Investors Bail Out As India’s Rupee Crisis Deepens

Live! From tongawala Asumal to Asaram Bapu

Confederation of Indian Industry president Kris Gopalakrishnan criticised the move as retrograde. While the capital controls only apply to local individuals and firms, the restrictions may raise worries among overseas investors that they could be extended to foreign companies operating in India, analysts say. Under the new policy, Indian individuals can send just $75,000 out of the country annually, down from $200,000 making it tougher to pay childrens overseas university fees, for example. Companies can invest abroad only 100 percent of their net worth, down from 400 percent though the central bank says firms can ship out more money if they give authorities a good reason for doing so. While the authorities aim to reduce foreign-exchange volatility, we fear they may end up sending a panic signal, Nomura economist Sonal Varma said. There have been no signs so far of domestic capital flight but analysts say the controls may have been tightened to avert one in the face of Indias troubles.
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An Indian shopkeeper counts rupees at a local market in New Delhi on August 17, 2013 © AFP Raveendran

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Coffee theft accused held after 15 years

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Officials hunt for plan B to bag bail out

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Active shooter bail out bag

The government has agreed to a suggestion by opposition parties to take up the insurance bill in the next session of Parliament, after passing the pension bill in the current session, Chidambaram told reporters. 21:14 Rajan says RBI governorship not meant to win Facebook ‘likes’ : New RBI Governor Raghuram Rajan today said stewardship of the central bank is not a popularity contest or a social networking trend, indicating he is ready for taking some tough decisions. “Any entrant to the central bank governorship probably starts at the height of their popularity,” he said at his maiden press briefing after taking over as the 23rd Governor of the Reserve Bank of India. “Some of the actions I take will not be popular. The Governorship of the central bank is not meant to win one votes or Facebook “likes.” 20:43 104 terrorists, 8 troops killed in operation against Taliban : More than 100 militants, including foreign fighters, and eight soldiers were killed during an operation conducted to flush out the Taliban from Pakistan’srestive Khyber tribal region, a top army officer said today. Security forces killed 104 militants and injured 64 more in the 22-day operation in Maidan and Bagh areas of Tirah Valley of Khyber Agency, Maj Gen Humayun Aziz said. 20:27 Photojournalist gang rape: Victim identifies minor accused : The minor accused in the gang-rape case was identified on Wednesday by the photojournalist and her male colleague during an identification parade held at juvenile remand home in south Mumbai, police said. “The test identification parade was conducted at a juvenile remand home in south Mumbai’s Dongri area where the minor accused is lodged. The victim photojournalist has identified the minor as one of the five culprits who had sexually assaulted her on August 22 in Shakti Mills compound. The victim’s male colleague has also identified the minor,” said a crime branch official. 20:06 JPC on 2G scam set to get fresh extension : The Joint Parliamentary Committee on 2G scam is set to get a fresh extension beyond September 6 with the Lok Sabha on Wednesday unanimously adopting a resolution to this effect. The term of the JPC will be extended till the end of the Winter session as the Rajya Sabha was informed this evening about the resolution adopted by the lower house.
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