Tag: reserves

  • Pakistan forex reserves fall to less than a month’s import cover

    Pakistan forex reserves fall to less than a month’s import cover

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    Islamabad: As Pakistan struggles to secure external financing to pull the country out of the economic crisis, foreign exchange reserves held by the State Bank of Pakistan (SBP) reversed their course, snapping their six-week winning streak, media reports said.

    In its weekly bulletin, the SBP said that its foreign exchange reserves have decreased by $354 million to $4.2 billion as of the week ended March 24, which will provide an import cover of less than a month, Geo News reported.

    The net forex reserves held by commercial banks stood at $5.6 billion, $1.3 billion more than the SBP, bringing the total liquid foreign exchange reserves of the country to $9.8 billion, the statement said.

    Pakistan’s $350 billion economy continues to dwindle amid financial woes as the authorities struggle to strike a staff-level agreement with the International Monetary Fund (IMF).

    The Washington-based lender has been in talks with the Pakistani authorities since end-January to resume the $1.1 billion loan tranche held since November last year, part of a $6.5 billion Extended Fund Facility (EFF) agreed upon in 2019.

    The IMF funding is critical for Pakistan to unlock other external financing avenues to avert a default on its obligations.

    An IMF statement said substantial progress has been made in discussions towards policies in recent days and financial assurances are standard in IMF programmes, Geo News reported.

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    ( With inputs from www.siasat.com )

  • Allahabad HC reserves order on Atiq’s missing minor sons

    Allahabad HC reserves order on Atiq’s missing minor sons

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    Prayagraj: The Allahabad High Court has reserved its order on a habeas corpus writ petition seeking to know the whereabouts of the two missing minor sons of jailed mafia don Atiq Ahmed.

    Atiq’s wife Shaista Parveen had filed the petition alleging that their two minor sons — Ahzan and Aaban — were arrested by the police on February 24 after the killing of Umesh Pal and their whereabouts are not known since then.

    Atiq, Shaista, his brother Ashraf and two sons are named as accused in the case.

    The order was passed by a division bench comprising Justices Vivek Kumar Birla and Surendra Singh after hearing submissions by counsels for the petitioner and state government.

    Appearing on behalf of the petitioner, senior advocate Daya Shankar Mishra argued that the life and liberty of Atiq’s two minor sons are in danger.

    Therefore, he requested the court that a direction be issued that they (minors) be produced before the court and set at liberty.

    A preliminary objection was raised on behalf of additional advocate general Manish Goyal, who represented the state government, that an application under section 97 of criminal procedure code (CrPC) was already pending before the CJM Allahabad and hence the habeas corpus writ petition was not maintainable.

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    ( With inputs from www.siasat.com )

  • Delhi court reserves order on summons in defamation case by Shekhawat against Raj CM

    Delhi court reserves order on summons in defamation case by Shekhawat against Raj CM

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    New Delhi: A Delhi court on Thursday reserved the order on the point of issuance of summons in a defamation case filed by Union Jal Shakti Minister Gajendra Singh Shekhawat against Rajasthan Chief Minister Ashok Gehlot over the latter’s “misleading statements” against him.

    Additional Chief Metropolitan Magistrate Harpreet Singh Jaspal of the Rouse Avenue Court has listed the matter for order on the issuance of summons for Friday after the conclusion of submission and recording of pre-summoning of evidence in the case.

    Shekhawat filed a defamation case against Gehlot earlier this month, claiming that the latter made defamatory statements against him in connection with the Sanjivani Credit Cooperative Society scam.

    He has said that an investigation was initiated in the case but his name was not mentioned anywhere and demanded prosecution against Gehlot for criminal defamation under the Indian Penal Code (IPC). He has also demanded appropriate financial compensation for the loss of his reputation.

    Earlier, the war of words between Gehlot and Shekhawat had intensified over the Sanjivani Credit Cooperative Society scam with the Rajasthan Chief Minister openly declaring the Union Minister “a culprit like the others”.

    “The Union Minister is trying to mislead the public in the case of the Sanjivani Cooperative Society Ltd scam. In the investigation of the Special Operation Group (SOG), the crime has been proved against him under the same sections as the other arrested accused.”

    Shekhawat had said that Gehlot terming him as an ‘accused’ in the Sanjivani Credit Cooperative Society scam is akin to his “political assassination to settle scores”.

    “The SOG presented three chargesheets but there is neither my nor my family’s name anywhere. Still, the Chief Minister called me an accused,” he said.

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    ( With inputs from www.siasat.com )

  • Delhi court reserves order on summons in defamation case by Shekhawat against Raj CM

    Delhi court reserves order on summons in defamation case by Shekhawat against Raj CM

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    New Delhi: A Delhi court on Thursday reserved the order on the point of issuance of summons in a defamation case filed by Union Jal Shakti Minister Gajendra Singh Shekhawat against Rajasthan Chief Minister Ashok Gehlot over the latter’s “misleading statements” against him.

