Modi govt's objection to IMF report is reasonable. It's backed by data and valid arguments
During hard times and good times, India has repaid its debt every single time and hasn’t defaulted even once. The ratings must reflect that good credit behaviour. Key Points
ThePrintIMF's assertion that RBI over-regulated rupee is weak, but advice on better fiscal targets is useful
Govt, RBI term IMF’s Exchange rate re-classification as arbitrary. They also disagree with its assertion that India’s general govt debt-GDP ratio could exceed 100% of GDP in medium term. Key Points
ThePrintDoes IMF view on Exchange pate policy matter to India?
The International Monetary Fund (IMF) recently reclassified India's Exchange rate regime as 'stable' instead of 'floating.' However, the Reserve Bank of India (RBI) disputes this reclassification. The IMF claims that from December 2022 to October 2023, the RBI maintained Exchange rate stability by intervening in the currency market, deviating from market-driven conditions as per its stated exchange-rate policy since March 1993. Key Points
Economic TimesTel Aviv bourse says no unusual trading ahead of Oct 7 Hamas attack
The Tel Aviv Stock Exchange said on Tuesday a report by U.S. researchers suggesting there were investors in Israel who may have profited from prior knowledge of Hamas' Oct. 7 attack was inaccurate and its publication irresponsible. Key Points
ReutersCFOs See Ongoing Pain From Foreign Exchange Oscillations
The U.S. dollar’s jolt higher this year caught companies by surprise. Now the currency is retracing some of that gain as Treasury rates slip. Key Points
mint
India derivatives boom helps BSE stock trounce global peers
Shares of BSE have rallied 270% this year, trouncing global platforms such as cryptocurrency major Coinbase Global Inc. and Cboe Global Markets Inc., as well as the countrys Multi Commodity Exchange of India Ltd. The rally was partly driven by BSE relaunching derivative contracts on the benchmark Sensex and the banking sector gauge in May this year, attracting investors with reduced lot sizes and a new expiry cycle. Key Points
Economic TimesRussian e-commerce firm Ozon's ADS delisted from Nasdaq
Russian e-commerce firm Ozon said on Thursday its American depositary shares (ADS) had been delisted from Nasdaq, bringing its near-three year association with the U.S. Exchange to a close. Key Points
ReutersDeutsche Boerse forecasts increases in revenue and EBITDA through 2026
German Exchange operator Deutsche Boerse (DB1Gn.DE) expects revenues to grow by around 10% each year on average through 2026, the company said on Tuesday as part of its strategy update. Key Points
ReutersFlipkart Big Diwali Sale 2023: Get iPhone 14 under ₹40,000; here's how the deal works
During this festive season, Flipkart has reduced the cost of the Apple iPhone 14 by 17 percent, allowing you to purchase it for just Rs. 57,999. There are also additional Exchange and bank promotions available. Key Points
mintiPhone 12 gets a huge price cut on Flipkart: Should you consider buying it?
Flipkart is offering a significant discount on the blue-colored iPhone 12 with 128 GB storage. It is now available for Rs. 46,999, down from the original price of Rs. 54,900. Additional bank offers and an Exchange deal are available to reduce the price even further. Key Points
mint
Stocks in news: TCS, MCX, Delta Corp, Bajaj Auto, Vinati Organics, Aurionpro Solutions
The Exchange is set to go live with its new commodity derivative platform from Monday. The Exchange will conduct a mock trading session on October 15. Key Points
Economic TimesBittrex to pay $24 million to settle with US securities regulator
US News: Bittrex has agreed to pay $24 million to settle claims by the U.S. Securities and Exchange Commission that the cryptocurrency Exchange failed to regis Key Points
Times Of IndiaCAG asks Finance Ministry to put in place online Customs refund system
Under the Customs Act, refunds can be claimed in cases where the imported goods are found to be defective or not in conformity with the specification agreed upon, when the goods are exported after payment of the export duty/cess and the exported goods are returned to the exporter. A refund can also be claimed by a person who has paid duty on assessment of imported goods and applies for refund of duty consequent on remission /abatement of duty due to pilferage/damage of goods. Key Points
Economic TimesIndia's forex reserves up by $1.23 bn to $596.2 bn
