Pakistan books Hafiz Saeed, a dozen others for terror financing

Agencies
July 4, 2019

Lahore, Jul 4: Pakistani authorities on Wednesday booked 26/11 Mumbai terror attacks mastermind Hafiz Saeed and his 12 accomplices for "terrorism financing" in 23 cases, amidst growing international pressure on Islamabad to act against terror groups.

Pakistan's counter-terrorism department (CTD) said the Jamaat-ud-Dawa (JuD) chief and his aides used five trusts to "raise funds for terrorism financing".

"Hafiz Saeed of JuD and other leaders were booked in cases of terrorism financing," the counter-terrorism department statement said.

The cases have been registered in Lahore, Gujranwala and Multan for collection of funds for terrorism financing through assets made and held in the names of trusts, including Al-Anfaal, Dawat ul Irshad and Muaz Bin Jabal.

The counter-terrorism department said investigations have been launched into matters of JuD , LeT and FIF regarding their holding and use of trusts to raise funds for terrorism financing.

"They made these assets from funds of terrorism financing. They held and used these assets to raise more funds for further terrorism financing. They will be prosecuted in Anti Terrorism Courts for commission of these offences," it said.

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Agencies
March 9,2020

Mumbai, Mar 9: The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points.

The plunge in the domestic indices was in line with the global markets on persistent fears of economic impact of the coronavirus epidemic.

Stocks of Reliance Industries registered the biggest fall in over 10 years as it fell to Rs 1,094.95 per share. At 1.34 p.m., it was trading at Rs 1,100, lower by Rs 170.05 or 13.39 per cent from its previous close. The stock fell most since October 2008.

The benchmark index of BSE Sensex was trading at 35,232.67 points, lower by 2,343.95 points or 6.24% from the previous close of 37,576.62 points. 

It had opened at the intra-day high of 36,950.20 and has so far touched a low of 35,109.18.

The Nifty50 on the National Stock Exchange was trading at 10,314.25 points, lower by 675.20 points or 6.14% from the previous close. 

It was a sell-off across sectors, led by financial, metal, energy and IT stocks - which weighed on the markets.

Further, crude oil prices also slumped around 30% on Monday as Organization of Petroleum Exporting Countries (OEPC) failed to agree on an output cut deal, eventually causing Saudi Arabia to cut its prices as it is likely to increase its production. Saudi Arabia's stance has already raised concerns of an all-out price war.

Brent crude futures are currently trading around $34 per barrel.

On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to reports.

As per analysts, the oil market witnessed the worst price fall on Monday since the 1991 Gulf War.

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Agencies
July 29,2020

Dubai, Jul 29: Muslim pilgrims on Wednesday begin the annual Haj, downsized this year as the Saudi hosts strive to prevent a coronavirus outbreak during the five-day pilgrimage.

The Haj, one of the five pillars of Islam and a must for able-bodied Muslims at least once in their lifetime, is usually one of the world's largest religious gatherings.

But this year only up to 10,000 people already residing in the Kingdom will participate in the ritual, a tiny fraction of the 2.5 million pilgrims from around the world that attended last year.

"There are no security-related concerns in this pilgrimage, but (downsizing) is to protect pilgrims from the danger of the pandemic," said Khalid bin Qarar Al Harbi, Saudi Arabia's director of public security.

Pilgrims will be required to wear masks and observe social distancing during a series of religious rites that are completed over five days in the holy city of Makkah and its surroundings in western Saudi Arabia.

Those selected to take part in the Haj were subject to temperature checks and placed in quarantine as they began trickling into Makkah at the weekend.

State media showed health workers sanitising their luggage, and some pilgrims reported being given electronic wristbands to allow authorities to monitor their whereabouts.

Workers, clutching brooms and disinfectant, were seen cleaning the area around the Kaaba, the structure at the centre of the Grand Mosque draped in gold-embroidered cloth towards which Muslims around the world pray.

Haj authorities have cordoned off the Holy Kaaba this year, saying pilgrims will not be allowed to touch it, to limit the chances of infection.

They also reported setting up multiple health facilities, mobile clinics and ambulances to cater to the pilgrims.

Saudi authorities said only around 1,000 pilgrims residing in the Kingdom would be permitted for the Haj. Some 70 per cent of the pilgrims are foreigners residing in the Kingdom, while the rest will be Saudi citizens, authorities said.

All worshippers were required to be tested for coronavirus before arriving in the holy city of Makkah and will also have to quarantine after the pilgrimage as the number of cases in the Kingdom nears 270,000.

They were given elaborate amenity kits that include sterilised pebbles for a stoning ritual, disinfectants, masks, a prayer rug and the Ihram, a seamless white garment worn by pilgrims, according to a Haj ministry programme document.

"I did not expect, among millions of Muslims, to be blessed with approval," Emirati pilgrim Abdullah Al Kathiri said in a video released by the Saudi media ministry.

"It is an indescribable feeling... especially since it is my first pilgrimage."

The Haj ministry said non-Saudi residents of the Kingdom from around 160 countries competed in the online selection process but it did not say how many people applied.

Despite the pandemic, many pilgrims consider it safer to participate in this year's ritual without the usual colossal crowds cramming into tiny religious sites, which make it a logistical nightmare and a health hazard.

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Agencies
January 15,2020

Mumbai, Jan 15: Michael Debabrata Patra took over as Deputy Governor of the Reserve Bank of India (RBI) on Wednesday.

He was an Executive Director of India's central bank before being elevated to the post of Deputy Governor.

An RBI release said that as Deputy Governor, Patra will look after Monetary Policy Department including Forecasting and Modelling Unit (MPD/MU), Financial Markets Operations Department (FMOD), Financial Markets Regulation Department.

He will also look after Market Intelligence (FMRD/MI), International Department (Intl. D), Department of Economic and Policy Research (DEPR), Department of Statistics and Information Management (including Data and Information Management Unit) (DSIM/DIMU), Corporate Strategy and Budget Department (CSBD) and Financial Stability Unit.

Patra, a career central banker since 1985, has worked in various positions in the Reserve Bank of India.

As Executive Director, he was a member of the Monetary Policy Committee (MPC) of RBI, which is invested with the responsibility of monetary policy decision making in India. He will continue to be an ex-officio member of the MPC as Deputy Governor.

Prior to this, he was Principal Adviser of the Monetary Policy Department, Reserve Bank of India between July 2012 and October 2014.

He has worked in the International Monetary Fund (IMF) as Senior Adviser to Executive Director (India) during December 2008 to June 2012, when he actively engaged in the work of the IMF's Executive Board through the period of the global financial crisis and the ongoing Euro area sovereign debt crisis.

The release said that his book "The Global Economic Crisis through an Indian Looking Glass" vividly captures this experience.

He has also published papers in the areas of inflation, monetary policy, international trade and finance, including exchange rates and the balance of payments.

A fellow of the Harvard University where he undertook post-doctoral research in the area of financial stability, he has a PhD in Economics from the Indian Institute of Technology, Mumbai.

He will hold the post for three years or until further orders. The post fell vacant after Viral Acharya resigned on July 23 last year.

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