    Additional Chief Metropolitan Magistrate Harpreet Singh Jaspal of the Rouse Avenue Court has listed the matter for order on the issuance of summons for Friday after the conclusion of submission and recording of pre-summoning of evidence in the case.

    Shekhawat filed a defamation case against Gehlot earlier this month, claiming that the latter made defamatory statements against him in connection with the Sanjivani Credit Cooperative Society scam.

    He has said that an investigation was initiated in the case but his name was not mentioned anywhere and demanded prosecution against Gehlot for criminal defamation under the Indian Penal Code (IPC). He has also demanded appropriate financial compensation for the loss of his reputation.

    Earlier, the war of words between Gehlot and Shekhawat had intensified over the Sanjivani Credit Cooperative Society scam with the Rajasthan Chief Minister openly declaring the Union Minister “a culprit like the others”.

    “The Union Minister is trying to mislead the public in the case of the Sanjivani Cooperative Society Ltd scam. In the investigation of the Special Operation Group (SOG), the crime has been proved against him under the same sections as the other arrested accused.”

    Shekhawat had said that Gehlot terming him as an ‘accused’ in the Sanjivani Credit Cooperative Society scam is akin to his “political assassination to settle scores”.

    “The SOG presented three chargesheets but there is neither my nor my family’s name anywhere. Still, the Chief Minister called me an accused,” he said.

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    ( With inputs from www.siasat.com )

  • Jamia violence: Delhi HC reserves order on police’s plea

    Jamia violence: Delhi HC reserves order on police’s plea

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    New Delhi: The Delhi High Court on Thursday reserved its judgment on police’s plea against the trial courts order discharging 11 accused, including Sharjeel Imam, in the Jamia violence case.

    A week before, the court had adjourned the hearing for Thursday.

    A copy of the detailed order is awaited.

    Earlier, Justice Swarana Kanta Sharma was informed by Delhi Police’s junior counsel that the senior is not well and that he seeks adjournment.

    The court had recorded which respondents have filed the written statements in the matter and asked the rest to do so in four days.

    In view of Delhi Police challenging the Saket court’s order dated February 4, discharging 11 accused in a 2019 Jamia violence case, the High Court had earlier said that there will be no influnence on the further investigation or trial of the remaining accused due to the trial court’s order.

    “Since further investigation will be carried out, observations made against the investigating agency will not affect either further investigation or trial of any accused,” Justice Sharma had said while she also issued notice on the Police’s revision petition.

    Incidents of violence at Jamia Millia Islamia in December 2019, erupted after a clash between the police and people protesting against the Citizenship Amendment Act (CAA).

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    ( With inputs from www.siasat.com )

  • Court Reserves Order On Bail Plea Of ‘Gujrat Conman’

    Court Reserves Order On Bail Plea Of ‘Gujrat Conman’

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    SRINAGAR: A court in Srinagar reserved orders on the bail plea of Kiran Bhai Patel, a man from Gujarat who allegedly impersonated a PMO official to obtain benefits before being arrested earlier this month. While the accused’s counsel argued for his release based on personal liberty and the absence of “serious” charges against him, the prosecution opposed the bail plea, citing the early stages of the investigation.

    “I applied sometime back to seek a personal security officer but my request is yet to be approved. Then how is it possible that a man comes to Kashmir from Gujarat and gets a Z-plus security cover? What was the state doing all this time?” The judge observed.

    The defence argued in court, stating that “my client has not committed any offence and that his liberty was curtailed by false allegations.” They also questioned, “even if he managed to get security cover, whose negligence is it? How come an outsider comes and gets security without getting mandatory clearances in a region where security remains on the highest degree of alert.”

    After hearing the submissions of the counsels, the court of Chief Judicial Magistrate (CJM) Srinagar Raja Mohammad Tasleem reserved the order to be pronounced on Thursday (March 23).

    Pertinent to mention, Kiran Patel, who was arrested earlier this month for allegedly impersonating a senior government official and duping people, has been sent to judicial custody by a local court in Srinagar. The accused has been booked under sections 419, 420, 467, 468, and 471 of the Indian Penal Code.

    The Jammu and Kashmir police has formed a three-member team, led by SP East Srinagar, to investigate the case against Patel, who had been posing as a member of a “PMO team” that has been visiting Kashmir since October last year. The imposter had also visited forward areas near the Line of Control and shared pictures and videos of his ‘official visits’ on social media.

    The conman’s first visit to the valley was on October 27 last year. He came with his family. In subsequent visits, the other members of the “PMO team” joined him.

