Around Nirav Modi’s arrest
As the Lok Sabha elections are approaching, the Modi government is doing everything it can to project itself as a clean government. This government which does not hesitate to use people’s nationalism for elections, is all set to wear the crown of arresting the rich who fled from India.
Vijay Mallya who had defaulted Indian banks on Rs 9,000 cr was caught in London. Diamond merchant of Gujarat Nirav Modi had defaulted Rs 13,500 cr to Punjab National Bank. Another industrialist Mittal had fled the country under similar conditions. It’s tough to believe the government didn’t know about their plans of leaving the country. Moving from one city to another is difficult enough. When that is the case, moving out of the country hoodwinking authorities across Passport, Visa, Customs and others is highly complicated unless those in power allow this to happen.
There is proof to believe the current and preceding government have a role in this bank looting issue. Industrialists like Mallya and Nirav Modi have contributed a lot to the dark phase that national banks are in today. It’s because of them that the banks are on the verge of bankruptcy. Modi government has waived off Rs 3 lakh cr corporate loans. And there are more number of people who have fled the country after milking our banks. Though the Scotland Yard cops have arrested Nirav Modi, it is difficult to get him handed over into Indian custody because India is still struggling bad to get Mallya extradited from Britain. Mallya is also a London citizen so things have turned even more complicated. Yet the legal steps relating to Mallya’s case are not even complete. Nirav Modi has been given permission to live in London for the next five years under golden visa. Hence the foreign affairs ministry has its job cut out on this task. Not just Nirav, his uncle Mehul Choksi is also needed by India and his whereabouts are a mystery now. Things have to be expedited to check his current location.
Economically the country is on the verge of collapse under the rule of RSS-dominant BJP. Modi has been lying about the economic health by presenting fudged numbers. Demonetisation that was done without the RBI permission has brought the country on its knees. Modi government’s role in Rafale deal is suspicious. Though the BJP leaders are saying Modi is not at fault, the government was taken aback when The Hindu presented facts regarding this deal. AG said to the SC that the papers were lost and this became a laughing stock, and his next statement was that the records were copied. Modi govt failed to fulfil promises made to people. Inflation, price rise has been unchecked. Now to cover for its inadequacies, Modi government is using Nirav arrest case to hide behind.
Modi never met the aggrieved directly in the last so many years he was in power nor did he even address a single press conference. Now he has started a “main bhi chowkidar’ kind of comedy show. He is doing all kinds of circus to be reelected to Parliament. Nirav Modi arrest is also one such circus. By doing things like this, RSS agenda would be quietly implemented. Swami Aseemanand’s acquittal and release in Samjhauta rail blast case has raised many suspicions. Having made mistakes like this, Modi government has heavily compromised upon CBI, RBI and such agencies to its benefit. Bringing Nirav Modi to India has rife with complications. But BJP workers should not allow this to be used for elections.
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Rupee hits all-time low for second time in a week
Mumbai (PTI): The rupee depreciated 31 paise to settle at 91.99 against the US dollar on Wednesday, touching the lowest closing level for the second time in less than a week, amid increased month-end demand for the greenback.
Forex traders said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe offered quiet reassurance. However, increased month-end demand for the American currency as well as the ongoing geopolitical tensions dented investors' sentiments.
At the interbank foreign exchange, the rupee opened at 91.60 and touched an early high of 91.50, but pared all the gains to touch an intra-day low of 91.99 against the greenback.
The domestic unit settled 31 paise down, revisiting its lowest-ever closing level of 91.99 against the greenback. The Indian currency previously ended at this level on January 23 when it also hit its all-time intraday low of 92 against the US dollar.
On Tuesday, the rupee rebounded from its all-time low levels and gained 22 paise to close at 91.68 against the US dollar.
Analysts said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe bolstered investor sentiment.
India and the European Union on Tuesday announced the conclusion of negotiations for the free trade agreement (FTA), under which a number of domestic sectors such as apparel, chemicals and footwear will get duty-free entry into the 27-nation bloc, while the EU will get access to the Indian market at concessional duty for cars and wines, an official said.
The deal has been dubbed the "mother of all deals" as it will create a market of about 2 billion people.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07 per cent lower at 96.14.
Brent crude, the global oil benchmark, was trading 0.43 per cent lower at USD 67.28 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 487.20 points to settle at 82,344.68, while Nifty surged 167.35 points to 25,342.75.
Foreign Institutional Investors turned net buyers and purchased equities worth Rs 480.26 crore on Wednesday, according to exchange data.
