Chidambaram accuses govt of trying to 'grab' RBI reserves after Patel quits : Bulletin: Business Today
Business Today

Chidambaram accuses govt of trying to 'grab' RBI reserves after Patel quits

Loading the player...

December 11, 2018

India expresses 'deep satisfaction' over the judgement of 'flashy billionaire' Mallya's extradition

India has expressed "deep satisfaction" over the judgement of a UK court which ordered Vijay Mallya's extradition after concluding that the "flashy billionaire" does have a case to answer in the Indian courts over substantial "misrepresentations" of his financial dealings. External Affairs Ministry Spokesperson Raveesh Kumar said India will continue to work with the British government for "expeditious" implementation of the court order.

Vijay Mallya's extradition to India will take months: Lawyer

Meanwhile, it will be months before the Indian government is able to bring back the former Kingfisher Airlines boss to face the Indian courts over allegations of fraud and money laundering amounting to an estimated Rs 9,000 crores. Mallya has an automatic right to appeal in the UK High Court against the Chief Magistrate's order but is yet to confirm if he plans to do that.

Surjit Bhalla resigns from PM Modi's economic advisory council

Indian economist Surjit Bhalla resigned from Prime Minister Narendra Modi's economic advisory council effective December 1, a spokesman in Modi's office said. News about Bhalla's resignation comes a day after the Reserve Bank of India's governor Urjit Patel quit abruptly after a months-long tussle over policy with the government. Modi formed the council late in 2017 to address issues of macroeconomic importance.
Rupee opens 114 paise lower after RBI governor Urjit Patel resigns

The rupee opened lower in trade today after the surprise exit of RBI governor Urjit Patel with immediate effect. The currency tumbled 114 paise in early trade to 72.46 level compared to yesterday close of 71.32  level against the US dollar.
However, it recovered some losses and was trading at 72.14 level in the forex market at 10:00 am. RBI is the nodal agency which keeps a strict vigil on the rupee movement in the country.
Chidambaram hits out at govt after Urjit Patel quits, accuses it of trying to 'grab' RBI reserves
Stating that he was saddened but not surprised by RBI Governor Urjit Patel's resignation, former finance minister P Chidambaram has alleged that no self respecting scholar or academic can work in the NDA Government whose immediate agenda was to "grab the reserves" of the central bank to meet its fiscal deficit target. In a series of tweets, the senior Congress leader said one should not make any mistake about the government's intention, which is to make RBI "a Board-managed company".
Huawei exec to seek Canada bail on health grounds

A top executive of Chinese telecom giant Huawei will seek release from Canadian detention Monday on health grounds, as Beijing escalates its protests over her arrest on a US warrant. Meng Wanzhou, Huawei's chief financial officer, faces US fraud charges related to alleged sanctions-breaking dealings with Iran, and has been awaiting a Canadian court's bail decision
India must focus on improving human capital to sustain growth: Kant
Niti Aayog CEO Amitabh Kant Monday said if India wants to grow at 8 per cent plus annually for next three decades then the country must focus on improving its human capital and physical quality of life. Kant while speaking at an event organised by industry body FICCI stressed that development of social sector is crucial to harnessing the country's demographic dividend. He also pointed out that no country in the post World War II period has grown rapidly without following exports led strategy.

More from this section