RBI

International Trade Settlement in Indian Rupees (INR) 

In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR. 

Before putting in place this mechanism, AD banks shall require prior approval from the Foreign Exchange Department of Reserve Bank of India, Central Office at Mumbai. 

The broad framework for cross border trade transactions in INR under Foreign Exchange Management Act, 1999 (FEMA) is as delineated below: 

Invoicing: All exports and imports under this arrangement may be denominated and invoiced in Rupee (INR). 

Exchange Rate: Exchange rate between the currencies of the two trading partner countries may be market determined. 

Settlement: The settlement of trade transactions under this arrangement shall take place in INR in accordance with the procedure laid down in Para 3 of this circular.

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NITI Aayog  

NITI Aayog Welcomes Parameswaran Iyer as Its CEO (JUL 11, 2022)

 NITI Aayog welcomes Shri Parameswaran Iyer as NITI Aayog’s CEO.  With over 25 years of experience in the water and sanitation sector, Mr Iyer spearheaded the implementation of the India’s flagship $20-billion Swachh Bharat Mission, which successfully delivered access to safe sanitation to 550 million people.    

A 1981-batch IAS officer of Uttar Pradesh cadre, Mr Iyer has worked with both the public and private sectors. He was Secretary to the Government of India in the Ministry of Drinking Water and Sanitation in New Delhi during 2016–20.

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MINISTRY OF LAW AND JUSTICE

Arbitration Council of India (Number of officers and other Employees, their qualifications, appointment and other Terms and Conditions) Rules, 2022 (JUL 11, 2022)

In exercise of the powers conferred by sub-section (1) of section 84 read with sub-sections (4) and (5) of section 43M of the Arbitration and Conciliation Act, 1996 , the Central Government hereby makes the following rules regulating the number of officers and employees, qualifications, appointment and other terms and conditions of services, of the Secretariat of the Council.

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SUPREME COURT 

Supreme Court asks Centre to bring forth separate act to streamline grant of bail (JUL 11, 2022)

The Supreme Court on Monday asked the government of India to consider the introduction of a separate enactment in the nature of the bail act to streamline the grant of bail.

The SC Bench comprising of Justice SK Kaul and Justice MM Sundresh issued certain important directions with regard to the grant of bail.

The bench clarified that the directions are for investigation agencies and also for the courts. The Court has directed all state governments and unions territories and high courts to file affidavits and status reports within a period of four months. 

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BUSINESS NEWS

G20 watchdog to propose first 'robust' global crypto rules in October (JUL 11, 2022)

The Financial Stability Board (FSB) said on Monday it would propose "robust" global rules for cryptocurrencies in October, following recent turmoil in markets that has highlighted the need to regulate the "speculative" sector.

The value of bitcoin, the largest cryptocurrency, has slumped some 70% since its November record of $69,000 and was trading at $20,422 on Monday, leaving many investors nursing losses.

TerraUSD stablecoin collapsed earlier this year, and withdrawals and transfers from major crypto firms Celsius Network and Voyager Digital have rattled markets.

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NEWS AT GLANCE 

  • Defence Ministry launches 75 newly developed Artificial Intelligence products in New Delhi.
  • INS Vikrant successfully completes fourth phase of sea trial.  
  • Pradhan Mantri National Apprenticeship Mela to be held today at more than 200 locations across country.  
  • In Japan, ruling Liberal Democratic Party and its junior coalition partner Komeito score major victory in parliamentary elections. 
  • Twitter hires top legal firm to sue Elon Musk for ending 44 billion dollar deal.
  • Sri Lankan opposition parties agree to form all party government after President's resignation; New Delhi says, India stands with people of Sri Lanka.

WORD OF THE DAY

A criminal turns state's evidence by admitting guilt and testifying as a witness for the state against their associate(s) or accomplice(s), often in exchange for leniency in sentencing or immunity from prosecution. The testimony of a witness who testifies against co-conspirator(s) may be important evidence.

MARKET TODAY ( as on 11.07.2022 )

BSE SENSEX                     54,395.23 ▼ 86.61 (0.16%)

NIFTY 50                           16,216.00 ▼ 4.60 (0.028%) 

1 US Dollar = 79.49 Indian Rupee (Last updated · 11 July at 2:18 pm UTC)

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