    According to a senior officer, the fact that an IAS officer introduced a conman as a PMO official, and that the security wing of the police and other officials granted him official protocol and Z plus security cover for an extended period of time, is a major concern.

    In a statement, the police reported that on March 2, 2023, the CID wing of the J&K Police provided information about the arrival of an impersonator in Kashmir. “SSP Srinagar immediately dispatched a team led by SP East to Lalit hotel, where they discovered Kiran Bhai Patel, son of Juddesh Bhai Patel and a resident of Ahmadabad, Gujarat, who was impersonating himself as Additional Director (Strategy and campaigns) PMO New Delhi. As his responses were found to be suspicious, he was taken to Police Station Nishat, where he confessed to his crime,” the statement said.

    The police spokesperson stated that during the investigation, ten counterfeit visiting cards and two mobile phones were confiscated from the accused. The investigation is being headed by a team led by SP East Srinagar, SDPO Nehru Park, and SHO Nishat. Several relevant individuals have been interrogated in connection with the case, and the investigation is in its initial stages.

    The police have revealed that the accused has three cases registered against him in various police stations in Gujarat: Raopura Police Station, Baroda City Case No I/0064/2019, Naroda Police Station Ahmedabad City case No I/0066/2017, and Bayad Police Station, Aravali Case No I/0047/2019. The accused has been charged under various sections of the IPC, including 114, 294(KH), 406, 420, and 5072, as well as 120B. The police will share further details regarding the case in due course.

     

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    ( With inputs from : kashmirlife.net )

  • Parliamentarians Show Keen Interest In JK’s Lithium Reserves

    Parliamentarians Show Keen Interest In JK’s Lithium Reserves

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    SRINAGAR: Parliamentarians across the country have shown keen interest in recently discovered Lithium mines in Reasi district of Jammu and Kashmir.

    As per the proceedings of the parliament, which resumed after recess on Monday, many parliamentarians asked questions in the house related to Lithium mines and Government of India’s strategy to utilize its full potential.

    BJP’s MP Jugalji Mathurji Thakor, Brij Lal and Trinamool Congress party’s Jawhar Sircar among many others asked the government to share the plan to utilize lithium extract in optimum manner and timeline for extraction of Lithium.

    The house also sought the viability to undertake the mining of said reserves and a plan outlined for the same with its timeline.

    The government in series of replies maintained that Geological Survey of India (GSI) carried out a G3 stage project during Field Season 2020-21 and 2021-22 in Salal Haimna areas of Reasi district, Jammu and Kashmir following which estimated an inferred resource (G3) of 5.9 million tonnes of lithium ore and the report has been handed over to the Government of Union Territory of JK.

    “Geological Survey of India (GSI) generates baseline geoscience data through mapping, e.g. geological, geochemical, geophysical which is a prerequisite for identifying the potential area for systematic mineral exploration. Based on the mapping data, GSI carries out systematic mineral exploration activities for various major mineral commodities including lithium,” the government said in the parliament.

    “In part of Jammu and  Kashmir, as a follow up of lithium exploration in Salal-Haimna areas of Reasi district, GSI has taken up another reconnaissance G4 stage exploration programme on lithium and associated mineral in Panasa – Dugga – Baldhanun – Chakar – Sangarmarg (Saro-da-Bas) area of Reasi district during current field season 2022-23 and the work is in progress,” the reply reads, adding, “Based on the mapping outcome more exploration programme on various mineral commodities including lithium will be taken up in future in different parts of the country including Jammu and Kashmir.”

    On the exact valuation of the mine block and its potential, the government said that the mineral block will be auctioned as Composite License (CL) by the Government of Union Territory of JK. The financial aviability will be determined after auctioning by the successful bidder.

    The date of extraction of lithium will depend upon successful auction of the mineral block.

    However, sources said that the government is poised to invite bids for the auction of the newly discovered lithium reserves in Jammu as early as June quarter.

    Official sources further added that discoveries are not early-stage finds and the government plans to call for bids to start the process.

    “G-3 level find, which means we are sure of significant reserves and, hence, starting the process to mine this critical non-ferrous metal soon,” the official said.

    Based on United Nations Framework Classification (UNFC), which is a three-dimensional system considering geological, feasibility, and economic factors, the reserves are classified into four stages—G4 (reconnaissance), G3 (prospecting), G2 (general exploration) and G1 (detailed exploration).

    The official added that the auctions would be open to all, like any other government auction, with one key condition: “The government would mandate that lithium found is refined only in India and not sent abroad for processing.” (KNO)

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    ( With inputs from : kashmirlife.net )

  • Delhi court reserves order on ED plea seeking Sisodia’s custody

    Delhi court reserves order on ED plea seeking Sisodia’s custody

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    New Delhi: Delhi’s Rouse Avenue Court on Friday reserved an order on the Enforcement Directorate plea seeking 10-day custodial interrogation of former Deputy Chief Minister and Aam Aadmi Party leader Manish Sisodia in the excise policy scam case.