India's foreign Exchange reserves saw an uptick of $1.23 billion, taking the overall level to $596.2 billion as on July 7, Reserve Bank of India data showed Friday. Key Points
Economic TimesCboe Exchange to partner with Coinbase on bitcoin market surveillance in ETF push
Exchange operator Cboe Global Markets (CBOE.Z) on Tuesday filed amended applications to list and trade shares of three spot bitcoin exchange-traded funds, including one by Fidelity, to add surveillance-sharing agreements with crypto-trading platform Coinbase (COIN.O). Key Points
Reuters
Sebi sends notice to NSE on alleged misuse of trading software
The Securities and Exchange Board of India (SEBI) has issued a show-cause notice to the National Stock Exchange (NSE) regarding allegations that certain high-frequency traders manipulated its software to execute many orders undetected and displace other users from the system. The TAP software scandal was detected in 2013, but the authority caught up to it during an investigation into the co-location scam by income tax authorities four years later, leading to SEBI's recent intervention. Key Points
Economic TimesNSE, NCL settle 2021 glitch case
According to the settlement order, NSE will pay a fee of ₹49 crore while NCL will pay a fee of ₹22.8 crore to close the matter. Key Points
mintAmazon 5G Revolution Sale: Discount on 5G smartphones from OnePlus, Xiaomi, iQoo and others
Amazon 5G Revolution Sale will run through May 27 to May 31. It offers Exchange bonuses of up to ₹10,000 on select phones. Key Points
mintSBI to allow customers to Exchange up to Rs 20,000 in Rs 2000 notes without Annexure III slip
It has been decided that the facility of Exchange of Rs.2000/- denomination Bank Notes to all members of the public upto a limit of Rs.20000/- at a time will be allowed without obtaining any requisition slip as per the format attached in Annexure- III, a circular from the state lender said. Key Points
Economic TimesRs 2000 note withdrawal: Is there a limit on Rs 2,000 banknotes that can be deposited or exchanged?
As per the RBI release dated May 19, 2023, “Accordingly, members of the public may deposit Rs 2000 banknotes into their bank accounts and/or Exchange them into banknotes of other denominations at any bank branch. Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions.” Key Points
Economic Times
CBIC may soon introduce automated system of publishing daily Exchange rates for 22 currencies
Currently, Central Board of Indirect Taxes and Customs (CBIC) manually notifies Exchange rates of 22 currencies every fortnight -- 1st and 3rd Thursday of a month -- based of rates obtained from the State Bank of India (SBI). The rate notified comes into effect from midnight of the following day. Key Points
Economic TimesGo First partners with BookMyForex to provide foreign Exchange services to international flyers
We are pleased to partner with BookMyForex, we believe that this partnership will elevate and ease the travelling experience of international travellers. We are optimistic that this service will prove to be a one-stop solution and we look forward to providing a seamless experience to the travellers, said Kaushik Khona, Chief Executive Officer, Go First. Key Points
Economic TimesNational Stock Exchange Extends Trading Hours For Interest Rate Derivatives Till 5 PM
The National Stock Exchange has extended the market trading hours for interest rate derivatives to 5 pm IST (1100 GMT), effective Feb. 23, the Indian stock Exchange said in a notice on Tuesday. Key Points
NDTV.comIndia's foreign Exchange reserves hit fresh all-time high
New Delhi [India], March 29 (ANI): India’s foreign Exchange reserves rose for the fifth straight week to hit a fresh all-time high of USD 642.631 billion in the week ending on March 22, as per the latest data released by the Reserve Bank of India (RBI). Prior to the week that ended on March 22, […] Key Points
ThePrintIndian national arrested for involvement in illegal money Exchange business in Nepal
An Indian national has been arrested from Kathmandu for his involvement in an illegal money Exchange business in Nepal. Vijay Kumar, 49, who hails from Himachal Pradesh is currently residing in Kuleshwor, Kathmandu. Key Points
India Today
BSE stock best performer among global bourses
BSE shares, which are listed on the National Stock Exchange, closed at ₹2352.45 on Saturday. The stock hit an all-time high of ₹2,598.95 on February 5. BSE shares' 430% gains in the past year far exceeds the 35% upmove in US-based Intercontinental Exchange (ICE), the second-best performer in the pack Key Points
