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India’s Forex Reserves Decline by $4.5 bn to $528.36 bn

India's Forex Reserves Decline by $4.5 bn to $528.36 bn

(CTN News) – The Reserve Bank of India (RBI) released a weekly statistical supplement on Friday showing a drop of $4.5 billion in foreign exchange Forex reserves over the past week.

At the end of last week, India’s Forex reserves were $532.28 billion. In the week ended October 7, Forex reserves rose marginally but had fallen consistently for eight straight weeks. They’re near their lowest levels since July 2020.

Last October, the country’s forex stash reached an all-time high of $645 billion. As the central bank defends the rupee amid global pressures, reserves have been dropping.

“There’s no doubt there’s been a depletion as inflows have decreased and trade deficits have increased.

Deepak Singh, a chief business officer at Reliance Securities, says India has a reasonably large forex reserve to tide over the current over-depletion of forex reserves.

In the week ending October 14, Foreign Currency Assets (FCA), one of the major components of overall reserves, dropped by $2.828 billion to $468.668 billion, according to the Reserve Bank of India’s Weekly Statistical Supplement.

FCAs include the appreciation or depreciation of non-US units like the euro, pound, and yen held in forex reserves.

Gold reserves, which had risen by $1.35 billion the previous week, declined by $1.502 billion to $37.453 billion.

Special Drawing Rights (SDRs) were down by $149 million to $17.433 billion.

In the reporting week, the country’s Forex reserves with the IMF fell by $23 million to $4.813 billion.

Today, the rupee pared its initial losses and settled 4 paise higher at 82.75 (provisional) against the US dollar.

The local currency opened at 82.89 on the interbank foreign exchange market and hit a high of 82.59 and a low of 82.91.

Against the American currency finally settled at 82.75, up 4 paise.

As a result of our strong microeconomic fundamentals, the rupee holds up well against other currencies, giving us hope.”

The rupee rebounded from its lifetime low to close 21 paise higher on Thursday.

The dollar index, which measures the dollar’s strength against a basket of six currencies, rose 0.47 percent to 113.41.

Brent crude futures fell 0.11 percent to USD 92.28.

The 30-share BSE Sensex gained 104.25 points or 0.18 percent to end at 59,307.15, while the NSE Nifty advanced 12.35 points or 0.07 percent to 17,576.30.

On Thursday, foreign institutional investors (FIIs) purchased shares worth £1,864.79 crore in the capital markets.

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Bangladesh Supreme Court to Rule on Controversial Job Quotas Amid Nationwide protests

Bangladesh Supreme Court to Rule on Controversial Job Quotas Amid Nationwide protests

(CTN News) – The future of public service hiring regulations, which have provoked national conflicts between police and university students that have resulted in at least 133 fatalities so far, is set to be decided by Bangladesh’s Supreme Court on Sunday, or today.

Later in the day, the nation’s highest court will meet to declare its decision about the controversial job quotas—either in favor of or against their elimination.

This week’s protests over politically motivated admission quotas for highly sought-after government posts turned into some of the worst instability during Prime Minister Sheikh Hasina’s watch.

Due to the ongoing turmoil, a curfew has been in place since Friday. In addition, the government has declared a two-day holiday during which all offices and institutions would be closed.

After riot police were unable to restore order, soldiers are now policing cities throughout Bangladesh, and since Thursday, there has been a statewide internet blackout that has severely limited the flow of information to the outside world.

SEE ALSO: Nearly 1,000 Indian Students Return from Bangladesh Amid Deadly Unrest Over Job Quota System

Hasina made hints to the public this week that the plan will be abandoned, which comes after her opponents accuse her government of using the judiciary to further its own agenda.

However, a positive decision is unlikely to calm the nation’s simmering rage in the wake of the intensifying crackdown and growing dead toll.

Business owner Hasibul Sheikh, 24, told AFP, “It’s not about the rights of the students anymore,” while observing a Saturday street demonstration in the capital city of Dhaka against a statewide curfew.

“Our demand is one point now, and that’s the resignation of the government,” he stated.

A system that reserves more than half of civil service positions for particular groups, like as children of veterans of the 1971 war, is the driving force behind the upheaval this month.

Hasina, 76, has ruled the nation since 2009 and won her fourth consecutive election in January following a ballot in which there was no real competition, according to critics who claim the program helps families who support her.

Rights organizations accuse Hasina’s government of abusing state institutions, including as the extrajudicial assassination of opposition activists, in order to strengthen its grasp on power and quell dissent.

Bangladesh’s 170 million people lack access to sufficient employment possibilities, therefore the quota system is a major cause of anger for recent graduates who are struggling to find work.

“The government’s actions have made the situation worse, rather than trying to address the protesters’ grievances,” Pierre Prakash, Asia director of Crisis Group, told AFP.

After a week of increasing violence, Hasina canceled her intentions to depart the nation on Sunday for a diplomatic trip to Spain and Brazil.

Source: The Indian Express

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Pakistani Government Plans to Ban PTI

Pakistani Government Plans to Ban PTI

(CTN News) – The Pakistani government has announced measures to outlaw Pakistan Terheek-e-Insaf (PTI), the party of imprisoned former Prime Minister Imran Khan.

Information Minister Attaullah Tarar made the declaration on Monday, only days after the Supreme Court declared the PTI eligible for a share of reserved seats in national and provincial assemblies.

After reviewing all relevant information, the government has decided to ban PTI. “We will file a case to ban the party,” he said, citing claims such as inciting violent protests last year and leaking confidential information.

Tarar stated that the case would be moved to the Supreme Court.

