Mumbai, May 21 (IANS) The Reserve Bank of India (RBI) is likely to transfer a record surplus dividend to the government for FY26, with the payout estimated between Rs 2.7 lakh crore and Rs 3.5 lakh crore, a report has said.NDTV Profit reported that the RBI board is scheduled to meet on Friday to consider the surplus transfer.If approved at the upper end of estimates, this would mark the highest-ever dividend payout by the central bank to the government.Last year, the RBI had transferred a record…
Latest Foreign Exchange Reserves News & Updates
Mumbai, May 20 (IANS) The Reserve Bank of India on Wednesday announced that it will conduct a USD/INR buy-sell swap auction worth $5 billion on May 26 to inject liquidity into the banking system amid evolving market conditions.According to the central bank, the auction will be conducted for a tenor of three years and is scheduled to take place between 10:30 a.m. and 11:30 a.m. on May 26.The near-leg or spot settlement date has been fixed as May 29, 2026, while the far-leg maturity date will be M…
Mumbai, May 15 (IANS) India’s foreign exchange reserves rose sharply by $6.295 billion to $696.988 billion during the week ended May 8, mainly driven by a significant increase in gold reserves, according to data released by the Reserve Bank of India on Friday.The latest rise comes after the country’s forex reserves had declined by $7.794 billion to $690.693 billion in the previous reporting week.India’s foreign exchange reserves had earlier touched a record high of $728.494 billion in the …
New Delhi, May 15 (IANS) Gold is very much the topic of conversation following Prime Minister Narendra Modi’s call urging Indians to refrain from buying it for some time.In India, gold is a financial asset as well as linked with social, cultural, and religious traditions. Purchases are culturally important in India, but they are also import-heavy. Asking households to delay buying gold is a direct way to trim the outflow of foreign exchange without significantly touching taxes or subsidies, whic…
New Delhi, May 14 (IANS) The Centre has imposed a limit on duty-free gold imports under the advance-authorisation scheme for exporters at a maximum of 100 kg per licence in a move aimed at curbing diversion of imported gold into the domestic market to make a fast buck amid concerns over the soaring import bill, which is draining precious foreign exchange reserves.Under the revised norms issued by the Directorate General of Foreign Trade, first-time applicants seeking permission to import gold wi…
New Delhi, May 13 (IANS) Multiple media platforms and opposition voices have described Prime Minister Narendra Modi’s appeal to conserve fuel, revive work-from-home practices, reduce unnecessary imports, and avoid non-essential overseas travel as “austerity measures.” However, using the term “austerity” to describe the Prime Minister’s remarks is both inaccurate and misleading. The word “austerity” carries a specific economic meaning and historically refers to periods of fiscal t…
Mumbai, May 13 (IANS) Gold and silver prices on Wednesday witnessed a sharp surge of up to 8 per cent after the government more than doubled the import duty on precious metals.On the Multi Commodity Exchange (MCX), gold futures (June 5) advanced as much as 7.20 per cent or Rs 11,055 to touch an intraday high of Rs 1,64,497 per 10 grams as of 9:50 am.The yellow metal was trading at Rs 1,62,728, up 6 per cent or Rs 9,286 from the previous close. Earlier in the session, it had opened at Rs 1,54,851…
New Delhi, May 13 (IANS) The increase in import duty on precious metals is a part of a broader strategy aimed at conserving foreign exchange, protecting the current account, prioritising essential imports, and strengthening India’s economic resilience in the face of evolving global uncertainties, government sources said on Wednesday.The measure represents a balanced, proportionate, and nationally responsible response to extraordinary external conditions while maintaining due regard for macroec…
Jaipur, May 13 (IANS) As Prime Minister Narendra Modi recently made a call to reduce petrol and diesel consumption, promote use of metro rail and public transport, car-pooling, and railway transport for freight movement, besides wider adoption of electric vehicles, Rajasthan Chief Minister Bhajan Lal Sharma on Tuesday issued major directives aimed at promoting fuel conservation and minimising the use of government vehicles. Under the new instructions issued by the Chief Minister, the number of v…
Bengaluru, May 11 (IANS) Former Prime Minister H.D. Deve Gowda and Union Minister Shobha Karandlaje on Monday defended PM Modi’s appeal for restrained consumption and austerity measures, saying the call was made in view of the ongoing global conflicts, rising international prices, and the need to protect India’s foreign exchange reserves. Speaking in Bengaluru, Deve Gowda said PM Modi had appealed to 150 crore Indians to use resources carefully in light of the adverse impact of global tensio…