RBI allows foreign-exchange deals after market hours

News Network
January 7, 2020

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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
July 30,2020

Chennai, Jul 30: Tamil Nadu government on Thursday extended the Covid-19 lockdown till August 31, giving only a few relaxations like allowing delivery of non-essential goods by e-commerce sites. The ban on public transport has been extended till August 31, while availing of e-pass for inter-district and inter-state travel will continue to be in force.

In a detailed statement, Chief Minister Edappadi K Palaniswami announced a “complete lockdown” during which only essential services would continue to be in force on all Sundays during the month of August across the state.  

In Chennai, restaurants will be allowed to open dine-in facilities at 50 percent of its total capacity from 6 am to 7 pm from August 1, while vegetable shops, grocery outlets and standalone commercial establishments will also be allowed to remain open from 6 am to 7 pm.

E-commerce sites have been allowed to begin delivery of non-essential goods from August 1, while the ban on public transport, temples in urban areas and towns, cinema halls, shopping malls, and gyms would continue till August 31.

It also said companies or factories in Chennai that have been allowed to function with 50 percent of staff can increase their strength to 75 percent from August 1.

COVID-19 Pandemic Tracker: 15 countries with the highest number of coronavirus cases, deaths

The government also asked companies to encourage its employees to work from home and advised commercial establishments to follow the Standard Operating Procedure (SOP) as advised by it. Inter-state or inter-district travel will be allowed only with e-pass, while ban on metro and suburban trains continues.

The decision to extend the lockdown till August 31 comes as Tamil Nadu continues to grapple with an increasing number of coronavirus cases. The prevalence of the virus is no more limited to one city or region of the state with almost all districts reporting fresh cases, some of them over 200 new patients, every day.

On Thursday morning, Tamil Nadu’s Covid-19 tally was 2,34,114 including 1,72,883 discharges and 3,741 deaths. The active cases stood at 57,490.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 30,2020

Baharampore, Jan 30: Two persons were killed and one was injured in a clash over a protest programme against the CAA and the proposed NRC in West Bengal's Murshidabad district on Wednesday, police said.

The incident occured after an argument broke out between the two sides at Jalangi over a protest programme opposing Citizenship Amendment Act.

According to the police, a scuffle broke out between the local TMC leaders and residents' forum 'Nagarik Mancha', which was observing a shutdown in the area against the amended citizenship act and the proposed country-wide NRC.

The residents' forum was asked to withdraw the shutdown and the situation turned violent as both sides came to blows and hurled bombs at each other. Several two-wheelers and cars were damaged and set on fire during the clash.

Local TMC MP Abu Taher, denied that the party was involved in the clash and alleged that the violence was by Congress and CPI(M) supporters.

"I have requested the police to look into the incident. The culprits should be immediately arrested," he said.

Senior Congress leader and MLA Manoj Chakraborty said that the party was not involved in the incident and demanded judicial inquiry into it.

The injured have been rushed to Murshidabad Medical College and Hospital here, the police said.

The Muslim-majority district had witnessed violence and arson during the anti-CAA protests across the state in December last year.

West Bengal became the fourth state after Left-ruled Kerala, and Punjab and Rajasthan, where the Congress is in power, to have passed a resolution on January 27 against the Citizenship (Amendment) Act. The state assembly had on September 6, 2019, passed a resolution against NRC.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
August 2,2020

Ayodhya, Aug 2: With the foundation laying ceremony of the grand Ram temple around the corner, the work at the stone-carving workshop of Ram Janambhoomi in Ayodhya has reached its final stage.

Speaking to news agency, caretaker of Ram temple stone workshop Hanuman Yadav said, "Stonework is ready for the construction work till the first floor of the temple. Cleaning work is almost done but some work is still left which will be done soon after the trust's meeting."

Talking about the characteristics of the sandstone chosen work the construction, he said, "It was chosen for the construction as it can withstand rigours for thousands of years. These designated stones are minutely carved according to the need of the temple."

The stone-carving workshop for the Ram temple construction was established in Ayodhya by the Vishwa Hindu Parishad (VHP) in 1990.

On August 5 when Prime Minister Narendra Modi will visit Ayodhya for rituals that will mark the beginning of Ram temple construction, Hanumangarhi is the first stop he would be visiting.

The construction of Ram temple will begin in Ayodhya after the ceremony to lay the foundation stone in which various dignitaries from the political and religious fields are likely to participate apart from RSS chief Mohan Bhagwat. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.