Tag: reserves

India’s foreign exchange reserves rise to $588.78 billion

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New Delhi: India’s foreign exchange reserves increased marginally by $4.53 billion to $588.78 billion during the week ending April 28, according to Reserve Bank of India data released on Friday.
As per the data, India’s foreign currency assets, the biggest component of the forex reserves, rose by $4.99 billion to $519.48 billion.
During the week ending April 21, the country’s foreign exchange reserves had fallen by $2.164 billion to $584.248 billion.

Incidentally in October 2021, the country’s forex reserves had reached an all-time high of $645 billion.
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( With inputs from www.siasat.com )

May 5, 2023
Defamation case: No interim relief for Rahul as Guj HC reserves order on revision plea

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Ahmedabad: The Gujarat High Court on Tuesday reserved its orders in the revision plea filed by Congress leader Rahul Gandhi in connection with his conviction in a defamation case that subsequently led to his disqualification as a Member of Parliament.
Rahul Gandhi had appealed to the Gujarat High Court for an interim stay of his conviction until the court pronounced its order on his petition.
However, the single judge hearing the case, Justice Hemant Prachchhak, has postponed his decision until after the summer vacation, which ends on June 4.

On April 29, Rahul Gandhi’s lawyer — Abhishek Manu Singhvi, also a Congress leader, argued in the court that his client had not committed any heinous crime or an offence involving moral turpitude, which are the two tests for denying suspension of conviction.
The case stems from a 2019 rally in Kolar, Karnataka, where Rahul Gandhi had said, “Nirav Modi, Lalit Modi, Narendra Modi. How come all the thieves have ‘Modi’ as a common surname?”
This remark led to a criminal defamation case being filed against him by Surat BJP legislator, Purnesh Modi.
Gandhi had been sentenced to two years in jail by a Surat court, leading to his disqualification as a Member of Parliament.
During the previous hearing, Justice Prachchhak had emphasised that Rahul Gandhi, being an elected representative of the people, should have been more cautious while making statements.

Singhvi had argued that the maximum punishment for a bailable, non-cognizable offence of two years could result in his disqualification, leading to a “very serious additional irreversible consequence to the person and the constituency he represents”.
Earlier this year, the Sessions Court in Surat had dismissed Rahul Gandhi’s plea seeking suspension of his conviction by the Magistrate court, stating that his disqualification would not result in an irreversible loss to him.
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#Defamation #case #interim #relief #Rahul #Guj #reserves #order #revision #plea
( With inputs from www.siasat.com )

May 2, 2023
Delhi HC reserves order on PIL against sealing of school on public land

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New Delhi: The Delhi High Court on Monday reserved its order on a petition seeking protection of the interests of kids enrolled in schools on public property that have been mortgaged and could be sold at auctions by banks due to debt default.
Filed in a form of Public Interest Litigation (PIL), it was listed before the division of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad.
The bench, after hearing the arguments on behalf of the petitioners and the respondents, reserved its order on the petition.

“We will pass appropriate orders. Arguments heard and order reserved,” the bench said.
In the PIL, NGO Justice for All has requested that the court to protect the fundamental right to education guaranteed to over 900 students attending Laxmi Public School in Karkardooma as well as other students attending similar schools whose land has been mortgaged and could one day be sold at auction or sealed due to loan default.
Additionally, it asks the court to issue directives for an investigation into the mortgaged status of Laxmi Public School’s leasehold property.
The land parcel belonged to the government and was given to Laxmi Educational Society under the Government Grants Act for the purpose of operating a school, according to standing counsel Santosh Kumar Tripathi and advocate Arun Panwar, who were representing the Delhi government.
The society was not permitted to deal with the land further under the Transfer of Property Act.

The Delhi government’s goal was to safeguard kids and advance education, and this land was never made accessible to the bank as any other land to be purchased from any institution, Tripathi submitted.
According to the petition, numerous institutions originally bought land for cheap before borrowing money from banks to build five-star facilities.
It claimed that this led to the commercialisation of education and increased competition for expensive education and that these institutions put children’s education at danger by mortgaging the property.
The petition was disputed by the legal counsel for the society and the school, who argued that it was a publicity stunt and that the petitioner had submitted the plea without any support or evidence, and that it should be dismissed with costs.
Things have advanced to the point where the school will be auctioned off to pay back a loan and business regulations are being implemented on school property, which is otherwise public land set aside for public institutions, the petition argues.
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( With inputs from www.siasat.com )

May 1, 2023
India’s foreign exchange reserves fall to $584.24 billion

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New Delhi: India’s foreign exchange reserves fell by $2.164 billion to $584.248 billion for the week ending April 21, according to data released by the Reserve Bank of India (RBI) on Friday.
In the previous reporting week, the overall kitty had risen by $1.657 billion to $586.412 billion.
Incidentally in October 2021, the country’s forex reserves had reached an all-time high of $645 billion.

