India signs Rs 3,500-cr currency swap pact with UAE

Agencies
December 5, 2018

Abu Dhabi, Dec 5: India and the United Arab Emirates on Tuesday signed a currency swap agreement to boost investment and enable direct trade without using dollars or other international currencies.

The swap is for 200 crore dirhams or Rs. 3,500 crore ($496 million), depending on which central bank requests the amount, an official statement said.

"The bilateral currency swap agreement between India and the UAE is expected to reduce the dependency on hard currencies like the U.S dollar," the statement said, adding that the two central banks had agreed the deal.

While giving a push to the two local currencies, the swap deal would also reduce the transmission costs arising from exchange rate risks, it added.

The agreement was signed after the 12th India-UAE joint commission meeting co-chaired by External Affairs Minister Sushma Swaraj and the UAE's Foreign Minister Sheikh Abdulla bin Zayed al Nahyan in Abu Dhabi.

Bilateral trade between the two countries stood at around $52 billion in 2017, according to figures from the Indian embassy in the UAE. In 2015, China's central bank extended a currency swap agreement with the UAE Central bank worth $5.54 billion.

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News Network
November 14,2024

Bengaluru: Karnataka Deputy Chief Minister D K Shivakumar on Thursday backed Chief Minister Siddaramaiah over his claim that the BJP had offered Rs 50 crore each to 50 Congress MLAs in an attempt to "topple" the state government.

Addressing reporters here, Shivakumar, also the Congress state president, said, “The BJP indeed lured 50 Congress MLAs with Rs 50 crore each.”

He defended Siddaramaiah’s statement and said the Congress MLAs were briefed about the BJP’s alleged 'Operation Lotus', a term used to describe the BJP's attempts to destabilise ruling governments through horse-trading.

“Some of our MLAs informed the Chief Minister about this matter, and he, in turn, shared it with the media,” Shivakumar said.

At an event in Mysuru, Siddaramaiah reiterated the claim that "none of the Congress MLAs had accepted the offer".

He also accused the BJP of filing false cases against him in a bid to "remove him and overthrow his government".

The BJP has yet to respond to the allegations.

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News Network
November 17,2024

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An Israeli airstrike on the office of Syria’s Baath party in Lebanon’s capital Beirut has killed the Lebanese resistance movement Hezbollah's Media Relations Officer, Mohammad Afif, reports say.

Lebanon's National News Agency (NNA) reported that the Israeli raid struck the Ba'ath party’s building in central Beirut district of Ras Al-Naba'a on Sunday, adding that the strike was an attempt to assassinate the leader of the resistance media front.

According to Baath Secretary-General Ali Hijazi, Afif was having a meeting in the Baath Party headquarters when Israel carried out the attack.

"Afif did not fight with weapons and did not lead a military unit in Hezbollah. Rather, he led a media unit," he said.

Reuters, Sky News, Al Jazeera and a number of Henrew-language media reported that Afif was killed in the Israeli strike.

However, Hezbollah has not yet confirmed Afif’s death or whether he was present at the site or not.

Earlier, the Lebanese Health Ministry said at least one person was killed and three others injured after an Israeli strike targeted a central district in Beirut.

Lebanon's al-Mayadeen television network reported that five people were killed in the attack.

The latest development came after Afif said Hezbollah was behind the Caesarea operation and targeting Netanyahu’s home during a speech at the Ghobeiry area in the southern suburbs of Beirut on October 22.

This was the second assassination attempt on Afif in the last two months, after he survived an attack on the Hezbollah media relations office several weeks ago.

Israel launched a ground assault and massive air campaign against Lebanon in late September after a year of exchanging fire across the Lebanese border in parallel with the Gaza war.

At least 3,287 people have been killed in Israeli strikes in Lebanon over the past year, with the vast majority in the past seven weeks. Another 14,222 have been wounded, mostly women and children.

In response to the ongoing aggression, the Lebanese resistance movement Hezbollah has been staging hundreds of retaliatory strikes against the occupied Palestinian territories and the Israeli forces trying to advance on southern Lebanese areas.

The movement has vowed to sustain its strikes until the regime ends the escalation.

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News Network
November 5,2024

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Bengaluru: In a major legal twist, an FIR has been filed against Union Minister H.D. Kumaraswamy, his son Nikhil Kumaraswamy, and their close associate Suresh Babu. The trio is accused of threatening a senior IPS officer and making false allegations against him. The FIR, registered by the Sanjaynagar police, follows a complaint by Additional Director General of Police (ADGP) M. Chandrasekhar, who heads the Special Investigation Team (SIT) under the Karnataka Lokayukta.

Allegations Against Kumaraswamy
The crux of the case revolves around ADGP Chandrasekhar's investigation into Kumaraswamy's alleged illegal approval of a mining lease to Sri Sai Venkateshwara Minerals (SSVM). Kumaraswamy, currently serving as Union Minister for Steel and Heavy Industries, has been accused of bypassing legal procedures in favor of SSVM, prompting Chandrasekhar to seek the Karnataka Governor's approval to pursue legal action.

In response, Chandrasekhar claims that Kumaraswamy lashed out publicly. On September 28 and 29, the former Karnataka Chief Minister held press conferences, accusing the officer of bribery, misuse of medical records, and personal misconduct. According to the ADGP, Kumaraswamy also issued a threat of transferring him to another cadre outside Karnataka.

Nikhil and Aide Suresh Babu Involved
Kumaraswamy’s son Nikhil Kumaraswamy is also implicated in the controversy. On September 29, Nikhil allegedly echoed his father’s accusations against Chandrasekhar. The third individual named in the FIR, Suresh Babu, a close aide to Kumaraswamy, is accused of escalating the issue by writing a letter to the Karnataka Chief Secretary. This letter, containing further allegations, was made public on social media, adding to the pressure on the senior officer.

Legal Action and Charges
Though Chandrasekhar's complaint was filed in October, formal legal proceedings began on November 4 after securing approval from the 42nd Additional Chief Metropolitan Magistrate (ACMM). The charges include Section 224 (threat of injury to a public servant) of the Bharatiya Nyaya Sanhita (BNS). A police source familiar with the case confirmed the charges.

ADGP Chandrasekhar's Response
In a strong rebuttal, ADGP Chandrasekhar addressed his team and the media, branding Kumaraswamy as an accused person trying to intimidate the SIT. He emphasized that these attacks were intended to undermine his officers' morale and interfere with the investigation.

“An accused, no matter how powerful, remains an accused. This attempt to instill fear in the minds of officers is meant to hinder justice," Chandrasekhar said in a written statement. Referring to Kumaraswamy, he added, "This accused, who is currently out on bail, has resorted to such tactics to shake our resolve."

Quoting Shaw to Drive the Point Home
In a dramatic conclusion, Chandrasekhar cited playwright George Bernard Shaw, saying, “Never wrestle with pigs. You both get dirty, and the pig likes it,” signaling his intent to remain unshaken in the face of public accusations and personal threats.

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