Rupee gained, now 70.39 against dollar

The rupee pared early gains but managed to end 5 paise higher at 70.39 against the U.S. dollar on Wednesday on increased selling of the greenback by exporters amid benign crude oil prices and smart gains in domestic equities.

This is the third straight session of gains for the domestic unit, during which it has rallied by a hefty 151 paise.

Traders said sustained selling of the American currency by exporters and banks ahead of the U.S. Fed policy decision propped up the rupee, while sliding oil prices eased current account deficit concerns.

At the Interbank Foreign Exchange (Forex), the rupee opened on a firm note at 70.05.

It gained further to hit a high of 69.86 following dollar selling by exporters, before finally closing at 70.39, up 5 paise.

The rupee on Tuesday had rallied by a whopping 112 paise, its best single-day gains in over five years, to settle at 70.44 against the U.S. dollar.

Forex traders said investor sentiment was supported by sharp fall in bond yields and continued infusion of liquidity by the RBI by way of open market operation.

“A bearish view on oil prices added strength to rupee. On global front, market is expecting dovish hike by Fed which is likely to calm investors’ nerves in the emerging markets like India,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

Globally, Brent crude, the international oil benchmark, was trading at over a one-year low of USD 56.27 per barrel.

Market benchmark BSE Sensex settled 137.25 points, or 0.38%, higher at 36,484.33, continuing its rising streak for the seventh session. The NSE Nifty too ended 58.60 points, or 0.54%, higher at 10,967.30.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.1094 and for rupee/euro at 79.8153. The reference rate for rupee/British pound was fixed at 88.7431 and for rupee/100 Japanese yen at 62.38.

Meanwhile, foreign institutional investors (FIIs) bought shares worth ₹144.76 crore on Tuesday, as per provisional data.

Major boost for Indian Air Force as ISRO puts military satellite GSAT-7A in orbit


The satellite is expected to provide aircraft-to-aircraft communication and will have an exclusive frequency for the purpose.


GSAT-7A, an exclusive satellite for the Indian Air Force, was on Wednesday, December 19, 2018, succesfully ”injected” into its intended orbit by GSLV-F11 that was launched from the Satish Dhawan Space Centre (SHAR) in Sriharikota, near Chennai.

The satellite is expected to provide aircraft-to-aircraft communication and will have an exclusive frequency for the purpose.

“Today GSLV [Geosynchronous Satellite Launch Vehicle] successfully and safely injected the advanced communication satellite in a super synchronous transfer orbit,” ISRO (Indian Space Research Organisation) Chairman K. Sivan said.

GSLV-F11, the 13th flight of the GSLV-MkII, blasted off from the second launchpad at 4.10 p.m. The satellite was placed in a Geosynchronous Transfer Orbit 19 minutes after the lift-off.


“Congratulate @isro for successfully launching the advanced communication satellite GSAT-7A, with launch vehicle GSLV-F11, from #Sriharikota in Andhra Pradesh today. The 2250 kg satellite built by #ISRO will be a big boost to our defence capabilities. #GSAT7A #GSLVF11,” Vice-President M Venkaiah Naidu tweeted.

 

VicePresidentOfIndia

@VPSecretariat

Congratulate @isro for successfully launching the advanced communication satellite GSAT-7A, with launch vehicle GSLV-F11, from in Andhra Pradesh today. The 2250 kg satellite built by will be a big boost to our defence capabilities.

Delhi court sends Christian Michel to judicial custody till December 28


He was in CBI custody for 15 days; court reserves order on his bail plea to Dec. 22.


A Delhi court on Wednesday sent Christian Michel, the alleged middleman in the ₹3,600-crore AgustaWestland VVIP chopper deal, to judicial custody till December 28.

He has been chargesheeted and arrested in connection with the case.

Mr. Michel was produced before Special Judge Arvind Kumar on expiry of his 14-day CBI custody.

