Brent crude, used to price international oils, dropped 30 percent to $65.17 a barrel. Oil has now fallen for 12 straight days, driven by worries over rising oil production around the world and weakening demand from developing countries, with expectations for increased supply from the US and OPEC.

RBI has paid over Rs 50,000 crore every year with the exception of demonetisation year, when its income fell and expenditures rose because of printing of notes etc.

The latest ruling from the CCI has come on a complaint filed by the All India Online Vendors Association, a grouping of over 2,000 sellers on various e-commerce marketplaces

There have been enough pointers since the Budget announcements in February to show that the government's finances are perhaps not in a great shape.

With global crude prices remaining elevated, the rupee is likely to be under pressure, and may touch the 76 levels against the US currency over the next three months.

RBI Deputy Governor Viral Acharya compared government's 'myopic' economic policies to a T20 cricket match, in contrast to the long-term planning of a central bank, which he called a Test match.

Under the arrangement, India can acquire dollars from Japan in exchange for rupees while Japan can seek dollars from India in exchange for the yen.