Editor John Peter

The RBI, therefore, has not exceeded the powers conferred on it under the RBI Act or has not violated the Banking Regulation Act, 1949,” the order said. A 2000 rupee note is seen in this illustration photo June 1, 2017.  NEW DELHI: The Delhi High Court on Monday said till the time Rs 2000 banknotes continue to be a legal tender, the RBI’s direction to banks not to issue Rs 2000 banknotes from its currency chests or request to the public for depositing them without any restriction is not a ‘decision of demonetisation.’ A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad observed the Reserve Bank of India (RBI) direction doesn’t mean that Rs 2000 currency notes will be demonetised from September 23 this year while rejecting a plea challenging the apex bank’s decision. “The fact that the permission to exchange Rs 2000 notes is available only till 23.09.2023 doesn’t mean RBI has issued a direction that from 23.09.2023 Rs 2000 banknotes will be demo...

Given Harley Davidsons' brand image and competitive pricing at which the product was launched, X 440 could be a strong contender in the premium segment. Royal Enfield NEW DELHI: India’s largest two-wheeler maker Hero MotoCorp and American legacy brand Harley-Davidson’s co-developed mid-size bike is likely to challenge the might of Royal Enfield in the mid-size segment as the impact of the x440 launch was seen in Eicher Motors shares, which witnessed one of its worst selling sessions in recent times on Tuesday. Shares of Eicher Motors, the parent company of Royal Enfield, cracked over 6% to end Tuesday at Rs 3,411 a piece. Hero MotoCorp shares, on the other other hand, gained 5% to close at Rs 3,035. “Harley Hero x440 is launched at a competitive price, which is below expectation and surprised positively. Given Harley Davidsons brand image and competitive pricing at which the product was launched, X 440 could be a strong contender in the premium segment and has all the ingredient...

This is the first review meeting by Sitharaman in the current fiscal after the review of the FY23 financial results of banks. A file photo of Union Finance minister Nirmala Sitharaman.  NEW DELHI: Finance minister Nirmala Sitharaman on Thursday (July 6) will meet the heads of public sector banks (PSBs) to take stock of their overall performance. She will review the credit growth, asset quality, capital requirement and overall profitability. Besides this, she will also take feedback about the various government schemes, including Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY) and emergency credit line guarantee scheme (ECLGS) to help businesses impacted by Covid-19. This is the first review meeting by Sitharaman in the current fiscal after the review of the FY23 financial results of banks. “Finance minister will also discuss the bad loan situation in the banking sector. Though there has been a significant improvement in asset quality of banks, there are ...

Rallying for the fifth straight session, the 30-share BSE Sensex jumped 274 points or 0.42 per cent to settle at its all-time closing high of 65,479.05. Image used for representational purpose only. MUMBAI: Equity benchmark indices Sensex and Nifty advanced further to settle at record highs for the fourth straight session on Tuesday, driven by unabated foreign fund inflows and largely bullish investor sentiments. Besides, heavy buying in index majors Bajaj Finance, Bajaj Finserv, Infosys, HDFC Bank and TCS added to the optimism in the equity market. Rallying for the fifth straight session, the 30-share BSE Sensex jumped 274 points or 0.42 per cent to settle at its all-time closing high of 65,479.05. During the day, the benchmark surged 467.92 points or 0.71 per cent to hit its lifetime intra-day peak of 65,672.97. The NSE Nifty climbed 66.45 points or 0.34 per cent to end at a fresh record high of 19,389. During the day, it advanced 111.6 points or 0.57 per cent to hit its all-time ...

The memorandum of understanding was signed within 10 days of the India-US joint statement on co-production and development of technologies. Union Minister Ashwini Vaishnaw said that the production is expected to start from November this year. US-based Hewlett Packard Enterprise has signed an initial pact with VVDN Technologies under which they plan to produce high-end servers worth USD 1 billion in the next 4–5 years, union minister Ashwini Vaishnaw said on Tuesday. The memorandum of understanding (MoU) was signed within 10 days of the India-US joint statement on co-production and development of technologies. “It is a pleasure to share that HP Enterprise has agreed to produce high-end servers in India under the IT Hardware PLI scheme which was recently approved by our Prime Minister. “Under the scheme, they have signed the first MoU with VVDN Technologies. They will have production worth USD 1 billion in the next 4–5 years,” the union minister for IT and Telecom told PTI. He said that ...

