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Chandigarh: The Chandigarh unit of Enforcement Directorate (ED) on Thursday arrested a resident of Uttar Pradesh's Shamli in the multi-crore QFX forex trading scam, nearly a week after the mastermind, Harinder Pal Singh, was nabbed.Navab Hassan, the UP-based agent, was sent to nine-day ED custody by a special PMLA court in Chandigarh on Friday. According to the agency, Hassan played a key role in misleading people and mobilising public deposits to launder proceeds of crime through the QFX scam, ...Read More >
The initial public offering (IPO) of Anand Rathi Share & Stock Brokers Ltd., which opened for subscription on Tuesday, September 23, concluded its subscription process on September 25. The IPO was booked 20.66 times on Thursday. Investors bid for 27,60,82,128 shares against the 1,33,63,342 on offer. Amid the buzz, the unlisted shares have been trading at a premium in the grey market (GMP), suggesting potential listing gains for investors. As the allotment status for Anand Rathi Share IPO gets ...Read More >
Standard Chartered Bank, along with Clearing Corporation of India Ltd (CCIL) and International Financial Services Centre Authority (IFSCA) is set to open the dollar clearing facility in GIFT city on October 7, according P.D. Singh, chief executive officer (CEO) "The entire dollar clearing that is happening in Gift City right now will move to this platform and every bank that is there, foreign and Indian bank, will become a member of this dollar clearing. I think we have a large number of the ba ...Read More >
MUMBAI: Standard Chartered India CEO P D Singh sees the India-Middle East trade corridor as a promising one for adoption of rupee invoicing, even though it's a gradual shift. "It is picking up in Middle Eastern corridors and could expand in future, much like how Chinese yuan invoicing became common in solar equipment trade," he said, adding that the move was steady but not yet large-scale.Govt and RBI have been working on internationalisation of the rupee to protect forex reserves and ensure ene ...Read More >
New Delhi, Sep 24 (SocialNews.XYZ) In a bid to strengthen the overall availability of doctors in the country, the Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the scheme to increase 5,000 PG seats and 5,023 MBBS seats for a total outlay of Rs 15,034.50 crore. The approval of Phase III of the Centrally Sponsored Scheme (CSS) aims to strengthen and upgrade existing state government and central government medical colleges, standalone PG institutes, and government h ...Read More >
Mumbai, Sep 24 (PTI) The rupee recovered 2 paise from its all-time closing low to settle at 88.71 (provisional) against the US dollar on Wednesday, as steep tariffs and H-1B visa related issues kept the domestic unit under pressure. Forex traders said rupee is hovering near its all-time low level on sustained foreign fund outflows amid investors' risk-aversion and trade policy uncertainty. Moreover, enhanced US tariffs on Indian goods as well as trade policy uncertainty exacerbated the rupee's ...Read More >
Mumbai: The rupee depreciated 47 paise to hit an all-time low of 88.75 (provisional) against the US dollar on Tuesday, amid sustained outflow of foreign funds on the back of a steep hike in US H-1B visa fee that is expected to give a big blow to Indian IT services exports. Forex traders said the rupee dwindled towards record low levels as market participants analysed the likely repercussions of the new USD 100,000 H-1B visa levy, which could precipitate a slowdown in remittance growth and curta ...Read More >
Mumbai, Sep 16 (PTI) The rupee appreciated 8 paise to close at 88.08 (provisional) against the US dollar on Tuesday, tracking US-India talks on the proposed trade agreement to iron out issues in the wake of steep Trump Tariffs. Forex traders said the rupee strengthened on positive domestic markets and a weak greenback, which is trading at a two-month low ahead of the two-day FOMC meeting commencing Tuesday and disappointing US economic data. At the interbank foreign exchange, the rupee opened ...Read More >
Mumbai, Sep 15: The rupee witnessed range-bound trading and settled higher by 10 paise at 88.16 against the US dollar on Monday, as the domestic unit was caught between worries over US trade tariffs and hopes of a Fed rate cut. Forex traders said, likely intervention of the RBI has helped in controlling volatility and preventing a quick depreciation of the local unit. At the interbank foreign exchange, the rupee opened at 88.25, then touched an intraday low of 88.30 and a high of 88.13 against ...Read More >
Mumbai, Sep 15 (PTI) The rupee witnessed range-bound trading and settled higher by 10 paise at 88.16 against the US dollar on Monday, as the domestic unit was caught between worries over US trade tariffs and hopes of a Fed rate cut. Forex traders said, likely intervention of the RBI has helped in controlling volatility and preventing a quick depreciation of the local unit. At the interbank foreign exchange, the rupee opened at 88.25, then touched an intraday low of 88.30 and a high of 88.13 ag ...Read More >
