Sushma Swaraj, Ananth Kumar meet Advani

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.

Lucknow, Jan 6: Undeterred by the large scale protests that claimed as many as 20 lives in the state, Uttar Pradesh government has started the process of implementing the controversial Citizenship (Amendment) Act.

According to sources in the government, the district magistrates have been directed to identify the migrants from Pakistan, Bangladesh and Afghanistan, who have been living in their districts.

Sources said that the state home department has given oral instructions to the district magistrates. ''No written orders have been issued,'' said a senior official here preferring anonymity.

The official said that the district magistrates would be preparing a list containing names of those minorities, who had migrated from these countries following their persecution and had been living without obtaining the citizenship of India.

According to sources, the government expected that the migrants, who could be eligible for the Indian citizenship in accordance with the CAA, could be more in number in the districts, including Rampur, Ghaziabad, Shahjahanpur, Lucknow and some others.

''The list will be sent to the union home ministry,'' the official added.

Sources said that the state government will also inform the centre about the ''illegal Muslim migrants'' for their ultimate deportation to their countries of origin.

Different parts of UP had witnessed large scale violence last month during the protests against the CAA. At least 20 people, mostly youngsters, were killed allegedly in police firing and many others were injured. The state government had denied the charge. 

Alleged police excesses during and after the protests triggered a nationwide outrage with several rights organisations and activists slamming the BJP government and demanding a high-level probe into the allegations.

New Delhi, Apr 15: With 1,076 new COVID-19 cases reported in the last 24 hours, India's tally of coronavirus cases has risen to 11,439, said the Union Ministry of Health and Family Welfare on Wednesday.

Out of the total tally, 9,756 cases are active while 1,306 patients have been cured/discharged and migrated.

With 38 new deaths reported in the last 24 hours, the death toll rises to 377.

According to the ministry, Maharashtra is the worst-affected state with 2,687 cases of which 259 patients have recovered/discharged while 178 patients have lost their lives due to the virus.

Delhi comes in at the second position with 1,561 cases of which 30 patients have recovered while 30 patients have succumbed to the virus.

Tamil Nadu is the third state with over 1,000 cases at 1,204 cases of which 81 have recovered and 12 have died due to the deadly virus.

Rajasthan is nearing the 1,000 mark with 969 cases of which 147 people have recovered while 3 patients are dead. Madhya Pradesh reported 730 cases including 51 patients recovered and 50 patients dead.

On Tuesday, in an address to the nation, Prime Minister Narendra Modi announced that the 21-day national lockdown has been extended till May 3.