Earlier in the day, the court reserved for December 22 its order on a bail plea of Mr. Michel.

The counsel for 57-year-old British national told Judge Arvind Kumar that he was not required for custodial interrogation and no purpose will be served by keeping him in further custody.

“My handwriting has already already been taken. There were no original documents with the CBI to match it with. I have volunteered to provide all the documents,” Mr. Michel’s counsel Aljo K. Joseph told the court.He was in CBI custody for 15 days.

Extradited to India on Dec. 4

Mr. Michel was arrested in the UAE and extradited to India on December 4. The next day, he was produced in the court, which allowed his five-day custodial interrogation by the CBI which was later extended by five more days.

Mr. Michel is among the three alleged middlemen being probed in the case by the Enforcement Directorate (ED) and the Central Bureau of Investigation(CBI). The others are Guido Haschke and Carlo Gerosa.

Both the agencies notified an Interpol red corner notice (RCN) against him after the court issued a non-bailable warrant against him.

‘Not been a cooperative witness’

The CBI opposed the bail application, saying Mr. Michel might flee as he had already tried to escape from Dubai just before his extradition.

The probe agency said that Mr. Michel was an influential person having links with people from the Ministry and other bureaucrats and politicians, many of who are its witnesses in the case.

“We brought him with so much difficulty. Some new facts have emerged and we need to have follow ups on those. He has not been a cooperative witness. A lot more to be unearthed of out own. He has no roots in India here. He has property etc but he may sell them and go away,” the probe agency said.

The court had earlier extended by four days the CBI custody of Mr. Michel on the ground that he needed to be confronted with various documents in the case.

The CBI had said that he was required to be taken to the premises of Pawan Hans India Ltd. in Mumbai to verify his version of his alleged attempted negotiations to buy back WG-30 helicopters, to identify the shipper and to confront the officials of Pawan Hans India.

The agency said that voluminous documents have been received from various countries pursuant to the ‘Letter of Requests’ and the accused was yet to be confronted with a number of them.

The defence counsel had opposed the CBI application for further remand, saying already enough time was granted to the agency and nothing incriminating was found against the accused.

The CBI has alleged there was an estimated loss of Euro 398.21 million (about ₹2,666 crore) to the exchequer in the deal that was signed on February 8, 2010 for the supply of VVIP choppers worth Euro 556.262 million.

The ED, in its charge sheet filed against Mr. Michel in June 2016, had alleged that he received EUR 30 million (about ₹225 crore) from AgustaWestland.

शिरोमणि अकाली दल पंचकूला ने स्वर्ण मंदिर साहब के प्रति अमेज़न के कुकृत्य की भर्त्सना की

 

आज शिरोमणी अकाली दल पंचकूला अध्यक्ष मलविंदर सिंह बेदी ने पिंजोर में एक आपात बैठक बुलाई जिसमें आज एक USA की ई-कॉमर्स कंपनी AMAZON अमेजॉन पर गोल्डन टेंपल श्री दरबार साहब की फोटो को एक टायलट सीट पायदान पर प्रिंट करके अपनी साइट पर बेचने के लिए डाल रखा है जोके पूरे भारत के सवर्ण मन्दिर हरमंदर साहब को मानने वाले भक्तों के लिए बहुत ही दुखदायक घटना है हमारा हरमंदिर साहब सिखों का सर्वोच्च मंदिर है और हमारा अकाल तक साहब यहां पर सुशोभित है इसलिए शिरोमणि अकाली दल पंचकूला इसकी घोर निंदा करता है भारत सरकार से अपील करता है के अमेजन की ई कॉमर्स कंपनी को तत्काल प्रभाव से बंद करके ई पोर्टल से क्लोज कर देना चाहिए नहीं तो हम इसके खिलाफ जिला स्तर पर रोष प्रदर्शन करेंगे हरिमंदिर साहब भारत का आठवां अजूबा भी कहां जाता है हरमंदिर साहब में सिक्खों के अलावा करोड़ों भारतीयों की आस्था भी है सो हमारी प्रधानमंत्री श्री मोदी जी से सरदार सुखबीर सिंह बादल जी शिरोमणि अकाली दल अध्यक्ष जथेदार हरगोविंद सिंह लोगोंवाल जो के शिरोमणि कमेटी के अध्यक्ष हैं उनसे निवेदन है विषय पर जल्द से जल्द कड़ी कार्रवाई की जाए और भक्तों का गुस्सा शांत किया जाए इस मौके पर जिला अकाली दल के अध्यक्ष मलविंदर सिंह बेदी उपाध्यक्ष दलजीत सिंह मरड हरदीप सिंह भुल्लर इंद्रपाल सिंह तेजिंदर और शिरोमणि अकाली दल के कार्यकर्ता उपस्थित थे ओर सब ने कम्पनी के CEO JEF BEZOS मुरदबाद के नारे भी लगाऐ।