He also stated that the government intended to file treason charges against Khan and two other senior party leaders, former President of Pakistan Arif Alvi and ex-Deputy Speaker of the National Assembly Qasim Suri, as well as a review appeal against the Supreme Court’s ruling that the PTI should be allocated some assembly seats reserved for women and members of religious minorities.

According to Sayed Zulfiqar Bukhari, a top PTI politician and party spokesperson, the government’s action “betrays their complete panic”.

“After realizing that they could no longer threaten, compel, or blackmail judges, they decided to make this move through the cabinet. “All of their attempts to stop us have been declared illegal by the courts,” he stated.

Last week, the Supreme Court recognized the PTI as a political party and confirmed that the party’s lack of an electoral emblem did not affect its legal right to field candidates.

The verdict was in response to the PTI being barred from competing in parliamentary elections in February using its party emblem, the cricket bat, forcing it to field candidates as independents.

Despite the setback, PTI-backed candidates emerged as the largest parliamentary bloc, winning 93 seats.

After Khan declined to cooperate with his political opponents, the Pakistan Muslim League-Nawaz (PMLN) and Pakistan People’s Party (PPP) formed a coalition government with other smaller parties.

Ex-Governor Sindh Zubair, who formerly served in the PMLN, stated that the government’s action was in response to the Supreme Court’s ruling last week and warned of political upheaval ahead.

“The powers that be are trying to disenfranchise the largest majority of voters of the country, who voted for PTI,” he disclosed to Al Jazeera.

Khan was appointed prime minister in August 2018 but was dismissed from power in April 2022 after a parliamentary vote of no-confidence.

The cricketer-turned-politician has since faced a slew of legal issues, including charges of misplacing and leaking the contents of a confidential cable delivered to Islamabad by Pakistan’s then-ambassador in the US in 2022.

Khan has continually disputed the charge, claiming that the dossier contained evidence that his resignation as prime minister was orchestrated by his political opponents and the country’s powerful military, with assistance from the US administration. Both Washington and Pakistan’s army deny the accusation.

Despite multiple recent court verdicts in his favor, Khan has been in prison since August of last year.

Source: Aljazeera

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NAB Re-Arrests Imran Khan and Bushra Bibi After Iddat Case Conviction Overturned

NAB Re-Arrests Imran Khan and Bushra Bibi After Iddat Case Conviction Overturned

(CTN News) – Former Prime Minister Imran Khan and his wife, Bushra Bibi, were acquitted in the Iddat case by a sessions court on Saturday, less than 24 hours after the Supreme Court ruled in favor of the PTI in reserved seats.

However, their relief was short-lived when Imran Khan was detained by the National Accountability Bureau (NAB) for selling official goods. Bushra Bibi was also rearrested in this case while being released from Adiala Jail’s Gate No. 3.

According to sources, the NAB detained Bushra Bibi after the bureau’s chairman issued arrest warrants for her and Imran Khan. Both are to be investigated in Adiala Jail.

Opposition leader Omar Ayub Khan condemned Bushra Bibi’s imprisonment and criticized the Adiala Jail administration. He also cautioned the jail superintendent of the repercussions and announced that a privilege motion would be filed against him.

Imran Khan and Bushra Bibi were acquitted in the Iddat case after Additional District and Sessions Judge (ADSJ) Mohammad Afzal Majoka reversed their previous verdict, which sentenced them to seven years in prison on February 3, five days before the general election.

Imran Khan’s lawyers, Usman Gill and Zaheer Abbas, were in court when the verdict was pronounced.

In the 28-page ruling, Judge Majoka rejected Khawar Fareed Maneka, Bushra Bibi’s ex-husband,’s arguments that Imran Khan and Bushra Bibi’s nikah was illegally performed and that Mr. Maneka was denied Buju (reconciliation rights) under religious law.

The court also rejected the allegation of fornication under provision 496-B of the Pakistan Penal Code (PPC), stating that no charge was filed under this provision against both Imran Khan and his spouse “because there was no evidence of a second witness”. The trial court heard only one witness, Mr Maneka’s domestic servant.

“In these circumstances, it cannot be said that the appellants committed fornication,” the judge wrote. Regarding the charge of contracting marriage fraudulently during the Iddat period, the judge found that in a video given as evidence during the trial, Mr. Maneka lauded his ex-wife, Bushra Bibi, and “deposed that his ex-wife is a pious lady.”

The magistrate inquired about “how this witness [Mr Maneka] can claim that the appellant No. 2 [Bushra Bibi] committed fraud with him” .

The court announced its decision: “From a perusal of Section 496 PPC and the above-mentioned esteemed citations, this court is of the view that the appellants have not gone through any marriage ceremony fraudulently or with dishonest intention because none of the parties claimed that nikah was not performed and fraudulently he or she was supposed to believe that marriage ceremony was solemnised.”

The court judgment added: “In the instant instance, it is the complainant’s case that the appellants’ nikah was done on January 1, 2018, followed by the second nikah in February 2018. By no stretch of the imagination, it was a marriage with dishonest or deceptive intentions.”

Regarding Mr. Maneka’s claim that he was denied reconciliation rights and so deceived by Imran Khan and Ms. Bibi, the court noted that during cross-examination, Mr. Maneka stated that he learned of the appellants’ marriage on the second day of their nikah.

Before submitting the complaint, the judge questioned why Mr Maneka had been silent on his reconciliation rights for six years.

The judge stated, “The complainant has failed to prove his case against the appellants.” As a result, both appeals filed by appellants No. 1 [Imran Khan] and No. 2 [Bushra Bibi] are accepted, the judgment of the learned trial court of February 3, 2024, is overturned, and both appellants are acquitted of the accusation.”

The court ordered their freedom unless they needed to be imprisoned in other cases.

Source: DAWN

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