While charing a virtual summit of the Shanghai Cooperation Organisation (SCO), Modi said, "Terrorism may be in any form, in any manifestation and we have to fight together against it."  PM Narendra Modi NEW DELHI: In a veiled reference to Pakistan, Prime Minister Narendra Modi on Tuesday told leaders of the SCO nations that the grouping must not hesitate to criticise countries supporting cross-border terrorism as an instrument of state policy and there must not be any “double standards” in combating terrorist activities. With Pakistan Prime Minister Shehbaz Sharif, Chinese President Xi Jinping and Russia’s Vladimir Putin listening, Modi said at a virtual summit of the Shanghai Cooperation Organisation (SCO) that “decisive action” is required to deal with terrorism and terror financing. Chairing the summit, Modi talked about the growing importance of the SCO and said, “It is our shared responsibility to understand each other’s needs and sensitivities and resolve all challen...

The actor reportedly met with an accident in Los Angeles during a shoot                                    Shah Rukh Khan Undergoes Surgery In The US: Report  New Delhi: Shah Rukh Khan reportedly had a surgery in the US after he met with an accident in Los Angeles during a shoot, reported ETimes. According to the report, the actor is back to India and he is recuperating at home. ETimes quoted a source as saying, “SRK was shooting in Los Angeles for a project and he ended up hurting his nose. He began bleeding and was immediately rushed to a hospital. His team was informed by the doctors that there was nothing to worry and that King Khan would need to undergo a minor surgery to stop the bleeding. Post the operation, SRK was spotted with a bandage on his nose.” On the professional front, Shah Rukh Khan kickstarted the year with a bang. His film Pathaan was a smash hit. The actor will next be see...

The investigation against the couple pertains to the possession of certain alleged undisclosed assets abroad and the linked movement of funds, the sources said. Tina Ambani.  MUMBAI: Tina Ambani, the wife of Reliance ADA Group Chairman Anil Ambani, on Tuesday appeared before the Enforcement Directorate (ED) here for questioning and recording her statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Anil Ambani recorded his statement in the case on Monday under sections of the Foreign Exchange Management Act (FEMA) and he is expected to appear before the federal agency again later this week for completion of the exercise. The investigation against the couple pertains to the possession of certain alleged undisclosed assets abroad and the linked movement of funds, the sources said. Anil Ambani’s alleged links to some offshore companies based in Jersey, the British Virgin Islands and Cyprus are under the...

Justices J Nisha Banu and D Bharatha Chakravarthy gave the ruling on the HCP filed by Balaji's wife against her husband's "illegal detention". Senthil Balaji, who was taken to a hospital after he complained of chest pain, following his arrest by ED. CHENNAI: The Madras High Court on Tuesday delivered a split verdict on a habeas corpus petition (HCP) seeking to declare Tamil Nadu Minister V Senthil Balaji’s arrest by the Enforcement Directorate (ED) on money laundering charges was illegal and setting him free. While Justice J Nisha Banu, presiding the bench, held that the HCP is maintainable and the ED was not entrusted to get police custody under the Prevention of Money Laundering Act (PMLA) and ordered setting Senthil Balaji free, Justice D Bharatha Chakravarthy dissented saying the petition was not maintainable as the petitioner has not made out a case to prove the remand was illegal. The dissenting judge ruled that ED is entitled to take him under custody. “It is...

The Russian Defense Ministry said four of the five drones were downed by air defences on the outskirts of Moscow and the fifth was jammed by electronic warfare means and forced down. A Ukrainian soldier prepares a drone on the frontline in the Zaporizhzhia region, Ukraine, Saturday, July 1, 2023.  The Russian military said Tuesday it fended off a Ukrainian drone attack on Moscow that prompted authorities to briefly close one of the city’s airports. The attack, which follows previous similar raids on the Russian capital during the previous months, comes after a mutiny, launched by mercenary chief Yevgeny Prigozhin, which saw his Wagner troops approach Moscow in the biggest challenge to Russian President Vladimir Putin in more than two decades of his rule. Ukrainian authorities, which generally avoid comments on attacks inside Russia’s proper territory, didn’t claim responsibility for the raid. The Russian Defense Ministry said four of the five drones were downed by air defences o...