Plea for Pakistan help to ‘liberate’ Punjab exposes SFJ-ISI nexus: Amarinder Singh


Amarinder has also taken strong exception to SFJ’s plans to hold the ‘Kartarpur Sahib Convention – 2019’, coinciding with the auspicious occasion of the 550th birth anniversary celebrations of Guru Nanak Dev.


Punjab Chief Minister (CM) Amarinder Singh on Tuesday said the statement by Sikhs for Justice (SFJ) seeking Pakistan’s help to ‘liberate’ Punjab from India has exposed the nefarious designs of the organisation and its nexus with the Pakistani Army and ISI.

In a hard-hitting reaction to the statement of SFJ’s legal advisor Gurpatwant Singh Pannu, Amarinder said the cat is now well and truly out of the bag, and the truth of the deep-rooted connection between SFJ and Pakistani Army is out in the open.

The statement has nailed SFJ’s lies that it is a peaceful movement to build momentum for a referendum on a separate state of Khalistan, said the CM, adding that it is more than evident now that the organisation, with the full support and backing of Pak Army and ISI, is striving to foment trouble in Indian Punjab.

Amarinder has also taken strong exception to SFJ’s plans to hold the ‘Kartarpur Sahib Convention – 2019’, coinciding with the auspicious occasion of the 550th birth anniversary celebrations of Guru Nanak Dev.

This, he said, has lent credence to his fears that Pakistan’s decision to open the Kartarpur Corridor was an ISI game-plan to help forces inimical to India, including SFJ. It has also once again proved that the Pak government had always been, and continues to remain, a puppet regime, working at the behest of the Army there, he added.

The whole affair is a bigger conspiracy by the Pak Army, which is persistently trying to revive militancy in Punjab, said the CM, reiterating his stand on the issue. Amarinder also reiterated that Punjab, and the Indian Army, are well prepared to counter any such plans of the neighbouring country.

Punjab is today much better equipped than it was in the 80s and 90s when Pak-backed terrorism had swept the state, he said, warning Islamabad against extending any further support to SFJ or other such outfits that are bent on disturbing the state’s hard-earned peace.

Asserting that he was all in favour of the Kartarpur Corridor to fulfil the long-pending aspirations of the Sikh community in India, the CM said it was the misuse of the initiative that he was opposed to.

If Pakistan Prime Minister Imran Khan was truly in favour of opening the doors for long-lasting peace with India through this corridor he should not only unequivocally condemn the SFJ statement but should also ensure that Pak soil is not used by the anti-India outfit to further its campaign, said Amarinder, urging the Pak leader to put a stop to the Kartarpur Sahib Convention – 2019 plans.

India on Monday declared an aid of $1.4 billion to the Maldives


Modi says at a joint press conference with Maldives President Ibrahim Mohamed Solih that both sides were connected by mutual faith in democracy and development.


