Rahul Gandhi showing some signs of maturity: BJP MP Saroj Pandey

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, 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.

Jun 23: The U.S. government on Monday restricted charter flights from India, accusing the nation of "unfair and discriminatory practices" by violating a treaty governing aviation between the two countries.

Air India Ltd. has been making flights to repatriate its citizens during the travel disruptions caused by the Covid-19 outbreak, but also has been selling tickets to the public, the Transportation Department alleged.

At the same time, U.S. airlines have been prohibited from flying to India by aviation regulators there, the DOT said in its order. The situation "creates a competitive disadvantage for U.S. carriers," the agency said in a press release.

Air India is advertising a schedule that is more than half of pre-virus operations, the department said. "The charters go beyond true repatriations, and it appears that Air India may be using repatriation charters as a way of circumventing" that nation's flight restrictions, the U.S. agency said.

The order becomes effective in 30 days, the department said.

Indian airlines must apply to the DOT for authorization before conducting charter flights so that it can scrutinize them more closely, it said. The department will reconsider the restrictions once India lifts restrictions on U.S. carriers.

The action against India follows weeks of DOT restrictions against Chinese airlines after the U.S. agency accused that nation of unfairly banning American carriers in the wake of the virus. On June 15, the U.S. announced it would agree to allow four flights a week from China after it allowed the same number by U.S. carriers.

Attempts to reach Air India and the Indian embassy in Washington after business hours were unsuccessful.