In the period under review, the reserves fell mainly due to foreign currency assets (FCAs) shrinking by $2.146 billion to $514.489 billion.
The reserves have been declining as the RBI has used the funds to defend the rupee amid pressures caused mainly by global developments.
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( With inputs from www.siasat.com )

April 28, 2023
Natural gas reserves worth $1 bn found in Turkey: President

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Ankara: Turkish President Recep Tayyip Erdogan has said the country has discovered natural gas reserves valued at $1 billion in Gabar Mountain in southeastern Sirnak province.
Erdogan made the remarks at the opening ceremony of a sports complex in Sakarya province, Xinhua news agency reported.
Also in the southeastern mountain, Turkey announced in December last year the discovery of 150 million barrels of net oil reserves, valued at approximately $12 billion, which Erdogan said was “one of the top 10 onshore discoveries in 2022”.

With four wells operational, the region is estimated to produce 5,000 barrels of oil per day.
The government has rolled out a series of large infrastructure and defence projects ahead of the general elections on May 14, when the Turkish leader will seek a third term in office.
Recently, Turkey commissioned its first multi-purpose amphibious assault ship and subsequently launched the country’s first delivery from its Black Sea field.
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( With inputs from www.siasat.com )

April 24, 2023
Twitter plea against Centre’s order to block accounts: Karnataka HC reserves judgment

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Bengaluru: Karnataka High Court on Friday reserved its verdict on social media platform Twitter’s plea challenging the central government’s directions to take down 39 URLs.
The matter pertains to the 10 blocking orders that the central government had issued to Twitter, between February 2021 and February 2022, directing the social media platform to block public access to certain information, and suspend several accounts as well.
The Centre had handed over the blocking orders in sealed covers to the High Court.

Justice Krishna S Dixit reserved the judgment after hearing the arguments presented by Twitter and the central government.
Twitter challenged the government orders claiming that they are arbitrary, and procedurally and substantively not in consonance with Section 69A of the IT Act. Twitter also contended that account-level blocking is a violation of the constitutional rights of users.
Apart from arguing that the direction to block entire accounts falls afoul of Section 69A of the IT Act, Twitter claimed that the government orders do not comply with the procedures and safeguards prescribed by the Information Technology (Procedure and Safeguards for Blocking for Access of Information by Public) Rules, 2009 (Blocking Rules).
In its reply, the Centre submitted that the directions were issued in national and public interest and to prevent lynching and mob violence incidents.
Stating that it only intervenes when there is a threat to the sovereignty of India or public order, the central government argued that being a foreign entity and the government’s 10 blocking orders not being arbitrary, Twitter could not take refuge under the fundamental rights under Articles 14 (right to equality) and 19 (right to freedom of speech and expression) of the Indian Constitution.

Contending that Twitter does not have the right to espouse the cause of users as statutory enable is required for such action, the Centre also argued that Twitter has no locus standi to file the plea as it cann’t speak on behalf of its account holders.
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( With inputs from www.siasat.com )

April 21, 2023
Delhi HC reserves order on plea by start-ups against Google’s new payment policy

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New Delhi: The Delhi High Court on Wednesday said it will pass an order on a petition by Alliance of Digital India Foundation (ADIF) against Google’s policy in relation to permitting the use of third party payment processors for paid app downloads and in-app purchases on a commission basis.
Justice Tushar Rao Gedela reserved order on the petition after hearing the counsel for the petitioner, which is an alliance of individuals and an industry representative body of the innovative start-ups in the country, the Competition Commission of India (CCI) and Google.
“Arguments heard. Order is reserved,” said the judge.

The petitioner submitted that under its User Choice Billing’ policy, which is slated to come into force from April 26, Google will be charging service fee at 11% or 26% in case of third party payment processors, which is anti-competitive and an attempt to bypass an order passed by the Competition Commission of India.
The petitioner, which moved the court earlier this month, said the US technology giant operates a mobile application marketplace for android devices called ‘Play Store’ which enjoys supreme dominance in that market and under the present framework, there is no requirement to pay any commission for third party payment processors.
The court was informed that in October last year, the CCI, while imposing a penalty of Rs 936 crore, asked Google to allow and not restrict app developers from using any third-party billing services and to not impose any discriminatory condition.
The petitioner said its grievance was that the CCI has failed to act on its plea in relation to the policy owing to lack of quorum to consider the issue.
It contended that the CCI must invoke the “doctrine of necessity” and look into the matter in spite of a lack of quorum as a refusal to intervene will cause irreversible harm to the petitioners and other app developers and lead to distortion in the market.