Economic TimesIMF reclassifies India's de facto Exchange rate regime from 'floating' to 'stabilised arrangement'
The IMF also projected India’s economy will grow at 6.3% in both the current fiscal year and the next, below the RBI’s forecast of 7% in the current year. Key Points
ThePrintIMF reclassifies India's Exchange rate regime to 'stabilized arrangement'
The IMF reclassified India's Exchange rate regime to stabilized arrangement from floating due to likely interventions by the Reserve Bank of India, noted in an Article IV review. The IMF disagreed with India's perspective, emphasizing the need for a flexible Exchange rate. India's forex reserves are just above 100% of the IMF metric. Key Points
Economic TimesRussia's SPB Exchange seeks legal advice after US sanctions force trading halt
Russia's SPB Exchange, which specialises in trading foreign shares, has sought international legal advice on how to transfer shares and payments to investors after a trading halt last week due to U.S. sanctions, CEO Yevgeny Serdyukhov said on Friday. Key Points
ReutersAmazon Great Indian Festival sale 2023: Top deals on iPhone 13, OnePlus 11R, and more
The Amazon Great Indian Festival Sale slated for October 8 will feature up to 40 per cent off on smartphones and mobile accessories from leading brands. Shoppers can avail attractive offers such as no-cost EMI, Exchange deals, and massive discounts on iPhone 13, OnePlus 11R and other top smartphone models. Key Points
India Today
Explained: Why MCX shares fell over 8% in early trade today
At around 9:50 am, MCX shares were down 8.30 per cent at Rs 1,922.50 apiece on the National Stock Exchange (NSE). Key Points
India TodayRBI sold $26 bn of reserves in a month to halt rupee depreciation, but Trump effect eventually won
Central banks can intervene in forex market to influence Exchange rate. Analysis by ThePrint shows RBI has been doing this for months, but last week saw rupee fall sharply nevertheless. Key Points
ThePrintFlipkart Diwali Dhamaka Sale: Get iPhone 12 under ₹30,000; here's how the deal works
Flipkart is offering a substantial discount on the iPhone 12, with the 64 GB storage model available for Rs. 39,999, reflecting a 19% price reduction. Key Points
mintIndia's forex reserves fall to $583.53 bln as of Oct 20 - cenbank
India's foreign Exchange reserves (INFXR=ECI) resumed their losing streak to fall to $583.53 billion as of Oct. 20, compared with $585.90 billion a week earlier, data from the Reserve Bank of India (RBI) showed on Friday. Key Points
ReutersSBI shares update on ₹2000 note exchange, says ‘identity proof, form fill-up not required’
The SBI in their notice said, ‘Exchange of Rs.2000/- denomination Bank Notes to all members of the public up to a limit of Rs.20000/- at a time will be allowed without obtaining any requisition slip’ Key Points
mint
Why are Swedish traders asking Nasdaq to trim trading hours?
The Stockholm Exchange has the longest trading session, i.e it opens at 9 am and closes at 5:30 pm. Key Points
Hindustan TimesIndian shares set to open lower on caution ahead of key macro data
Indian shares are set to open marginally lower on Tuesday, on risk aversion ahead of key macro data from the U.S. as well as India's quarterly gross domestic product, due later this week. Key Points
ReutersBinance and its CEO seek dismissal of CFTC complaint
Binance and its CEO Changpeng Zhao have filed a motion to dismiss a complaint filed against the Exchange by the U.S. Commodity Futures Trading Commission (FTC), the company said in a court filing on Thursday. Key Points
ReutersCryptocurrency lawsuit: Coinbase threatens to take SEC fight to Supreme Court if needed
Coinbase is prepared to take its legal fight with the SEC all the way to the Supreme Court as the regulator widens its crackdown on tokens it considers securities. The SEC sued the US crypto Exchange for allegedly evading rules in allowing users to trade tokens unregistered as securities. Key Points
mintRupee rises 1 paisa to close at 82.62 against US dollar
At the interbank foreign Exchange market, the local unit opened at 82.56 against the US dollar and settled at 82.62 (provisional), up 1 paisa over its previous close. Key Points
Financialexpress
Rupee climbs 30 paise to 82.02 against US dollar
At the interbank foreign Exchange market, the local unit opened strong at 82.08 and touched an intra-day high of 81.92 and a low of 82.20 against the greenback. Key Points
Financialexpress