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…
Latest Foreign Exchange Reserves News & Updates
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…
Amaravati, May 11 (IANS) Andhra Pradesh Chief Minister N. Chandrababu Naidu on Monday strongly backed Prime Minister Narendra Modi’s appeal to the nation to save India’s foreign exchange reserves and asked everyone to follow it like a mission. Speaking at the CII Annual Business Summit in Delhi, he said the current geopolitical situation is a reminder for the country to focus on self-reliance and resource conservation.Referring to the national mission outlined by Prime Minister Narendra Modi on …
New Delhi, May 11 (IANS) Prime Minister Narendra Modi’s appeal for a one-year economic adjustment framework makes sense, which is aimed at managing short-term stress and likely recover over the next nine months, a top banker said on Monday.In an interview with IANS, Dr Dharmesh Bhatia, Director–Wealth Management at Dubai-based Emirates Investment Bank, said such temporary disruptions are part of normal economic cycles, and can be offset in the broader recovery phase if policy and macro condi…
New Delhi, May 6 (IANS) India has earned an endorsement from one of the world’s top credit rating agencies, with Moody’s Ratings placing the nation among the most resilient large emerging market economies over the past five years, which is a recognition that comes at a time when global financial markets remain on edge over trade tensions and geopolitical uncertainty.In a recently released report, Moody’s said India ‘better placed’ than most of its emerging market peers to absorb future global sh…
New Delhi, May 2 (IANS) Pakistan’s foreign exchange buffers could fall sharply to $6.8 billion by the end of 2026 and approach $1.6 billion by FY28, if the country’s current macro policies continue to collapse, a new report has said.The report from South China Morning Post said that assumed oil would average $113 a barrel in Q2 2026 before easing to $79 by year‑end, Pakistan reserves would deteriorate sharply if imports and remittances remain unchanged.The report cited analysts as saying tha…