    This comes after Sisodia was presented before the court at 2 pm today after he was arrested by ED yesterday after hours of questioning in Tihar Jail where the AAP leader is lodged.

    During the hearing, senior Advocate Dayan Krishnan, appearing for Manish Sisodia, opposed ED plea seeking Sisodia’s 10-day custody.

    The agency said that it is seeking 10-day custody to interrogate Manish Sisodia to identify the modus operandi and to confront other persons who have been summoned.

    The ED told the court that Manish Sisodia had purchased SIM cards and mobile phones in other people’s names.

    There was a conspiracy behind framing the excise policy. The conspiracy was coordinated by Vijay Nair, along with others and the Excise policy was brought out for extraordinary profit margin for wholesalers, ED argued in the court.

    ED told the court that the margin of 12 per cent of wholesale profit margin to private entities was never discussed in the GoM meeting.

    The probe agency apprised the court about the meeting between Vijay Nair and K Kavitha (BRS MLC).

    ED stated that accused Butchibabu Gorantla disclosed a political understanding between then Dy CM Manish Sisodia and K Kavitha who also met Vijay Nair. Butchibabu is the former auditor of K Kavitha and is presently on bail.

    Countering Sisodia’s lawyer’s arguements, the ED lawyer told the court that if the policy is a matter of executive then there would not be a coal scam or a 2G scam.

    Earlier, Sisodia was arrested on Thursday by ED in money laundering in connection with the excise policy case.

    He was arrested during his Judicial custody in Tihar Jail, where he was lodged in.

    The Enforcement Directorate (ED) on March 9 arrested former Delhi deputy chief minister Manish Sisodia in the liquor policy case, after hours of questioning at Tihar Jail.

    Sisodia was arrested by the CBI in the liquor policy case on February 26 and was sent to 14-day judicial custody on March 6.

    The ED also made another arrest in the case earlier, as it took Hyderabad-based businessman Arun Ramchandra Pillai into its custody.

    The ED, on Thursday, summoned Bharatiya Rashtriya Samiti (BRS) MLC and Telangana Chief Minister K Chandrashekhar Rao’s daughter K Kavitha for questioning in the liquor policy case.

    Sisodia was arrested by the CBI earlier in its ongoing investigation of a case related to alleged irregularities in the framing and implementation of the excise policy of the National Capital Territory of Delhi (GNCTD). Delhi’s Rouse Avenue Court sent him to Judicial Custody till March 20.

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    ( With inputs from www.siasat.com )

  • Delhi court reserves order on CBI plea seeking 3 more days of Sisodia’s custody

    Delhi court reserves order on CBI plea seeking 3 more days of Sisodia’s custody

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    New Delhi: A Delhi court on Saturday reserved its order on a plea by the CBI seeking further three-day custody of former Delhi deputy chief minister Manish Sisodia, arrested in a corruption case related to the excise policy.

    CBI’s plea was opposed by Sisodia’s lawyer who said the inefficiency of the agency to complete its probe cannot be a ground for remand and he cannot be asked to incriminate himself.

    Sisodia, who was produced before special judge M K Nagpal, said non-cooperation cannot be a ground for custody and opposed the CBI’s plea for his remand.

    There was heavy security presence in and outside the Rouse Avenue Courts premises.

    The supporters of the Aam Aadmi Party staged a protest outside the premises and raised slogans.

    Sisodia was granted five-day CBI custody on Monday. The CBI on Sunday evening had arrested Sisodia in connection with alleged corruption in the formulation and implementation of the now-scrapped liquor policy for 2021-22.

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    ( With inputs from www.siasat.com )

  • Forex reserves drops to USD 561 billion

    Forex reserves drops to USD 561 billion

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    Mumbai: India’s foreign exchange reserves dropped USD 325 million to USD 560.942 billion as of February 24, according to the Reserve Bank of India’s latest data. In the previous reporting week, the overall reserves had declined USD 5.68 billion to USD 561.267 billion.

    Foreign exchange reserves declined by USD 5.681 billion to USD 561.267 billion in the week ending on February 17. This is third consecutive week of decline in overall forex reserves.

    The reserves have been declining as the central bank deploys the reserves to defend the rupee amid pressures due to various factors, mainly global developments.

    The foreign currency assets, the biggest component of the forex reserves, fell by USD 166 million to USD 495.90 billion. It had dropped USD 4.51 billion in the previous week. The value of gold reserves declined by USD 66 million to USD 41.75 billion.

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    ( With inputs from www.siasat.com )