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
April 24,2024

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Campaigning for 14 Lok Sabha seats in Karnataka going to polls in the first phase on April 26 will come to an end on Wednesday evening.

A total of 247 candidates -- 226 men and 21 women -- are in the fray for this round of voting in most of the southern and coastal districts.

It is a straight electoral contest between the ruling Congress and the BJP-Janata Dal (Secular) combine in the State.

While the Congress is contesting in all 14 seats, BJP has fielded nominees in 11, and its alliance partner JD(S) in three -- Hassan, Mandya and Kolar.

Besides the three, the segments where elections will be held on Friday are: Udupi-Chikmagalur, Dakshina Kannada, Chitradurga, Tumkur, Mysore, Chamarajanagar, Bangalore Rural, Bangalore North, Bangalore Central, Bangalore South and Chikkballapur.

The intense campaigning for the past about a month saw Prime Minister Narendra Modi and Home Minister Amit Shah leading from the front for the BJP, holding rallies and roadshows. BJP President J P Nadda, some Union Ministers and Goa Chief Minister Pramod Sawant too pitched in.

Veteran BJP leader and former Chief Minister B S Yediyurappa and the party's state president B Y Vijayendra also campaigned extensively.

Congress president M Mallikarjun Kharge, senior leaders Rahul Gandhi and Priyanka Gandhi, Chief Minister Siddaramaiah and Deputy Chief Minister D K Shivakumar and Telangana Chief Minister A Revanth Reddy were among the prominent names who led the charge for the party.

And for the JD(S), it was the 90-year-old party patriarch and former Prime Minister H D Deve Gowda and former Chief Minister H D Kumaraswamy, who led the campaign.

Chikkaballapur has a maximum number of 29 candidates, followed by 24 in Bangalore Central and Dakshina Kannada has the least number - nine.

Kumaraswamy from Mandya, his brother-in-law and noted cardiologist C N Manjunath from Bangalore Rural on a BJP ticket, erstwhile Mysuru royal family scion Yaduveer Krishnadatta Chamaraja Wadiyar from Mysore, also from the BJP, and state Congress President Shivakumar's brother and MP D K Suresh from Bangalore Rural, are among the prominent candidates in the fray in the first phase.

The state has a total of 28 Lok Sabha segments. The remaining 14 constituencies, mostly in the northern districts, will go to polls on May seven.

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News Network
April 26,2024

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The US military has started the construction of a controversial maritime pier off the coast of Gaza, claiming that it seeks to bring aid into the besieged strip.

"I can confirm that US military vessels, to include the USNS Benavidez, have begun to construct the initial stages of the temporary pier and causeway at sea," Pentagon spokesperson Major General Patrick Ryder told reporters on Thursday.

US President Joe Biden ordered the construction of the pier in March. Shortly afterwards, the US deployed naval ships to the Eastern Mediterranean to construct the "floating pier" that will reportedly receive aid from Cyprus, and send it onward to Gaza.

The US announcement came amid mounting pressure on Israel to allow aid into Gaza as the UN and other aid agencies have warned of imminent famine due to Israel's prevention of the land-based delivery of life-saving aid to Gaza.

The deputy UN food chief said on Thursday the northern Gaza Strip is still heading toward a famine.

World Food Program (WFP) Deputy Executive Director Carl Skau called for a greater volume of aid to be allowed into Gaza and appealed for Israel to allow direct access from the southern Ashdod port to the Erez crossing.

The pier is scheduled to become operational in May.

Reuters quoted a senior Biden administration official, who asked not to be named, as saying that aid coming off the corridor will still need to pass through Israeli checkpoints on land, raising questions about possible delays even after aid reaches shore.

That is despite the aid having already been inspected by Israel in Cyprus prior to being shipped to the besieged strip.

According to the official, nearly 1,000 US troops would support the military effort, including in coordination cells in Cyprus and Israel.

The Israeli military said its troops would protect the US troops who are setting up the pier and provide logistics support for it.

Last month, experts said Israel backed the US plan to construct the pier in order to retain control over the aid deliveries and as a way to displace Palestinians from the besieged strip via the Mediterranean Sea, ahead of an expected invasion of the southern town of Rafah, where nearly more than half of Gaza's population of 2.4 have sought shelter from Israeli strikes elsewhere in Gaza.

Israel launched the war on Gaza on October 7 after the Palestinian resistance movement Hamas waged the surprise Operation Al-Aqsa Storm against the occupying entity in response to the Israeli regime's decades-long campaign of bloodletting and devastation against Palestinians.

Tel Aviv has also blocked water, food, and electricity to Gaza, plunging the coastal strip into a humanitarian crisis.

Since the start of the offensive, the Tel Aviv regime has killed at least 34,305 Palestinians and injured 77,293 others.

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News Network
April 21,2024

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Austrian police authorities have arrested the director of a Palestinian news agency based in the Gaza Strip, which is aligned with the Hamas resistance movement, following spurious allegations and intense pressure from the Tel Aviv regime’s officials.

Gaza Now News Network wrote in a post published on the social media platform X, formerly known as Twitter, that “the occupying Israeli regime is trying hard to prosecute anyone connected to the Palestinian media as part of attempts to silence the voice of wounded Gaza and stop disclosure of the Palestinian nation’s sufferings and the massacres being committed against women, children and the elderly.”

It added, “The latest of such attempts was the prosecution of Palestinian-born journalist Mustafa Ayyash. Austrian police stormed his house, tampered with his personal belongings, confiscated electronic devices, arrested him and his wife, and took him for interrogation.”

Gaza Now noted that the Austrian police hacked its WhatsApp account, which is followed by 300,000 users, and closed it down. They also shut the news network’s Facebook pages and accounts, which are followed by some eight million users.

It underscored that Israeli officials threaten Ayyash from time to time with prosecution and assassination, and hamper the activities of the news network on social media platforms.

This comes as the Israeli military had earlier targeted Ayyash's family and killed scores of his relatives in a series of airstrikes in late November ahead of a temporary ceasefire.

The Permanent Observer of Palestine at the United Nations Salah Abdel-Shafi and Chairman of Hamas Political Bureau Ismail Haniyeh mourned the death of his family.

Back on March 27, US and UK authorities unveiled sanctions against two people and three companies related to Gaza Now over alleged fundraising efforts “in support of Hamas.”

The Treasury Department said in a statement that Gaza Now, whose popular Telegram channel has more than 1.8 million followers, and its founder started fundraising for Hamas after the movement’s Operation al-Aqsa Storm against Israel on October 7.

The US also slapped sanctions against Aozma Sultana, the director of two companies that allegedly gave “thousands of dollars to Gaza Now and advertised Gaza Now as a partner during a joint fundraiser shortly after the large-scale surprise attack.”

Separately, the UK Treasury announced a full asset freeze against two individuals suspected of providing financial support for Gaza Now.

“All funds and economic resources in the UK belonging to or controlled by Sultana and Ayyash have been frozen,” they added.

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