Connect with us

Business

Sale of BS-VI non-compliant vehicles should stop from 2020, Centre tells SC

Published

on

Supreme Court of India

New Delhi, July 23 (IANS) In major step to curb vehicular pollution, the Centre on Monday told the Supreme Court that sale and manufacture of BS-VI non-compliant vehicles in India should not be allowed from April 1, 2020.

A bench of Justice Madan B. Lokur and Justice Deepak Gupta was informed by the Centre that sale and manufacture of BS (Bharat stage)-VI non-compliant vehicles from April 1, 2020, would have an adverse effect since the investment of around Rs 28,000 crore has already been made for having a cleaner BS-VI fuel.

The government said if BS-VI fuel is used in BS-IV vehicles, the environmental benefit of having a cleaner fuel would become marginal and after March 31, 2020, the sale of non-compliant BS-VI vehicles should not be allowed.

The Centre further said it will prevent registration of BS-IV compliant automobiles built before April 1, 2020 beyond June 30, 2020.

The government’s response came during the hearing of the petition which has raised the issue of air pollution in Delhi-NCR.

Business

Rupee devalues to record low of 70 to a USD; recovers

Published

on

trade deficit widens

Mumbai, Aug 14 (IANS) Geo-political pressures, along with outflows of foreign funds and high crude oil prices dragged the Indian rupee to its lowest ever intra-day level of over 70 against a US dollar on Tuesday.

On Tuesday morning, the Indian currency plunged to 70.08 — the lowest ever — against the greenback.

However, a likely intervention by the Reserve Bank of India and stabilisation in the global currency markets pared the rupee’s early fall.

At the end of the intra-bank trade session on Tuesday, the Indian rupee strengthened by four paise at 69.90 against the dollar, compared to Monday’s close of 69.94 per greenback.

“A near 4 per cent intra-day rebound in the Turkish Lira, on the back of talks between NSA from USA and Turkish Ambassador to US, was not enough to prevent the rupee from sliding past 70 handle against the greenback,” said Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities.

“RBI intervention has kept the pair below 70 since then on spot. However, demand from offshore speculators and also demand from importers have not allowed the rupee to appreciate.”

Banerjee pointed out the trend in USD/INR for the rest of the week will be dictated by the trend in greenback against major currencies like Euro and GBP.

Recent US-imposed sanctions and tariffs on Turkey has had an impact on its and other emerging market currencies over fears of further global protectionist measures.

“Since currencies of emerging and developed markets are falling, the RBI is not intervening aggressively in the market. It is intervening selectively to contain volatility,” Rushabh Maru, Research Analyst, Anand Rathi Shares and Stock Brokers, told IANS.

“Since 70 level has been breached today we may see importers rushing to buy dollars on every dip in the USD/INR. On the other hand exporters may avoid selling dollars at current levels as the rupee is depreciating sharply.”

Apart from global cues, outflow of foreign funds from the Indian equity and bond markets has had an adverse impact on the rupee.

Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 378.84 crore.

“The swift move past 69 happened due to Foreign Institution Investor (FII) outflows and the need to hedge existing short dollar positions in the market, driven by global market sentiment rather than actual importer demand,” said B. Prasanna, Group Executive and Head for Global Markets Group, ICICI Bank.

“On a medium term basis, the rupee will need to depreciate further to keep up with the inflation differentials with other trading partners. However there could be a minor reversal of this depreciation on a short term basis when the global situation stabilises.”

Continue Reading

Business

Pune’s Cosmos Bank cyber attack : Hackers used International Visa Debit Cards

Published

on

Mumbai, Aug 13 : On the issue of cyber attack on India bank, Cosmos Bank Chairman Miland Kale said that hackers used 450 International Visa Debit Cards and conducted 12000 transactions and siphoned off Rs 94.42 crore from the Cooperative bank in just 2 hours 13 minutes.

“Using 450 International Visa Debit Card, 12000 transactions took place in 2hrs 13min from ATMs and other locations across 21 countries on Saturday. It is a big criminal racket,” Milind Kale, Cosmos Bank Chairman, said.

“In India,2800 false transactions of Rs 2.5Cr using 400 debit cards took place. It’s an international attack on banking system. No customer account affected, dummy cards were used and switching system of the bank was hacked” he added.

Probe is underway as Cosmos Cooperative Bank Ltd was cyber-attacked twice, on Saturday and on Monday, according to an FIR lodged by an official of Cosmos Bank with Chaturshringi Police Station.

Suspected hackers siphoned off Rs 94.42 crore from the Cosmos Cooperative Bank Ltd — the second oldest and second biggest cooperative bank in India — to various foreign and domestic bank accounts, police said on Tuesday.

The complaint said the first attack took place on August 11 between 3 p.m. and 10 p.m. and on August 13 around 11.30 a.m., affecting its headquarters on Ganeshkhind Road.

A police officer said that during those hours, some unknown persons hacked into the ATM Switch (servers) at the headquarters and acquired the sensitive data of its Visa and RuPay debit card customers.

As per tentative estimates, the hackers siphoned off Rs 78 crore by 12,000 Visa card transactions and transferred it out of the country, including bank accounts in Hong Kong.

Another amount of Rs 2.50 crore from 2,849 transactions was transferred within India, details of which were being investigated, said the police.

Before the bank could react, in a fresh attack on Monday (August 13), the hackers initiated SWIFT transactions and transferred Rs 13.92 crore to the accounts of a company, ALM Trading Ltd, with Hang Seng Bank, Hong Kong. The amounts were soon withdrawn from that bank.

 

 

Continue Reading

Business

India’s wholesale inflation eases to 5.09% in July

Published

on

wholesale inflation

New Delhi, Aug 14: India’s annual rate of inflation based on wholesale prices eased to 5.09 per cent in July from a rise of 5.77 per cent in June, official data showed here on Tuesday.

The data on wholesale price index (WPI) furnished by the Ministry of Commerce and Industry showed that the rate of inflation had risen 1.88 per cent during the corresponding month in 2017.

IANS

Continue Reading
Advertisement

Most Popular