The implementation of the policy, in the meantime, must be kept in abeyance till the matter is looked into by the anti-trust regulator, the petitioner prayed.
Additional Solicitor General N Venkataraman said the process of appointment of CCI member was underway.
The counsel for Google opposed the petition on several grounds and claimed there was no material to justisy invocation of the “doctrine of necessity”.
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( With inputs from www.siasat.com )

April 19, 2023
Allahabad HC reserves verdict on Abdullah Azam Khan’s plea seeking stay on conviction

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Prayagraj: The Allahabad High Court on Tuesday reserved its verdict on a plea filed by Mohammad Abdullah Azam Khan seeking a stay on his conviction by a Moradabad court in a 2008 criminal case.
Justice Rajiv Gupta reserved the order after hearing the counsel for Abdullah Azam Khan and state government’s counsel.
During the hearing, the counsel for the applicant submitted that on the date of the incident the applicant was a juvenile, as such his conviction be stayed by this court.

A criminal case was registered in 2008 against Abdullah Azam Khan and his father and Samajwadi Party leader Azam Khan at Chhajlet police station in Moradabad under sections 341 (wrongful restraint) and 353 (assault or criminal force to deter public servant from discharge of his duty) of the Indian Penal Code (IPC).
It is alleged that they had blocked traffic after their vehicle was stopped by the police for checking in Moradabad.
The additional chief judicial magistrate (ACJM) on February 13, 2023 sentenced Azam Khan and his son Abdullah Azam Khan to two years of imprisonment and also imposed a fine of Rs 3,000 each.
Later, they were granted bail after submitting the required surety.
Two days after the conviction and sentence, Abdullah Azam Khan, an SP MLA, was disqualified from the Uttar Pradesh Legislative Assembly. He represented the Suar assembly constituency of Rampur.

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( With inputs from www.siasat.com )

April 11, 2023
Hate speech: Guj court reserves order on Kajal Hindustani’s bail plea

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Gir Somnath: A court in Gujarat’s Gir Somnath district on Tuesday reserved its order on a bail plea filed by right-wing activist Kajal Hindustani in a case of her alleged “hate speech” on Ram Navami that caused a communal clash in Una town.
The court of additional sessions judge R M Asodiya reserved its order on Hindustani’s bail plea for April 13, additional public prosecutor Moham Gohel said.
The state government opposed the bail plea citing that the activist’s speech on Ram Navami hurt the sentiments of the Muslim community and subsequently led to the communal clash, Gohel said.

Hindustani had moved sessions court on Monday after a court of additional chief judicial magistrate rejected her bail and sent her to 14-day judicial custody after her surrender on April 9.
Hindustani’s speech on Ram Navami festival on March 30 caused a communal clash in Una town on April 1.
The police lodged an FIR against her on April 2 under sections 153 (wantonly giving provocation with intent to cause riot) and 295 A (deliberate or malicious act intending to outrage religious feelings) of the Indian Penal Code (IPC).
Hindustani, who identifies herself as an entrepreneur, research analyst, debater, social activist, and nationalist and a “proud Indian” on her Twitter bio and has over 92,000 followers, including Prime Minister Narendra Modi, and is a regular at events organised by the Vishwa Hindu Parishad.
She is known for her fiery speeches targeting the minority community, including the one she delivered at a ‘Hindu Sammelan’ organised by the VHP on the occasion of Ram Navami.

Communal tension prevailed in Una for two days, which led to clash and stone pelting between two communities on April 1.
The police have arrested 96 people and registered an FIR against 76 named persons and a mob of around 200 people under various IPC sections including 323 (voluntarily causing hurt), 337 (rash or negligent act to cause hurt), 143 (unlawful assembly), 147 (rioting) and 148 (rioting armed with deadly weapons).
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( With inputs from www.siasat.com )

April 11, 2023
India’s foreign exchange reserves decline

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Mumbai: India’s foreign exchange reserves fell to USD 578.45 billion as of March 31, down from USD 578.78 billion a week earlier, according to the Reserve Bank of India’s Weekly Statistical Supplement released on Friday.
During the prior week that ended on March 24, they rose sharply USD 5.977 billion to USD 578.778 billion, hitting an over eight-month high.
According to RBI’s latest data, India’s foreign currency assets, the biggest component of the forex reserves, fell by USD 4.38 billion to USD 509.691 billion.

Gold reserves during the latest week fell by USD 279 million to USD 45.200 billion.
At the beginning of 2022, the overall forex reserves were at about USD 633 billion. Much of the decline can be attributed to RBI’s recent intervention and a rise in the cost of imported goods.
In October 2021, the country’s foreign exchange reserves touched an all-time high of about USD 645 billion. Earlier, the forex reserves had been intermittently falling for months largely because of the RBI’s intervention in the market to defend the depreciating rupee against a surging US dollar.
Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee.
The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

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( With inputs from www.siasat.com )

April 8, 2023