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 11,2024

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Mangaluru: In a deeply tragic turn of events, a 28-year-old woman named Ranjitha, who had recently given birth but tragically lost her newborn, ended her life by suicide on Monday. She reportedly leapt from the fourth-floor window of Lady Goschen Hospital’s luggage room.

Ranjitha, whose strength and resilience had carried her through a difficult pregnancy, was scheduled for discharge on Monday. Her journey to Lady Goschen Hospital began on October 24, when she was transferred from Karkala. She was a high-risk patient, battling both hypertension and diabetes. At the time of her admission, she was just 27 weeks pregnant.

Due to the complexities of her health, doctors made the difficult decision to perform an emergency C-section on October 30. She delivered a baby girl, premature and weighing only 960 grams. The newborn was immediately moved to the Neonatal Intensive Care Unit, where doctors did all they could. Despite these efforts, the baby passed away on November 3.

Ranjitha’s sorrow was profound. She stayed under hospital care even after her initial recovery and was preparing to go home on November 9. She had even requested a couple more days at the hospital, seeking time perhaps to cope with her unimaginable grief.

On the day of her discharge, a discharge card ready and her family eagerly waiting to take her home, Ranjitha reportedly made her way to the luggage room in the early hours. There, standing on a cot placed for patients' family members, she climbed to a window and fell from the fourth floor. Despite the attempts of another visitor to intervene, tragedy was inevitable. She was rushed to Government Wenlock Hospital, where doctors confirmed the worst—she was no more.

Dr. Durgaparasad M R, the Medical Superintendent at Lady Goschen Hospital, shared his grief and spoke of the ongoing investigation. A post-mortem is to be conducted, and the local Tahsildar will complete the necessary inquest procedures. Ranjitha’s exact reasons for taking this step are yet to be confirmed, though the weight of her recent losses paints a sorrowful picture.

If you or anyone you know is struggling emotionally, please remember that help is available. Reach out to mental health experts who can provide support and guidance. The toll-free helpline number 9152987821 is available to assist anyone in distress.

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News Network
November 14,2024

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Bengaluru: The Prime Minister Narendra Modi led union government has requested the Karnataka High Court to direct the Mandya district administration and the state government to clear a madrasa operating within the premises of the historic Jama Masjid in Srirangapatna.

The Waqf Board, opposing this move, has claimed the mosque as its property and defended the right to conduct madrasa activities there.

The matter was brought before a division bench headed by Chief Justice N V Anjaria following a public interest litigation filed by a person named Abhishek Gowda from Kabbalu village in Kanakapura taluk. The petition alleged “unauthorised madrasa activities” within the mosque.

Representing the Central government, Additional Solicitor General of India for High Court of Karnataka, K Arvind Kamath argued that the Jama Masjid was designated as a protected monument in 1951, yet unauthorised madrasa operations continue there.

He noted that concerns over potential law and order issues have so far prevented any intervention. Kamath urged the court to direct the Mandya district administration to take action and vacate the madrasa from the mosque.

In defence, lawyers for the state government and the Waqf Board contested this request, stating that the Waqf Board had been recognised as the owner of the property since 1963 and, thus, conducting madrasa activities there is lawful.

After hearing both sides, the bench adjourned the case for further arguments, scheduling the next hearing for November 20.

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News Network
November 11,2024

Mangaluru: Six youths including teenagers have been arrested by the Bantwal Rural Police in connection with a brutal assault on 21-year-old Aboobakar (name changed to hide identity), an incident that was widely shared on social media after footage revealed the victim tied to a pole and violently beaten.

The arrested individuals, all from Kanchinadkapadavu, Sajipanadu village in Ullal Taluk, have been identified as Mohammad Sapwan (25), Mohammad Rizwan (25), Irfan (27), Anis Ahmad (19), Nasir (27), and Shakeer (18). According to police reports, the assault took place on November 7 in Kanchinadkapadavu.

The sequence of events began when Aboobakar was reportedly called to a residence in Kanchinadkapadavu by a female relative. Upon his arrival, he was confronted by the accused, who questioned his presence, tied him to a pole with ropes, and attacked him while he was shirtless. 

Aboobakar managed to file a police complaint the following day, detailing the assault. As his injuries worsened, he was admitted to a private hospital in Mangaluru.

While in the hospital, Aboobakar alleged that his attackers intended to kill him during the assault. This statement led to additional charges of attempted murder being filed. 

Police officials stated that the suspects were subsequently apprehended, charged with group assault and attempted murder, and placed in judicial custody. The investigation is ongoing, and further details are awaited.

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