Mumbai, Sep 15 (PTI) The rupee witnessed range-bound trading and settled higher by 6 paise at 88.20 (provisional) against the US dollar on Monday, as the domestic unit was caught between worries over US trade tariffs and hopes of a FED rate cut. Forex traders said, likely intervention of the RBI has helped in controlling volatility and preventing a quick depreciation of the local unit. At the interbank foreign exchange, the rupee opened at 88.25, then touched an intraday low of 88.30 and a hig ...Read More >
Mumbai: The rupee witnessed range-bound trading in morning deals on Monday and depreciated 4 paise to 88.30 against the US dollar, as tariff-led pressure on India's exports weighed on investor sentiments. Forex traders said the rupee traded in a tight range as it is caught between worries over US trade tariffs, persistent foreign portfolio outflows, and hopes of a US rate cut. At the interbank foreign exchange market, the rupee opened at 88.25, then lost ground and touched a low of 88.30 again ...Read More >
Prime Minister Narendra Modi inaugurated a Rs 5,000-crore bamboo-based ethanol plant in Assam, a zero-waste facility expected to significantly boost the rural economy. The plant will source bamboo from northeastern states, benefiting over 50,000 people. Earlier, Modi laid foundation stones for health and infrastructure projects worth Rs 6,300 crore. Prime Minister Narendra Modi on Sunday inaugurated a Rs 5,000-crore bamboo-based ethanol plant at Numaligarh in Assam's Golaghat district. The pla ...Read More >
New Delhi [India], September 14 : India's foreign exchange reserves rose by USD 4.038 billion in the week that ... New Delhi [India], September 14 : India's foreign exchange reserves rose by USD 4.038 billion in the week that ended September 5 to USD 698.268 billion, driven largely by a rise in gold reserves, the Reserve Bank of India (RBI) said in its latest 'Weekly Statistical Supplement.' The country's foreign exchange (forex) kitty is hovering close to its all-time high of USD 704.89 billi ...Read More >
Excelsior Correspondent MUMBAI, Sept 12: Buoyed by a significant surge in operating profit, the Bombay Mercantile Cooperative Bank unveiled a series of new initiatives including innovative loan products and strategic deployment of surplus funds to propel its growth trajectory to new heights. At the 88th Annual General Meeting (AGM) today, Chairman Zeeshan Mehdi addressed stakeholders, highlighting the Bank's strong financial performance for the Financial Year 2024-25. The Bank's operating pro ...Read More >
Mumbai: The Indian rupee saw a modest recovery on Friday from its record low a day earlier on inflows from a domestic IPO and dollar sales by the Reserve Bank of India (RBI) to prevent steep rupee depreciation. The rupee closed at 88.275 to a dollar, up 16.6 paise compared to Thursday's record low closing of 88.44. Abishek Goenka, founder and chief executive officer at IFA Global said, "The rupee appreciated marginally today boosted by rising expectations that the US Federal Reserve will begin ...Read More >
Mumbai, Sep 12 (PTI) The Indian rupee recovered from all-time lows and settled for the day higher by 9 paise at 88.26 against the US dollar on Friday, on weakness in the US dollar index and positive domestic markets. Forex traders said the domestic unit traded in a tight range and hovered around its all-time low level as tariff-led pressure on India's exports and sustained foreign fund outflows dented investors sentiments. At the interbank foreign exchange, the domestic unit opened at 88.39 an ...Read More >
New Delhi, Sep 12: India's foreign exchange reserves increased by $4.03 billion to touch $698.26 billion for the week ending September 5, according to data released by the Reserve Bank of India (RBI) on Friday. This comes after reserves had already risen by $3.51 billion in the previous week, taking the total to $694.2 billion as of August 29. Foreign Currency Assets Increase The RBI data showed that foreign currency assets (FCAs), the largest part of the reserves, went up by $540 million to ...Read More >
New Delhi: Industry leaders welcomed the recently announced GST reforms, which reduce the number of tax slabs, stating that it will make tax compliance easier while also directly benefiting consumers through lower prices. Jharkhand Chamber of Commerce Joint Secretary Navjot Alang Rubal said that the reduction of the number of slabs from four to two under the new GST structure is a highly positive step. According to Rubal, this reform will greatly benefit the middle and lower-income groups as t ...Read More >
LAGOS/ABUJA/NEW DELHI -- Nigeria has scored a major diplomatic and economic win as Indian Oil Corporation (IOC), Asia's largest state-owned refiner, bypassed U.S. crude in its latest tender and turned instead to 2 million barrels of Nigerian crude grades Agbami and Usan, alongside 1 million barrels of Abu Dhabi's Das crude. The development, though framed as a commercial decision, signals a new chapter in Nigeria's oil diplomacy, positioning Africa's largest producer as a pivotal supplier in the ...Read More >
