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The central bank has announced plans to hold a $5 billion foreign-exchange swap auction for a three-year tenor.
It is highly unlikely that India will be called a manipulator as it has persistently been running current account deficits since 2005.
Additional chief secretary M.K. Raut and OSD P.K. Janawade allegedly acquired $23,380 in the name of 23 persons most of whom didn't even travel with them.
ED issues show cause notice to Chhattisgarh addl chief secy M.K. Raut and OSD P.K. Janawade for acquiring foreign exchange worth $13,360 and $10,020 respectively. Two top bureaucrats of the Chhattisgarh government have come under the Enforcement Directorate (ED) scanner, after allegations that they illegally acquired foreign exchange for a holiday trip to the Maldives with their families. The ED has slapped a show cause notice against additional chief secretary M.K. Raut for allegedly acquiring foreign exchange worth $13,360. Former engineer-in-chief P.K. Janawade, who was reappointed as official on special duty (general administration), accompanied Raut on the trip, and has also been show caused for acquiring $10,020. Their travel agent, Raipur-based Ajay Travels, has also been show caused in the notice. The ED notice to the parties, dated 4 September 2017, says that this amounted to a “contravention of Section 3(a) and 4 of the Foreign Exchange Management Act, 1999”. The show cause...