister, Praful Patel, had also come up in the alleged scam in a charge sheet filed by the ED against corporate lobbyist Deepak Talwar on March 30 last year. Talwar was arrested last year by the ED after he was deported from the UAE.

The ED is probing the Air India-Indian Airlines merger; purchase of 111 aircraft from Boeing and Airbus at Rs 70,000 crore; ceding profitable routes and schedules to private airlines, and opening of training institutes with foreign investment.

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