India on Monday declared an aid of $1.4 billion to the Maldives. The financial package that was prepared over the last month was formally announced at a joint press conference held by President Ibrahim Mohamed Solih of the Maldives and Prime Minister Narendra Modi.

Mr. Modi said both sides were connected by mutual faith in democracy and development. “Cooperation between our countries is necessary for maintaining stability in the Indian Ocean region and we are willing to take our bilateral relationship to its fullest extent.”

India would be there to support the Maldives in its human-oriented development plans. New Delhi would also support Male in improving connectivity links between the two nations.

In response, President Solih said his government would walk the path of cooperation and development. His discussion with India covered a wide swath of issues such as health, education, and defence, he noted.

India had agreed to a prime-ministerial visit to Male next year, he said.

Upon arrival, Mr. Solih had thanked India and described it as the “closest friend” of his country.

On Monday, both sides signed four agreements.

In UK court, former liquor baron’s legal team called Indian judiciary ‘corrupt’, questioned CBI’s competency

 

New Delhi:

A UK Court today refused to buy the argument that the Indian judiciary is corrupt while clearing extradition of former liquor baron Vijay Mallya to India, who is wanted in India on charges of fraud and money laundering amounting to around Rs 9,000 crore.

Brushing aside the witness statement given by Martin Lau, professor of law at the School of Oriental and African Studies, who was deposed on behalf of Mallya as an expert on South Asian law, Chief Magistrate Judge Emma Arbuthnot observed: “I do not accept that the courts in India are there to do what the politicians tell them to do. As I have already said, the court will be under great scrutiny. I do not find any international consensus which would enable me to find that the judges in India are corrupt. The most the Professor could do was give me a handful of individual examples where the process appeared to be defective in one way or another. Such defective processes came to light and were corrected by the senior courts.”

Mallya’s defence team tried to raise questions over not only the Indian judiciary but also the premier investigating agency probing his case. The defence team raised the issue of political interference and questioned the competency of the agency by raising the Arushi Talwar murder case.

Judge Emma, in the judgment, said that defence witness professor Lau questioned the independence of the judiciary.“(Clare) Montgomery and (Ben) Watson (Mallya’s defence team) submitted (that) it is particularly vulnerable to abuse given the CBI’s lack of independence. They rely on the evidence of Professor Lau that in the CBI court, the CBI framed parents for a murder they did not commit…. The CBI was said to have failed to disclose exculpatory material, deliberately mislead experts and tutored a witness. The CBI court was not able to protect the defendants in that case.”

“The defence relies too on the evidence of professor Lau that the Supreme Court had given preferential treatment to the creditor banks in this case which made it appear less neutral and impartial. The Professor explained that the Supreme Court was heavily burdened but that the case against the RP and others proceeded at pace. The professor (Lau) said he had the highest respect for the court but had some doubts about the patterns of its decisions in (the) favour of the government. The professor made it clear that he was not saying it was a corrupt institution. It was just that judge nearing retirement lean in (the) favour of the government in the hope of later jobs.”

Professor Lau also criticised the Supreme Court of India for dealing with the civil case against Mallya too quickly. “I found this is not a relevant criticism as it was clear that the proceedings were an ex parte application for an interim injunction. The professor made it clear that he had the highest respect for the Indian Supreme Court…. There was no evidence which allowed me to find that if extradited, Mallya was at real risk of suffering a flagrant denial of justice,” the UK Court said in the judgment.

Besides, Lau, Professor Lawrence Saez, a political-economic scientist was also presented as a witness by Mallya’s legal team. Professor Saez was called to express his views about whether Mallya’s prosecution was politically motivated as well as analyse the credentials of the CBI.

The UK court refused to buy the arguments made by professor Saez as well, in which he said that the politicians in India were using the controversy around Mallya to score political points against each other. The professor’s next suggestion was that the CBI who had investigated the case was susceptible to political interference. He argued there was concern about the lack of independence of the CBI and described the CBI as a “caged parrot” speaking with its master’s voice.

