US removes India from its currency monitoring list

Agencies
May 29, 2019

Washington, May 29: The Trump administration on Tuesday removed India from its currency monitoring list of major trading partners, citing certain developments and steps being taken by New Delhi which address some of its major concerns.

Switzerland is the other nation that has been removed by the US from its currency monitoring list which among others include China, Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia, and Vietnam.

“India has been removed from the monitoring list in this report, having met only one out of three criteria – a significant bilateral surplus with the US – for two consecutive reports,” the Treasury Department said in its latest semi-annual report on macroeconomic and foreign exchange policies of major trading partners of the US sent to the Congress.

After purchasing foreign exchange on the net in 2017, the central bank steadily sold reserves for most of 2018, with net sales of foreign exchange reaching 1.7 per cent of GDP over the year, it said.

India maintains ample reserves according to the IMF metrics for reserve adequacy, it said.

In both Switzerland and India, there was a notable decline in 2018 in the scale and frequency of foreign exchange purchases, the report said.

“Neither Switzerland nor India met the criteria for having engaged in persistent, one-sided intervention in either the October 2018 report or this report. Both Switzerland and India have been removed from the monitoring list,” the Treasury said in its report running into over 40 pages.

India for the first time was placed by the US in its currency monitoring list of countries with potentially questionable foreign exchange policies in May 2018 along with five other countries - China, Germany, Japan, South Korea and Switzerland.

In its next report in October 2018, the Treasury had said that India has made improvements and its name would be removed from the currency manipulation list in the next report.

"India's circumstances have shifted markedly, as the central bank's net sales of foreign exchange over the first six months of 2018 led net purchases over the four quarters through June 2018 to fall to USD 4 billion, or 0.2 per cent of the GDP," the Treasury had said in its October 2018 report.

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
May 20,2020

Washington, May 20: Once dubbed as historic by him, US President Donald Trump on Tuesday said he now feels ‘differently’ about the trade deal he signed with China earlier this year.

He said this while once again venting out his frustration with the Beijing leadership, accusing it of letting coronavirus spread.

Till Tuesday, over 92,000 Americans have died and 1.5 million tested positive for coronavirus that has globally killed around 320,000 people.

The US and China had signed a deal in January to end their 22-month-long trade war during which the two countries slapped tit-for-tat tariff hikes on products worth nearly half a trillion USD.

Under it, Beijing agreed to increase its purchase of US goods by USD 200 billion in 2020-2021.

“I feel differently now about that deal than I did three months ago,” Trump told reporters during a Cabinet meeting at the White House.

“We will see what all happens, but it's been a very disappointing situation. A very disappointing thing happened with China because the plague flowed in and that wasn't supposed to happen and it could have been stopped," he said.

Trump said he was very excited when the trade deal with China was signed.

“But once the virus came in, once the plague, as I called it, came in, I said how did they let that happen? And how come it didn't go into other sections of China? Why did they block it from leaving Wuhan? But they didn't block it from going to the rest of the world, including the United States. Why is that? Beijing doesn't have it. Other places don't have it,” he said.

Trump did not respond to questions on retaliation against China.

Meanwhile, top American senators continued to press the administration that rules of engagement with China needs to change post-coronavirus.

“As we know, they unleashed this virus on America and the world with their classic communist cover-up, deception, continued propaganda campaign, costing now over 90,000 American lives, 35 million Americans losing their jobs so far,” Senator Martha McSally said during a Congressional hearing.

“We don’t know who patient zero is, they destroyed samples, they silenced doctors, they kicked out journalists, they impacted international travel to seed this and their reckless behaviour continues to be the root of all this,” she said.

As a result of coronavirus, the American economy has been thrown into recession; more than 36 million people have lost their job – the worst ever after last century’s great depression.

Many of the US states have now started opening up, after taking necessary precautions.

By conservative estimates, it will take several quarters for the economy to be back on track.

Trump in the last a few weeks has exuded confidence that the economy will be back on track next year.

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 21,2020

Lucknow, Jan 21: Defending his brainchild, the Citizenship Amendment Act (CAA), Union home minister Amit Shah on Tuesday said the new law will not be scrapped despite the countrywide protests against it.

Addressing a rally here to drum up support for the CAA, Shah also declared that construction of a Ram temple "touching the skies" in Ayodhya will begin within three months.

He said there is no provision in the amended law for taking anyone's citizenship away. "A canard is being spread against the CAA by the Congress, SP, BSP, and Trinamool Congress. The CAA is a law to grant citizenship," he added.

"I want to say that irrespective of the protests this will not be withdrawn," he added.

Shah challenged Congress leaders to hold a discussion with him on CAA at a public forum.

He named Congress leader Rahul Gandhi, Samajwadi Party's Akhilesh Yadav, Bahujan Samaj Party's Mayawati and TMC chief Mamata Banerjee while throwing the "challenge".

Congress has become blind due to vote bank politics,"he said. He also blamed the Congress for Partition.

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
March 20,2020

New Delhi, Mar 20: The four men convicted of the gang rape and murder of a Delhi woman on December 16, 2012 were hanged in the darkness of pre-dawn on Friday, ending a horrific chapter in India's long history of sexual assault that had seared the nation's soul. Mukesh Singh (32), Pawan Gupta (25), Vinay Sharma (26) and Akshay Kumar Singh (31) were executed at 5.30 am for the savage assault in an empty moving bus on the 23-year-old physiotherapy intern who came to be known the world over as Nirbhaya, the fearless one.

This is the first time that four men have been hanged together in Tihar Jail, South Asia's largest prison complex that houses more than 16,000 inmates. The executions were carried out after the men exhausted every possible legal avenue to escape the gallows. Their desperate attempts only postponed the inevitable by less than two months after the first date of execution was set for January 22.

They were hanged at 5.30 am, Director General of Prison Sandeep Goel said.

After raping and brutalising the woman, the men, one of whom was a juvenile at the time, dumped her on the road and left for dead on the cold winter night. Her friend who was with her was also severely beaten and thrown out along with her. She was so severely violated that her insides were spilling out when she was taken to hospital. She died in a Singapore hospital after battling for her life for a fortnight.

Six people, including the four convicts and the juvenile, were named as accused.

While Ram Singh allegedly committed suicide in the Tihar Jail days after the trial began in the case, the juvenile was released in 2015 after spending three years in a correctional home.

The road to the gallows was a long and circuitous one, going through the lower courts, the High Court, the Supreme Court and the president's office before going back to the Supreme Court that heard and rejected various curative petitions.

The death warrants were deferred by a court thrice on the grounds that the convicts had not exhausted all their legal remedies and that the mercy petition of one or the other was before the president.

On March 5, a trial court issued fresh death warrants for March 20 at 5.30 am as the final date for the execution.

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.