RBI

Exim Bank's Government of India supported Line of Credit (LoC) of USD 108.28 million to the Government of the Kingdom of Eswatini (Swaziland) for the purpose of financing construction of new Parliament Building in Eswatini (SEP 08, 2022)

Out of the total credit by Exim Bank under the agreement, goods, works and services of the value of at least 65 per cent of the contract price shall be supplied by the seller from India, and the remaining 35 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India.  

Under the LoC, the terminal utilization period is 60 months after the scheduled completion date of the Project.

The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999.

For Circular, Click Here

DELHI HIGH COURT 

Twitter blue-tick plea: Delhi High Court waives cost on ex-CBI boss after he apologises (sep 08, 2022)

The Delhi High Court on Thursday excused former interim CBI Director M Nageswara Rao from paying a cost of Rs 25,000 imposed on him at the time of the dismissal of his challenge to the alleged removal of blue tick from his Twitter account by the micro-blogging platform. 

The retired IPS officer tendered his unconditional apology to the court and said that he was a pensioner who was just asking for his identity to be secured.

For Details, Click Here

WORLD AFFAIRS 

ECB raises rates by unprecedented 75 basis points (SEP 08, 2022)

The European Central Bank raised its key interest rates by an unprecedented 75 basis points on Thursday and signalled further hikes, prioritising the fight against inflation even as the bloc's economy is heading for a likely winter recession.  

Following up on its July rate hike, the ECB raised its deposit rate to 0.75% from zero and lifted its main refinancing rate to 1.25%, their highest levels since 2011, with further moves anticipated in October and December.

For News Report, Click Here

NEWS AT GLANCE 

  • Union Cooperation Minister Amit Shah says, Government will establish 3 lakh Primary Agricultural Credit Societies in next 5 years.  
  • DRDO and Indian Army successfully complete six flight-tests of Quick Reaction Surface to Air Missile system.  
  • NIA conducts raids at various places in Bihar in connection with terror funding and links with the Popular Front of India outfit.
  • Government extends ceasefire agreement with National Socialist Council of Nagaland-K Niki group for a year.

WORD OF THE DAY

Ex nudo pacto actio non oritur - No action arises on a contract without a consideration.

MARKET TODAY (as on 08.09.2022)

BSE SENSEX               59,688.22 ▲ 659.31 (1.12%)

NIFTY 50                      17,798.75 ▲ 174.35 (0.99%)

1 US Dollar = 79.70 Indian Rupee (Last updated · 8 September at 2:43 pm UTC)

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