In cross-examination professor Saez agreed that Mallya’s political beliefs were not the most significant element with relation to the prosecution that was being brought against him. The professor also accepted that Mallya did not have any relationship with any of the main political parties.

“When asked whether he had said that the underlying allegations of fraud were untrue and that the prosecution was being brought about to punish the RP (Mallya) for his political opinions, he said no, but that the RP (Mallya) was a prominent businessman who became a politician. Both parties have used the case for their own political reasons. He said he was not an expert on fraud but on the political system. He was not qualified to say whether the allegations were true or untrue,” the Mallya extradition order said.

The order further said: “By a finding of a prima facie case, I acknowledge that this case is being brought on evidence which may or may not lead to the conviction of the RP (Mallya). There is no sign that this is a false case being mounted against him to assuage CBI’s political masters as professor Saez would have it…. I find no evidence to support the contention that the request for VJM’s extradition is, in fact, being made for the purpose of prosecuting or punishing him on account of his political opinions. The argument in relation to extraneous considerations fails.”

ISI conspired to open Kartarpur corridor for destablising Punjab: Amarinder Singh


Opening of Kartarpur Corridor is clearly a game plan of the ISI and a bigger conspiracy seems to have been hatched by Pakistan Army against India: Captain Amarinder Singh

The CM said Imran Khan was undoubtedly making efforts to bring peace, tranquility, and harmony with India, but at the same time, he should also prevail upon the top brass of Pakistani Army to ensure that killings of our soldiers at borders are stopped immediately.


Citing the fact that Pakistan Army General Qamar Javed Bajwa had broken the news of opening the Kartarpur Corridor to Navjot Singh Sidhu even before Imran Khan was sworn in as their Prime Minister, Punjab Chief Minister (CM) Amarinder Singh has dubbed the whole affair as a bigger conspiracy hatched by the Pak Army.

The opening of the Kartarpur Corridor is clearly a game plan of the ISI, said the CM in an interview to a TV channel, adding that a bigger conspiracy seems to have been hatched by Pakistan Army against India.

He said that Pakistan was attempting to revive militancy in Punjab and thus everyone should be wary of all of its overtures, no matter how grand they appear to be.

Amarinder Singh said the demand for opening of the Kartarpur Sahib corridor was pending since partition as several holy Sikh shrines (Sri Nankana Sahib, Sri Panja Sahib, Dera Sahib, and Kartarpur Sahib) had been left in Pakistan.

Even former PMs Indira Gandhi and Dr Manmohan Singh had taken up the issue of opening the Kartarpur Corridor with Pakistan. He said he himself had raised this issue with his Pakistan Punjab counterpart Parvez Elahi and with the then President, Parvez Musharraf during his previous tenure as the chief minister.

The CM said Imran Khan was undoubtedly making efforts to bring peace, tranquility, and harmony with India, but at the same time, he should also prevail upon the top brass of Pakistani Army to ensure that killings of our soldiers at borders are stopped immediately.

Pakistan’s history is the witness that if any PM wants to stay in power, he has to toe the line of the Army, said the CM, citing the example of Nawaz Sharif’s agreement with the Pakistani Army in Dubai, which led to his continuation as PM.

On the issue of Navjot Sidhu’s visit to Pakistan for the ground-breaking ceremony, Amarinder said Sidhu went there due to his friendship with Imran Khan, adding that this was not unreasonable.

He said that he himself has many friends there, including the former Pakistan Punjab CM Parvez Elahi.

Describing Sidhu as a “likeable person,” the CM said he and Sidhu were not at loggerheads as reported by the media and he had absolutely no problems with Sidhu while running the government. Amarinder said that Sidhu always spoke in a forthright manner and his only problem was that “sometimes he shoots before he thinks.”

Responding to another question regarding Sidhu’s remarks that Rahul Gandhi was his Captain, the CM said that this was hardly an issue to be raised as Sidhu had always treated him (Captain) as a fatherly figure.