New Delhi [India], September 5 (ANI): Union Finance Minister Nirmala Sitharaman on Friday said that India will continue purchasing Russian oil, stressing that decisions will be guided solely by national interest. "Whether it is Russian oil or anything else, we will take a call based on what suits our needs in terms of rates, logistics or whatever. Where we buy our oil from, especially it being a big ticket foreign exchange related item, is a call we will take based on what suits us best. So, we ...Read More >
NEW DELHI, Sept 5 (Reuters) - India will continue to buy Russian oil as it proves economical, its finance minister said on Friday, despite the Trump administration's decision to impose heavy import tariffs on Indian goods due, in part, to its energy purchases from Moscow. As Europe and the U.S. have shunned Russian oil over Moscow's 2022 invasion of Ukraine, India has taken advantage of discounts on Russian output to become the largest buyer of Russian seaborne crude. New Delhi has said its pu ...Read More >
By Hritam Mukherjee and Nidhi Verma NEW DELHI (Reuters) -India will continue to buy Russian oil as it proves economical, its finance minister said on Friday, despite the Trump administration's decision to impose heavy import tariffs on Indian goods due, in part, to its energy purchases from Moscow. As Europe and the U.S. have shunned Russian oil over Moscow's 2022 invasion of Ukraine, India has taken advantage of discounts on Russian output to become the largest buyer of Russian seaborne crude ...Read More >
Mumbai (Maharashtra) [India], September 3: Axis Bank, one of the largest private sector banks in India, today announced the launch of Sparsh Week 2025, a landmark initiative that will bring together over 1 lakh employees across its network of 5,868 branches nationwide to strengthen relationships and deliver memorable experiences for customers. Scheduled from 1st to 5th September, this flagship event will see the leadership and employees across the country actively engage with customers and celeb ...Read More >
Mumbai (Maharashtra) [India], September 3: Axis Bank, one of the largest private sector banks in India, today announced the launch of Sparsh Week 2025, a landmark initiative that will bring together over 1 lakh employees across its network of 5,868 branches nationwide to strengthen relationships and deliver memorable experiences for customers. Scheduled from 1st to 5th September, this flagship event will see the leadership and employees across the country actively engage with customers and celeb ...Read More >
PRNewswire Mumbai (Maharashtra) [India], September 3: Axis Bank, one of the largest private sector banks in India, today announced the launch of Sparsh Week 2025, a landmark initiative that will bring together over 1 lakh employees across its network of 5,868 branches nationwide to strengthen relationships and deliver memorable experiences for customers. Scheduled from 1st to 5th September, this flagship event will see the leadership and employees across the country actively engage with custome ...Read More >
Mumbai: Properties worth Rs 2.3 crore of alleged drug smuggler Vikram Punjir have been attached under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA), 1976 by the competent authority appointed under the Act.According to officials, the seized movable properties include three bank accounts and a high-end vehicle, and the immovable properties include a piece of land at Uruli Kanchan in Taluka Haveli of Pune district.The matter pertains to the seizure of 111kg o ...Read More >
The Enforcement Directorate searched real estate company BPTP in Delhi-NCR. The searches relate to a foreign exchange violation case. The case involves funds of about Rs 500 crore. BPTP allegedly received foreign investment from Mauritius. This investment occurred during 2007-2008. The investment contravened FEMA rules. CMD Kabul Chawla allegedly held foreign assets anonymously. The Enforcement Directorate (ED) on Tuesday searched premises related to real estate company BPTP across the Delhi-NC ...Read More >
New Delhi, Aug 26 (PTI) The Enforcement Directorate (ED) on August 26 searched premises related to real estate company BPTP across the Delhi-NCR region as part of a foreign exchange violation case involving funds of about ₹500 crore, official sources said. Locations of the Business Parks Town Planners Private Limited (BPTP) in Delhi, Noida and Faridabad were searched under the provisions of the Foreign Exchange Management Act (FEMA), they said. A probe found that BPTP received foreign investme ...Read More >
Mumbai, Aug 26 (PTI) The rupee depreciated 12 paise to close at 87.68 (provisional) against the US dollar on Tuesday, tracking weak domestic markets after the US issued a draft notice on plans to implement an additional 25 per cent tariff on Indian products. Forex traders said the rupee lost momentum as worries over the looming 25 per cent additional US tariff on Indian goods, set to take effect from August 27, drove strong dollar demand from importers. At the interbank foreign exchange market ...Read More >
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