Opinder Dhaliwal & Royal Music Gang Presents Anup Prashar Production Song – FAME

Opinder Dhaliwal & Royal Music Gang Presents
Anup Prashar Production

Song – FAME
Singer – @moneyaujla
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Video – @whizkidfilms
Presentation – Anup Prashar
Online Promotions – @gk.digial

OUT ON 8th OF DECEMBER!!

India to import Iranian crude oil using rupee payment mechanism


Oil refiners such as state-owned Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) could use UCO Bank Bank to route oil payments to Iran.

India’s state-owned UCO Bank is expected to announce the payment mechanism in the next 10 days


New Delhi:

India will import crude oil from Iran using a rupee-based payment mechanism, an industry source told media persons  on Thursday, adding that 50 percent of those payments will be used for exporting items to Tehran.

The United States last month re-imposed sanctions on Iran’s oil exports to punish Tehran for its involvement in several Middle Eastern conflicts.

Accordingly, India has signed an agreement with Iran to pay for crude oil it imports from the Persian Gulf nation in rupees, sources in know of the development said.

Representational image

The memorandum of understanding (MoU) was signed following the US letting India and seven other nations to keep buying Iranian oil despite sanctions were reimposed on the Islamic state on 5 November.

Sources said Indian refiners will make rupee payments in a UCO Bank account of the National Iranian Oil Co (NIOC).

Half of these funds would be earmarked for settling payments for exports of Indian goods to Iran, they said.

Under the 180-day exemption, India is allowed to import a maximum of 300,000 barrels a day of crude oil. This compares to an average daily import of about 560,000 barrels this year.

India, which is the second biggest purchaser of Iranian oil after China, has since then restricted its monthly purchase to 1.25 million tonne or 15 million tonne in a year (300,000 barrels per day), down from 22.6 million tonne (452,000 barrels per day) bought in 2017-18 financial year, sources said.

Two of its refiners — Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) — bought 1.25 million tonne of oil from Iran in November and December.

India, the world’s third biggest oil consumer, meets more than 80 percent of its oil needs through imports. Iran is its third largest supplier after Iraq and Saudi Arabia and meets about 10 percent of total needs.

US President Donald Trump in May withdrew from the 2015 nuclear accord with Iran, re-imposing economic sanctions on the Persian Gulf nation. Some sanctions took effect from 6 August, while those affecting the oil and banking sectors will start from 5 November.

Prior to this, India paid its third largest oil supplier in euros using European banking channels. These channels got blocked from November.

During the first round of sanctions when EU joined the US in imposing financial restrictions, India initially used a Turkish bank to pay Iran for the oil it bought. Beginning February 2013, India paid 45 percent of the oil import bill in rupees while keeping the remainder pending till the opening of payment routes. It began clearing the dues in 2015 when the restrictions were eased.

Sources said New Delhi may export goods, including wheat, soybean meal and consumer products, to Iran during the exemption period.

Iran was the India’s second biggest supplier of crude oil after Saudi Arabia till 2010-11 but Western sanctions over the Persian Gulf nation’s suspected nuclear programme relegated it to the seventh spot in the subsequent years. In 2013-14 and 2014-15, India bought 11 million tonne and 10.95 million tonne crude, respectively from Iran.

Sourcing from Iran increased to 12.7 million tonne in 2015-16, giving it the sixth spot. In the following year, the Iranian supplies jumped to 27.2 million tonne to catapult it to the third spot.

Iranian oil is a lucrative buy for refiners as the Persian Gulf nation provides 60 days of credit for purchases, terms not available from suppliers of substitute crude — Saudi Arabia, Kuwait, Iraq, Nigeria and the US.

Besides blocking of banking channels from November, shipping firms are unwilling to transport Iranian oil. To get around this, Iran is using its own ships to transport crude to India. Its insurance companies are also providing insurance cover for such shipments, sources added.